AECC AP(600893) 长城证券·2025-04-23 10:35Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a total revenue of 47.88 billion yuan in 2024, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million yuan [2][4] - The company is focusing on its core business and optimizing its industrial layout to meet customer demands, while also enhancing its research and development capabilities in aviation engines and gas turbines [3][8] - The report projects that the net profit attributable to shareholders will be 1.049 billion yuan in 2025, 1.349 billion yuan in 2026, and 1.445 billion yuan in 2027, with corresponding EPS of 0.39, 0.51, and 0.54 yuan [8] Financial Summary - In 2024, the company reported total assets of 115.91 billion yuan, an increase of 16.15% year-on-year [2] - The revenue from the aviation engine and derivative products reached 44.99 billion yuan, up 10.03% year-on-year, driven by increased customer demand and product deliveries [2] - The gross margin declined due to the maturity of new products, while the foreign trade export subcontracting business generated revenue of 2.074 billion yuan, a growth of 6.45% [2] Future Projections - The company expects revenue growth rates of 5.1%, 12.5%, and 15.5% for the years 2025, 2026, and 2027, respectively [1] - The report anticipates a gradual recovery in net profit margins, with a projected net profit margin of 7.1% by 2027 [1][8]