The company released its 2021 annual report: revenue was 1.132 billion yuan, up 64.91% over the same period last year; net profit was 422 million yuan, up 33.43%; and net profit was 411 million yuan, up 33.73% from the same period last year.
The company released its quarterly report for 2022: revenue of 368 million yuan, up 44.73% over the same period last year; net profit of 154 million yuan, up 47.55%; and net profit of 154 million yuan, up 51.98% over the same period last year.
The military business is growing at a high speed, while the civilian product business is growing explosively. In 2021, the company's military revenue reached 1.034 billion yuan, an increase of 58.40% over the same period last year, accounting for 91.32% of the company's revenue, with a gross profit margin of 79.39%. The revenue of civilian products was 98 million yuan, an increase of 190.14% over the same period last year, accounting for 8.68% of the company's revenue and 74.02% of the gross profit margin.
The testing and testing business contributes more increments: the revenue of the company's aircraft brake control system and wheel products is 316 million yuan, accounting for 27.88% of the company's revenue, and the gross profit margin is 76.39%; the revenue of brake disc products is 196 million yuan, accounting for 17.33% of the company's revenue; the gross profit margin is 89.76%; the revenue of the company's testing and testing business is 555 million yuan, accounting for 49.02% of the company's revenue, and the gross profit margin is 80.76%. The landing gear is a new system-level product for the company, with revenue of 40.4672 million yuan, accounting for 3.57% of the company's revenue and a gross profit margin of 21.33%.
Jinghan Yu plans to spin off and list, acquire Shaanxi Lantai to accelerate civil aviation business: in 2021, Jing Hanyu realized sales income of 556 million yuan and net profit of 261 million yuan, and began the preparatory work for spin-off and listing; the company formally acquired Shaanxi Lantai in January 2021 and officially entered the civil aviation aircraft brake market.
The gross profit margin increased significantly, and the expense rate increased significantly: in 2021, the company's overall gross profit margin was 78.93%, an increase of 4.53 pct over the same period last year; the total cost of the company during the period was 181 million yuan, accounting for 15.96% of revenue.
Contract liabilities and inventory increased greatly over the beginning of the year: by the end of 2021, the company's receivables totaled 1.67 billion yuan, an increase of 39.89 percent over the same period last year, of which accounts receivable was 1.483 billion yuan, up 38.97 percent; the company's inventory was 365 million yuan, an increase of 67.90 percent over the same period last year; the company's contractual liabilities were 68.6697 million yuan, up 7659.68 percent from the beginning of 2021 and 25.45 percent lower than at the end of the third quarter of 2021. By the end of the first quarter of 2022, the company's contract liabilities totaled 68.3478 million yuan, a decrease of 0.47 percent from the beginning of 2022.
We adjust our profit forecast according to the latest earnings report and expect the company's 2022-2024 net profit to be $6.12 trillion, respectively. The EPS is $4.13 per share, and the closing price of PE on April 18 is 21.8pm / share, maintaining a "prudent overweight" rating.
Risk tips: downstream demand is lower than expected; the progress of product delivery and revenue recognition lags behind, and the expansion of civilian products market is not as expected.
