AECC AEC(000738) 山西证券·2024-03-27 16:00Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][5] Core Views - The company's two-machine control system business is steadily growing, benefiting from the high prosperity of military and civil aviation [2][4] - The company reported a revenue of 5.324 billion yuan in 2023, a year-on-year increase of 7.74%, and a net profit of 727 million yuan, up 5.55% year-on-year [3][4] Financial Data and Valuation - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.61, 0.69, and 0.77 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 29.2, 25.9, and 23.0 [5][6] - The company’s total revenue is expected to grow from 5.833 billion yuan in 2024 to 7.310 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [6][8] - The net profit is projected to increase from 802 million yuan in 2024 to 1.018 billion yuan in 2026, with a net profit margin of around 13.9% by 2026 [6][8] Business Performance - The two-machine control system products generated revenue of 4.694 billion yuan, a year-on-year increase of 10.06%, while international subcontracting business revenue reached 349 million yuan, up 47.04% year-on-year [4] - The company is a key supplier of control systems in China, participating in all current and under-research models, and is expected to benefit from increased defense spending and the growth of the civil aviation market [4]