Zhongzhi shares (600038): clear growth trend, performance acceleration can be expected

Zhongzhi shares (600038): clear growth trend, performance acceleration can be expected

Events: 1. The company released the 2018 annual report, and achieved operating income of 130 during the period.

66 ppm, a ten-year increase of 8.

44%; net profit attributable to mother 5.

100,000 yuan, an increase of 12 in ten years.

07%; net profit of non-attributed mothers4.

67 ppm, a ten-year increase4.

03%; basic profit income is 0.

8657 yuan.

It is planned to distribute 2 for every 10 shares.

60 yuan cash dividend (including tax).

2. The 2019 business plan is to grasp the three key transformations of design research and development, final assembly delivery and service guarantee to ensure that the progressive scientific research and production tasks are fully completed.

Comments: 1. Focusing on the main business of helicopters, the indirect company’s aviation products with a clear growth trend realized revenue of 127.

97 ppm, a ten-year increase of 8.

16%, gross margin 13.

92%, down by 1 every year.


Period expenses total 13.

30,000 yuan, an annual increase of 3.

53% but the cost is 9.

97%, a decline of 0 every year.


Among them, selling expenses and management expenses are 1.

1.9 billion, 8.

90 ‰, increasing by 1 each year.

84% and 21.

68%; financial expenses (-12.94 million yuan), a decrease of more than 13.62 million yuan, mainly due to a reduction in index expenditures of 22.18 million yuan; cost-based research and development expenditure3.

06 million, down 25 every year.

14%, mainly because some R & D projects have been completed and R & D expenditures have exceeded reductions.

In addition, due to the increase in the collection of futures funds and the implementation of new accounting estimates in this period, the total asset impairment loss and credit impairment loss totaled (-4,304) yuan, a decrease of 73.74 million yuan.

2. There is an urgent demand for military helicopters, the civil space is vast, and the performance is expected to accelerate. The military helicopters are gradually metered with advanced countries in the world, especially the United States. There are only contradictory differences in the number. There are structural gaps in the field of 10-ton general-purpose helicopters and heavy helicopters.The demand for various types of helicopters is very urgent.

For civilian use, helicopters can serve a wide range of industries, such as industry, agriculture, energy, transportation, tourism, security, etc., and the space is even wider.

The company expects that the daily related transaction 武汉夜生活网 amount of selling goods / providing labor services to the Kazakhstan Airlines Group and other subsidiaries of the aviation industry will be 190 in 2019.

78 ppm, an increase of 25 in ten years.


The forecast for 2018 is 151.

83 trillion, with an actual completion rate of 76.

5%; Estimated earnings in 2017: 122.

19 trillion, the actual completion rate of 88.5%.

We believe that the company focuses on the main business of helicopters to ensure the completion of production and delivery tasks. From the expected growth of daily connected transactions, it is expected that the production and delivery of aviation products of the company will continue to accelerate, which is expected to accelerate the growth of the company’s performance.

3. The asset securitization of the helicopter sector has taken an important step. The company’s controlling shareholder AVIC plans to acquire 100% equity of AVIC Helicopter from Aviation Industry and Tianjin Bonded Investment. AVIC Helicopter holds a total of 25 shares of Zhongzhi.

03% of the shares, under the Hafei Group, Changfei Group’s armed helicopter business.

After the completion of the acquisition, AVIC ‘s helicopter manufacturing business will be more complete, which will further promote the development of helicopter business.

We believe that, as an important listed company of AVIC, CITIC is expected to obtain its important support in the areas of asset securitization and other aspects, bringing new possibilities for the development of listed companies.

4. Performance forecast predicts that the company’s net profit attributable to the mother for 2019-2021 will be 6, respectively.

15 billion, 7.

7 billion and 9.

60 ppm, corresponding estimates are 44, 35, and 28 times, maintain the “strongly recommended” level!

Risk Warning: The progress of new models is more than expected, and the development of general aviation is slow.