Zhongzhi shares (600038): Harbin branch’s high-speed growth helicopter leader takes off again
Event: The company released its 2018 annual report, which achieved a total of 130 operating income in 2018.
66 ppm, a ten-year increase of 8.
44%, net profit attributable to mothers5.
10,000 yuan, an increase of 12 in ten years.
Basic income is 0.
8657 yuan / share, an increase of 12 over the same period last year.
06%, expected average net asset income increased by 6.
The Harbin branch grew rapidly, and the helicopter leader took off again.
In 2018, the company’s Harbin branch obtained operating income44.
9 trillion, of which foreign trade income was as high as 42.
20,000 yuan, with a total operating income of 34 in 2017.
36 billion 北京夜生活网 percent increased 31%; and Jingdezhen’s 2018 revenue was 84.
680,000 yuan, compared with 84 in 2017.
The 18 ppm ratio increased only slightly.
Harbin branch made total profit in 20181.
2.2 billion, compared with 0 in 2017.
73 billion dollars increased by 0.
49 ppm, an increase of 67 in ten years.
12%, and the Jingdezhen branch made a total profit of 4 in 2018.
80,000 yuan, compared with 4 in 2017.
47 billion dollars increased by only a small amount, an increase of 7.
We believe that the rapid growth of the Harbin Hai Branch’s revenue has benefited from the commissioning of new products. The new layout developed by the company is located in the gap of ten-ton helicopters, which will bring new growth points to the company after large-scale production.
The company’s gross profit margin is normally fluctuating and is expected to enter an upward channel in the future.
The company’s gross profit margin in 2018 was 13.
93%, compared with 15 in 2017.
34% fell slightly, but it was still in the normal floating range.
The company’s main business aviation products contributed most of the gross profit, and its gross profit margin was 13.
The company’s existing core products are in the leading position in technology in the country, and through the adjustment and development of its product structure, the company’s main product model upgrades have been gradually completed, but a more complete helicopter pedigree, which basically forms a “one machine with multiple types, seriesDevelopment “.
We expect that the stable installation of new products in 2019 will increase the company’s gross profit margin, and the company will be able to embark on advanced technology and perfect products in the future and maintain stable growth in the next three years.
Cost reductions and efficiency gains have initially achieved results, significantly increasing company profits.
The company’s financial expenses in 2018 were -1,294.
230,000 yuan, 68 compared with the same period last year.
750,000 yuan decreased by 1,362.
970,000 yuan, the initial reduction in financial expenses is the reduction of supplementary expenses; the company’s 2018 research and development expenses3.06 trillion, compared with the same period last year 4.
09 billion US dollars fell by 25.
14%, the initial reduction in R & D expenses is that some R & D projects have been completed and the R & D expenses have been extended.
In addition, the company’s selling expenses were 11,938.
120,000 yuan, 11,722 compared with the same period last year.
470,000 yuan increased by 215.
660,000 yuan, an annual increase of 1.
84%, management costs 8.
90,000 yuan, an increase of 21 over the same period last year.
68%, but the total period cost is 13.
30,000 yuan, an annual increase of 3.
The Sino-US helicopter difference has broken through, and the company will fully benefit from the development of military and civilian helicopters.
The difference between the current helicopter and the United States breaks through. According to “World Air Force 2018” statistics, the number of U.S. military helicopters is 5,427, and the number of domestic military helicopters is 884, which is only 1/6 of the United States.The second and third generations followed; the number of U.S. registered helicopters was 13,170, and China’s was 1054, which was only 8 of the United States.
00%; China has only 0 in the number of helicopters per million people.
76 aircraft, 1 for the United States.
In addition, most of the domestic civilian helicopters are produced by foreign manufacturers, and the domestic market share of domestic independent brands is less than 10%. The domestic substitution demand is urgent.
The company currently has a complete AC series civilian helicopter pedigree with sufficient capacity. We expect the company to expand the market share of civilian helicopters in the field of civilian helicopters in the future, fully benefit the military-civilian integration and usher in a new round of growth.
Profit forecast and investment advice: We predict that the company’s realised revenue for 2019-2021 will be 163.
91 ppm, an increase of 25 in ten years.
25% / 26.
32% / 26.
69%; net profit attributable to mother 6.
25 trillion, an increase of 25 in ten years.
01% / 26.
57% / 26.
89%; EPS corresponding to 19-21 years are 1.
Maintain “Buy” rating.
Risk reminders: The new budget is not as good as expected; macroeconomic risks; raw material replacement and price fluctuation risks; product quality and production safety risks.