Avic Xi'An Aircraft Industry Group Company Ltd(000768) (000768)
Key investment points
In 2022, the procurement from the aviation industry is expected to increase by 15%; At present, the actual growth rate this year is 41% year-on-year
1. The company issued the announcement on the forecast of daily connected transactions in 2022: the estimated amount of goods and services purchased from connected persons in 2022 is 17.4 billion, an increase of 15% year-on-year compared with the estimated amount in 2021;
2. There are many subsidiaries of AVIC among the supporting suppliers of the company, and the amount of goods and services purchased by the company is large. The estimated amount in 2022 is 17.4 billion, an increase of 15% year-on-year compared with the estimated amount of 15.1 billion in 2021, indicating that the subsequent procurement scale of the company is expanded and the business scale is steadily improved;
3. As of December 6, 2021, the actual amount of goods and services purchased by the company's affiliates was 11.9 billion, an increase of 41% compared with 8.5 billion as of December 1, 2020.
The company revised the articles of association and first mentioned "strengthening the incentive of core backbone"
1. The company issued the revised
<公司章程>
Announcement of: add a new Article 136: "The company establishes and implements a market-oriented employment system with labor contract management as the key and post management as the basis, and implements open recruitment of employees, competitive appointment of managers, final adjustment and incompetent exit; the company establishes and implements a salary distribution system for key core talents with market competitive advantages, flexibly carries out medium and long-term incentives in various ways, and increases the incentive of core backbone Excitation strength ";
2. Aviation industry is the only commercial class II enterprise selected for the pilot of state-owned capital investment and operation companies. It is a pioneer in the reform of central military enterprises. "Improving market-oriented operation mechanism and flexibly developing medium and long-term incentives in various ways" is an important content of aviation industry reform. Combined with the relevant descriptions in the company's charter, the company's equity incentive may be expected to accelerate;
3. The "three-year action plan for state-owned enterprise reform" will come to an end next year. It is expected that reform measures such as "benchmarking world-class management improvement action" are also expected to be accelerated.
The company is the only platform for military large and medium-sized aircraft, and the compound growth rate of performance is expected to exceed 26% in the next three years
1. The company is the only manufacturer of large and medium-sized military aircraft in China. The company is expected to monopolize two of the main models in the "20" era of the air force. It will fully enjoy the broad market of three branch models of transport aircraft / bomber / special aircraft, and deeply participate in the supporting of C919 / ARJ21 civil aircraft. High certainty of long-term growth;
2. It is estimated that from 2021 to 2023, the company's net profit attributable to the parent company is RMB 9.9/12.7/1.59 billion, a year-on-year increase of 27% / 28% / 25%, EPS is RMB 0.36/0.46/0.57, PE is 110 / 86 / 68 times and PS is 3.2/2.5/2.1 times. The PS angle still has more than 30% space from the benchmarking company Avic Shenyang Aircraft Company Limited(600760) . Continuous recommendation.
Risk warning: the delivery progress of the company's products is less than expected; The development progress of key models is less than expected
