AVIC Capital (600705): Steady growth and deepening of the layout of integrated financial platform
The event company released its 2018 annual report.
Our analysis and judgment 1) Net profit is increasing by 13.
74%, profitability increased in 2018, the company achieved total operating income of 138.
670,000 yuan, an increase of 26 over the same period last year.
63%; net profit attributable to owners of the parent company is 31.
6.6 billion, an increase of 13 over the same period last year.
74%; basic profit return is 0.
35 yuan, an increase of 12 over the same period last year.
Net asset income return 12.
90%, a year to increase 0.
The company’s profitability has increased, mainly benefiting from the company’s synergy model of “production, investment, and financing” and its multiple financial advantages.
Among them, the expansion of AVIC’s leasing assets, the innovative transformation of AVIC’s trust business, and the strengthening of AVIC’s financial centralized management of funds have become the main driving factors for performance improvement.
2) The performance of leasing, trust and finance business is beautiful. The scale of leasing has expanded significantly and it has strengthened its business development.
In 2018, AVIC Leasing achieved a net profit of 12.
6.2 billion, an annual increase of 23.
57%, performance growth mainly benefited from the expansion of leasing scale.
As of the end of 2018, the company’s finance lease receivables1 renewed 1435.
70 ppm, an increase of 46 in ten years.
In addition, AVIC leases 51.
The US $ 2.8 billion capital increase plan has been steadily advanced. At present, the company and its holding subsidiaries have increased capital to AVIC Leasing by a total of US $ 2.5 billion.
The company has an aviation industry background and is expected to make progress in military-civilian integration and increase profitability.
The trust scale growth forecast structure was optimized and returned to the origin of trust business.
In 2018, AVIC Trust achieved net profit18.
470,000 yuan, an increase of 13 in ten years.
Affected by the regulatory environment, the size of the company’s trust assets was 6,326.
0.99 million yuan, a slight decrease from last year (-3.
The company actively responds to financial deleveraging, deregulates the regulatory environment, enhances 淡水桑拿网 its active management capabilities, continues to increase business innovation and transformation, established an institutional wealth center, increased marketing efforts to institutional and high-net-worth customers, and enriched the source of product funds.Improve the product’s ability to respond to market fluctuations.
The debt side of the asset management business can also actively develop long-term holding customers in various ways to effectively improve the customer structure.
Finance companies continue to focus on serving the group and achieve steady growth.
In 2018, AVIC Finance achieved net profit7.
67 ppm, an increase of 14 in ten years.
AVIC Finance mainly provides financial management and diversified financial services to group member units to strengthen the centralized management of aviation industry funds and improve the efficiency of the group’s funds.
3) The industry-finance integration + military-civilian integration continued to deepen, and the equity investment business grew significantly. Industrial investment and industrial investment as the representative represented a steady growth in equity investment profits.
AVIC Investment Holdings, AVIC Aviation Investment and AVIC Xinxing Investment achieved net profit of 500 million yuan, respectively.
3.9 billion and 0.
170,000 yuan, an increase of 79.
18% and 36.
The aviation industry background of the company’s shareholders brings high-quality industrial investment resources to promote production and finance, and the combination of production and finance has significant advantages.