Event: the company released its 23 annual report and achieved revenue of 9%.Cherryjackpotcasinonodepositbonus. 5.4 billion yuan (- 4)Cherryjackpotcasinonodepositbonus.39%), the net profit of return to the mother is 217 million yuan (- 30.95%). The company released its 24-year quarterly report, with revenue of 240 million yuan (- 23.71%) and net profit of 73 million yuan (- 45.63%). Changes in product structure, price reduction in testing business and impairment of accounts receivable affect the company's 23-year performance. In terms of business, the company's aircraft brake system and wheel income in 23 years is 414 million yuan (+ 1.18%), and its gross profit margin is 63.98% (+ 3.75pct).CherryjackpotcasinonodepositbonusBrake disc 192 million yuan (+ 42.94%), gross profit margin 51.92% (- 34.01pct)CherryjackpotcasinonodepositbonusTesting test 327 million yuan (- 25.73%), gross profit margin 60.06% (- 9.44pct). Due to the increase in the proportion of civil aviation business with low gross margin and the decline in the price of some testing tests in Beijing Hanyu, the company's comprehensive gross profit margin decreased by 7.43pct to 59.78%. During the period of the company, the expense rate was 20.65%, an increase of 2.44pct over the same period last year. In addition, the company's credit impairment loss on accounts receivable also increased during the reporting period, so the performance of the profit side was weaker than that of the revenue side. The company has sufficient production stock, and the net operating cash flow has changed from negative to positive. The company's inventory at the end of 23 was 720 million yuan, an increase of 32.40% over the same period last year. At the end of 23, the company was under construction of 111 million yuan, an increase of 84.34% over the same period last year, mainly because the company increased the investment in projects such as resistance chemical vapor precipitation furnace and internal gas composition analyzer during the reporting period. The net operating cash flow of the company in 23 years was 201 million yuan, which was significantly better than that of-145 million yuan in the same period last year, mainly due to the increase in sales rebates in the current period, and the subsidiary Jing Hanyu enjoyed preferential policies for high-tech enterprises in 2023 and related tax rebates in 2022. The company actively optimizes the business layout, carries out new product research and development and new market development. In terms of brakes, the company is actively opening up new civil aviation customers, civil aviation brake business has achieved rapid growth, and the second growth curve is accelerating. In terms of wheels, the company identified the status of a certain type of aircraft mainframe wheels into batch production, and a number of models of aircraft wheels were installed. Brake control systems, wheel temperature, pressure and cooling devices have been extended to more models. In terms of landing gear, the company's various types of landing gear products have reached important application nodes and entered the stage of scientific research or small batch trial production. At the same time, the surface treatment production line of military and civilian landing gear of Sun Company in Tianjin Quanshun has been officially put into production. According to the 23 annual report, considering the brake and testing business income and gross profit margin are lower than expected, the 24-and 25-year return net profit of the company is 3.04 yuan and 356 million yuan (the previous value is 6.82 yuan and 882 million yuan), and the 26-year return net profit is 420 million yuan. According to the comparable company's 24-year price-to-earnings ratio of 28 times, the target price is 25.76 yuan to maintain the buy rating. Risk prompts that the revenue of military equipment and replacement demand or orders is confirmed to be lower than market expectations; the progress of market development of civilian products is not as expected; the risk of decline in military procurement prices; the risk of accounts receivable [disclaimer] this article only represents the views of third parties, does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.