AECC AVIATION POWER (600893) Q4 2024 earnings summary

Executive summary

• Revenue reached RMB 47.88 billion in 2024, up 9.48% year-over-year, driven by increased customer demand and product deliveries.

• Net profit attributable to shareholders was RMB 860 million, down 39.48% year-over-year, mainly due to higher R&D and financial expenses, and lower investment income.

• Operating cash flow was negative RMB 14.31 billion, a 112.33% decrease year-over-year, primarily due to reduced sales collections.

• The company proposed a cash dividend of RMB 0.97 per 10 shares, totaling RMB 258.56 million, representing 30.06% of annual net profit.

Financial highlights

• Operating income: RMB 47.88 billion, up 9.48% year-over-year.

• Net profit attributable to shareholders: RMB 860 million, down 39.48% year-over-year.

• Basic EPS: RMB 0.32, down 39.62% year-over-year.

• Gross margin for main business: 10.02%, slightly down from last year.

• R&D expenses: RMB 995 million, up 79.82% year-over-year.

Outlook and guidance

• 2025 revenue target set at RMB 47.66 billion, with net profit target of RMB 592 million, reflecting a cautious outlook amid ongoing cost pressures and market uncertainties.

• Planned fixed asset investments for 2025 exceed RMB 33.5 billion across the company and subsidiaries.