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AVIC (600372): Balanced production and delivery promoted significant improvement in performance

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AVIC (600372): Balanced production and delivery promoted significant improvement in performance

Event: The company disclosed in the first quarter of 2019 that it realized operating income12.

630,000 yuan, an increase of 39 in ten years.

91%; realized net profit attributable to mother-0.

37 ppm, an increase of 37 in ten years.

12%; realized non-net profit deduction -0.

580,000 yuan, an increase of 49 in ten years.

95%.

Balanced production and balanced delivery drastically improved the company’s performance.

In the first quarter, the company’s revenue and profits achieved growth, of which operating income was 12.

630,000 yuan, an increase of 39 in ten years.

91%; net profit attributable to mother-0.

37 ppm, an increase of 37 in ten years.

12%.

The first is that the company actively promotes balanced production and balanced delivery, and eliminates the unreasonable phenomenon of previous production ups and downs. At the same time, it is conducive to timely recognition of revenue, improving the company’s operating cash flow, and reducing the company’s corresponding financial expenses.
In addition, we believe that the accelerated release of orders from downstream OEMs is also the reason for the company’s first quarter performance to achieve high growth. It is optimistic that the continued improvement in the boom of the military aircraft industry chain will drive the company’s performance to achieve accelerated release.

The repurchase of shares demonstrates confidence in the company’s future development.

The company set up to “repurchase shares by means of centralized bidding transactions”, the source of funds is the company’s own funds, and the repurchase scale is not less than 1.

5 trillion and not more 杭州夜网论坛 than 3 trillion.

The repurchased shares will be used for employee stock ownership plans or equity incentive plans to convert convertible bonds issued by listed companies.

The share repurchase plan shows the leadership’s confidence in the company’s future development. From the purpose, it can also grind the company’s plan for employee shareholding or fair incentives. The implementation of the plan will help increase the motivation of employees and inject new ideas into the company’s development.Vitality.

Profit forecast and investment advice: The company’s revenue is expected to be 85-2019.

84/96.

82/109.

8.9 billion yuan, net profit attributable to mothers was 5.

87/6.

98/8.

42 trillion, EPS is 0.

33/0.

40/0.

48 yuan, the current sustainable corresponding PE is 48/40/33 times.

The company is the main 失败:重查 supplier of domestic avionics equipment, and avionics equipment plays a substantial role in improving the level of military aircraft informatization. The avionics military aircraft informatization field has great prospects in the future; the company has launched employee stock ownership plans or equity incentive plans; listedThe company has expectations for high-quality asset injection.

Follow the above judgments and maintain a “Buy” rating.

Risk warning: The growth or delivery of military orders is less than expected; the mixed reform is not advanced as expected; and the injection of external assets is less than expected.