业绩受交付数量影响承压，23Q2 盈利能力有所修复。收入端，23H1 公司营收同比下降主要系产品交付数量减少所致。盈利能力方面，2023H1公司毛利率为2.85%，同比增加0.30pct，净利率为0.40%，同比减少0.28pct；2023Q2 毛利率为2.82%，同比增加0.62pct，净利率为1.01%，同比增加0.34pct，盈利能力有所修复。费用端，23 H1 销售/管理/财务/研发费用率为0.23/1.05/-0.17/1.55%，同比-0.02/-0.09/+0.04 /+0.60 pct，主要由于销售人员减少、无形资产摊销额减少及利息收入减少等所致。Incidents:
The company released the 2023 semi-annual report. The company achieved revenue of 1,716 million yuan, a year-on-year decrease of 15.04%; realized net profit of 07 million yuan, a year-on-year decrease of 48.81%; realized net profit of non-attributable net profit of 04 million yuan, a year-on-year decrease of 69.30%.
Comment:
Performance was affected by the number of deliveries and was under pressure, and 23Q2 profitability was restored. On the revenue side, the year-on-year decline in 23H1's revenue was mainly due to a decrease in the number of products delivered. In terms of profitability, 2023H1's gross margin was 2.85%, up 0.30 pct year on year, net margin was 0.40%, down 0.28 pct year on year; 2023Q2 gross margin was 2.82%, up 0.62 pct year on year, net interest rate was 1.01%, up 0.34 pct year on year, and profitability was repaired. On the cost side, 23 H1 sales/management/finance/R&D expenses ratio was 0.23/1.05/-0.17/ 1.55%, year-on-year -0.02/-0.09/+0.04/+0.60 pct, mainly due to a decrease in sales staff, a decrease in amortization of intangible assets, and a decrease in interest income.
To build a research and production base for full-spectrum trainers, with dual driving for trainers and defense products, significant progress has been made in the establishment and development of a number of key models. The company has developed development and manufacturing capabilities for a full range of junior, middle and advanced trainer products. The main products are CJ6 junior trainers, K8 basic trainers, and L15 advanced trainers. It has created a “centralized screening, basic training, and professional separation” trainer equipment system. In the future, it is expected to benefit from the dual driving of domestic trainer aircraft installation and military trade. As one of the two missile research institutes within the Aviation Industry Group, Hongdu 660 has been undertaking China's airborne missile development tasks for a long time. With the batch deployment of advanced fighter jets, demand for the company's defense products is expected to remain high. During the reporting period, the company made significant progress in the establishment and development of a number of key model projects.
The new round of state-owned enterprise reform has been accelerated, and cost reduction and efficiency have continued to advance. The operating index system for central enterprises was adjusted from “two interest rates and four rates” to “one interest and five rates,” placing greater emphasis on profitability and cash flow safety. The company is expected to benefit from a new round of state-owned enterprise reform. The company continues to promote cost reduction and efficiency, issue special action plans, clarify annual cost and expense control goals, increase payment returns and debt clean-up efforts, broaden financing channels, reduce financing costs, build a cost management information system, and promote low-cost management throughout the model cycle.
Investment suggestions: The company is expected to achieve revenue of 80.19/98.30/11.927 billion yuan in 2023-2025, achieve net profit of 1.42/193/236 million yuan, and maintain a “buy” rating.
Risk warning: orders fall short of expectations, product delivery delayed, performance and valuation judgments fall short of expectations
