Net profit increased by 33.43% in 21 years and 47.55% in the first quarter, maintaining the "buy" rating.
According to the company's annual report of 2021 & quarterly report of 2022, the company achieved 1.132 billion yuan in revenue in 2021, an increase of 64.91% over the same period last year, and a net profit of 422 million yuan, an increase of 33.43% over the same period last year (lower than the previous value of 517 million yuan 18.38%). In the first quarter of 2022, the company achieved revenue of 368 million yuan, an increase of 44.73% over the same period last year, and a net profit of 154 million yuan, an increase of 47.55% over the same period last year. Due to the decline in the company's engine wheel business, we downgrade the company's profit forecast. It is estimated that the company's 22-24 year net profit will be 624, 857, 000, 000 respectively), corresponding PE According to the unanimous expectation of Wind, the average PE of comparable company in 22 years is 33x. Considering that the company has expanded its civil aircraft business and has more market space, it gives the company a 22-year 40xPE with a target price of 97.88 yuan (the previous value is 135.34 yuan) and maintains a "buy" rating.
The revenue of brake control system and wheel business declined in 2021, but the company basically faced a good situation.
In 2021, the company's brake control system and wheel business achieved revenue of 316 million yuan, down 23.43% from the same period last year, mainly because the company's related products were affected by the pace of delivery and revenue recognition. On the other hand, the industry pattern of the military aircraft preloading market of the company's wheel and brake control system has not changed, the dual competition pattern with the China Aviation Department has been maintained, and the company's industry position has not changed, accounting for half of the market share of the main models, so it is a high probability event to follow the continuous expansion of the main models. 2022Q1 realized revenue of 368 million yuan, of which wheel and brake control system is the main revenue contribution business. The return of this business to a high growth pace is a strong proof that the company is basically facing a good situation.
Landing gear business contributes revenue for the first time, and system-level products open up a new growth point for the company.
In 2021, the company realized the business income of 40.4672 million yuan for a certain type of aircraft landing gear, which indicates that the company has opened up the business of the whole aircraft landing subsystem and realized a great-leap-forward transformation from a parts supplier and material supplier to a system supplier and an overall solution solver. The company is expected to continue to promote the stereotyping, mass production and assembly of more aircraft landing gear products during the 14th five-year Plan period, and further enhance product integration and added value by improving the international leading aircraft landing system test center, so as to increase market share. We believe that the company will replicate the competitive pattern and industry position in the field of landing gear in the field of landing gear, occupy half of the market share of landing gear matching of new military aircraft in the future, and the related revenue and profit will continue to grow. The proportion of the company's revenue will also increase rapidly.
Projects under research and civil aircraft business indicate the company's follow-up high-quality development.
According to the company's annual report, the company currently has a number of reserve projects in the fields of wheel, landing gear and tire pressure monitoring, which indicates that the supporting scope of the company will be further expanded and its competitiveness will be further enhanced. 2022 is the first year for the company to enter the civil aviation rear brake disc market. compared with the military aviation market, the civil aviation market has more market space and more stable demand. At present, the company has signed a 10-year supply association with HNA, and the development of civil aircraft business will play a strong supporting role for the company's sustainable growth.
Risk tips: high customer concentration risk; slow civil aircraft business expansion risk.
