\u3000\u3 China Vanke Co.Ltd(000002) 985 Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) )
Core view
Event: the company issued the 21st Annual Report, achieving a revenue of 1.132 billion yuan (+64.91%) and a net profit attributable to the parent company of 422million yuan (+33.43%). The company released the first quarterly report of 22 years, realizing a revenue of 368 million yuan (+ 44.73%) and a net profit attributable to the parent company of 154 million yuan (+ 47.55%).
In the 21st year, the testing revenue increased by 323%, the brake related revenue decreased by 5%, and the gross profit margin of the whole business increased. In terms of business, the company's brake and wheel revenue is 316 million yuan (- 23.43%), and the gross profit margin is 76.39% (+ 3.07pct); The revenue of brake disc is 196 million yuan (+ 53.31%), and the gross profit margin is 89.76% (+ 8.55pct); The revenue from testing is 555 million yuan (+ 323.46%), and the gross profit margin is 80.76% (+ 7.82pct). The high growth of the testing business in the reporting period was mainly due to the parent company's empowerment of new customers and the improvement of the prosperity of the military testing industry after the consolidation of the subsidiary jinghanyu; In terms of braking system and wheel business, we judge that it is due to the temporary decline caused by the rhythm of batch delivery, but the gap has been made up to some extent by the high growth of brake discs and the income generation of landing gear. It is expected that the braking related business will return to high growth in 22 years.
Jinghanyu consolidated statement resulted in a slight decrease in net interest rate and a better forward-looking index. The company's comprehensive gross profit margin increased by 4.53pct in 21 years, but due to the growth of period expense rate (year-on-year increase of 2.38pct to 15.96%) and income tax rate (year-on-year increase of 4.59pct to 18.77%), the company's net profit margin decreased by 1.57pct to 48.53%. The company's fixed assets (+ 102.17%), inventories (+ 67.90%) and contract liabilities (+ 765968%) increased rapidly at the end of the period, indicating that the company's capacity expansion and production and goods preparation were smooth, and the forward-looking indicators were good.
22q1 achieved a good start, and the civil aviation and landing gear business is expected to become an important profit growth point. 22q1's revenue and net profit reached the highest value in a single quarter, and the cost control and net interest rate also improved. Looking forward to 22 years, the company announced in January that it had officially entered the post market of civil aviation aircraft brake discs, signed a 10-year procurement agreement with Xiangpeng airlines, a subsidiary of HNA, and created a precedent for domestic replacement of carbon carbon composite brake discs (3903 civil aviation registered aircraft at the end of 20, with an annual take-off and landing of 3.71 million times). Civil aviation business is expected to become an important profit growth point. At the same time, the company's landing gear business has achieved a breakthrough of 0 to 1 in 21 years. In the future, it will continue to promote the finalization, batch production and assembly of landing gear products of more aircraft models, and further improve the product integration and added value, so as to increase the market share.
Profit forecast and investment suggestions
According to the company's annual report for 21 years, the company's earnings per share in 22 and 23 years were fine tuned to 2.46 and 3.27 yuan (the previous value was 2.46 and 3.26 yuan), and the new earnings per share in 24 years was 4.29 yuan. According to the price earnings ratio of 40 times that of the comparable company in 22 years, the target price was given 98.40 yuan and the buy rating was maintained.
Risk tips
The confirmation of military product loading and replacement demand or order revenue is less than the market expectation; The development progress of civil products market is less than the market expectation; The risk of military procurement price decline; Risk of accounts receivable; Changes in assumptions affect the calculation results
