Among the heavy holdings of Q1 fund, the national defense and military industry sector continued to improve, with aviation equipment as the key allocation sector. In Q1 heavy holdings, the stock market value held by the military industry sector reached 100.2 billion yuan, a record high, and the proportion of military holdings in the fund continued to rise, reaching 3.1%. The top ten of the top ten targets of the 20222q1 heavy warehouse holdings in 2022022q1, the 2022022q12022022q1’one of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the top ten of the heavy warehouse holdings of the 20222q120220220222q12022022q12022022q1 heavy warehouse Holdings: 00073 China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Fujian Torch Electron Technology Co.Ltd(603678) . Among them, the aviation equipment sector occupies 6 seats. 2022q1 is the 2022q1, 2022q1, which is 2022q1. Based on the market value of the added warehouse, the top 10 companies are respectively: 60076 Avic Heavy Machinery Co.Ltd(600765) 123 , Huaqin technology. Aviation equipment sector also occupied 6 seats.
The profitability of the aviation equipment sector has been significantly improved, and the profit has achieved high growth under a high base. In 2021, the revenue of the sector was 19.2 billion yuan, with a year-on-year increase of 10.13%. Achieve six consecutive years of growth. 16.4 to 16.4 years of CAGR. The net profit attributable to the parent company reached 11.6 billion yuan. From 2020 to 2021, the year-on-year growth rate of net profit attributable to the parent company reached 66.38% and 80.59% respectively. 22q1, the operating revenue of aviation equipment sector was 40.6 billion yuan, a year-on-year increase of 9%. The net profit exceeded 2.765 billion yuan. A year-on-year increase of 17.42%, 2.1 times that of the same period in 20 years.
Judging from the estimated value of related party transactions in 22 years, the aviation equipment sector will maintain high growth in 22 years. The companies of military central enterprises have issued the announcement of the expected value of related party transactions in 2022. According to the data statistics, the average growth rate of related party transactions of each company in 22 years is expected to be 49% and the median is 52%. In terms of industrial chain, in terms of main engine plants, Avic Shenyang Aircraft Company Limited(600760) expects the value of related party transactions to be about 59.98 billion yuan in 22 years, a year-on-year decrease of 11%. However, the estimated value of related party transactions in Avic Xi’An Aircraft Industry Group Company Ltd(000768) , Avicopter Plc(600038) 22 will increase by 49.8% / 54.61% year-on-year. For midstream enterprises such as parts and components, Aecc Aero-Engine Control Co.Ltd(000738) , Avic Aviation High-Technology Co.Ltd(600862) , Zhonghang Electronic Measuring Instruments Co.Ltd(300114) and other enterprises, the estimated value of related party transactions in 22 years will increase by 40.57% / 55.65% / 54.32% year-on-year.
The surge in contract liabilities and prepayments indicates that the order volume is full and the industry is in a high boom. After the military reform, the payment method of the industry was improved, downstream customers signed orders and made prepayments, and the landing of large prepayments led to a surge in contract liabilities of the industry. According to the announcement statistics of various companies, in 2021, the total contract liabilities and advance receipts of aviation equipment sector were 82.173 billion yuan, a year-on-year increase of 232%. In 2022q1, the total contract liabilities and advance receipts of aviation equipment sector were 739.8, with a year-on-year increase of 248.8%. 22q1, Avic Shenyang Aircraft Company Limited(600760) , Aecc Aviation Power Co Ltd(600893) contributed 51.2% and 35.7% respectively. Prepayments reflect the enterprise’s goods preparation and the order growth of upstream military enterprises. In 2021, the total prepayment of aviation equipment sector was 37.3 billion yuan, a year-on-year increase of 411%. 22q1, the total prepayment of aviation equipment sector was 37.94 billion yuan, a year-on-year increase of 344%. Among them, the main engine manufacturers Avic Shenyang Aircraft Company Limited(600760) , Jiangxi Hongdu Aviation Industry Co.Ltd(600316) contributed 70.5% and 21.5% respectively. We are optimistic about the future development of the industry and maintain the investment rating of “leading market-a”.
Risk tip: the growth of military industry is less than expected; The order type is less than expected; The number of orders is less than expected; The epidemic continues to affect the market; The company’s product R & D progress is less than expected; The company’s production capacity is lower than expected; The company’s internal control is less than expected.
