Events:
The company released its third-quarter report in October 2022, with operating income of 718 million yuan in the third quarter, down 55.50% from the same period last year, and net profit of 2 million yuan, down 76.38% from the same period last year, and basic earnings per share was 0.0031 yuan.
Revenue and net profit decreased compared with the same period last year.
In the first three quarters of 2022, due to the decrease in the number of products delivered by the company, the company realized operating income of 2.737 billion yuan, down 36.40% from the same period last year. Because the company obtained a steady return of 47.03 million yuan from unemployment insurance during the epidemic prevention and control period in the same period last year, while this was not available in the first three quarters of this year, the net profit of returning to the mother was 16 million yuan, down 76.60% from the same period last year.
The position of the industry in the field to which the products belong is further strengthened.
In the field of trainer aircraft, the company CJ6 has obtained the TC/PC certificate and is reforming it to enhance its ability to adapt to the civilian market and competitiveness; K8 is developing a new basic education to seize the market for screening and basic trainers; and the trinity training effectiveness system with L15 as the core is being extended. In the field of defense products, the company is one of the important development and production bases of defense products in China.
The research and development of the model is advancing steadily.
In the first half of the year, the company's model development work continued to move forward steadily, injecting new momentum into the company's follow-up development; breakthroughs in the research and development of a series of trainer products have been made, and the industry position in the field of trainer aircraft has been further strengthened; related defense products have successfully completed major node work, laying the foundation for further market development.
Earnings forecast, valuation and rating
We estimate that the company's operating income from 2022 to 2024 will be 74.350.85.91 / 9.236 billion yuan respectively, with a corresponding growth rate of 3.06%, 15.55% and 7.50%, respectively, and the net profit from the home will be 0.56, 0.75 / 110 million, 0.11, 0.15 per share, respectively. Add 63.17% to 35.18% to further strengthen the position of the company's product industry, it is recommended to keep paying attention to it.
Risk Tips:
The international market risk of trainer aircraft is lower than expected; the domestic market risk of trainer aircraft is lower than expected; the delivery of defense products is not as expected; the progress of product development is not as expected; the risk of price reduction of military products.