AVIC Capital 合肥夜网 (600705) Interim Review: AVIC Leasing Performance Increases and Production Continues to Deepen
Event: The company recently released its 2019 Interim Report and achieved a total operating income of 85.
44 ppm, an increase of 28 in ten years.
98%; net profit 24.
50,000 yuan, an increase of 17 in ten years.
32%; return on equity 5.
23%, a decrease of 1 per year.
44 per share; total assets at the end of the period were 3069.
86 ppm, an earlier increase of 2.
22%; net assets attributable to mother at the end of the period 285.
43 trillion, an earlier increase of 3.
01%; EPS is 0.
16 yuan / share.
AVIC’s leasing scale has continued to expand and its performance has improved significantly.
In the first half of the year, AVIC leased total assets of 1,562.
32 ppm, an earlier increase of 17.
36%; net assets 天津夜网 174.
24 ppm, an earlier increase of 16.
16%; total operating income during the reporting period was 481,698.
920,000 yuan, an increase of 54 in ten years.
07%; operating profit 11.
20 ppm, an increase of 41 in ten years.
06%; net profit 8.
75 ppm; 43-year increase of 43.
AVIC Leasing has contributed more than 50% of the company’s operating income, and its business expansion has driven the company’s overall revenue significantly.
An aviation industry industry fund was established to deepen the integration of industry and finance.
Relying on the background of AVIC’s shareholders, the company leveraged its industrial advantages to launch an aviation industry fund.
On July 2, 2019, the company announced that the company and the aviation industry had initiated the first phase of the aviation industry industry investment fund.
The fund regulations are set at RMB 4 billion, of which AVIC Capital intends to contribute RMB 600 million.
Increase capital in subsidiaries to strengthen industrial investment capabilities.
On May 29, 2019, the company issued an announcement that AVIC Capital increased capital by RMB 900 million each into emerging industry investment and aviation industry investment; the company’s holding subsidiary AVIC Securities invested 2.
9 billion yuan to establish alternative investment subsidiaries.
After the implementation of stock repurchase, 30% was used for employee stock ownership plan, showing development confidence.
As of June 14, 2019, the company has repurchased a total of one company’s shares.
7.9 billion shares, accounting for 1 of the company’s total share capital.
9893%, the highest price of the transaction was 6.
72 yuan / share, the lowest price of the transaction is 4.
38 yuan / share, the total amount paid is 9.RMB 990,000 (excluding transaction costs).
30% of the total number of shares repurchased this time is used to implement employee stock ownership plans or equity incentives, and 70% is used to convert corporate bonds issued by listed companies into convertible stocks.
Investment suggestion: The company’s performance is stable and good, relying on the background of shareholders, it has competitiveness in military industry investment.
Forecast EPS0 for 19/20/21.
The company evaluates PB1.
47 times, slightly higher than the industry average.
Risk reminders: the advance of value-added is less than expected; the risk of market fluctuations; the macroeconomic downturn.