AVIC Aircraft (000768) Interim Report 2019: Operating income, net profit attributable to mothers to grow steadily

AVIC Aircraft (000768) Interim Report 2019: Operating income, net profit attributable to mothers to grow steadily

In the first half of 2019, the company achieved operating income of 146.

88 ppm, a 10-year increase of 10.

67%, 45% of the annual plan (32.3 billion) has been 南宁桑拿 completed.

47%.

The company’s aviation products achieved revenue of 141.

5.6 billion, accounting for 96 of the company’s total revenue.

38%, revenue decreased by 0 compared with the same period last year.

98 singles are still the company’s main source of income.

From January to June 2018, Shenfei ‘s civil aircraft and Xifei ‘s civil aircraft revenue were 4 respectively.

2 billion, 0.

If US $ 6.2 billion is excluded, the impact of Xifei ‘s civil aircraft will no longer be consolidated. It is reported that the annual growth rate of large companies ‘revenue is 14.

83%.

The total number of reports, the company’s overall gross profit margin 5.

67%, a decrease of 0 compared with the same period last year.

22 grades, the gross profit margin of aviation products is 5.

11%, a decrease of 0 compared with the same period 西安耍耍网 last year.

41 units.

In terms of quarters, Q1 and Q2 in 2019 achieved revenues of 63.

7.5 billion, 83.

1.3 billion, an increase of 21 each year.

42%, 3.

64%, an increase of 30 in Q2 in 2019.

39%; 2019 Q1, Q2 gross profit margin 5.

15%, 6.

06%, each year increase -0.

88%, 0.

27%.

In Q1 and Q2 of 2019, net profit attributable to mothers was 0.

3.9 billion, 1.

850,000 yuan, an annual increase of 46.

13%, 36.

44%, Q2 2019 increased 368.

25%.

During the first half of 2019, the company’s period expenses totaled 5.

8.7 billion, ranked 6 in the first half of 2018.

3.2 billion down 7.

21%, period expenses to revenue ratio from the same period last year4.

76% dropped to 3.99%.

Under the background of concentrated military operations, the scale of weaponry equipment is expected to further increase. Over the past two years, the “20th generation” of aviation equipment has been intensively shaped. Accelerating the batch production of equipment will directly drive the company’s performance.

We adjusted our profit forecast according to the latest financial report, the company EPS0 for 2019-2021.

23/0.

27/0.

31 yuan / share, corresponding to PE 67/57/50 times (2019/8/26), maintaining the rating of “prudent increase”.

Risk warning: The purchase of military products exceeds expectations, and the domestic civil aircraft market has expanded less than expected.