Core view
The aviation industry achieved a net profit of 16.83 billion yuan in 2021, an increase of 8% year-on-year: on January 12, the 2022 work conference of China Aviation Industry Group Co., Ltd. was held in Beijing, at which the work of the aviation industry in 2021 was summarized and the key tasks in 2022 were deployed. In 2021, AVIC achieved a total annual profit of 21.99 billion yuan, a net profit of 16.83 billion yuan and an EVA of 10.03 billion yuan RMB 500 million, with a year-on-year increase of 6%, 8% and 23.7% respectively. The civil aircraft industry has completed the development of type 10, the first flight of type 2, and the model certificate of type 1; 570 civil aircraft were delivered, with an international subcontracting delivery of US $1.4 billion. Production and delivery achieved good results, realizing “2323” advanced balanced production for the first time; The development of strategic emerging industries has accelerated, “pterosaur” and AR series UAVs play an important role in the field of emergency communication. International business revenue was 118.3 billion yuan, a year-on-year increase of 10%; The “digital aviation” alliance was established to accelerate the transformation and upgrading.
2022 aviation industry “creates a new year” and wins the three-year action of state-owned enterprise reform: the meeting proposed 2022 as the aviation industry “creates a new year”, and put forward the work objectives for 2022 from five aspects: scientific and technological innovation, equipment development, civil aircraft industry, reform and improvement and business performance. In 2022, the target is to achieve net profit of 18.2 billion yuan and EVA of 10.8 billion yuan, with a year-on-year increase of 8.1% and 4.3% respectively. The civil aircraft industry aims to carry out the development of type 10 aircraft, make the first flight of type 2 and obtain the model certificate of type 3. We will do a good job in tackling key problems in reform, achieve the end of the three-year action of state-owned enterprise reform, and increase the labor productivity of all employees by no less than 8%.
Grasp the main line of aviation equipment investment, and the independent and controllable growth of military electronics is high: 1) the contract liabilities of the main engine factory + verification of advance receipts, and the growth of the aviation industry chain will continue to be realized. The performance transmission is effective. From the main engine plant and engine system, to the engine body system and parts, and then to the upstream raw material sector, the whole industry chain has strong momentum and certainty. The OEM pays attention to Avic Shenyang Aircraft Company Limited(600760) , Avic Xi’An Aircraft Industry Group Company Ltd(000768) , Jiangxi Hongdu Aviation Industry Co.Ltd(600316) , Avicopter Plc(600038) , Aecc Aviation Power Co Ltd(600893) ; Body system concerns Avic Electromechanical Systems Co.Ltd(002013) , China Avionics Systems Co.Ltd(600372) , Aecc Aero-Engine Control Co.Ltd(000738) , Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) ; Aviation parts focus on Avic Heavy Machinery Co.Ltd(600765) , Wuxi Paike New Materials Technology Co.Ltd(605123) , Guizhou Aviation Technical Development Co.Ltd(688239) , Chengdu Ald Aviation Manufacturing Corporation(300696) ; Metal materials focus on Western Superconducting Technologies Co.Ltd(688122) , Baoji Titanium Industry Co.Ltd(600456) , Gaona Aero Material Co.Ltd(300034) , Jiangsu Toland Alloy Co.Ltd(300855) . 2) The certainty of missile weapons and equipment benefits from practical military training. The independent control of military electronics in the field of high-end equipment brings high growth. We pay attention to Chengdu Tianjian Technology Co.Ltd(002977) , Beijing Relpow Technology Co.Ltd(300593) , Avic Jonhon Optronic Technology Co.Ltd(002179) , Guizhou Space Appliance Co.Ltd(002025) , Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) , Beijing Fjr Optoelectronic Technology Co.Ltd(688272) .
Risk warning: the epidemic situation fluctuates and the military expenditure investment is less than expected; Equipment R & D progress and procurement progress are less than expected; Mass production leads to price decline; Industry competition intensifies.
