AVIC Shen Fei (600760): Profitability continued to improve asset impairment and loss of investment income and reduce performance flexibility

AVIC Shen Fei (600760): Profitability continued to improve asset impairment and loss of investment income and reduce performance flexibility

Investment Highlights The company achieved operating income of 201 in 2018.

51 ppm, a 10-year increase3.

56%; net profit attributable to mother 7.

4.3 billion, an annual increase of 5.

16%; net profit after deduction to mother 7.

100,000 yuan, an increase of 92 in ten years.

twenty one%.

In 2019, the company plans to achieve operating income of 220.

2.6 billion, achieving a net profit of 8.

1.2 billion.

The plan completion rates of the company’s operating income and net profit in 2018 were 102.

81% and 103.

48%, successfully completed the business plan.

Changes in the scope of the consolidated statements have resulted in lower revenue growth, and the company’s operating income has increased annually under the annual caliber.

06%; net profit attributable to mothers increases by 14 per year.


Shenfei is responsible for the operation of all the operational businesses of AVIC Shenfei, and achieved revenue of 200 in 2018.

21 ppm, an increase of 8 per year.

35%, accounting for 99% of the total revenue of listed companies.


From 2015 to 2018, Shenfei’s compound revenue growth rate was 13.

07%, net profit compound growth rate of 18.

13%, in a period of rapid growth.

Profitability continued to improve, asset impairment and loss of investment income reduced performance elasticity.

The company’s comprehensive gross profit margin 9.

09%, a decline of 0 every year.

42 averages, net profit margin 3.

70%, a slight increase of 0.

08 averages.

The net profit margin of the first-level 杭州夜网 subsidiary Shen Fei continued to increase, from 3 in 2015.

18% increased to 3 in 2018.


The company’s profitability continued to improve.

However, the three losses of asset impairment loss, investment income and asset disposal income reduce profit1.

6.2 billion, significantly reducing the company’s performance flexibility.

The company’s 2018 single quarter revenue ratio was 1: 2.

58: 3.

At 06: 490, the difference in revenue between quarters narrowed significantly, and the balance of product delivery improved significantly.
Total bills receivable and accounts of the company in 201823.

870,000 yuan, an increase of 35 in ten years.

69%, inventory 97.

71 ppm, an increase of 23 in ten years.

37%, to a certain extent, reflects the continuous increase in the company’s military orders and delivery.

We 无锡夜网 adjust our profit forecast and expect the company’s EPS to be 0 in 2019-2021.



87 yuan / share, corresponding PE is 50/37/37 times (corresponding to the company merger on March 14, 2019), maintaining the “prudent increase” rating.

Risk Warning: The delivery of military products is less than expected.