\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 68 Avic Xi'An Aircraft Industry Group Company Ltd(000768) )
Event: Avic Xi'An Aircraft Industry Group Company Ltd(000768) released the 2021 annual report, and achieved an operating revenue of 32.7 billion yuan in 2021, a year-on-year increase of - 2.34%; The net profit attributable to the parent company was 650 million yuan, a year-on-year increase of - 16.01%; Deduct the net profit not attributable to the parent company of 570 million yuan, a year-on-year increase of + 52.94%. The company's business goal in 2022 is to achieve an operating revenue of 36.5 billion yuan, a year-on-year increase of + 11.6%.
The performance is affected by large accounts receivable: the operating revenue in 2021 is 32.7 billion yuan, 101.25% of the annual plan; The main reason for the year-on-year decrease in 2020 is that the consolidated statements of the same period of last year include the operating income of Guizhou Xin'an and Xifei aluminum, which are not included in this reporting period. The reason for the decrease in net profit attributable to the parent company was that some receivables were not recovered in the reporting period, and the impairment loss was 159 million yuan, an increase of 89 million yuan over the same period of the previous year; And the resulting increase in short-term borrowings resulted in interest expenses of 151 million yuan, an increase of 77 million yuan over the same period last year. In 2021, the gross profit margin of the company was 7.5% and the net profit margin was 2%, with a year-on-year decrease of 0.3 percentage points
Remarkable achievements in quality and efficiency improvement, and continuous increase in R & D efforts: the company's management expense rate in 2021 was 2.5%, down 0.5 percentage points from 2020. The company promoted cost control effectively by means of balanced production and on-time delivery. In 2021, the R & D expenditure was 237 million yuan, with a year-on-year increase of 10.57%, and the R & D expenditure rate increased by 0.1 percentage point. The company focuses on the development of new equipment and continues to improve the technical capabilities of complete machine integration, structural intelligent manufacturing, median manufacturing and green intelligence.
The contract revenue of the company is expected to be 12.421 billion yuan, of which the contract revenue of 12.421 billion yuan is expected to be fully recognized by the end of 2022021 billion yuan, of which the contract revenue of 12.421 billion yuan is expected to be fully recognized by the end of 2022021 billion yuan.
Significantly adjust the deposit limit of related party transactions, and it is expected to obtain large contract liabilities: the company's contract liabilities at the end of 2021 were 6.59 billion yuan, a decrease of 3.11 billion yuan compared with the beginning of the year, mainly due to the carry forward income of some advance payment. The company adjusted the deposit limit of related party transactions from 14 billion yuan to 75 billion yuan in 2022. Previously, Avic Shenyang Aircraft Company Limited(600760) adjusted the deposit limit of related party transactions from 11 billion yuan to 50 billion yuan, Aecc Aviation Power Co Ltd(600893) from 4 billion yuan to 10 billion yuan, and then there was a significant increase in contract liabilities in the financial report. Therefore, it is expected that the company is also expected to realize the landing of large orders.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1 / 12.8 / 1.55 billion yuan respectively, and the corresponding PE of the current stock price is 82 / 65 / 53 times. The military and civil aviation market demand is strong. As a leader of large aircraft, the company will continue to benefit and maintain the "overweight" rating.
Risk warning: the risk that the increase of aviation equipment budget is less than expected; Risk of untimely supporting supply under the influence of epidemic situation; The risk that the development and batch production progress of key models is less than expected.
