The China Avionics System Co., Ltd. (600372), China's leading avionics system solution provider, released its audited financial report for 2017 last Saturday, revealing a modest growth in its operating revenue and a dramatic surge in its net income.
The report shows that the company saw a slight year-on-year growth of 0.93 percent in its operating revenue last year, which reached roughly RMB 7.02 billion by the end of 2017, while its net income jumped by 17.82 percent to finish the year at over RMB 542 million. The company's total assets also rose by as much as 20.87 percent to hit over RMB 21.19 billion last year.
According to the report, the company's basic earnings per share increased by up to 17.84 percent last year to reach RMB 0.3084, while its weighted average rate of return on equity gained 0.71 percentage points to 8.57 percent at the end of the year.
Focusing on developing avionics system products, the company owns a relatively complete industrial chain as well as a broad range of industrial products with multiple applications, which it sees as a major part of its core competitiveness.
During the past year, the company has made significant progress in all of its four business fronts, including military aviation, civil aviation, non-aviation defense as well as non-aviation civil product development. It made breakthroughs in the development of atmospheric data system and other military aviation technologies. As the system supplier for China's home-grown C919 large passenger jet, the company ensured the success of the plane's maiden flight last year.
What's more, the company also advanced the state policy of "civil-military integration development" last year by converting and applying some of its military technologies to such civil industries as automobile equipment manufacturing and rail transit.
Major accounting data and financial indicators
I. Major accounting data and financial indicators for the past three years
Unit: Yuan
II. Major quarterly accounting data for the reporting period
Unit: yuan
The report shows that the company saw a slight year-on-year growth of 0.93 percent in its operating revenue last year, which reached roughly RMB 7.02 billion by the end of 2017, while its net income jumped by 17.82 percent to finish the year at over RMB 542 million. The company's total assets also rose by as much as 20.87 percent to hit over RMB 21.19 billion last year.
According to the report, the company's basic earnings per share increased by up to 17.84 percent last year to reach RMB 0.3084, while its weighted average rate of return on equity gained 0.71 percentage points to 8.57 percent at the end of the year.
Focusing on developing avionics system products, the company owns a relatively complete industrial chain as well as a broad range of industrial products with multiple applications, which it sees as a major part of its core competitiveness.
During the past year, the company has made significant progress in all of its four business fronts, including military aviation, civil aviation, non-aviation defense as well as non-aviation civil product development. It made breakthroughs in the development of atmospheric data system and other military aviation technologies. As the system supplier for China's home-grown C919 large passenger jet, the company ensured the success of the plane's maiden flight last year.
What's more, the company also advanced the state policy of "civil-military integration development" last year by converting and applying some of its military technologies to such civil industries as automobile equipment manufacturing and rail transit.
Major accounting data and financial indicators
I. Major accounting data and financial indicators for the past three years
Unit: Yuan
| 2017 | 2016 | Year-on-year increase or decrease (%) | 2015 | |
| Total assets | 21,190,343,132.60 | 17,531,747,138.73 | 20.87 | 16,231,089,381.57 |
| Total operating revenue | 7,023,114,803.84 | 6,958,678,292.47 | 0.93 | 6,809,466,030.25 |
| Net income attributable to shareholders of the company | 542,439,509.66 | 460,413,630.85 | 17.82 | 477,011,170.74 |
| Net income attributable to shareholders of the company, net of non-recurring gains and losses | 372,596,974.62 | 324,922,624.08 | 14.67 | 264,098,207.37 |
| Net assets attributable to shareholders of the company | 7,100,400,255.40 | 6,004,710,713.31 | 18.25 | 5,652,431,640.90 |
| Net cash flow from operating activities | -101,142,545.03 | -104,565,681.25 | / | 519,759,395.41 |
| Basic EPS (yuan/share) | 0.3084 | 0.2617 | 17.84 | 0.2712 |
| Diluted earnings per share (yuan/share) | 0.3079 | 0.2617 | 17.65 | 0.2712 |
| Weighted average return on equity (%) | 8.57 | 7.86 | Gain 0.71 percentage points |
8.8 |
II. Major quarterly accounting data for the reporting period
Unit: yuan
| First Quarter (January-March) |
Second Quarter (April-June) |
Third Quarter (July-September) |
Fourth Quarter (October-December) |
|
| Total operating revenue | 909,894,285.77 | 1,818,275,324.26 | 1,307,573,574.59 | 2,987,371,619.22 |
| Net income attributable to shareholders of the company | -26,078,171.88 | 171,852,218.64 | 74,969,501.72 | 321,695,961.18 |
| Net income attributable to shareholders of the company, net of non-recurring gains and losses | -66,040,939.18 | 92,793,459.65 | 100,952,009.14 | 244,892,445.01 |
| Net cash flow from operating activities | -645,149,723.00 | -13,127,402.90 | -370,749,270.90 | 927,883,851.77 |
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