[research report] Bao Ti shares: what are the lower reaches of order growth in the distribution of product gross profit margin?

Published: Jul 21, 2020 11:37

The process of investigation and the content of the meeting

1. What is the distribution of gross profit margin of the company's products?

The distribution of the company's gross profit margin is roughly as follows: higher in aerospace, higher in foreign trade, and lowest in civilian products.

2. What are the downstream markets for the company's order growth?

The company's main markets are divided into civil products market, aerospace market and foreign trade market. From the sales volume, the sales volume of civilian products is the sum of foreign trade and aerospace. In terms of profits, aerospace and aviation is the highest, foreign trade is the second, and civil products is the lowest. The growth of the civil products market in 2019 is mainly due to the growth of new projects in the chemical market, and the growth of aerospace and aviation is mainly due to the increase in the demand for engines and civil aircraft.

3. What is the competitive environment in the civilian products market?

Competition in the civilian products market is under pressure, we have advantages, the products of large enterprises are guaranteed, the qualified rate of small enterprises is poor, and the output of companies is not comparable to that of small enterprises. In addition, large projects pay more attention to product quality, rather than just price comparison, the company mainly has a clear advantage in the core technology.

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