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扩产致研发投入加大 中航重机Q3净利润下降三成|财报解读

Expansion of production led to increased R&D investment, and the Q3 net profit of AVIC heavy aircraft fell by 30% | Interpretation of financial reports

cls.cn ·  Oct 29, 2023 19:17

① CNAC Q3 achieved operating income of 2.641 billion yuan, down 6.71% from the same period last year; net profit from its parent was 250 million yuan, down 29.61% from the same period last year; and ② Q3 R & D investment increased by 170.38% over the same period last year. Relevant people say that short-term R & D investment is to expand production of new capacity and new production lines in the future, and to meet the needs of the future market; ③ 's overall market demand is relatively clear at present, under short-term pressure, and the growth trend remains unchanged in the long run.

Financial Associated Press, October 29 (Reporter Hu Haoqiong)Research and development costs have risen sharply, and the growth rate of the performance of 600765.SH has slowed. Relevant sources say that it is mainly due to the high base of last year and the large investment in R & D expenditure this year, which is for the expansion of new production capacity and new production line in the future.

This evening, CNAC announced its Q3 results. The financial report shows that in the first three quarters, the company achieved operating income of 7.968 billion yuan, an increase of 3.23% over the same period last year, and a net profit of 1.027 billion yuan, an increase of 12.22% over the same period last year. In the third quarter, the company realized operating income of 2.641 billion yuan, down 6.71% from the same period last year, and its net profit was 250 million yuan, down 29.61% from the same period last year.

From the perspective of performance, a reporter from the Financial Associated Press learned from relevant people that the growth rate of the performance in the third quarter of this year seems to have slowed down. in fact, the third quarter of last year was the highest quarterly performance for the whole of last year, under the background of a high base, superimposed R & D spending in the third quarter of this year is relatively large.

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Comparison of AVIC's performance in the first three quarters of 2022-2023 (sorted out by a reporter from the Financial Associated Press)

CNAC said in the announcement that revenue in the first three quarters grew less than the same period last year, mainly due to Wuxi excellent performance and tax policy changes. Excluding this impact, the company's operating income in the first three quarters increased by 17.43%.

In addition, AVIC also explained in the performance forecast that the main reason for the performance change is to increase investment in independent research and development, while actively striving for new markets and new product development. And Hongshan forging newly entered the scope of consolidated statements, is carrying out new product research and development and other investment, the quarterly loss is expected to 35 million yuan.

The person concerned further said that the short-term R & D investment is for the expansion of new production capacity and new production line in the future, and to meet the needs of the future market. "the company is laying out the overall plan of 'research institute + enterprise'. Since the beginning of this year, the company has launched many projects such as material recycling, actively extending the layout to the upstream and downstream of the industry, making the company's R & D investment greater than in previous years."

According to the announcement, CNAC invested 546 million in R & D in the first three quarters, of which the third quarter increased by 127 million yuan over the same period last year, an increase of 170.38%. So far, the company has accumulated more than 100 new products and models, nearly half of which have been put into production and trial production.

As for the company's development prospects, the aforementioned people said that at present, the overall market demand of the company is relatively clear, and the market demand side may be under pressure in the short term, but in the long run, the company's growth trend has not changed.

The translation is provided by third-party software.


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