Core Viewpoint - The financial performance of AVIC Chengfei (302132.SZ) shows a significant disparity due to the integration of assets, with a notable drop in revenue and net profit, but a substantial increase in core profitability indicators, indicating a potential V-shaped recovery in performance [1][2][3] Financial Performance Summary - The company reported a revenue of 20.702 billion yuan, a year-on-year decrease of 38.99% [1] - Net profit attributable to shareholders was 0.913 billion yuan, down 68.33% year-on-year [1] - Contract liabilities surged to 18.72 billion yuan, marking a historical peak [1] Operational Insights - The comprehensive gross margin increased to 22.7%, the highest in five years, while the expense ratio remained stable, indicating effective cost control [2] - The prepayment coverage ratio reached 90%, suggesting a potential revenue recognition peak in the next 6-12 months [2][3] Challenges and Bottlenecks - The company faces three main integration bottlenecks: military-civilian business synergy, technology conversion efficiency, and group management [4][6] - The gross margin for aviation equipment decreased by 3.77 percentage points to 7.77%, primarily due to the increased proportion of civil aircraft components [4] Future Performance Commitments - The asset injection includes performance commitments with a total net profit target of 66.51 million yuan from 2023 to 2026 [6] - The revenue targets for the years 2023 to 2026 are set at 65.15 billion yuan, 66.008 billion yuan, 69.97 billion yuan, and 74.94 billion yuan respectively [6]
战斗机千亿龙头重组完成，中航成飞扣非净利大增1180%