This is the largest domestic military connector manufacturing enterprise. At present, the company has included the "Book of Suppliers approved by the China Commercial Flying Connection Manufacturing Center" and officially became one of the domestic large -scale passenger aircraft

This is the largest domestic military connector manufacturing company. At present, the company has included the "Chinese Commercial Flying Constant Manufacturing Center approved supplier" and officially became one of the domestic large -scale passenger aircraft supporting development units.

also provides comprehensive supporting connector products for aircraft carrier and its carrier -based aircraft , and its products have been used in quantum communication field.

The current company's historical performance has increased for eleven consecutive years, and in 2020 with a net profit of 1.439 billion yuan in net profit.

By 2021, the company has leap in qualitatively. The performance not only continued to increase, but also completed a net profit of 1.623 billion yuan in three quarters.

This performance not only increased by 47%year -on -year, but also refreshed the company's highest historical record.

is currently in the adjustment stage of the shares of the enterprise at the interval. The stock price has been retracted by 27%in 159 days.

The main business and core competitiveness

. R & D, production, sales and services of fluid connectors and related equipment. Among the

, the revenue of electrical connectors and integrated components accounted for 77.77%, optical device and photoelectric equipment accounted for 17.45%, and the income of fluids, dental and other products accounted for 4.78%.

Translator analyzes the financial report of the company over the years and found that the company has three highlights.

First, the company is currently the largest military connector manufacturer in China.

Second, the company has approved the initial capacity review of the C919 large passenger aircraft supplier, and is allowed to include the "Channel of the Supplier approved by the China Commercial Flying Formation Manufacturing Center", which has officially become one of the domestic large passenger aircraft supporting development units.

Third. The products produced by the company are not only applied to aircraft carriers and carrier -based aircraft, but also in the field of quantum communication. In addition, Tesla and Huawei are customers of the company.

reads the basic information of the company. Let's analyze the company's performance changes.

(The end of the article has the name of the company and the code of the stock, please first understand the basic situation of the company, and then reveal the final answer. The content and financial data below 1 are derived from the company's third in 2021 In the quarterly financial report, Page 5 of combined with the balance sheet , and the merged profit list on page 7. There was no personal point of view.

This company's net profit in 2021 not only reached a record high, but also increased its performance for three consecutive quarters.

021 is the first quarter. During the reporting period, the company's net profit was 624 million yuan, an increase of 281%year -on -year.

021 The second quarter of 22021. During the reporting period, the company's net profit was 1.114 billion yuan, an increase of 68%year -on -year.

HTML was in the third quarter of 22021. During the reporting period, the company's net profit was 1.623 billion yuan, an increase of 48%year -on -year.

and the company's Q3 net profit is ranked 4th among 353 listed companies in the A -share national defense military sector.

net profit ranking can only illustrate the size of the company and cannot judge the company's profitability. Therefore, the fourth performance of performance shows that the company is large.

Below we will analyze the gold content in the third quarter of the company in the third quarter, and see if the company's current cash flow is abundant.

HTML was in the third quarter of 22021. Although the company's net profit was as high as 1.623 billion yuan, the company's actual net cash actually earned was only 769 million yuan due to business activities, an increase of 3107%year -on -year.

data illustrates two things:

is the first. The net profit due to business activities is the real money in the corporate account. The difference between the two is the not collected the payment, that is, the accounts receivable.

second, the company's net cash in the third quarter of 2021 has increased by 31 times, which shows that the company's current cash flow is much better than the same period last year.

has higher cash net cash. It means that the current cash flow of the company is abundant, and the more beneficial to production and operation activities, the proportion of net cash in the company is still possible, which is a medium level.

In the end, let's analyze that the company's ability to make money in the third quarter of last year and the market position in the military industry.

Measures the ability to make money by a company to use the net asset yield indicator. It is the ratio of net profit and shareholders' equity.

HTML in 22020 The third quarter, the management used 100 yuan for shareholders, and after 9 months, it could only earn 7.35 yuan in net profit, with a net asset yield of 7.35%.

By the third quarter of 2021, the management also used the shareholder's 100 yuan. After 9 months, the net profit of 14.6 yuan could be made. The net asset yield was 14.6%, an increase of 26%year -on -year.

net asset yields increase, indicating that the company's profitability in the third quarter of 2021 has become stronger.

and the company's ability to make money in the third quarter, ranked 21st among 353 listed companies in the A -share national defense military sector. The ranking is relatively high, indicating that the company's industry status is high.

Reasons for profit growth

Below, let's analyze the reasons why the company's net profit growth is increased. This is also the most important part of this article.

By using DuPont theoretical analysis, the main reason why the translator found that the company's performance increased in the third quarter of 2021 was that the gross profit margin of sales increased.

HTML in 20120. The company sells 100 yuan for military connectors, which can only earn 35.48 yuan gross profit, with a gross profit margin of 35.48%.

By the third quarter of 2021, the company also sold a military connector of 100 yuan, but it could earn 38.21 yuan gross profit. The sales gross profit margin was 38.21%, an increase of 8%year -on -year.

Sales gross profit margin is the profit space of military connectors. Its increase can not only increase operating income, but also increase performance.

021 Defense market orders have better increase in orders, constantly growing and stronger. The field of communication and industry follows market demand, continuously promotes product and customer structure adjustment, further expands new businesses, new areas, and new customers, and taps new growth points.

Company was full of market orders in 2021, good operating conditions, and the profitability of profitability. The company's high -quality development achieved significant results, and the gross profit level increased significantly compared with the same period last year.

or above is derived from the company's financial report, which is the reason for the company's sales gross profit margin and the growth of the third quarter.

Insurance

article will enter the shortcomings at the end. In this session, the translator will find the company's flaws and shortcomings in the third quarter of 2021, so that everyone has a comprehensive understanding of the company.

translator analyzes the company's main financial data and finds that the company's deficiency is that the sales speed slows.

products are expressed by the sales speed of the company's inventory turnover.

HTML in 20120. The company sells a batch of produced military connectors in 22020, which takes 116 days. It takes 153 days now, and the sales speed slows down by 32%.

slows sales speed, which will reduce the operating income of the enterprise and hinder the growth of net profit. The slowdown in sales of this company's products is due to the sharp increase in inventory.The increase in the inventory of a corporate inventory of

will increase the indicator of inventory turnover days.

HTML in the third quarter of 22020, the company's inventory is only 2.2 billion yuan. By the third quarter of 2021, inventory increased to 4.132 billion yuan, an increase of 88%year -on -year.

Enterprise Inventory has increased significantly. The company's management believes that the market prosperity of the future military industry will increase. Therefore, in the third quarter of last year, the fast -forward keys were prescribed to increase profits by expanding production capacity.

and the great increase in inventory will produce two very different results:

First. If the air outlet of the military industry continues to ferment in the future, the company's newly produced military connectors will be sold, which will inevitably make the net profit of the enterprise more up to more. The first floor.

Second, if the market boom in the military industry has declined in the future, and the market cannot digest the company's new production capacity, then the company will definitely lose money.

This company is Zhonghang Optoelectronics Co., Ltd. stock code 02179.

Please note: companies with good fundamentals, stocks may not necessarily rise. But the company's fundamentals must be very good in the stocks that can continue to rise.

is not recommended in this article that China Aerodium Optoelectronics shares are not recommended, nor does AVIC Optoelectronics Company good, but refined the financial report of the enterprise.