\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 862 Avic Aviation High-Technology Co.Ltd(600862) )
Core view
Event: Avic Aviation High-Technology Co.Ltd(600862) released the 2021 annual report, and achieved a revenue of 3.81 billion yuan in 2021, a year-on-year increase of + 30.8%; The net profit attributable to the parent company was 590 million yuan, a year-on-year increase of + 37.6%; Deduct the net profit not attributable to the parent company of RMB 550 million, a year-on-year increase of + 48.9%. We have achieved our annual business objectives and achieved a high-quality start to the 14th five year plan.
Focus on the main business of new materials and continuously improve the operation quality: in 2021, the company focused on the production and delivery of new materials and production and operation tasks, and strengthened lean production management. The production management of composite prepreg products in aviation industry has been continuously optimized, the completion rate of production plan has exceeded 97%, and the production and delivery volume of prepreg products in the whole year has reached a record high; The annual revenue was 3.55 billion yuan, a year-on-year increase of + 33.08%, and the net profit was 680 million yuan, a year-on-year increase of + 37.6%. Youcai Baimu strengthened market development and production capacity transformation, and the delivery of brake parts and components in civil aviation and high-speed rail markets increased significantly; The annual revenue was 87.02 million yuan, a year-on-year increase of + 58.6%, and the net profit was 12.46 million yuan, a year-on-year increase of + 469.1%.
During this period, the expenses decreased significantly and the R & D investment increased: the company's sales, management and financial expenses in 2021 decreased compared with the previous year, and the effect of lean management was remarkable. The sales expense ratio was 0.9%, down 0.3 percentage points year-on-year; The rate of administrative expenses was 6.7%, a year-on-year decrease of 2.6 percentage points. The investment in R & D cost was 151 million yuan, with a significant year-on-year increase of 66.9%, which was due to the increase of R & D projects of the parent company and project carry forward, with a year-on-year increase of 24.91 million yuan, and the R & D cost of aviation industrial composite materials of the subsidiary company increased by 36.17 million yuan.
In 2022, the target revenue of aviation new materials business increased by 19.2%. The company's operating goal for the whole year of 2022 is: revenue of 4.5 billion yuan, year-on-year + 18.2%; The total profit was 893 million yuan, a year-on-year increase of + 26.5%; Among them, the target revenue of aviation new materials business was 4.376 billion yuan, a year-on-year increase of + 19.2%; The total profit was 992 million yuan, a year-on-year increase of + 24.8%. In 2022, the company will focus on the improvement of core technology capabilities and increase independent R & D investment. The annual independent R & D investment will not be less than 3%. Break through the technical bottleneck of the application of T800 grade carbon fiber domestic prepreg, and complete the research, research, test and delivery of composite parts of multi-type civil aircraft and civil engine.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 770 / 980 / 1.24 billion respectively, and the corresponding PE of the current stock price is 40 / 31 / 25 times. The application proportion of aviation composite materials is increasing, and there is great room to improve the localization rate. It is covered for the first time and is rated as "overweight".
Risk warning: the epidemic affects the macro economy and the downstream demand is less than expected; Risk of mass delivery of products; Risk of raw material price fluctuation
