Aerospace Electronics (600879) Annual Report Commentary： Pulimen Exception and Falling Price Accrual Slowed Performance and Focused on Assets Consolidation of Nine School
Aerospace Electronics (600879) Annual Report Commentary: Pulimen Exception and Falling Price Accrual Slowed Performance and Focused on Assets Consolidation of Nine School
Event: On April 4, 2019, Aerospace Electronics released the 2018 annual report and achieved operating income of 135.3 billion, an increase of 3 in ten years.65%; net profit attributable to shareholders of the parent company4.5.7 billion, downgraded by 12 every year.98%; net profit after deduction of non-return to mother 4.03 billion, at least -15.94%.Basic income is 0.168 yuan, at least -13.85%.The company aims to achieve sales revenue of 14.6 billion yuan in 2019. Opinion: The revenue has increased slightly, and the operation status of Pulimen and the provision for inventory falling prices have affected profit growth.The company achieved revenue of 135 in 18 years.3 billion, an increase of 3 previously.65%; net profit attributable to mother 4.5.7 billion, downgraded by 12 every year.98%, the decrease in net profit attributable to mothers was initially a result of the subsidiary Pulimen’s operation exceeding 5,000.At 140,000 yuan, the market size of navigation monitoring products and Plymouth Inclinometer products has fallen sharply, and provision for inventory depreciation has been made to 7085.Due to 60 million, the company’s inventory loss in 2016 and 2017 was 1,854, respectively.90,000 yuan, 264.90,000 yuan, this reached 7106 in 2018.60,000 yuan, a significant increase over the past two years.We expect that the provision of Pulimen in 2018 has been sufficient, and the subsequent impact of Pulimen on the company’s performance will be relatively weakened. The growth rate of aerospace military products decreased slightly.At 62%, the revenue of civil products maintained a relatively high growth rate, and the revenue growth of inertial navigation business and cable business performed relatively prominently. In 2018, the company’s aerospace military products revenue was 81.7.8 billion, downgraded to 0 a decade ago.62%, which is roughly divided into various business segments according to regional revenue and subsidiary revenue. The company ‘s aerospace military products revenue school uniform scope or mainly affected by telemetry control business, mechanical and electrical products (mainly electrical connectors) business income decreased,The company’s inertial navigation business still maintains a relatively stable growth rate. We have expanded the company’s aerospace mechanical and electrical products, aerospace inertial navigation products, and aerospace telemetry control business to increase revenue by -3.5%, 7.8%, -7.3%. In the inertial navigation business, the revenue growth of Time Optoelectronics Co., Ltd. has declined. The revenue of the remaining subsidiaries of the inertial navigation business segment is estimated to have increased by more than 10%.Revenue from civilian products increased by 14.33%, mainly affected by the rapid growth of the revenue growth of the cable business, it is estimated that the revenue growth of the cable business reached 13.2%, a certain 佛山桑拿网 increase from the previous year’s 10% income. The gross profit margin increased steadily, and the four expenses (including research and development expenses) increased in value in ten years.8%, the impact of asset impairment, etc. on net profit margin was significantly extended.Overall gross profit margin 17.62%, a slight improvement from the previous year.Although the revenue of aerospace military products decreased slightly, the gross profit margin increased significantly. The gross profit margin of military products in 18 years was 22.02%, an increase of 0 from the previous year.44pct; The gross profit margin of civil products has also improved. First of all, we believe that the upgrade of the cable business structure has driven the gross profit margin to increase.The company’s four expenses (including research and development expenses) increased for ten years.8%, the first is the increase in management costs and financial costs, the company’s management costs accounted for this period.52%, an increase of 0 over the same period last year.35pct, accounting for 1 in the current financial expenses.47%, an increase of 0 from the previous period.19 points. The repayment situation is good, and the cash flow from operating activities in the reporting period improved significantly.The reporting company increased its collection efforts, sales recovery was obviously better, and operating cash flow was -1.3.0 billion, a marked improvement over the previous two years.The company’s bills receivables and accounts receivable accounted for the percentage of total assets.12%, compared with 32 in the previous year.46% has declined. The Aerospace Electronic Technology Integration Platform, which belongs to the Aerospace Science and Technology Group, is also the asset securitization platform of the 9th Academy of Aerospace.The company is a listed company affiliated to the Ninth Academy of the Aerospace Science and Technology Group. The Ninth Academy of Aeronautics is the aerospace electronics technology integration platform for the Aerospace Electronics Technology Group.After several asset integrations, the operational assets of the Nineth Academy of Aerospace have basically divided the company’s body.The company is the asset securitization platform of the Nineth Academy of Aerospace, and also an important professional technology direction asset securitization platform under the Aerospace Technology Group.With the mixed reform of state-owned enterprises and the continuous reform of the military research institutes, the company will become more and more important as an asset securitization platform for the aerospace electronics technology specialty of the Aerospace Science and Technology Group. Earnings forecast and rating: We expect the company’s diluted expected earnings for 2019-2021 to be 0.20 yuan, 0.23 yuan, 0.26 yuan.Corresponding dynamic P / E ratio (sustainable 7.(32 yuan) is 36, 31 and 28 times respectively, maintaining the “overweight” level. Risk factors: The number of aerospace launches is less than expected, and the progress of military procurement is less than expected; the conversion and upgrade of wire and cable business is less than expected; drones, and the market for precision-guided bombs is less than expected.