Hu Wenming, the chief commander of the first domestic aircraft carrier, said in an exclusive interview with CCTV reporters that the aircraft carrier construction is progressing smoothly and the power system test has begun. The first aircraft carrier completely completely built by China is also the second aircraft carrier owned by China. It was completed in Dalian on April 26 this year. Hu Wenming said that this is one of the important nodes for the development of aircraft carriers. After the launch, the first domestic aircraft carrier will still carry out subsequent equipment installation and testing work in the shipyard.
According to another news, the Ministry of National Defense issued a statement late at night, strongly demanding that the Indian side immediately withdraw the border guards across the border to the Indian side of the border line, properly resolve the incident as soon as possible, and restore peace and tranquility in the border areas between the two countries. No country should underestimate the determination and will of the Chinese military to safeguard national sovereignty, security, and development interests. The Chinese military will unswervingly safeguard its territorial sovereignty and security interests. Up to now, the Indian border guards still have illegally stranded personnel and machinery on Chinese territory. The Indian side’s acts seriously violate China’s sovereignty and territorial integrity, violate the 1890 Sino-British Conference on Tibetan-Indian Treaty, and violate the UN Charter. It is a gross violation of the basic principles of international law and the basic norms of international relations.
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AVIC High-Tech 600862, Diagnostic Unit : Aviation Composites National Team, future development of new materials and high-end equipment two-wheel drive
AVIC's high-quality asset injection, future aviation new materials and high-end intelligent equipment two-wheel drive. The company's predecessor, Nantong Technology, is mainly engaged in real estate development and machine tool production and sales. In 2015, AVIC Hi-Tech Development carried out a major asset restructuring of the company, injecting three assets of AVIC Composites, Youba Baimu and Youcai Jinghang. The business was extended to the new aviation materials field and renamed AVIC High Tech. After the reorganization, the company implemented a holding-type management and control model, and each business developed in the form of a subsidiary. In the future, the company will withdraw from the real estate market in an orderly manner, forming a new main business pattern of aviation new materials (including civil goods conversion) and high-end intelligent equipment manufacturing.
Aviation composite materials business: China's aviation composite materials development potential is huge, the leader of AVIC composite materials industry is expected
Benefit. The proportion of composite materials currently used on aircraft is gradually increasing. On the one hand, China's military aircraft and civil aircraft are far behind developed countries in the proportion and level of composite materials application. On the other hand, in recent years, the national new project aircraft models use a large number of composite materials, and the amount of single-machine composite materials is significantly improved. Therefore, the future development potential of China's aviation composite materials is huge. . The subsidiary, AVIC Composites, is a leader in the domestic aviation composites industry. China is currently a major supplier of military aviation composite materials and has been involved in the manufacture of civil aviation composite materials. At present, its products are resin-based composite prepreg, honeycomb, core material and other composite raw materials, mainly supplying Xifei, Chengfei, Shenfei and other AVIC aviation complete machine factories.
During the “Twelfth Five-Year Plan†period, the company achieved major breakthroughs in a number of key technologies, supporting the development of multiple models, and the completion of the first phase of the park construction. During the “13th Five-Year Plan†period, the company actively organized project demonstrations. We believe that the company as a domestic aviation composite material leader, the market and technology advantages are obvious, and there is no competition with overseas manufacturers, the future development will benefit from the broad development space of aviation composite materials. In addition, the company expands into new markets and continues to promote the development and industrialization of non-aviation products such as automobiles and rail transit: to overcome the new composite bus body technology, the body has entered the market conditions, broke through the relevant technology of auto parts and won the first batch of orders, and Zhongzhi New energy vehicles set up joint ventures to jointly develop the pure electric bus market.
Brake disc service of civil aviation passenger plane: Domestic import substitution demand is large, excellent material Baimu civil steel brake disc deputy dragon
head. According to the company's 2016 annual report, the “Thirteenth Five-Year Plan†period is an important strategic opportunity for China's civil aviation development. It is expected that by the end of the “Thirteenth Five-Year Planâ€, the number of domestic civil aviation passenger aircraft will reach 3,800. At present, only a few models of China's civil aviation aircraft realize the localization of brake discs, and the rest need to be imported. The domestic civil aviation brake material market scale exceeds 1.5 billion yuan/year, and the domestic brake disc sub-market share is less than 10%. In the future, the brake disc sub-import substitution demand is large. The subsidiary company, Benmu, is the manufacturer and supplier of the civil aircraft brake discs. It is expected to be a share of the relevant market in the future. In addition, the company's wheel maintenance business developed smoothly, and successfully developed the special vehicle brake product market, creating new profit growth points.
Orthopedic human implant business: The first entrant of the industry's domestic industry, will be introduced into the industrial chain strategy
Funder. The subsidiary company, Beijing Airlines, is the earliest orthopaedic human implant product and one of the earliest manufacturers in the field. At present, in the face of the fierce competition in the medical device market, U-Jing will accelerate the introduction of new products into the market and introduce relevant strategic investors in the industrial chain.
Equipment business: Comprehensive strategic cooperation with AVIC Manufacturing. Affected by factors such as the macroeconomic environment and the continued sluggishness of the machine tool industry, the company's machine tool business has suffered serious losses in recent years. In order to promote the loss of machine tool business and increase its transformation and upgrading, the company established a long-term comprehensive strategic cooperation relationship with AVIC Manufacturing at the end of 2015 to jointly develop high-end equipment manufacturing industry. In 2016, the company established Hangzhi Technology, completed the separation of assets and business operations with listed companies, and ensured the production schedule and delivery of the coordinated projects of AVIC Manufacturing. In addition, Nantong Machine Tool, a subsidiary of the original machine tool business, strives to expand the market share of existing products and actively participate in the “Belt and Road†to expand overseas markets.
Real estate business: effective destocking, smooth exit in the future. The company's real estate business is undertaken by the subsidiary Jiangsu Zhihao. In 2016, Jiangsu Zhihao grabbed the opportunity of the property market to pick up the warmth, rationally controlled the development rhythm, and comprehensively and effectively destocked. In the future, the company will smoothly withdraw from the real estate business according to the strategic plan.
Earnings forecasts and investment advice. The company's EPS for 2017-2019 is expected to be 0.07, 0.09, and 0.10 yuan respectively. The company's current valuation is relatively high.
risk warning. (1) The demand for military products has declined; (2) The competition in the civilian products market has intensified.
AVIC Electronics 600372, Diagnostic Unit : The combination of industry and finance in military enterprises is gradually getting better, and the integration of military and civilian opens the future growth of the company.
The company issued a public offering of convertible corporate bonds. The total amount of funds to be raised does not exceed RMB 2.4 billion, of which 1.816 billion is for 11 industrialization projects and 584 million is for supplementary liquidity, with a term of six years from the date of issuance. The coupon rate and the final interest rate level for each interest-bearing year are negotiated and determined, and the interest rate of the convertible bonds and the last year interest of all unconverted shares are repaid at the time of interest payment. The conversion period shall be from the first trading day after the expiration of six months from the date of issue to the expiration date of the convertible corporate bonds.
1. The combination of industry and finance in military enterprises is getting better
As a listing platform for the aviation industry's electronic sector, the company has publicly issued convertible bonds, indicating that the awareness of military enterprises in using the capital market is constantly strengthening, and the diversification of financing methods is obvious. The integration of industry and finance in the military industry is getting better. If it can be promoted smoothly, it will have a certain exemplary role.
2. The characteristics of military and civilian integration in the fundraising project are obvious
The avionics technology has the advantage of strong military and civilian versatility. Under the background that the military-civilian integration has risen to the national strategy, the company implements the “military technology derivative†strategy in accordance with the principle of “technical homogeneity and industry same rootsâ€, and 11 industries invested in this fundraising. The military-civilian integration of the project is obvious, not only in the military, aviation, aerospace, ship, armored vehicles, border defense, armed police and other military fields, but also has great development potential and space in the general aviation, rail transit and automotive fields. The fundraising project will strongly promote the realization of the company's "343" strategy, that is, the ratio of aviation military products, non-aviation civilian products and non-aviation defense services to operating income will be 3:4:3. The promotion of military-civilian integration will further open the company's future. space.
3, the platform status is clear, the performance turning point is expected to appear
After the listing of the company, after three major asset restructurings, it integrated most of the avionics assets of the avionics system company. In 2014, it hosted a number of enterprises and institutions affiliated to the avionics system company, and had sufficient decision-making power over its management and development. The position of the platform for the listing of the industrial avionics system is basically clear, and the further injection of assets in vitro is worth looking forward to. In addition, the company's performance in the 2016 business due to problems such as subsidiary business has declined significantly. The current problem has been improved. The business target for 2017 is annual sales income of 8.055 billion yuan, total profit of 738 million yuan, up 15.8% and 26.6% year-on-year respectively. Gradually on the right track, the performance turning point is expected to appear.
4. Performance forecast: It is estimated that EPS in 2017-2019 is 0.33, 0.41, and 0.49 yuan, corresponding to pe of 47, 39, and 32 times.
Risk warning: The reform of research institutes is affected by national policies; the expansion of civilian products is lower than expected.
Zhongzhi shares 600038, diagnostic stock : Paris Air Show military and civilian helicopters unveiled, the value of emergency rescue navigation helicopters highlighted
From June 19th to 25th, the 52nd Paris Air Show was held. The military helicopter direct 10me gunship and the straight 19e gunship were first exhibited at the Paris Air Show. The civilian helicopter ac312 and the general aircraft transport 12 series (including 12e, transport) 12f) Exhibitors. Among them, the medium-sized double-receiving civilian helicopter ac312 has obtained the type certificate and production license of the Civil Aviation Administration of China, and passed the aeg operation review.
The demand for rescue and rescue tools is urgent, and the company's value is highlighted: On June 24, the Maoshan County in Sichuan Province collapsed and the mountain collapsed. All aspects of the use of navigation helicopters emergency assistance. At present, the number of helicopters available for emergency rescue services in China is extremely small, and the demand for helicopters in the construction of aviation emergency rescue systems is very urgent. During the 2008 Wenchuan Earthquake, the entire military and civil aviation system produced 99 helicopters, including 30 civilian helicopters. Among the disaster relief helicopters, the Mi-171 model is the most embarrassing, followed by Black Hawk, Straight Eight, Super Puma and other models. The domestic helicopter market has a low market share, and helicopter applications are extensive. The domestic market has broad demand and huge growth potential. As the only listed company in China, the company will contribute to the filling of emergency rescue equipment vacancies.
The pilot pilot program has been launched nationwide. The market for general-purpose fixed-wing aircraft and rotorcraft is broad, and the performance growth can be expected: May 17, 2016, the State Council will receive the “Guiding Opinions on Promoting the General Aviation Industry's Exhibitionâ€, pointing out that 2015 At the end of the year, there were 1,874 general-purpose aircraft on the books. It is planned to reach more than 5,000 general-purpose aircraft by 2020, and the economic model of the general aviation industry should exceed 1 trillion yuan. At present, helicopters are compared with 37% in general-purpose aircraft. By this ratio, by 2020, the Chinese helicopter market will reach 1,850. The company's core products are straight 8, straight 9, straight 11, ac311, ac312, ac313 and other helicopters and parts, as well as y12 and y12f series aircraft. In 2016, the company's model development progressed well, and the sales of various helicopters were stable and the main products gradually stabilized the market. At present, the pilot navigation has been fully rolled out in the country, and the civil aviation industry is nearing the eve of the outbreak of growth. The company is a domestic helicopter leader. With abundant model reserves and competitive price/performance ratio, it is expected to share the market opportunities for the rapid growth of civil aviation demand.
The reform of research institutes and the in vitro asset injection are expected to be strengthened: On June 20, the first plenary meeting of the Central Military-civilian Integration and Reception Committee was held. On June 19th, AVIC Group, which has the highest degree of asset securitization of the military industry group, has accepted the “Decision on Deeply Implementing the National Military-Military Integration and Exhibition Strategyâ€. The military-civilian integration of national strategy will accelerate the advancement of military research institutes. Restructuring, asset securitization is expected to increase. The company's current business only includes civilian helicopter assembly and helicopter parts and other services, while the military helicopter assembly is still owned by Hafei Group and Changfei Group. The design and research work is mainly undertaken by AVIC 602. With the implementation of the reform of research institutes and the acceleration of asset securitization, the in vitro helicopter asset injection is expected to increase.
The performance remained stable: the company's operating income in the first quarter of 2017 was 2.08 billion yuan, down 14.6% year-on-year; the net profit attributable to the parent company was 71.10 million yuan, up 27.6% year-on-year, corresponding to an earnings per share of 0.12 yuan. The company is mainly engaged in civil helicopters and parts and components. The product delivery cycle is relatively long and is usually concentrated in the second half of the year. In 2016, the company's revenue was 12.522 billion yuan, down 0.18% year-on-year. The net profit attributable to the mother was 439 million yuan, a year-on-year increase of 0.48%. In terms of main business, aviation products revenue was 12.248 billion yuan, down 0.01% year-on-year. The period expense was 1.185 billion yuan, down 5.97% year-on-year. The performance remained stable. In 2017, the company aimed at the three major markets of government procurement, navigation operation and foreign trade export in the market research, marketing, market development and sales management to control the company's headquarters and control role, fully prepare for the Tianjin Helicopter Association, fully grasp The å order has promoted the continuous improvement of the service system and improved the market share and brand value of domestic helicopters. These market-based measures are expected to lead to performance growth.
Investment suggestion: It is predicted that the company's operating income in 2017-2019 will be 14.451 billion yuan, 17.82 billion yuan and 21.54 billion yuan, and the earnings per share will be 0.84 yuan, 1.02 yuan, 1.31 yuan.
Risk warning: The policy has reached the expected level, the progress of helicopter development has reached expectations, the restructuring of the institute and the injection of assets are lower than expected.
[Editor: heyan]
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