Aerospace Ch Uav Co.Ltd(002389)
Record of investor relations activities
No.: 2022004
□ specific object research □ analyst meeting
□ media interview □ performance description
Other □ press conference □ Roadshow
□ site visit
▇ others (teleconference)
Secretary of the board of directors of the listed company: Du Zhixi
Personnel name: securities affairs representative: Guo Jingrui
Haitong investment banking department, Haitong Research Institute, Shanghai yanniu Investment Management Co., Ltd., deppon Fund Management Co., Ltd., Shanghai Pudong Bank AXA Fund Management Co., Ltd., Royal Valley capital group, ChuangJin Hexin fund, CITIC proprietary, Shanghai Bank fund, Jingtai Lifeng, China Resources Yuanda fund, Tianhong fund, Citic Securities Company Limited(600030) asset management, event participant Boshi fund Soochow life insurance, Shanghai Qinmu asset management, Tianjin yixin’an asset management, Shanghai Pushi investment, Ping An fund, BOC fund, Yinhua Fund, Dongxing fund, Shanghai Investment Morgan fund, Gf Securities Co.Ltd(000776) asset management, Huatai Bairui fund, Hony Yuanyuan fund, Shenzhen sanjeyi investment, Shenwan Hongyuan Group Co.Ltd(000166) , industrial trust, China International Capital Corporation Limited(601995) , Tianzhi fund There are 36 institutional investors, including Qianhai open source fund, Botong investment, Everbright Prudential fund, chaos investment and Beijing yuanlesheng asset management, with a total of 38 people.
Time: April 1, 2022
Location: Beijing office area
Formal teleconference
1. How is the fund-raising project going?
A: the company always maintains the overall layout of echelon R & D and joint promotion in the development of fund-raising projects, and all fund-raising projects are carried out steadily according to the planned R & D cycle. According to the raised investment project plan, the development cycle of the new concept UAV R & D project is 24-36 months, and the CH-4 enhanced UAV R & D project is faster; The development cycle of scientific research and industrialization project plan is about 24 months, and the establishment cycle of industrialization plan answer record is about 9 months.
2. Overseas revenue declined in 2021. Does the company have relevant measures to strive for reversal in 2022?
A: in order to reverse the unfavorable situation of the decline in foreign market revenue, the company has made great efforts to deploy corresponding measures in the second half of 2021, including introducing mature market talents, formulating flexible marketing management system, deepening cooperation with military trading companies, increasing the frequency of foreign product demonstration, etc. At present, the company has reached renewal and update intentions with a number of foreign users, and the company is confident that the foreign market will return to the pre epidemic level. 3. The 2021 annual report shows that the company’s projects under construction have increased. How much can the corresponding production capacity be increased and when can it be converted to fixed assets? A: the projects under construction mainly include the construction of reflective film production line, the transformation of photovoltaic backing film production line and the construction of new office buildings. Among them, the reflective film production line has achieved a small amount of production after commissioning, and it is expected that all production lines can be successfully put into operation in the middle of 2022; The transformation of photovoltaic backing film production line is for the development of new products, which accounts for a low proportion at present; After the new office building is converted into fixed assets, part of it is used for rent, which can realize rent income. 4. The annual report shows that the company’s inventory and accounts receivable have increased. Can the company form income in time after the subsequent treatment and consideration? A: UAV accounts for a high proportion of accounts receivable, and the corresponding downstream customers are relatively stable, so the collection is guaranteed; Accounts receivable of new materials have little change compared with previous years. In terms of inventory, the increase in the proportion of raw materials is the main reason for the increase in inventory, reflecting the corresponding measures taken by the company to ensure the timely performance and delivery of the project in 2022. In addition, the inventory cycle of new materials is about one month, and there will be no product backlog. 5. What is the progress of UAV civil market in China? In addition, where is the competitive advantage between rainbow and its competitors? A: Rainbow UAV has always maintained a leading position in civil fields such as surveying and mapping, security, forest fire prevention and aerial geophysical exploration. In the future, it will actively expand the application scenarios of UAV in civil fields. At the same time, with the help of the construction of the navigation company’s platform, it will simultaneously promote the whole machine and service sales, so as to meet the strong demand of UAV in civil fields in an all-round way. Rainbow UAV is the first UAV product to be exported. In foreign markets, rainbow UAV has the advantages of large ownership, high frequency of use, rich practical experience and good user experience. At the same time, rainbow team also has unique advantages in product design concept, customer service experience, market-oriented mechanism and so on. 6. May I ask about the capacity construction and capacity utilization in Beijing, Tianjin and Taizhou
What is the current rate?
A: Beijing, Tianjin and Taizhou bases have different positioning. Beijing base focuses on R & D, general assembly and general adjustment; Tianjin base focuses on the R & D and production of special aircraft and the body structure production of medium and large UAVs; Taizhou base will build a mass production base for medium and large UAVs and airborne weapons. The company is completing the production base in China and providing a solid guarantee to meet the basic needs of customers in the future.
7. How long is the delivery cycle of UAV export? Will there be new models for export in the future?
A: at present, the company’s UAV export model is mainly CH-4.
Due to the differences between the relevant requirements of users and their own conditions, the delivery cycle of UAV export is different. The average contract performance period is about 2 years, which can be delivered in batches according to the needs of customers. At the same time, the company will also keep up with the changes in the demand of foreign UAV market, timely cultivate new UAVs, realize export, and expand the product territory of rainbow UAV in foreign market. 8. The gross profit margin of the company fell sharply last year. Can we make a prospect of the trend of gross profit margin in the future?
A: in 2022, with the return of foreign business to normal level and the increase of delivery quantity, the gross profit margin will increase; If the gross profit rate of UAV business in China goes down, it should not rise again; In addition, the continuous optimization of the two business structures of UAV and airborne weapons will also affect the level of gross profit margin; To sum up, the gross profit margin in 2022 is expected to be better than last year.
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