公司“两机”业务维持较高增长，2024H1 航空航天新材料及零部件业务营收同比+19.65%。燃气轮机领域，G/H 级透平叶片也在5 月份实现技术突破，通过专家验收；航空发动机领域公司为 C919、C929 稳定供应高温合金叶片、机匣、轴承座等核心零部件；受益于海外航空市场需求增长，公司继续满负荷生产 LAEP 系列发动机机匣。occurrences
The company released its 2024 semi-annual report. 2024H1 achieved revenue of 1.268 billion yuan, +7.12% year over year, realized net profit of 0.152 billion yuan, -5.95% year over year, realized net profit of 0.149 billion yuan, +13.61% year over year; 2024Q2 achieved revenue of 0.606 billion yuan, +5.08% year over year, and realized net profit to mother of 0.061 billion yuan, or -23.33% year-on-year. Net profit for mother was 0.059 billion yuan, -3.81% YoY.
The “two-plane” business is rich in products, and orders are growing
The company's “two-plane” business maintained high growth, and the 2024H1 aerospace new materials and components business revenue was +19.65% year-on-year. In the gas turbine sector, G/H grade turbine blades also achieved a technological breakthrough in May and passed expert inspection; in the aero engine sector, companies stably supplied core components such as high-temperature alloy blades, chassis, and bearing seats for the C919 and C929; benefiting from growing demand in overseas aviation markets, the company continued to produce LAEP series engine casings at full capacity.
Eleven new nuclear power units were approved, and the company's product capacity was expanded
In August 2024, the National Standing Committee approved 11 nuclear power units. Demand for nuclear power equipment and nuclear power materials is expected to be gradually released. 2024H1's new nuclear materials and components business revenue was +18.39%. In terms of nuclear power castings, the company maintained its leading edge in nuclear power castings, expanded other nuclear and conventional island products, and advanced new nuclear energy materials into the fields of post-processing and nuclear technology applications in the nuclear industry.
Low-altitude economy products open up room for growth
The 2024H1 company carried out optimization and improvement work on the YLWZ-190 engine, completed the assembly and test run of the YLWZ-300 engine, delivered a unit to complete the joint adjustment with the power generation system, and the engine ran smoothly; a certain model successfully competed for the hybrid package project, and is making every effort to support and deliver subsequent orders.
Profit Forecasts, Valuations, and Ratings
We expect the company's 2024-2026 revenue to be 2.878/3.311/3.621 billion yuan, respectively, 19.34%/15.03%/9.36% year-on-year; net profit to mother is 0.384/0.495/0.607 billion yuan, with year-on-year growth rates of 26.51%/29.03%/22.65%, 3-year CAGR of 26.06%, EPS 0.57/0.73/0.89, respectively, corresponding PE is 17.4/13.5/11.0 times. In view of the steady development of the two-engine business, orders from the nuclear power industry are expected to be gradually released, maintaining the “increase” rating.
Risk warning: 1) Increased raw material prices; 2) Nuclear power construction progress falls short of expectations; 3) Market competition intensifies.
