1、航天产品业绩保持较快增长，民品亏损拖累业绩。2023 年，公司航天产品实现营收143.49 亿，同比增长15.46%，毛利率为23.09%，同比基本持平；民用产品实现营收42.30 亿，同比下降12.86%，毛利率为10.06%，同比基本持平。公司民品业务主要为子公司航天电工从事的电线电缆业务，受原材料价格波动、外部环境变化等因素影响，航天电工营收出现下滑，并计提了资产减值损失和信用减值损失，2023 年航天电工亏损1.97 亿元，拖累了公司整体业绩。occurrences
Recently, the company released its 2023 annual report. In 2023, the company achieved operating income of 18.727 billion yuan, an increase of 7.16% over the previous year, and realized net profit of 525 million yuan, a year-on-year decrease of 14.35%.
reviews
1. The performance of aerospace products maintained relatively rapid growth, and losses on civilian products dragged down performance. In 2023, the company's aerospace products achieved revenue of 14.349 billion yuan, a year-on-year increase of 15.46%, and gross margin of 23.09%, which is basically the same; civilian products achieved revenue of 4.230 billion yuan, a year-on-year decrease of 12.86%, and gross margin of 10.06%, which is basically the same as the previous year. The company's civil products business is mainly the wire and cable business carried out by the subsidiary Aerospace Electric. Due to factors such as fluctuations in raw material prices and changes in the external environment, aerospace electrician's revenue declined, and asset impairment losses and credit impairment losses were calculated. In 2023, Aerospace Electrician lost 197 million yuan, which dragged down the company's overall performance.
Excluding aerospace electricians, the company achieved revenue of 14.675 billion yuan during the reporting period, an increase of 15.81% over the previous year, and net profit to mother of 723 million yuan, an increase of 32.66% over the previous year.
2. In the aerospace field, company-type spectroscopic laser communication terminals, data distribution processors and other satellite payloads are fully equipped with user equipment stars, which are expected to benefit from the rapid development of the domestic commercial space sector. In the field of unmanned systems equipment, the company has achieved breakthroughs in both domestic and foreign markets, successfully won the bid, and filled the gaps in model equipment in the composite wing field, further consolidating its leading position in the field of domestic combat and tactical-grade unmanned equipment. Medium-range multi-purpose drone systems and small-diameter guided munitions have received international business orders, and the international market has maintained a good development trend. The company has accelerated the pace of development of Aerospace Feihong Company into the core original technology source for unmanned systems and a “chain leader” unit in the unmanned systems industry chain.
3. Using the “Double Hundred Action” launched by the State Assets Administration Commission as an opportunity, the company continued to deepen various reforms and planned and implemented a system of assigning full-time directors to holding subsidiaries, which will promote the construction of the board of directors of holding subsidiaries from an institutional and management perspective, which is conducive to strengthening the control of subsidiaries and promoting the high-quality development of subsidiaries.
4. It is proposed to transfer 51% of Aerospace Electric Company's shares, which will help the company focus more on its main business.
In November 2023, the company issued an announcement to transfer no less than 51% of the shares of Aerospace Electric Group Co., Ltd., a wholly-owned subsidiary of the company. Wire and cable, which is the main business of Aerospace Electric Company, is a capital-intensive industry. It is quite different from the company's other businesses in the aerospace electronics field in terms of scientific research and production models, user markets, etc. Through this equity transfer and no consolidated statements, it will help the company to optimize and adjust the industrial structure and internal resource integration.
5. Profit forecast and investment rating: We expect the company's net profit to be 7.56, 8.95, and 1.07 billion yuan in 2024-2026, up 44%, 18%, and 24% year-on-year. The current stock price corresponds to PE of 32, 27, and 22 times, covered for the first time, giving it an “gain” rating.
Risk warning
Equipment prices are under downward pressure; competition in the aerospace industry is intensifying; the unmanned systems equipment business is progressing less than expected.
