\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 862 Avic Aviation High-Technology Co.Ltd(600862) )
Key elements of the report:
On April 23, Avic Aviation High-Technology Co.Ltd(600862) released the first quarter report of 2022. During the reporting period, the company achieved an operating revenue of 1.155 billion yuan, a year-on-year increase of 16.64%. The net profit attributable to the parent company was 291 million yuan, a year-on-year increase of 22.74%.
Key investment points:
The delivery of aviation composite materials continued to grow year-on-year, thickening the company’s profit: from the perspective of sub sectors, 1 The product delivery of new aviation materials continued to grow in the first quarter, and the operating revenue of the sector was 1.134 billion yuan, a year-on-year increase of 17.11%; The net profit attributable to the shareholders of the listed company was 309 million yuan, a year-on-year increase of 18.52%. 2. Affected by the epidemic, the delivery of machine tool equipment business decreased, and the operating revenue of the sector was 163289 million yuan, a year-on-year decrease of 36.27%; Due to the decrease in expenses during the period, the loss of the sector decreased year-on-year. Overall, the company maintained steady growth in the first quarter, and the performance was in line with expectations. The increase of profit of airlines is higher than that of new materials, and the increase of profit accounts for a higher proportion of revenue. The company expects to achieve an operating revenue of 4.5 billion yuan and a total profit of 893 million yuan in 2022. The current completion progress is 25.67% and 32.59% respectively. The completion degree in the first quarter is considerable. In addition, according to the company’s financial statements, as of the end of the reporting period, the company’s accounts receivable were about 2.27 billion yuan and accounts payable were 1.18 billion yuan, an increase of 61.1% and 69.4% respectively compared with the end of 2021, mainly due to the increase in the sales scale of aviation composite materials and the corresponding increase in the company’s material procurement. It can be seen that the company has sufficient current and expected orders, and we are optimistic about the successful achievement of the business goal of 2022.
The capital increase arrangement of Youcai Baimu is expected to be completed in the first half of 2022: the company’s subsidiary Youcai Baimu has been deeply engaged in the aircraft braking system industry for decades. At present, product R & D and manufacturing have gradually extended to weapons, aerospace, rail transit and other fields. In 2021, Youcai Baimu successfully completed the capital increase publicly listed on the Beijing stock exchange, and successfully introduced five investors, including aviation industry fund, Shaanxi dizhi, right bank investment, structural adjustment fund and joint investors. It is expected that the relevant capital increase arrangements will be completed in the first half of 2022. After the capital increase, the company’s control over Youcai Baimu will not change, and the shareholding ratio will be reduced to 44.98%. The rich industrial resources of new investors will help Youcai Baimu achieve high-quality development in the future.
Profit forecast and investment suggestions: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 820 million yuan, 1060 million yuan and 1317 million yuan respectively, and the corresponding PE will be 33.0, 25.5 and 20.6 yuan respectively (corresponding to the closing price of 19.43 yuan on April 22, 2022), maintaining the “overweight” rating.
Risk factors: enterprises related to the military industry chain lead to opaque information, sharp fluctuations in the price of raw materials, and the epidemic leads to the production and delivery progress of products less than expected.
