\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 862 Avic Aviation High-Technology Co.Ltd(600862) )
In 2022q1, the revenue increased by 17% year-on-year, and the net profit attributable to the parent company increased by 23% year-on-year
1) 2022q1 performance: in the first quarter of 2022, the company achieved a revenue of 1.16 billion, a year-on-year increase of 17%, a net profit attributable to the parent of 291 million, a year-on-year increase of 23%, and a net profit not attributable to the parent of 288 million, a year-on-year increase of 27%. Among them, aviation new materials business achieved a revenue of 1.13 billion, a year-on-year increase of 17%, and the net profit attributable to the parent company was 310 million, a year-on-year increase of 19%.
2) profitability: the gross profit margin of the company in 2022q1 was 37%, 2% higher than that in 2021q1. Net profit
The rate was 25%, an increase of 1.2 percentage points over 2021q1. 3) Period expense rate: the company’s expense rate in 2022q1 was 6.1%, 0.2 percentage points lower than that in 2021q1. The R & D expense rate of 1.1% is basically the same as that of 2021q1.
Revenue target in 2022 and related party transactions indicate steady growth 1) business target in 2022: the company’s revenue target in 2022 is 4.5 billion, with a year-on-year increase of 18% and total profit
The target is 890 million, an increase of 25% year-on-year.
2) related party sales: the estimated amount of related party sales of the company in 2022 is 3.8 billion, an increase of 37% compared with the actual amount of 2.8 billion in 2021.
The company will benefit significantly from the sustained and high growth of the co driven carbon fiber composite industry in the military and civil market
1) military: there is a large gap in the number of military aircraft between China and the United States. The proportion of composite materials used in advanced fighters continues to increase, and the proportion of composite materials used in fighter aircraft has increased from less than 10% of the second-generation aircraft to more than 30% of the fourth-generation aircraft.
2) civil: the proportion of composite materials for narrow body passenger aircraft is close to 20%, and the proportion of composite materials for wide body passenger aircraft can reach more than 50%. COMAC predicts that by 2039, 8725 Chinese airliners will be added in advance, and the demand for composite prepreg is large. The company will share a broad market with the support of C919, cr929 and arj500.
3) based on the card effect, the company will significantly benefit from the growth of the industry. Superimposed on the reform of state-owned enterprises, “improve the efficiency of state-owned capital”, encourage medium and long-term incentives, and continuously improve the asset securitization rate, the company is also expected to benefit.
Avic Aviation High-Technology Co.Ltd(600862) : the compound growth rate of net profit attributable to the parent company is expected to exceed 30% in the next three years
It is estimated that from 2022 to 2024, the net profit attributable to the parent company of the company will be 780 / 104 / 1.33 billion, with a year-on-year increase of 31% / 34% / 28% and a compound growth rate of about 31%. EPS will be 0.56/0.74/0.96 yuan, PE will be 35 / 26 / 20 times, and the PE center of the company will be 61 times in recent three years, maintaining the “buy” rating.
Risk tips: 1) price fluctuation leads to the decline of profitability; 2) The delivery of large-scale orders for equipment during the 14th five year plan was less than expected; 3) Relevant reform measures were not promoted as expected
