Sichuan University achieved operating income of 316 million yuan and net profit of 39 million yuan in 2016. On March 21, Chuan University Zhisheng announced the 2016 annual report. During the reporting period, the company achieved operating income of 316 million yuan, an increase of 20.94% over the same period last year; net profit attributable to shareholders of listed companies was 39 million yuan, an increase of 16.40% over the same period last year. At the same time, the company announced its 2016 dividend plan, which plans to pay a dividend of 1.20 yuan for every 10 shares.
Leading domestic air traffic control system enterprise with comprehensive flight simulation, image recognition, and VR product line The company is a leading domestic air traffic control system enterprise. It mainly provides air traffic control automation systems, simulation simulation training systems, flow management systems, airspace management systems, air space management systems, air space management systems, air traffic control systems, air space management systems, air traffic control and weather management systems, multi-channel digital synchronous recorders, etc. for military aviation users (including: air force, navy, land aviation, China Aviation) and civil aviation users. During the reporting period, the total number of new contracts signed for the company's air traffic control related products exceeded 150 million yuan, an increase of more than 50% over 2015, setting the company's new high in 10 years, which is the main guarantee for the company's performance improvement. At the same time, during the reporting period, the company's two A320D flight simulators passed the inspection and certification of the General Administration of Civil Aviation and put into training services; high-precision face recognition systems were put into trial use at railway stations in Chengdu, Chongqing, Guiyang, etc.; VR product development was completed and will be put on the market in 2017. The fully rolled out product line will provide impetus for the company's continued growth.
The development of the general aviation industry provides a foundation, and there is great potential for civil-military integration
China's civil aviation sector is developing strongly. According to Boeing's forecast, the size of China's civil aviation transport fleet will increase from the current 3,000 to 9,300 by 2035, making it the world's largest aviation country.
At the same time, according to the State Council's plan, by 2020, more than 500 general airports will be built, and cities above prefectural level will basically have general airports or transportation airports that take into account general aviation services. The corresponding demand for air traffic control systems will also continue to grow rapidly, providing a solid foundation for the company's future development. More importantly, on January 22, 2017, the Central Civil-Military Integration Development Committee, headed by Xi Jinping, was formally established. The overall development of civil-military integration accelerated. The amount of new military contracts signed by the company in 2016 increased 84% over the previous year. The company has great potential in the field of civil-military integration development.
investment strategy
The company is expected to maintain steady and rapid growth in the context of major development of the civil aviation and general aviation industry and the acceleration of the development of civil-military integration. The company's earnings per share for 2017-2019 are expected to be $0.22, $0.29, and $0.37, respectively. Give the company a “buy” rating.
Risk warning: The development of the general aviation industry falls short of expectations, and the promotion of new products falls short of expectations