Aerospace Development (000547): The rapid growth of company performance in Q1 2019 lays out the prospects for the information industry

Aerospace Development (000547): The rapid growth of company performance in Q1 2019 lays out the prospects for the information industry
Core points: 1.The event company released its 2019 first quarter report with revenue of 7.54 ppm, an increase of 43 in ten years.90%, net profit attributable to mother 1.30,000 yuan, an increase of 41 in ten years.58%, deducting non-net profit of 0.8 billion, a six-year growth of 6.40%, EPS is 0.06 yuan. 2.Our Analysis and Judgment (I) Inject new energy into information security and gradually achieve high growth. The company’s revenue and return to net profit for the first quarter of 2019 will increase significantly from the same period last year, increasing by 43 respectively.90% and 41.58%, net profit after non-deduction increases by 6.40%, the company’s main business operations maintained a good trend. 1) Growth in operating income: The Aerospace Kaiyuan completed at the end of 2018 and the production expansion of Nanjing’s first and second tier quarters have driven the company’s sales growth and become a new driving force for the company’s revenue growth. 2) Contribution of non-recurring gains and losses to net profit attributable to mother: 2554 gains from changes in fair value during the period.680,000 yuan, becoming the first quarter of the increase in net profit attributable to 天津夜网 mothers.The expected net profit after non-recurring gains and losses is basically the same as the same period last year, mainly due to the changes in the structure of the income carried forward in the first quarter compared to the same period last year, and operating costs (+72 each time).(59%) growth rate is higher than operating income. In addition, the investment income of Rui’an Technology decreased by 924 in this period.110,000 yuan. 3) Advance receipts, advance payments increase, and high performance can be expected: advance receipts 1 in this period.01 billion (previously +53.14%), advance payment 4.6.6 billion (previously +98.81%), reflecting the increase in the company’s orders, active production preparation, long-term performance and high growth can be expected. (II) The capital operation work has been vigorously promoted, 西安耍耍网 and the industrial layout has gradually been reorganized. Through continuous capital operations, the company has gradually formed an “endogenous” business based on electromagnetic technology engineering and military industry’s declared communication business as the basis, and network information security and microsystems as incremental business.+ Epitaxial “two-wheel drive development layout. In December 2018, the company completed the reorganization of the assets of Rui’an Technology, Aerospace Kaiyuan, and Yijian. The company built an integrated solution for network information security for the development of aerospace, and developed into an alternative foundation for the national team in the information security field.Complete the industrial and commercial registration of the micro-system technology company, and take a key step towards creating a micro-system industry development and technology traction platform and achieving key technologies and product breakthrough goals. (III) Improve corporate governance and optimize and upgrade the industrial structure. In 2018, the company completed the reduction of Yanqiao scholars and the transfer of Fufa units. On March 25, 2019, the company signed the Equity Transfer Agreement in Shanghai., Sold 51% of Beijing Aerospace Hengrong Electromagnetic Technology Co., Ltd.Further promote corporate governance, clean up inefficient companies, further advance the optimization of industrial structure and the process of transformation and upgrading, improve quality and efficiency, and improve the overall profitability of listed companies. 3.The investment proposal estimates that the company’s net profit attributable to its parent from 2019 to 2021 will be 5, respectively.66 billion, 6.6.1 billion and 7.5.6 billion, EPS is 0.35 yuan, 0.41 yuan and 0.47 yuan, the current corresponding PE is 32x, 27x and 24x.With reference to comparable companies in the industry, the company’s estimated advantages are extremely obvious.The company is a pure national defense informatization target, and its performance growth has continued to extend, maintaining a “recommended” level. Risk reminder: The target company’s performance commitments do not meet the expected risks, and the military business orders are less than expected risks.