AVIC SAC(600760) 民生证券·2024-03-30 16:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 46.25 billion with a year-on-year growth of 11.2% and a net profit attributable to shareholders of 3.01 billion, reflecting a year-on-year increase of 30.5% [1]. - The company is expected to increase its related procurement amount by 27% in 2024, reaching 31.62 billion, driven by increased procurement volume and construction tasks [2]. - The company is recognized as a leading player in China's aviation equipment sector, with significant advancements in integrated research, manufacturing, and maintenance capabilities [2]. Financial Performance Summary - In 2023, the company reported a non-recurring net profit of 2.91 billion, up 32.8% year-on-year [1]. - The fourth quarter of 2023 saw a revenue of 11.62 billion, a year-on-year increase of 2.6%, and a net profit of 640 million, up 13.9% year-on-year [1]. - The gross margin for 2023 was 10.9%, an increase of 1.00 percentage points year-on-year, while the net margin was 6.5%, up 0.95 percentage points [1]. Cost Management and R&D Investment - The company improved its expense control, with a total expense ratio of 3.7%, an increase of 0.42 percentage points year-on-year [1]. - R&D expenses reached 980 million, a year-on-year increase of 31.9%, indicating a commitment to enhancing research and development capabilities [1]. Future Projections - The projected net profit for 2024 is 3.69 billion, with expected growth rates of 22.7% in 2025 and 21.9% in 2026 [3]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 27x, 22x, and 18x respectively [2][3].