\u3000\u3 China Vanke Co.Ltd(000002) 985 Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) )
Event: Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) released the 2021 annual report. In 2021, the company achieved an operating revenue of 1.13 billion yuan, a year-on-year increase of + 64.9%; The net profit attributable to the parent company was 420 million yuan, a year-on-year increase of + 33.4%; Deduct the net profit not attributable to the parent company of 410 million yuan, a year-on-year increase of + 33.7%. The company also released the first quarterly report of 2022. In the first quarter, the operating revenue was 370 million yuan, a year-on-year increase of + 44.7%; The net profit attributable to the parent company was 150 million yuan, a year-on-year increase of + 47.6%; Deduct the net profit not attributable to the parent company of 150 million yuan, a year-on-year increase of + 52.0%.
The subsidiary jinghanyu's revenue increased by 323.5%, and the gross profit margin of each business segment increased: as the carrier of the company's testing business, the subsidiary jinghanyu's business involves various fields of aviation, aerospace, electronics and national defense, forming a relatively mature and comprehensive electronic component testing system. In September 2020, it was included in the scope of consolidated statements. Thanks to the enabling new customers of the parent company and the improvement of the prosperity of the military testing industry, the sales revenue in 2021 was 556 million yuan, a year-on-year increase of + 323.5%; The gross profit margin was 80.8%, an increase of 7.8 percentage points year-on-year. The company's traditional main business of brake disc, wheel and brake control system achieved a total revenue of 510 million yuan, a year-on-year increase of - 5.3%, mainly due to the decline of 23.4% in the revenue of brake control system and wheel business; The gross profit margin was 81.5%, an increase of 6.3 percentage points year-on-year. The landing gear is a new system level product. In 2021, the landing gear business income of an aircraft will be realized, contributing 40.47 million yuan.
The overall gross profit margin reached 78.9%, and the expenses increased during the period: the overall gross profit margin of the company in 2021 was 78.9%, an increase of 4.5 percentage points year-on-year; The net interest rate was 48.5%, down 1.6 percentage points year-on-year. The main reason is that the subsidiary jinghanyu was included in the consolidation scope, and the sales, management and R & D expenses increased by 141.4%, 95.9% and 52.5% respectively compared with the same period last year. The provision for asset impairment was 45.86 million yuan, an increase of 5.43 million yuan over 2020, mainly due to the provision for bad debt losses of accounts receivable and notes receivable.
Based on military products, consumable products benefit from both incremental and stock markets: Based on the military market, the products developed by the company are widely used by the military and major host manufacturers in China, and the service range is all over world war 5. The characteristics of consumables enable the company's products to benefit from the incremental and stock maintenance support market, and the company will directly benefit from the increase of the loading capacity of main combat equipment, the frequency of actual combat exercises and the number of flight training hours. In 2021, the company officially completed the delivery of landing gear landing system, realizing the leap forward transformation from parts supplier and material supplier to system supplier and overall solution provider. The system integration advantage is obvious and the supporting level is significantly improved. The successful first flight of a certain type of equipment of the fully electric brake control system independently developed by the application company is of great significance to the development and application of China's fully electric brake control system, and also makes up for the weakness of China's professional braking ability in the aerospace field.
The breakthrough of "from zero to one" in the civil products market: the company officially acquired Shaanxi Lantai in January 2021, which is the enterprise with the most and most complete PMA licenses for civil aviation aircraft carbon brake discs in China. In January this year, it was announced that the carbon carbon composite brake disc of the company passed the assessment, verification and evaluation of HNA Aviation Technology Co., Ltd. and Xiangpeng aviation, and signed a ten-year aviation material procurement and supply agreement. The company officially entered the post market of civil aviation aircraft brake discs, creating a precedent for domestic replacement of carbon carbon composite brake discs, which is expected to contribute to new growth points of performance in the future.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 590 / 770 / 980 million respectively, and the current share price corresponding to PE is 30 / 23 / 18 times, maintaining the "overweight" rating.
Risk tip: the risk of repeated impact of the epidemic on the macro economy; The risk of reducing gross profit margin due to the decline of military procurement price; Risk of new product development and market expansion falling short of expectations.