Events:
According to the company's semi-annual report for 2021, during the reporting period, the company achieved operating income of 2.691 billion yuan, an increase of 21.35% over the same period last year, a net profit of 57.786 million yuan, an increase of 493.24% over the same period last year, and a non-return net profit of 11.019 million yuan, an increase of 25.21% over the same period last year.
Comments:
1. Focus on military business, trainer aircraft and defense products continue to grow.
During the period, all the operating indicators of the company achieved relatively significant growth over the same period last year, with operating income of 2.69108 billion yuan, an increase of 21.35% over the same period last year; the net profit belonging to shareholders of listed companies was 57.79 million yuan, an increase of 493.24% over the same period last year. Among them, the company received 47.03 million yuan of unemployment insurance during the epidemic prevention and control period, which belongs to non-recurrent profit and loss. The company's main business is trainer business and defense products. During the period, the revenue of trainer products was 1.213 billion yuan, an increase of 38.65% over the same period last year, and that of defense products was 1.388 billion yuan, an increase of 13.41% over the same period last year. Revenue from non-aviation products was 89.02 million yuan, down 24.64% from the same period last year.
The domestic income is 2.68 billion yuan and the foreign income is 11.108 million yuan.
2. Inventory, prepaid accounts and contract liabilities have increased significantly, indicating that the company has sufficient contracts on hand.
The company's ending inventory was 3.58 billion yuan, an increase of 33.44% over the same period last year, mainly due to the growth of raw materials and products in process. The prepaid account was 5.744 billion yuan, compared with 136 million yuan at the beginning of the period, a substantial increase of 4115.98%, mainly due to the increase in prepaid procurement fees. The contract liability was 7.294 billion yuan, compared with 17.449 million yuan at the beginning of the period, which was mainly due to the increase in the company's advance receipts during the period. no, no, no
3. During the reporting period, the expense rate decreased significantly.
The expense rate during the reporting period was 2.17%, which was significantly lower than that of 2.67% in the same period last year. Of these, sales expenses were 6.6012 million yuan, 54.51% year-on-year, management expenses 29.0043 million yuan,-6.72% year-on-year, R & D expenses 24.0935 million yuan, year-on-year + 16.02%, financial expenses-1.3098 million yuan, compared with 1483.29 yuan in the same period last year, mainly due to the increase in interest income in the current period.
4. Transfer non-core assets and focus on the main business.
During the period, the company completed the transfer of 50% of the equity of Jiangxi Hongdu International Mechanical and Electrical Co., Ltd. (hereinafter referred to as "International Mechatronics"). After the completion of the transfer, the company's international equity was reduced to 35%, and International Mechatronics will no longer be included in the company's consolidated financial statements. This equity transfer, the company made cash consideration of 57.5 million yuan, investment income of 9.67 million yuan. During the international mechanical and electrical period, the income was 130 million yuan and the profit was 3.903 million yuan.
5. There will be a substantial increase in related party transactions in 21 years, which indicates the high growth of the company's business.
The company's products are mainly sold and delivered to Hongdu Group through related party transactions. The company expects the amount of daily related party transactions to be 16.738 billion yuan in 2021, an increase of 9.471 billion yuan over 2020, mainly due to the expected increase in product delivery and procurement in 2021. Among them, the company and Hongdu Company and its subsidiaries are expected to have related sales of goods of 10.522 billion yuan in 2021, an increase of 128% compared with the actual amount of 20 years, and an increase of 60% compared with the amount expected to occur in 20 years. It is estimated that 3.874 billion yuan of goods will be purchased with companies affiliated to the Aviation Industry Group, an increase of 158% compared with last year's actual occurrence and 68.9% over the 20-year estimated amount.
6. Performance forecast.
It is predicted that the company's return net profit from 2021 to 2023 is 2.06,3.62 and 627 million yuan respectively, corresponding to the valuation of 147-84-48 times, given a "highly recommended-A" rating!
Risk Tip: military orders fluctuated, production capacity and delivery schedule were lower than expected.
