\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 765 Avic Heavy Machinery Co.Ltd(600765) )
Event: the company released its annual report for 2021. From January to December 2021, it realized an operating revenue of 8.79 billion yuan, an increase of 31.23% over the same period of last year; The net profit attributable to shareholders of listed companies was 891 million yuan, an increase of 159.05% over the same period of last year; The basic earnings per share was 0.89 yuan, an increase of 140.54% over the same period last year; It is proposed to distribute 1.70 yuan (including tax) to all shareholders for every 10 shares transferred to 4 shares. Forging and casting business continues to grow and market share continues to expand. During the reporting period, the company’s forging and casting business realized an operating revenue of RMB 6.699 billion, a year-on-year increase of 34.99%. Among them, the revenue of aviation business was 5.731 billion yuan, a year-on-year increase of 37.02%, accounting for 85.55% of the revenue of forging and casting business segment; The revenue of non aviation business was 968 million yuan, with a year-on-year increase of 20.95%, accounting for 14.45% of the revenue of forging and casting business. During the reporting period, Hongyuan company’s order share of batch production models in the military market increased steadily, successfully developed three new products of Boeing 737max models, and won the “Asia best partner Award” of Safran landing gear company for four consecutive years; Anda company successfully opened up a number of double flow of ring forging products in the military market, and successfully developed cj1000 low-pressure turbine casing and front and rear installation section platform products, realizing the continuous expansion of military and civil market share.
Hydraulic environmental control remained stable and its profitability improved steadily. During the reporting period, the company’s hydraulic environmental control business achieved an operating revenue of 2.091 billion yuan, a year-on-year increase of 21.78%. Hydraulic business revenue increased by 3.506 billion yuan year-on-year; The heat exchanger business realized an operating revenue of 1.167 billion yuan, a year-on-year increase of 32.61%. In terms of aviation business, Liyuan company continued to optimize production processes and improve production efficiency. The average monthly delivery of main products increased by nearly 40% year-on-year, and the comprehensive output was effectively improved; Yonghong company obtained the supporting qualification of two aviation development projects, broke the situation of zero supporting in the field of small development, and the non aviation business orders increased significantly year-on-year. During the reporting period, the gross profit margin of the company’s hydraulic environmental control business was 25.09%, an increase of 2.59 percentage points over the same period last year, and the profitability was steadily improved.
Profit forecast and investment rating: it is estimated that the net profit of the company from 2022 to 2024 will be 1.376 billion yuan, 1.684 billion yuan and 2.059 billion yuan, and the EPS will be 1.31 yuan, 1.60 yuan and 1.96 yuan, corresponding to 35 times, 29 times and 23 times of PE, maintaining the “buy” rating.
Risk tip: the growth of military orders is less than expected; The progress of raised investment projects is less than expected.
