\u3000\u3 China Vanke Co.Ltd(000002) 985 Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) )
Event: the company released its 2021 annual report, and achieved an operating revenue of 1.132 billion yuan, a year-on-year increase of 64.91%; The net profit attributable to the parent company was 422 million yuan, a year-on-year increase of 33.43%.
Breakthrough in traditional business and high growth in new business: by business, the revenue of brake disc (auxiliary) business in traditional business increased by 53.51% year-on-year in 2021, and the gross profit margin increased by 8.55pct; The landing gear business has realized a revenue of 40.47 million and gradually began to form a scale, enabling the company to complete the leap forward transformation from parts suppliers and material suppliers to system suppliers and overall solution providers. For the new business detection test, jinghanyu, the main carrier subsidiary, benefited from the enabling new customers of the parent company and the improvement of the prosperity of the military detection industry, the revenue achieved leapfrog growth, with a year-on-year increase of 323.46% (consolidated statement from September to December 2020), and the gross profit margin increased by 7.82pct. The annual comprehensive gross profit margin increased by 4.53pct year-on-year, reflecting the company's good cost control level and profitability.
The civil aviation business has developed steadily, and the post market business such as aviation maintenance has broad prospects: the company acquired Shaanxi Lantai in January 2021. Shaanxi Lantai is the leading enterprise in China to obtain PMA licenses for civil aviation aircraft carbon brake discs. At the same time, the support of relevant Chinese policies for the localization of civil aviation brake products is also increasing. The company announced in January 2022 that it officially entered the post market of civil aviation aircraft brake discs, creating a precedent for domestic replacement of carbon carbon composite brake discs. The company's aviation maintenance and supporting service business mainly includes the inspection, maintenance and repair of aircraft landing gear, brake control system, wheel and brake device and other components. It is a post market business with good business model and profitability. Considering factors such as localization and substitution, it has a wide market space. The company introduced in its 2021 annual report that the revenue of aviation maintenance business increased rapidly.
22q1 continued to maintain a good growth: the company released the first quarterly report of 2022, realizing a revenue of 368 million yuan, a year-on-year increase of 44.73%; The net profit attributable to the parent company was 154 million yuan, a year-on-year increase of 47.55%. The company's prepayment increased by 302.37% compared with that at the end of the 21st year, which was due to the increase of procurement and more prepayments to suppliers, reflecting the company's active preparations for the normal progress of subsequent production.
Profit forecast, valuation and rating: in 2021, the company made a breakthrough in traditional businesses such as landing gear, and the inspection and testing of new businesses achieved rapid development. Considering the uncertainty of the company in terms of market expansion and the recognition rhythm of product delivery revenue, the company lowered its profit forecast of 16.38% / 15.61% to 600 million yuan / 800 million yuan in 202223, predicted a profit of 1.034 billion yuan in 2024, EPS of 2.35/3.13/4.05 yuan in 202224, and the corresponding PE of current stock price was 29 / 22 / 17x respectively. The company is a leading enterprise in the field of braking in China and a national high-tech enterprise in the field of high-end equipment manufacturing in the military industry. The detection and test business and civil aviation business expanded in recent years have good development prospects. Maintain the company's "overweight" rating.
Risk warning: the risk of national defense and civil aviation market demand affected by national policies and macroeconomic fluctuations; The risk of intensified market competition; The risk that the adjustment of product price leads to the decline of gross profit margin; The risk that the market expansion is less than expected.
