On June 20th, Guolonghui reported that Tianfeng Securities pointed out in its research report that AVIC Airborne Systems' main product revenue is steadily increasing, and the successful absorption and merger has improved its core competitiveness. In 2023, the company's defense aviation industry achieved remarkable development, and each subsidiary completed the defense product production tasks with good quality and quantity, providing continuous guarantee for product orders and supply, and the scientific research and production capabilities are steadily improving, continuously improving product delivery quality and progress. The strategic layout of the civil aviation industry is steadily advancing, and multiple products have completed CTSOA certification and STC airworthiness certification. Design and changes have been made to accelerate the production of passenger power supplies, wheel brakes, and emergency rescue products such as fire-fighting buckets and optoelectronic pods have been delivered in large quantities, providing support for the company to maintain stable growth. Based on a comprehensive balance, the company has proposed its operating plan for 2024, expecting to achieve revenue of 28.522 billion yuan, a year-on-year decrease of 1.67%, in which defense business revenue is expected to decline due to factors such as industry policies, market environment, and adjustments to order contracts; other business revenue maintains a growing trend. Maintain a 'Buy' rating.