Zhongzhi shares (600038) brief evaluation report: New listing accelerates installation and promotes high performance growth

Zhongzhi shares (600038) brief evaluation report: New listing accelerates installation and promotes high performance growth

I. Overview of the event On August 23, the company released its semi-annual report for 2019 and achieved operating income of 69.

00 ppm, an increase of 28 per year.

75%; realize net profit attributable to mother 2.

4.1 billion, up from 35 previously.


  Second, the performance of analysis and judgment has improved significantly, and is expected to maintain high growth. In the first half of 2019, the company achieved operating income of 69.

00 ppm, an increase of 28 per year.

75%, due to the increase in the delivery of aviation products; net profit attributable to mothers2.

4.1 billion, up from 35 previously.

50%, significant improvement in quality and efficiency.

Report budget, period expenses7.

42%, down by 1 every year.

33pct, of which the company’s R & D expansion is growing by 96 per year.

28%, the ratio of R & D expenditure to current operating income is 1.


The company’s gross profit margin is 11.

28%, a slight increase from the same period last year, and basically remained stable.

The company’s inventory except raw materials increased significantly compared with the beginning of the period, reaching 31.

75%, indicating that the company has sufficient orders.

Helicopter pedigree is gradually improved. New models are installed to speed up the company’s main force in the domestic helicopter manufacturing industry. The core products include straight 8, straight 9, straight 11, AC311, AC312, AC313 and other types of helicopters, which are in a leading position in technology in China.

After the improvement of the product structure adjustment and development, the main product model has been gradually upgraded, the helicopter pedigree has been perfected, and a good layout of “one machine with multiple types and series development” has basically been formed.

With the gradual maturity of the new prototype and accelerated installation, the company’s performance is expected to grow rapidly.

The general-purpose helicopter entered mass production and is expected to become a new growth point. In the first half of the year, the Harbin branch achieved revenue of 20%.

840,000 yuan, an increase of 98 in ten years.

67%; profit totaled 65.95 million yuan, an increase of 155 throughout the year.


As the production base of Zhi-20, the revenue from Harbin branch has increased significantly. It can be inferred that Zhi-20 has entered the batch production stage.

The currently equipped 10-ton helicopter is the Blackhawk S-70 helicopter produced by Sikorsky of the United States. The number is only 23, and the proportion of helicopters in it is very small.

In contrast, helicopters in the United States account for the largest proportion of 10-ton helicopters, with 2,307 10-ton helicopters, accounting for 43% of the total number of helicopters.

As a general-purpose helicopter that can adapt to any battlefield, we believe that the demand for the Zhi-20 market will exceed 1,000.

The general aviation market is welcoming rapid development, and the demand for civilian aircraft is gradually increasing. In the “Thirteenth Five-Year Plan” period of economic construction, the general aviation basic industry represented by helicopters and fixed-wing aircraft is an important part of the equipment manufacturing industry, which is gradually realizing industrial 南宁桑拿 transformation and upgrading.Important advantages.

The State Council’s “Several Opinions on Promoting the Development of the Civil Aviation Industry” specifies that the future development will vigorously develop the general aviation industry and support domestic civil aircraft manufacturing.

With the vigorous development of the navigable market, the company’s civilian helicopter business is expected to develop rapidly.

  Third, investment advice The company is the main force of the navy helicopter manufacturing industry. The performance in the first half of the year has improved significantly. We are optimistic about the company’s long-term development.

Expected company 2019?
EPS in 20201 will be 1.

11, 1.

39 and 1.
76 yuan, corresponding to PE is 42X, 34X and 27X, the average evaluation of comparable companies is 71X, giving a “recommended” rating.
  4. Risk warnings 1. Military aircraft orders fall short of expectations; 2. The general aviation market develops slowly