Aviation Development Control (000738) dynamic review： revenue growth cost control performance achieved rapid growth
Aviation Development Control (000738) dynamic review: revenue growth cost control performance achieved rapid growth
Key points of investment: increase the cost of income quality control costs, and the company’s performance has grown rapidly.On the revenue side, profits, demand for aero-engine control products has steadily 杭州夜生活网 increased, and revenue in 2018 increased by 6.31%; reorganization, the company further improved the expected development, the international cooperation business shifted to high value-added products, and international cooperation business revenue increased 24.75%.On the cost side, refined management is expected to gradually increase, and management costs only increase by 0 each year.38%.With the increase of revenue, the control of expenses, and the increase of overlapping exchange gains, the company achieved net profit attributable to mothers in 20182.590,000 yuan, an increase of 19 in ten years.15%. Engine technology breakthroughs have increased, and demand for control systems has grown rapidly.As the heart of military aircraft, aero engines are the foundation of the development of aviation equipment, and they have always been the direction that the country attaches great importance to and highlights.With continued high investment, domestic engines have continuously made breakthroughs. The Cobra F-10B maneuver at the Zhuhai Air Show in 2018 has demonstrated the progress of 杭州桑拿 domestic engine strength.In fact, through the increase in military aircraft purchases and the increase in the number of engines in stock, the increase in engine control systems and the need for maintenance have also grown rapidly. The company expects to sell products to related parties by 201924.960,000 yuan, an increase of 15% in ten years. Earnings forecast and investment rating: Maintain Overweight rating.The improvement of domestic engine technology complements the growth of military aircraft purchases, the rapid increase in demand for engine control systems, and the company’s performance has entered a stage of rapid growth.It is expected that the net profit attributable to mothers for 2019-2021 will be 3.08 thousand yuan, 3.5.9 billion and 4.40,000 yuan, the corresponding EPS is 0.27 yuan, 0.31 yuan and 0.35 yuan, corresponding to the current expected PE is 56 times, 48 times and 43 times respectively, maintaining the overweight level. Risk reminders: 1) The company’s product demand is less than expected; 2) The refined development effect is less than expected; 3) The company’s profit is less than expected; 4) Systemic risk.