费用管控有效，盈利能力显著提升。毛利端，公司24H1 毛利率为34.26%，同比-2.10pct。利润端，公司24H1 归母净利率为7.62%，同比+1.93pct，盈利能力显著提升。费用端，公司24H1 销售/管理/研发/财务费用率分别为1.64%/12.56%/3.10%/7.16%，同比变化-0.16/-1.64/-2.48/+0.12pct，期间费用率合计24.46%，同比变化-4.16pct，期间费用率下滑明显。Incidents:
The company released its 2024 semi-annual report: in 2024H1, the company achieved operating income of 0.618 billion yuan, a year-on-year increase of 23.00%; realized net profit due to mother 0.047 billion yuan, an increase of 64.73% year on year; realized net profit deducted from non-mother was 0.037 billion yuan, an increase of 203.49% year on year.
Comment:
Expense control is effective, and profitability has improved significantly. On the gross profit side, the company's 24H1 gross margin was 34.26%, -2.10pct year over year. On the profit side, the company's 24H1 net profit margin was 7.62%, +1.93pct year-on-year, and profitability increased significantly. On the cost side, the company's 24H1 sales/management/R&D/finance expense ratios were 1.64%/12.56%/3.10%/7.16%, respectively. The year-on-year change was -0.16/-1.64/-2.48/+0.12pct. The total cost rate for the period was 24.46%, and the year-on-year change was -4.16pct. The year-on-year cost rate declined significantly.
The “Trinity” layout is progressing steadily, and performance is growing steadily. The company is a high-tech enterprise with the main business of high-end core equipment development and support, aeronautical engineering technology and service, and high-performance second-generation/third-generation integrated circuit design and manufacturing. By business, 1) Core Equipment R&D and Manufacturing 24H1 revenue was 0.126 billion yuan, +15.05% year-on-year. The company continues to carry out serialization and profiling work, and has spawned more than 40 pre-research, research and mass production projects based on 7 professional foundations of aero engine control, rescue electric winches, oxygen systems, auxiliary power units, heading indicators, simulation equipment, and drone support engines. In terms of low-altitude economy, Ansheng has established comprehensive strategic partnerships with leading eVTOL companies such as Volant, to assist OEMs in the R&D, design, and airworthiness forensics of various types of aircraft, from sub-system simulation to the development of engineering simulators and training simulators.
2) Aviation Engineering Technology and Service 24H1 revenue 0.463 billion yuan, +26.75% year over year. The company seizes the opportunity of growth in China's civil aviation transportation industry, expands maintenance support capabilities for new models, enhances in-depth cooperation with OEMs, strengthens PMA R&D and manufacturing capabilities, continuously improves maintenance depth, maintenance added value and service levels, and carries out extensive cost reduction and efficiency, and refined management.
3) In terms of high-performance integrated circuit design and manufacturing business, Huaxin Technology, a participating company of the company, closely follows the market development trend and actively lays out high-quality racetrack products such as new energy, automotive electronics, optoelectronic sensing, 5G mobile communications, and high-performance technology chips. It has made major breakthroughs in the development of various widely used special chips and achieved batch shipment.
Investment advice: We forecast that the company's revenue for 24-26 will be 1.302/1.594/1.929 billion yuan, and net profit to mother will be 0.088/0.122/0.163 billion yuan respectively, corresponding EPS of 0.12/0.16/0.22 yuan, and PE71.06/51.49/38.32X, covered for the first time, giving a purchase rating.
Risk warning: insufficient demand, product development falls short of expectations, performance and valuation judgments fall short of expectations
