CATEC(600879) 兴业证券·2024-05-24 01:32Company Overview - The company's closing price on 2023-05-17 was 7.67 yuan, with a total share capital of 3,299.30 million shares and a circulating share capital of 3,229.17 million shares [1] - The company's net assets were 20,385.43 million yuan, with total assets of 47,035.11 million yuan and net assets per share of 6.18 yuan [1] Financial Performance - In 2023, the company achieved operating revenue of 18,727 million yuan, a year-on-year increase of 7.16%, reaching 98.52% of the annual operating revenue target [2][5] - Net profit attributable to the parent company was 525 million yuan, a year-on-year decrease of 14.35%, with a net profit margin of 3.15%, down 0.59 percentage points year-on-year [2][5] - Basic earnings per share were 0.18 yuan/share, a year-on-year decrease of 21.33%, and the weighted average return on equity was 2.98%, down 1.50 percentage points year-on-year [2][5] - In Q1 2024, the company achieved operating revenue of 3,814 million yuan, a year-on-year decrease of 14.50%, and net profit attributable to the parent company was 143 million yuan, a year-on-year decrease of 21.43% [2][5] Business Segments - In 2023, the company's aerospace product revenue was 14,349 million yuan, a year-on-year increase of 15.46%, accounting for 76.62% of total revenue, up 5.51 percentage points year-on-year [2][8] - Civil product revenue was 4,230 million yuan, a year-on-year decrease of 12.86%, accounting for 22.59% of total revenue, down 5.19 percentage points year-on-year [2][8] - Other business revenue was 148 million yuan, a year-on-year decrease of 23.61%, accounting for 0.79% of total revenue, down 0.32 percentage points year-on-year [2][8] Cash Flow and Profit Distribution - In 2023, the net cash flow from operating activities was -1,020 million yuan, an increase of 357 million yuan compared to the previous year [2] - The net cash flow from investment activities was -1,683 million yuan, a decrease of 798 million yuan compared to 2022 [2] - The net cash flow from financing activities was 2,345 million yuan, a year-on-year decrease of 54.08% [2] - The 2023 profit distribution plan is to distribute a cash dividend of 0.48 yuan per 10 shares (including tax), totaling 158 million yuan [2][5] Subsidiary Performance - Subsidiary Aerospace Feihong achieved operating revenue of 1,102 million yuan, a year-on-year increase of 125.70%, with a net profit of 77 million yuan, a year-on-year increase of 2,800.87% [15] - Subsidiary Aerospace Changzheng achieved operating revenue of 3,758 million yuan, a year-on-year increase of 25.53%, with a net profit of 102 million yuan, a year-on-year decrease of 10.26% [14] Profit Forecast and Investment Rating - The company is expected to achieve net profit attributable to the parent company of 617/749/885 million yuan in 2024-2026, with corresponding P/E ratios of 41.0/33.8/28.6 times (based on the closing price on May 17, 2024) [16] - The company is given an "Overweight" rating [16]