AVIC SAC(600760) 光大证券·2024-04-01 16:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 46.248 billion yuan in 2023, a year-on-year increase of 11.18%, and a net profit attributable to the parent company of 3.007 billion yuan, up 30.47% year-on-year [2] - The company has effectively implemented production management innovations based on digitalization, leading to a comprehensive gross margin of 10.95% and a net profit margin of 6.50% in 2023 [2] - The company plans to raise up to 4.2 billion yuan through a private placement to enhance production capacity and support long-term development [2] Financial Performance Summary - Revenue (million yuan): 2022: 41,598, 2023: 46,248, 2024E: 53,158, 2025E: 63,746, 2026E: 73,278 [4] - Net Profit (million yuan): 2022: 2,305, 2023: 3,007, 2024E: 3,654, 2025E: 4,475, 2026E: 5,154 [4] - EPS (yuan): 2022: 0.84, 2023: 1.09, 2024E: 1.33, 2025E: 1.62, 2026E: 1.87 [4] - ROE (diluted): 2022: 17.95%, 2023: 19.92%, 2024E: 20.71%, 2025E: 21.53%, 2026E: 21.21% [4] Valuation Metrics - The current stock price corresponds to a PE ratio of approximately 27x for 2024, 22x for 2025, and 19x for 2026 [3] - The company is expected to benefit from the demand for military aircraft upgrades and carrier-based aircraft development under the national defense security context [3]