\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 862 Avic Aviation High-Technology Co.Ltd(600862) )
Event: the company recently released the first quarterly report of 2022, realizing a revenue of 1.16 billion yuan, yoy + 16.6%; Net profit attributable to parent company: 290 million yuan, yoy + 22.7%; Deduct non net profit of 290 million yuan, yoy + 26.6%. EPS is 0.21 yuan / share, yoy + 22.9%; Roe was 5.8%, with a year-on-year increase of 0.6ppt. The company's performance in the first quarter basically met market expectations.
Continue to focus on the core main business and strengthen the advantages of aviation new material industry. By product: 1) aviation new materials achieved an operating revenue of 1.13 billion yuan, yoy + 17.1%, accounting for 98.2% of the total revenue; The net profit attributable to the parent company is 310 million yuan, yoy + 18.5%, and the profit contribution rate is 106.2%. From 2018 to 2021, the net profit attributable to the parent company of aviation new materials reached 48.0%, 1q22 product delivery increased, and the performance continued to grow. The company transformed scientific and technological R & D achievements, enabled the development of aviation new material industry, and continuously strengthened the industrial advantages of core main business. 2) The operating income of machine tool equipment was 16 million yuan, yoy-36.3%; The net profit attributable to the parent company was -12 million yuan (the same period of last year was -14 million yuan), and the loss of 1.74 million yuan was due to the decrease of expenses during the period. The management ability of the company has been improved, the operation mechanism has been improved, and the situation of reducing and reversing losses of machine tool products is improving.
Improve the ability of cost control; Grants improve cash flow. 1q22 company's gross profit margin was 37.4%, with a year-on-year increase of 2.0ppt; The net interest rate was 25.2%, with a year-on-year increase of 1.2ppt, mainly due to the decrease of expense rate during the period. During 1q22, the expense rate decreased by 0.2ppt to 7.2% year-on-year. Specifically, 1) the sales expense rate was 0.8%, with a year-on-year decrease of 0.1ppt; 2) The management fee rate was 5.9%, with a year-on-year decrease of 0.05ppt; 3) The financial expense ratio was - 0.6%, with a year-on-year decrease of 0.3ppt; 4) The R & D expense ratio was 1.1%, with a year-on-year decrease of 0.1ppt; The R & D cost is RMB 1.3 billion, y + 1.19%. 1q22 net cash flow from operating activities was - 6.214 million yuan (the same period last year - 230 million yuan). The subsidiary aviation industry composite materials received 150 million yuan of industrial development support fund from Beijing Shunyi district government on March 29, which significantly improved the cash flow. The subsidy was specially used for the investment and construction of follow-up plants of aviation industry composite materials, helping the company meet the high growth needs of the industry.
The sales scale of composite materials in aviation industry has increased, and the order situation will be better in the future. By the end of the first quarter of 2022, the company has: 1) monetary capital of 1.55 billion yuan, a decrease of 2.6% over the beginning of the year; 2) Accounts receivable and bills were 2.61 billion yuan, an increase of 61.1% over the beginning of the year, mainly due to the growth of the sales scale of aviation industry composite materials of the subsidiary; 3) The advance payment was 140 million yuan, an increase of 6.6% over the beginning of the year; 4) The inventory was 1.38 billion yuan, an increase of 1.0% over the beginning of the year; 5) Contract liabilities amounted to 720 million yuan, an increase of 3.7% over the beginning of the year.
Investment suggestion: the company is the leader of aviation carbon fiber prepreg in China and has been deeply engaged in the field of aviation composites for many years. While focusing on its main business, the company vigorously promotes the application of aviation composites in the fields of civil aircraft, rail transit and new energy. We believe that the growth space of the company is highly deterministic, and the production and delivery situation may be better than the apparent profit data. We expect the net profit attributable to the parent company from 2022 to 2024 to be 849 million yuan, 1176 million yuan and 1635 million yuan respectively. The current share price corresponds to 29x / 21x / 15x PE from 2022 to 2024. Considering the growth certainty, performance sustainability and business expansion of the company, the company is given 40 times PE in 2022, with EPS of 0.61 yuan / share in 2022, corresponding to the target price of 24.37 yuan. Maintain a "recommended" rating.
Risk warning: downstream demand growth is less than expected; The epidemic has repeatedly affected production.
