Chinese research tools to help impeller axis localization

Writer： admin Time：2020-03-30 15:10 Browse：℃

Editor's Note: Pu Tuo company was founded in 2007 by Dr. multidisciplinary team, has customers Guoneishoutai axis parallel machine tools, China's first rocket whole cabin and a number of automatic drilling riveting equipment with independent intellectual property rights equipment.

Chinese private research tools to help impeller axis localization of a device only global

You would be difficult to imagine that an employee is only about 120 private enterprises to participate in the launch vehicle, the manufacture of large aircraft intelligence equipment. In the factory Shanghai Pu Tuo CNC Technology Co., there are many self-developed high-end equipment, after assembled sold aviation, aerospace manufacturing companies. The equipment, there is a station called "whole long mirrored wall milling centers" for milling large aircraft cabin siding. On the 30th of this month, it will accept aerospace customer acceptance. "This is the only piece of equipment, last March when colleagues talk out coffee creativity." Dr. Liu Gang, general manager, told reporters.

Tuo Pu company was founded in 2007 by Dr. multidisciplinary team, has customers Guoneishoutai five-axis machine tool, China's first rocket whole cabin and a number of automatic drilling riveting equipment with independent intellectual property rights and equipment. What makes Tuo Pu breaking the monopoly of foreign technology, to become private enterprises on behalf of Shanghai high-end equipment manufacturing industry?

Diverse team, holding a high hit

Eight years ago, several Shanghai Jiaotong University, Dr. decision: starting a company, their long-term study of five-axis CNC machine tool technology industry. But they know that technical experts established businesses, "Nine Lives." "One big reason for the low rate of transformation of university research, technology holders do not understand business management, capital operation and related laws, and the lack of mechanisms to domestic technology capital, management and financial capital combined." Liu Gang said.

For this understanding, they set up a diversified entrepreneurial team. In addition to the team and technical personnel, as well as lawyers and business management, investment experts. This makes Tuo Pu inception of the company, on the establishment of a more comprehensive enterprise system. Development of high-tech talent to want. 2012 has served as general manager Liu Gang is a machine tool specialists, who work in a large state-owned enterprises, but also record industry, is a compound talents. Dr. several other entrepreneurs were involved in machine design specialists, experts and five-axis CNC system technology software specialists. 57% of the company's employees are R & D personnel, including 18 master's degree or above, Dr. 9.

Strong research and development team, so like many companies without Pu Tuo With university institutes and experts as the "brain", significantly shortening the time from technology development to industrialization process.

Government support, help dream

After the 2011 venture capital, Pu Tuo development onto the fast lane. However, due to the R & D investment is too large, the market did not keep up, the company almost funding strand breaks in early 2012.

That this high-end equipment manufacturing enterprises are facing the dilemma, the government lent a helping hand. City Commission by letter launched a major technical equipment and the introduction of digestion and absorption of special research projects, help the company product development. In June 2012, city leaders went to Rio Pu company research. In September, the City Commission funding in the company to establish the "Shanghai Special CNC equipment and process engineering technology research center," and launched a major scientific and technological projects. Minhang Science and Technology Commission has also given support key projects. Inside and outside the enterprise together so that the force, the Rio Pu achieve financial break-even in 2012, for 2013 amounted to 190 million yuan order to lay a solid foundation.

"Without government support, we can not achieve today off, talk about how to achieve the dream!" Liu Gang said with emotion. He and his colleagues dream is to become Pu Tuo provide light alloys and special materials manufacturing systems and technical services to top international suppliers to contribute to the innovation of high-end equipment manufacturing industry.

To break the embargo, leading impeller

Pu Tuo team in just a few years to create a sophisticated mechanical transmission technology, the open end CNC system, advanced manufacturing technology, such as three technology platforms, developed nearly 10 leading core technology of high-end equipment. As of June this year, the company has 29 patents and software copyrights 24.

Five-axis CNC machine tools, is one of the core product Pu Tuo. This machine for machining complex surfaces, machine tool manufacturing industry called "crown" in the field of aviation, aerospace, nuclear energy, high-precision medical equipment and other important applications. United States, Japan embargo on China, European companies although exports, but the approval cycle is very long.

Pu Tuo before the establishment of National Chiao Tung University team has seven or eight years of accumulated technology in this area. Now, with the support of the City Commission and the City Commission by letter, the company has developed a proprietary whole Guoneishoutai axis machining center for the production of aircraft, rockets and car engine turbocharger core components - impeller. Next year, it will accept the City Commission acceptance, when a speed is expected to reach 5 minutes. With such efficiency, the impeller will be able to achieve localization.

With five-axis CNC machine tools technical support, Pu Tuo developed a fully automated drilling riveting equipment. Riveting aircraft, rocket manufacturing process most part process. "In 2012, we compete in and win foreign companies, got large domestic manufacturing enterprises rocket automatic riveting machine orders drill Since then, our orders soaring." Liu Gang said. In order to get this big orders, Pu Tuo team wrote a project proposal over 600 pages. Even more critical is that they self-developed device favorably on foreign products, but the price is only one fifth of the imported equipment.

Targeting high-end, innovative models

In Rio Pu company factory, there is a station 40 meters long and weighs 260 tons of the "big guy" - pod docking assembly for large girth FSW. Such devices are banned in foreign range. Last March, Pu Tuo understand the needs of domestic enterprises after it, determined to take the road of independent research. Their extensive collection of information, within a month of time to complete a preliminary design. Late last year, companies have to get multiple copies of orders.

From targeting customer needs, to complete the design, and then to get orders, Pu Tuo new product development cycle is usually six months or so. Why has such a high industrial efficiency? In Liu Gang seems, unlike most traditional manufacturing enterprises industry chain model is the main reason.

According to reports, Pu Tuo IT companies have "gene", the parts processing, logistics outsourcing to other companies, their only customer requirements development, standard design, assembly and commissioning, technical services and other four links. Advantage of using this model is no longer as tired as the most important assets as traditional manufacturing companies, but has become like IT companies as asset-light business, through cooperation with OEM manufacturers, fast replacement products.

Because of the large number of business outsourcing, Pu Tuo two years of development has also brought significant economic benefits to suppliers. This year, they are in Jiangsu, Zhejiang and Shanghai procurement costs over 200 million yuan.

"We want to participate in building the Shanghai headquarters of the high-end equipment manufacturing economy." Talked about business development plan, Liu Gang, said Tuo Pu want to build with the design center, the core manufacturing demonstration center, the headquarters base in the global service center functions with independent innovation for domestic external customers value. "Is expected in 10 years time, we can create a set of high-end equipment manufacturing, high-precision parts manufacturing, sales volume exceeded 10 billion yuan of enterprise groups." (Phoenix)

 

Aerospace Electronics (quotes, interrogation): benefit aerospace industry growth, asset injection is expected to strongly

Aerospace Electronics 600 879

Research institutions: Essence Securities analyst: Zourun Fang, Wangshu Wei wrote Date: 2014-07-30

Benefit from the aerospace industry, high growth, high income share of military

"Twelve Five" period, China and strive to achieve one hundred arrows one hundred Star program, space launch activity than the "Eleventh Five-Year" period doubled, while the next-generation launch vehicle development, Compass II system into operation of the promotion period and manned spaceflight and lunar exploration program and other major science and technology projects to enhance the degree of implementation of all aerospace industry boom, the growth rate is expected to aerospace industry in the next five years will be more than 15%, the company is expected to maintain a growth rate of over 20%. Company revenue 88% for military service, the higher the proportion, will significantly benefit from the rapid development of the aerospace industry.

Leading technology strength, UAVs will become a new bright spot

Leading technology companies in the UAV field, in 2013 the capture of a number of unmanned aircraft systems technical problems. UAV information system with advanced technology strength, market development capability significantly enhanced the successful bidder police UAV system procurement projects to achieve a major breakthrough in the police market segments; small long-endurance unmanned aerial vehicle system when the successful bidder for the ocean environmental monitoring Project, laid an important foundation UAV system products into the domestic marine applications. We expect the company's future UAV business will become an important growth point of profit.

A lower proportion of large shareholders, asset injection is expected to strongly

Major shareholder Aerospace Times Electronics Corporation directly and indirectly holds 26.23% stake in the company, the lower stake, motivation assets into existence. Corporate assets as well as 7107 plant 7171 plants, 230 plants and photovoltaic space age, yet the Institute of assets into the listed company, including 13, 771 and so on. 7107 is currently the largest shareholder of Baoji plant in 2013 to start the project aerospace industrial base needs to invest 1.35 billion yuan, supporting financing through asset injection is undoubtedly one of the ideal choice. Therefore, the more likely we are to judge the company's future integration of assets.

Investment advice: Buy -A investment rating, up six-month target price of 16 yuan. Integration of assets not considered factors, we expect the company in 2014 -2016 EPS was 0.30 yuan, 0.37 yuan and 0.51 yuan, maintain Buy -A investment rating.

Risk Warning: raise investment projects behind schedule; asset integration process is less than expected.

 

Aerospace Electrical (quotes, interrogation): Ultra-year results are expected to be on

Aerospace Electrical 600,151

Research institutions: Hong Yuan Securities (quotes, interrogation) Analyst: Wang Jing, Xu Chao, Hu Ying, Yangpei Long wrote Date: 2014-08-12

Aerospace Electrical publish an interim report in 2014, the first half the company achieved operating income of 1.51 billion yuan, an increase of 24.83%; attributable to shareholders of listed companies net profit of 33.9398 million yuan, with the reduction of 80.09%. The company also announced the transfer station announcement, the transfer of property rights exchange listing too Lanzhou Branch, Ningdong Shenzhou, Yiwu Pacific Division totaled 169.5MW-scale power plants. Our comments are as follows:

Mid-year report net profit decrease was mainly due to the transfer station down the 100MW, but the photovoltaic business revenue grew 25.24%, mainly PV module shipments increased significantly:

PV manufacturing - a substantial increase in sales volume components: solar cell and module production was 270MW and 380MW, implementation component sales 327MW, of which non-chain sales 245MW, while over the same period component sales 125MW, an increase of 161.60% from last year.

PV power plant - the outbreak of the second half of the building waiting, transfer delayed until August: As of the end of July the company has obtained the record 230MW of new projects, new projects nearly 200MW.

From changes in the Company's major construction projects, the current Qinghai Gangcha of 20MW, Hongsipu of 10MW, 30MW Zhongwei already completed, in addition to other already Hongsipu sale, as well as Yiwu 20MW, Ningxia Ningdong 100MW, Wing Gordon County 49.5MW and 50MW western slope of the Jinchuan area construction projects. Distributed also advanced to the mountain station, agricultural greenhouses power plants, industrial parks and housing roof plants.

Mid-year report net profit decrease is attributable to the transfer station down the 100MW: the company released station transfer notice, in the transfer of property rights exchange listing too Lanzhou Branch, Ningdong Shenzhou, Yiwu Pacific Division totaled 169.5MW-scale power plants, transfer success can pre-tax income 67 million yuan, the total transfer will reach 219.5MW. The transfer of the company's 169.5MW power plant, considering the EPC component sales and profits, we estimate, will give the company more than 160 million contribution to net profit. In addition, over the same period last year, Chengdu Aerospace transfer molding, Central Inner Mongolia Shenzhou Silicon Industry achieved 41.9899 million yuan of non-recurring gains and losses.

Continue to promote high-end auto parts business: the company nearly 20 new product development based upon the plan to promote, EPS industrialization and complete the sample in the test. Delphi shares remained stable growth, achieving a net profit 117 million yuan during the reporting period, the contribution to the company investment income 43,945,600 yuan.

Earnings forecasts and investment rating: We maintain our 2014-2016 EPS of 0.25 yuan, 0.47 yuan and 0.61 yuan, is expected to larger-than-expected full-year earnings possibilities, reiterated a "buy" rating, we recommend investors to take an active interest.

 

Space Appliance (Quote, interrogation) research briefing: military and civilian dual-led growth engine

Space Appliance 002 025

Research institutions: the Great Wall Securities analyst: Yuan Cheng, Wang Ting wrote Date: 2013-07-04

Investment advice:

Companies leading products for high-end relays, connectors and micro motor, widely used in aerospace, aviation, electronics, ships, weapons, transportation, communication and other fields. Market development, new product development capability and management skills continue to improve. 2012 revenues topped one billion yuan, the successful completion of Temple One manned rendezvous and docking with the Shenzhou nine other national key projects supporting tasks. 2013-2014 the company expects EPS of 0.47 yuan, 0.54 yuan, the current share price corresponding PE of 19.7 times, 16.7 times, giving the company "recommended" rating.

Highlights:

Military connector industry maintain our edge. Company for military connector industry leading products supplied to major military industrial groups, the majority of products are customized products, customers and steady demand. 2012 operating income of the company 645 million yuan connector, an increase of 29.4%, gross profit margin 41.75%. The main advantage is concentrated in the aerospace field, with the development of the domestic aerospace industry. The future the company will continue to maintain industry leadership.

Powerful micro motor areas of strength. Motor Company in 2012 income 252 million yuan, an increase of 31.53%, 30.53% gross margin. Electrical products company divided two kinds of military and civilian. Military production stable, civilian products in its infancy, in view of the company in the field of permanent magnet motors and other civil penthouse has entered the large central enterprises in the oil and other industrial chain, the future electrical business will have a new breakthrough.

Relay field leading domestic technology. The company is a leader in the field of military relay, 2012 relay revenues of 171 million, an increase of 27.8%, gross profit margin 54.72%. Relay industry higher margin, more stable revenue and market share, the company relays business will maintain steady growth.

Aerospace grade products promising future growth. The company is one of the few master key aerospace grade products manufacturing technology high-end electronic components suppliers, participated in virtually all domestic manned space projects. Aerospace industry demand for electronic components is very strong. China will carry out a series of future space programs, including the 2015 launch space laboratory Temple II, the company expects aerospace grade products business will maintain rapid growth.

The state encourages the development of new mechanical and electrical components. "Twelve Five" period is a crucial period of China's electronic and electromechanical product upgrading technology and the rapid development of the national industrial policy to support the development of new electronic components and electromechanical products to improve the level of information technology equipment, systems integration capabilities and energy levels, Among them, relays, connectors, and micro motor is supported by national policy priorities of the project, will be strongly supported by national policy.

Risk Warning: industry competition.

 

Aerospace Science and Technology (market, interrogation): business scale to keep steadily, and vigorously expand the car networking market

Aerospace Science and Technology 000901

Research institutions: Southwest Securities (quotes, interrogation) Analyst: Xu Weihong writing date: 2014-03-21

Event:

In 2013 the company achieved operating income of 132,616 yuan, an increase of 1.4%; net profit attributable to shareholders of listed companies 4,767 million, an increase of 21.26%. According to the latest EPS0.19 per diluted share. The company intends to shareholders delivered 0.2 yuan cash dividend for every 10 shares, not to implement reserve capitalization, no bonus.

Comments:

Business scale remain steadily, profit growth increased dramatically: report period the company achieved operating income, net income increased steadily. The company's main products, car networking and industrial networking, product development momentum of petroleum equipment, electrical equipment and other good sales accounted for the largest aerospace products successful completion of the product support tasks, in which the inertial control system and product-wide The annual sales revenue grew 14.5%, a combination of the successful completion of the accelerometer, "Chang-e III" and other major aerospace engineering tasks. The company is also expanding overseas market with remarkable results. Company car networking projects with the National Development and Reform Commission and the application of satellite development projects funded during the year. Improve the internal management of companies around the level of the year in terms of project management, project management, human resources management, internal control system, corporate culture construction carried out a lot of work to continuously improve management efficiency. Resulting in the company net profit attributable to shareholders and earnings per share growth over the same period last year, listed companies have substantially exceeded revenue growth.

Increase investment vehicle networking and environmental protection projects, the successful market expansion: in 2013, the company accelerated the pace car in the networking market expansion layout, car networking business in full swing, realized Jiangxi, Ningxia, Anhui, Zhejiang, Fujian, Shanxi, Jiangsu, , Hebei and other eight provinces layout, in which companies in Jiangxi, Fujian, the company has incorporated, Zhejiang, Shanxi, Ningxia and other subsidiaries are in preparation. To complete the construction of the five provincial operating platform, five end products detected by Ministry of Transportation and announcements. Things aspects of environmental protection, in the case of desulfurization and denitration intensified market competition and other traditional businesses, environmental monitoring (CEMS) outstanding business performance, operation and maintenance are also showing growth, contribute to earnings growth, while carrying out energy-saving, environmental remediation and other services . 2014 the year the company will continue to be a strategic plan for the center, to further focus on vehicle networking, networking, aerospace technology, the main industry, and fully seize the opportunity for development of things, get car networking, rapid development in the field of military things, while actively developing oil things, environmental things applications.

Profit forecast and rating: 2014-2015 the company expects EPS were 0.22 yuan, 0.27 yuan, corresponding to 2014 dynamic PE67.58 times; maintain "overweight" rating.

Risk Warning: car networking freight vehicles whether the regulatory approach of policy continuity, risk of market competition, new technology development risk

 

AVIC Aircraft (quotes, interrogation): the largest order in the history of the new boat, regional aircraft gradually gained recognition to domestic customers

AVIC Aircraft 000 768

Research institutions: Haitong Securities (quotes, interrogation) Analyst: Xu Zhiguo, Longhua, Xiong Zheying writing date: 2014-08-12

Event: The company announced on August 1, Xi'an Aircraft branch belongs to the announcement date and happiness Airlines Co., Ltd. signed a "new boat aircraft purchase contract," Joy Air Xi'an Aircraft Branch intends to purchase 60 (30 confirmed Order and purchase intent 30) New boat aircraft. Since the effective date of the contract is valid for six years, 30 new boat contract total amount of happiness aviation aircraft on firm order is approximately $ 2.7 billion since the beginning of 2015 deliveries, the specific delivery time to finally get CAA approval shall prevail.

Comments: The new boat signed the biggest ever aircraft orders, reversing the domestic regional aircraft "wall flower wall incense" situation. Our regional aircraft accounted for only 9% of the number of aircraft in civil aviation, while the mature aviation market in the world such as America, Europe, regional aircraft holdings accounted for 43% and 36% respectively of the total fleet. Bombardier forecast for the next 20 years China 20-100 seat class regional aircraft deliveries of about 6000, but the domestic market is currently occupied by foreign manufacturers, Embraer only one to occupy 78% market share. Since 2005 the first aircraft delivered new boat abroad, has won orders for more than 270 cumulative, distributed in 17 countries worldwide 27 users, nearly 100 have been delivered to operators in Africa, Latin America, Southeast Asia, the CIS and the South Pacific More than 260 routes (quotes, interrogation) and other regions. The boat planes and signed a new domestic airline large orders, is expected to reverse-made regional jet has been "wall flower wall incense" situation. The remaining new boat series aircraft, the new boat 600 in market development stage, new products and new boat 700 has been the national project, currently under development phase, the first flight is expected in 2016, the entire new boat series is gradually matured, will be accompanied by our branch aviation market continues to grow and benefit.

The head section C919 machine offline, made large aircraft more lines closer. The head section first aircraft C919 aircraft (affiliated subsidiary) July 31 in the aircraft industry to fly civil aircraft assembly off the assembly line, the first test aircraft planned to start in the second half of the assembly, first flight is expected in 2015, the fastest delivery in 2017 commercial operations, the current order has reached 400. C919 major competitors are the Airbus A320 and Boeing B737, the world's holdings of these two aircraft about 8000; while in 2012 China's civil aviation both nearly 1200 aircraft fleet over the past 10 years CAGR of 15% ownership . Boeing's forecast for the next 20 years our country needs 5,580 new aircraft, 70% for single-aisle aircraft, whereby the estimated demand of about 3900. C919 company as a major supplier of body structure, will greatly benefit from the localization process of the global aviation industry and the steady growth of China's civil aviation aircraft.

20 huge demand for future space transportation. In the context of our strategic gradual globalization, strategic delivery capacity needs increase, the current United States and Europe and Russia and other countries, especially the serious shortage of strategic transport compared to the number of large military transport aircraft, only a small amount of imports of IL-76 equipped troops. The company is the only manufacturer of large transport aircraft, Il-76 transport -20 performance than the huge domestic demand, we expect demand for the next 20 years to about 350-400 shipped -20 aircraft, amounted to 500 billion yuan or more. The company benefited from short-term small series production aircraft orders, the long term future of mass transportation -20 can pull the entire aviation industry in the large aircraft industry chain.

The company is expected to replicate the Airbus development trajectory. Companies with regional aviation as a starting point, focusing on the development trunk represented C919 aircraft, like the 1970s into the early Airbus commercial aircraft market, with 220-270 seat aircraft launched a breakthrough between the A300, to obtain market acceptance thereafter accompany market growth and the rapid growth in government support. Airbus 2014 latest market forecast that the next 20 years the Asia Pacific region will surpass North America and Europe to become the world's largest air transport market, China will lead the global aviation market growth. Boeing predicts that over the next 20 years China will need 5,580 new aircraft, worth a total of $ 780 billion. Company as MA60, MA600, MA700 regional jet manufacturer, ARJ21 aircraft major airframe manufacturers, C919 large aircraft airframe major suppliers, and there is strong support for the state of the industry, the future is expected to replicate the Airbus development path, share China and the global aviation market big cake.

 

Integrated into the flight (quotes, interrogation): the restructuring plan announced in the future the only platform Defense

Integrated into the fly 002,190

Research institutions: the Great Wall Securities analyst: Wei Mengzhuan write Date: 2014-05-22

Integrated into the flight after four months of suspension announcement on the 19th of this major asset restructuring company intends to take the issue of shares to buy assets of the way, flying from the aircraft industry into an integrated, Huarong company and three Hongdu Group assets into the side directed issue of shares, buy 100% stake in Shenyang Aircraft Group, CAC Group 100% 100% equity stake and Hongdu Science and Technology. Meanwhile, this restructuring will be implemented supporting financing, Serve integrates intends to fly in the aircraft industry, Huarong company, AVIC Aircraft, Aviation Electrical (quotes, interrogation), AVIC investment AVICHINA, Aviation Electronics (quotes, interrogation ), CATIC, Hang Sheng investment and soaring investment in non-public offering of shares to raise funds 5 billion yuan. Future, the company to the Air Defense business transformation from the original car business, and will become the sole AVIC defense assets listed company platform. The defense assets into the future, significantly enhance the company's profitability and development. We first give "highly recommended" rating.

The company's business transformation, defense assets into: the assets into the future, the company's main business will be a major shift from the original auto parts business to defense aircraft assembly business transformation.

Cheng Fei and Shen Fei as the main unit in the aircraft industry's development and production of fighter aircraft. There's a variety of mature fighter type, such as: the F-10, F-11B and so on. There is developing the F-15, F-20 and so on. Honduras is the development and production of air-surface missile technology based industry companies, the main products have wide application range, precision strikes and other combat capabilities. We forecast operating income and net profit by this asset injection will substantially increase from the original 770 million yuan to nearly 23 billion yuan, net profit increased to nearly 8 billion respectively. The company's profitability increased dramatically.

Equipment cycle contributed to fly and fly heavy volume Shen main models: the future of business restructuring, upgrading of equipment is in the cycle, so the company will benefit from the next 3-4 years to enhance the Air Force equipment. We expect the next few years the company's revenue will remain above 20% growth. Net profit is also a substantial increase in the same proportion.

Group 5 billion financing package internal digestion, the company promising: the company assets into this process, also announced five billion supporting the financing needs, due to the extremely optimistic about the future development of the Aviation Group company, thus supporting the financing of all the internal sale, the holding period of 36 months (table 1 below).

This is easy to see from the Air Group's overall development for the company's confidence in the next three years.

Earnings forecasts and investment rating: We According to CAC Group, SAC Group, the development of technology and the company's original business Honduras, the estimates of future revenues for 2014-2016 22.588 billion yuan, 29.364 billion yuan and 38.173 billion yuan, net profit of 796 million yuan, 1.039 billion yuan and 1.353 billion yuan. We are optimistic about the company's future in the development of aircraft defense business, we first give "highly recommended" rating.

Risk Warning: asset injection and supporting financing can not be completed on time; lower than expected number of aircraft equipment.

 

China Aviation Optical (quotes, interrogation): Short-term benefit from the military and 4g, long-term bullish on defense conversion strategy

China Aviation Optical 002,179

Research institutions: the State Securities (quotes, interrogation) Analyst: Zhang Shuai, Song Jiazhuan write Date: 2014-06-12

Industrial connectors leader, military service constitutes a moat: The company is a subsidiary of China Aviation Industry Group connector enterprises, the development of Chinese military equipment allows the company to become one of the world's 10 largest military connector business since 2007 listed companies to maintain a 20% annual revenue growth;

Short-term investments to benefit the military and 4G: Our main business includes military connector and communication connectors, the company benefited from increased short-term tilt and 4G equipment investment to peak in 2014 at the start of military spending, we expect this year's electrical connectors and optical devices businesses will reach 30% -40% of high growth;

Long-term bullish on the company strategy of conversion: industrial grade connectors accounted for 60% of the share of the connector market, reaching $ 30 billion, the market is basically monopolized by the United States, Japan, Germany and other foreign companies, with the escalation of domestic equipment manufacturing industry, there is a huge import substitution space, in 2013 started the company established a development strategy of conversion, identified eight key areas such as the development of new energy vehicles, properties, industrial-grade connector industry will determine the company must be endogenous and extension from two dimensions to promote open up civilian areas;

Endogenous: The Company actively steering components from the system integration and solutions company in the field of new energy vehicles, with more than 20 domestic automobile manufacturers to jointly develop links system standard, the future will fully benefit from the development of new energy vehicles; while the company as the sole C919 civil aircraft suppliers provide interconnection system will help enhance the company's systems integration capabilities;

Epitaxial areas: in 2013 the company began to integrate internal and external connector resources to complete the capital increase in Shenyang and Shaanxi Xinghua Foster's acquisition, we believe that in the context of conversion strategy, the company outward expansion is just the beginning; investment advice.

We forecast the company achieved revenues of 3.5 billion yuan 2014-2016, 4.5 billion yuan and 5.36 billion yuan, net profit was 350 million yuan, 450 million yuan and 540 million yuan, corresponding to EPS of 0.75 yuan, 0.98 yuan and 1.16 yuan;

The current stock price corresponding 20 × 14PE and 16 × 15PE, considering the company this year to benefit from the certainty of military and 4G investment, as well as company layout in the new energy automotive field, we give the company 20 times 2015 PE, corresponding to the share price of 20 yuan, for the first time coverage with a "buy" rating; risk.

Market development is lower than expected, resulting in provision for accounts receivable increased longevity large bad debts;

 

AVIC Electromechanical: a non-trend quarter, full-year results are expected to grow steadily

AVIC Electromechanical 002,013

Research institutions: GF Securities (quotes, interrogation) Analyst: True Yi, Luo Libo writing date: 2014-04-21

The key point:

Income of 673 million yuan the company for 13 years, an increase of 0.84%; net profit attributable to parent company 419 million yuan, up by 12.69%; 13 years EPS0.58 yuan / share, an increase of 11.54%. Results in line with expectations. Company revenue growth is small, mainly non-aviation products other manufactured products declined bigger. 14 years a quarter revenues 1.235 billion yuan, an increase of 2.13%; net profit attributable to parent company -0.25 billion, a quarter EPS-0.03 yuan / share; company also notice in the newspaper owned by the parent net profit in the range of 150 million to 220 million .

13 years of aviation products increased, decreased non-aviation products, the company's revenue still accounts for the bulk of the structure of aviation products. Aeronautical products, non-aviation products, trade services and other revenues accounted for three categories were approximately 56%, 41% and 1%, a further rise in the proportion of aviation products. This is mainly aeronautical revenue grew about 16%, non-aviation business revenue due to declining Qingan's compressor business declined about 15 percent.

Consolidated gross margin improved, but the cost and increase the rate of increase in asset impairment losses for 13 years. The company consolidated gross margin 3.76 percent for 13 years, including aviation product gross margin by about 1.58 percentage points, the non-aviation product gross margin has been raised 3.06 percentage points; three expense ratio increased by about 1.89 percentage points higher than a year earlier. In addition, since 2012 there is a large asset impairment loss reversal thereby increasing the net profit for 12 years, 13 years, because there is no large increase rushed back and reflect losses. 14 years a quarter net loss was mainly due to one-quarter appear to deliver less military, over the years, a quarter of the company's performance is the annual lows. With the subsequent military normal delivery settlement, earnings data will become normal. The company set a 14-year income of 7.4 billion, 510 million of the target profit, we think you can look forward to steady growth.

Earnings forecasts and investment recommendations: 13 years in December announcement had entrusted with the management company controlling shareholder - AVIC Electromechanical Systems Company's 18 companies have little effect in the short term performance of the company entrusted with the management, but further defined the company as the company's integration of electromechanical systems platform position. The company expects EPS of 14-16 0.60,0.63,0.72 yuan / share, corresponding to 14 years of PE of about 24 times in the entire military industry in a relatively low valuation levels, we are optimistic about the company as AVIC Electromechanical Systems Integration Platform and prospects for the development of domestic military and civilian aircraft brought great development, maintaining a "buy" rating.

Risk Warning: to promote the progress of the company subsequent integration of assets is uncertain; company's non-aviation business may still be affected by continued market environment changes.

 

Aircraft heavy machine (quotes, interrogation) Annual review: main business stable and good, the emerging trend of energy recovery

Aircraft heavy machine 600765

Research institutions: Southwest Securities analyst: Xu Weihong writing date: 2014-04-13

Event:

In 2013 the company achieved operating income of 638,586 yuan, an increase of 18.87%, achieved operating profit 23,290 million, an increase of 83.76%, net profit attributable to shareholders of listed companies 153.31 million yuan, down 28.18 percent. According to the latest EPS0.20 per diluted share.

Comments:

Rising main business scale operation presents a stable and well: in 2013, in China's economic growth continued to slow down in the macro environment, the company on the one hand re-defined the strategic positioning of the three main industry; hand specification corporate governance, both indicate the direction of, and reinforce internal strength, to achieve the company 'steady for the better, "the development trend. Overall, the three main business situation presents a stable and good posture: Malleable business steady development, hydraulic business Charge slight increase, new energy business has experienced a period of adjustment after the trend of recovery.

During the reporting period, the company achieved operating income of 638,586 yuan, an increase of 18.87%, which malleable business income 471,250 yuan, an increase of 27.35%, accounting for 74 percent of business. The company realized a total profit of 19,207 million yuan, down 50.46 percent, mainly because of a subsidiary in the previous reporting period, the transfer of ownership of assets acquired non-recurring gains. So the report period the company achieved a net profit attributable to shareholders of listed companies after deducting non-recurring gains of 12,958.70 million, an increase of 13,488.68 million.

Emerging energy tends to recover, to cultivate new industries: 2013 As conditions improved and net consumptive, absorb the excess capacity, as well as national attention to the degree of use of renewable energy continues to increase, in 2013 became a turning point in the wind power industry boom. Expected annual increase domestic installed capacity of 2013-2015 were 15,18,20GW, the growth rate is maintained at between 10-20%. According to the national "renewable energy development," second five "plan", to 2015, the cumulative installed capacity of wind power and network operation reached 100 million kilowatts, of which offshore wind power installed capacity reached 500 million kilowatts, the recent market demand remains stable. 2020 China's wind power installed capacity target of 200 million kilowatts during the 2016-2020 annual installed capacity of about 20 million kilowatts, optimistic about the future market expectations. 3D printing industry output value in 2011 reached $ 1.7 billion, an increase of 29 percent, according to the British by timber Manufacturers Association predicts that 2015 is expected to reach $ 35 billion. Currently the world laser company passed the quality system certification audit inspection, the Beijing Municipal Committee of military secrecy qualification certification approval, a production line equipment into the commissioning phase.

Profit forecast and rating: 2014-2015 the company expects EPS were 0.26 yuan, 0.36 yuan, corresponding to 2014 dynamic PE49.19 times; maintain "overweight" rating.

Risk Warning: policy risk, foreign exchange risk trade