\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 038 Avicopter Plc(600038) )
Event: the company released its annual report for 2021, which realized revenue of 21.790 billion yuan (+ 10.86%), net profit attributable to parent company of 913 million yuan (+ 20.53%), revenue of 7.596 billion yuan (+ 1.72%) and net profit attributable to parent company of 294 million yuan (+ 10.10%) in the fourth quarter of the year,
The revenue of Harbin branch increased rapidly, and the profit of Jingdezhen branch increased rapidly. According to the reported segments, the revenue of Harbin segment is 10.557 billion yuan (+ 11.31%), and the total profit is 326 million yuan (+ 13.19%); The revenue of Jingdezhen branch is 10.702 billion yuan (+ 8.44%), and the total profit is 6.96 (+ 24.73%); Baoding segment revenue was 812 million yuan (+ 8.12%); The revenue of Tianjin Branch was 9.5076 million yuan (+ 14.19%). The revenue of Harbin branch increased rapidly, indicating that the product delivery was smooth, but the profit margin and profit growth rate were lower than that of Jingdezhen branch. Overall, the company’s profit side increased more than revenue, mainly due to the company’s gross profit margin increased by 0.96pct to 12.43% year-on-year during the reporting period. On the expense side, due to the slight increase in the rate of sales, management and financial expenses, the overall increase was 0.27pct to 7.66%. The impairment loss in the reporting period increased by 428343 million yuan over the previous year, mainly due to the recovery of some early receivables in the previous year and the change of measurement method since April 1, 21, and the provision of bad debts for the accounts of related parties and specific customers.
Reasonably balance production resources and steadily improve production efficiency. During the reporting period, the company achieved the balanced production target of “1333” by scientifically formulating the catch-up plan, reasonably balancing production resources and strengthening the control mechanism of the whole production process, and further improved the production capacity and production efficiency. Therefore, the company’s quarterly revenue growth showed the characteristics of high before and low after, and the proportion of production resources such as inventory and commodity procurement decreased steadily. During the reporting period, the company’s net operating cash flow was 1.45 billion yuan, an obvious increase from – 685 million yuan in the same period last year, mainly due to the decrease in cash paid for purchasing goods and receiving labor services.
The demand for military aircraft is strong, and the flight test and evidence collection of the new civil aircraft is advancing steadily. In the field of military aircraft, as the cornerstone to ensure the continuous growth of the company’s performance, there is a wide space for batch production, modification and upgrading of new general-purpose helicopters, and the corresponding ton general-purpose helicopters in the United States and Russia account for more than half. In the field of civil aircraft, the company has made every effort to sprint for the basic airworthiness certification of ac352 helicopters. It has signed two intention purchase agreements with Qingdao helicopter company and three ac311a, four ac312e and one ac313a helicopters with Tibet civil aviation development company.
Profit forecast and investment suggestions
According to the data of the company’s annual report, adjust the EPS of 22-23 years to 1.89 and 2.27 yuan (formerly 1.97 and 2.38 yuan), and add the EPS of 24 years to 2.70 yuan. With reference to the 22-year average 33 times valuation of comparable companies, give the target price of 62.37 yuan and maintain the overweight rating.
Risk tips
Orders and revenue recognition are less than expected; Product pricing is lower than expected
