Inner Mongolia No. 1 Aircraft (600967): Revenue grows steadily, optimistic about the expansion of military products at home and abroad

Inner Mongolia No. 1 Aircraft (600967): Revenue grows steadily, optimistic about the expansion of military products at home and abroad

The 18-year performance has been stable, the gross profit margin has decreased, and the expenses during the period have decreased significantly.

The company released its 2018 annual report and achieved operating income of 122.

6.7 billion (twice + 2).

50%), to achieve net profit attributable to mother 5.

3.4 billion 杭州夜网 (previously +1.


The military product business has grown steadily, new breakthroughs have been made in the expansion of the multi-arms market, new achievements have been made in the export of VT4 tanks and VN1 wheeled combat vehicles, artillery has entered the market for the first time, and military spare parts have achieved new growth; rail vehicle business has declined.

The comprehensive gross profit margin is 11.

48%, down by 1 every year.

39 points.

Expenses during the period have been significantly reduced, of which sales expenses have dropped by 0 every year.

63%, management expenses decreased due to the decrease in employee compensation.

42%, R & D expenses increased by 6 in ten years.

59%, financial expenses increase 69.74 million yuan each year.

The performance of the first quarter of 19 increased significantly, mainly benefiting from the 成都桑拿网 increase in interest income and investment income.

The company released the 2019 first quarter report and achieved operating income16.

740,000 yuan (ten years +9.

03%), realizing net profit attributable to mother 1.

370,000 yuan (+126 for ten years).


The initial rapid growth of net profit is initially: the structural depreciation and realization of the index deferral eventually led to an increase in financial expenses of 57 million yuan, expired wealth management products gradually led to an increase in investment income of 1695 million, and the receivables’ bad debts were reversed, resulting in asset deductions.The loss was 12.49 million yuan a year.

The company’s order is in good condition, and the advance receipts increase by 18 every year.


Investment advice and profit forecast: The company is the only equipment development and production base in the country that integrates main battle tanks and wheeled vehicles. Considering that the company’s military products benefit from the development of army equipment and the development of the military trade market, and the civilian products benefit from the increase in railway investment demand, it is estimated that 19-21-year return to mother’s net profit was 6 respectively.



12 trillion, corresponding to the current sustainable PE is 29/24/20 times.

As a listed company in the vehicle sector of the weapon industry group, the company is optimistic about the development prospects of the company’s military products. The company’s revenue center in the past two years is 35.

6xPE, giving the company 19 years 35.

6xPE, corresponding to a reasonable value of 13.

53 yuan / share, maintain “Buy” rating.

Risk warning: The development of military products and delivery progress exceed expectations; railway investment may exceed expectations; the progress of military industry reform is gradually expected; the impact of changes in asset impairment losses on performance.

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