AVIC Hi-Tech (600862): High-expectation of composite material high-growth real estate exceeds expectations
In the third quarterly report, the composite materials business maintained rapid development, and the real estate business exceeded expectations.
The company’s operating income for Q1-Q3 in 2019 was 21.
41 ppm, a six-year increase of 6.
12%; net profit attributable to mother 3.
380,000 yuan, an annual increase of 45.
Among them, the net profit of the new material business attributable to the mother increased compared with the same period of the previous year.
73% is 2.
5.7 billion, in line with market expectations; real estate business increased by 14 compared with the same period last year.
01% is 1.
08 trillion, exceeding market expectations.
Compared with the same industry, the industry chain of the aviation composite materials industry has reached its growth stage.
Comparing the data of the third quarter consolidated report of listed companies in the same industry: Guangwei Composite Materials’ revenue increased by 33.
05%, net profit attributable to mothers increased by 43%, and revenue of S & T Technology increased by 32.
53%, net profit attributable to mothers increased by 63.
80% can be grounded. With the restructuring and upgrading of military and civilian products in the nitrocarbon fiber industry chain, the industry chain has entered the growth stage.
As for the specific segment of aviation composite materials, benefiting from the upgrading of the military business and the expected pull of C919, we believe that the next 3-5 years will be a period of high-speed growth, and the peak of the industry will accompany CR929.
Land allocation continued to advance, and the company estimates 北京桑拿洗浴保健 that it has reflected the relevant situation of the land business.
Based on the current market estimates of the real estate industry, we believe that the company’s assessment has more fully reflected the progress of its real estate business.
The short-term fluctuations from the real estate business have little effect on the company’s long-term value.
The aviation industry was selected as a state-owned capital investment and operation pilot. The company is expected to become what AVIC calls a composite material platform.
At present, the aviation industry has entered the pilot stage of “capital management”, and several core platforms related to core defense, military integration, international material trade, and capital operations have been initially formed within it, and there are large aircraft, helicopters, electromechanical systems, and aviation.Electric system and other sub-platforms.
We believe that with the further deepening of the pilot, the company is expected to become a composite sub-platform under the aviation industry.
In 2019/2020/2021, the non-EPS deduction is expected to be 0.
27, corresponding to non-PE 42.
41. Considering the current average PE change in the same industry, the target price cap is increased from 13.
00 yuan down to 12.
40 yuan, the company’s reasonable price range is expected to be 9.
40 yuan, maintaining the previous “overweight” rating.