\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 68 Avic Xi'An Aircraft Industry Group Company Ltd(000768) )
The daily maximum deposit limit will be increased by 435.7%, and the "14th five year plan" large order purchase may come
On March 28, the company issued the announcement on adjusting the financial business quota with AVIC Finance Co., Ltd. in 2022: according to the needs of relevant business development of the company and its subsidiaries in 2022, the financial business quota with AVIC finance in 2022 was adjusted. Among them, the maximum daily deposit limit in AVIC Finance in 2022 was increased from 14 billion yuan to 75 billion yuan, an increase of 435.7%; The amount of loans provided by aviation industry finance to the company and its subsidiaries increased from 8 billion yuan to 15 billion yuan, an increase of 87.5%; The upper limit of comprehensive credit line was raised from 10 billion yuan to 17 billion yuan, an increase of 70.0%. Compared with the recent case that Avic Shenyang Aircraft Company Limited(600760) and other host units have significantly increased the financial deposit of aviation industry, we believe that the company's product demand will further increase, and the company is expected to usher in the "14th five year plan" large order procurement. It is speculated that the company is expected to receive a large amount of advance payment in 2022, and the change of settlement method is conducive to the continuous improvement of the company's business end.
The inventory of products in progress was 19.8 billion yuan, up 29.24% from the same period last year, and product delivery is expected to continue to accelerate
The company released the annual report of 2021. At the end of 2021, the book balance of the company's inventory was 24.934 billion yuan, a year-on-year increase of 23.49%, of which the book balance of products in process was 19.815 billion yuan, a year-on-year increase of 29.24%, and the book balance of goods in inventory was 145 million yuan, a year-on-year increase of 155.00%. The company is in the stage of actively preparing production and goods, and the product delivery speed may continue to improve.
In 2021, the company achieved a revenue of 32.7 billion yuan, a year-on-year increase of - 2.34%, mainly due to the replacement of assets by the company, and part of the revenue is no longer included in the statement; The net profit attributable to the parent company was 653 million yuan, a year-on-year increase of - 16.01%. The reasons for the decrease are: some receivables have not been recovered, and the provision for credit impairment loss is 159 million yuan, an increase of 86 million yuan over the same period of last year; The uncollection of some receivables resulted in an increase in short-term borrowings and interest expenses of 151 million yuan, an increase of 77 million yuan over the same period of last year. We believe that at present, the company is in the stage of product structure adjustment. With the continuous landing of new product orders and the gradual increase of output, the profitability of the company is expected to enter a continuous upward track.
The leading platform for R & D and manufacturing of military and civilian medium and large aircraft has fully benefited from the high boom stage of the market
The company is a leading platform for the R & D and manufacturing of medium and large military and civilian aircraft in China. It is a super large aviation industry enterprise integrating scientific research and production. It is the R & D and production base of medium and large military and civilian aircraft in China and the main manufacturer of large and medium-sized transport aircraft, bombers, special aircraft and other aircraft products in China. We believe that the 14th five year plan is a critical period for our army to build strategic delivery and long-range strike capability. The large military aircraft market has stable expansion space, and the company is about to start the production climbing stage; At the same time, the company is the core supplier of domestic civil C919 aircraft and ARJ21 aircraft, or will fully benefit from the high business cycle of domestic civil aircraft industry.
Profit forecast: the company's military products business will benefit from the upgrading of our military aviation equipment, and is expected to continue to grow rapidly in the next 3-5 years; At the same time, with the gradual landing of China's large aircraft projects, the company's relevant civil products are expected to be further expanded, and the company's profitability may be continuously improved. Due to the uncertainty of the batch production rhythm of new models, we reduced the net profit attributable to the parent company from 1.342/1.755 billion yuan to 1.049/1.319 billion yuan in 20222023, and the net profit attributable to the parent company in 2024 was 1.629 billion yuan, with a corresponding P / E of 74.64/59.36/48.07x.
Risk tips: supply supporting risk, customer order risk, military review pricing risk, C919 certificate delivery speed is lower than expected risk, etc.
