两机控制系统业务保持稳定增长，国际转包业务受益于国际航空业复苏高速增长。公司“两机”控制系统产品实现营业收入46.94 亿，同比增长10.06%。受益于国际航空业复苏，国际转包业务实现营收3.49 亿，同比增长47.04%。受下游部分客户订单减少影响，控制系统技术衍生产品业务实现收入2.81 亿，同比下降36.10%。Description of the event
Aviation Development Control released its 2023 annual report. In 2023, the company's revenue was 5.324 billion yuan, up 7.74% year on year; net profit to mother was 727 million yuan, up 5.55% year on year; total liabilities were 3,574 billion yuan, up 0.82% year on year; monetary capital was 3,905 billion yuan, up 11.49% year on year; accounts receivable were 1,557 billion yuan, up 43.05% year on year; inventory was 1,446 billion yuan, up 6.03% year on year.
Incident reviews
The two-aircraft control system business has maintained steady growth, and the international subcontracting business has benefited from the rapid recovery and growth of the international aviation industry. The company's “two-machine” control system products achieved revenue of 4.694 billion yuan, an increase of 10.06% over the previous year. Benefiting from the recovery of the international aviation industry, the international subcontracting business achieved revenue of 349 million, an increase of 47.04% over the previous year. Affected by the decline in orders from some downstream customers, the control system technology derivatives business achieved revenue of 281 million yuan, a year-on-year decrease of 36.10%.
As a core supplier of control systems, the company will benefit from high downstream prosperity for a long time. The company is a major domestic aero engine control system development and manufacturer, and has fully participated in the development and production tasks of all domestic models in service and under development. With increased investment in national defense construction and equipment upgrades, as well as the continued development of civil aviation and the low-altitude economy, the supporting scale of the military and civil aviation engine markets will continue to grow, and the company is expected to continue to benefit from the high downstream boom.
Investment advice
We expect the company's 2024-2026 EPS to be 0.61\ 0.69\ 0.77, respectively, corresponding to the company's closing price of 17.80 yuan on March 26, and the 2024-2026 PE will be 29.2\ 25.9\ 23.0, respectively, maintaining the “sharehold-A” rating.
Risk warning
The deployment of new military aircraft fell short of expectations; the expansion of the civil aircraft market fell short of expectations; and the development of new products fell short of expectations.
