Please enter the summary in the form here. Note: the key points of investment should include the basic characteristics of the company, main business highlights, investment logic and recommendation basis of researchers, performance expectations, investment rating, valuation analysis, risk tips and other core contents. The main points should be prioritized, and the important ones should be put first. There are 3-5 points, with a total of no more than 1000 words. Risk Tips:
The company issued a "notice on voluntary information disclosure of subsidiary companies to increase capital and shares and introduce strategic investors". Beijing Guofa Aeroengine Industry Investment Fund Center intends to act as a strategic investor. with its own capital of 30 million yuan to increase the capital of the company's subsidiary Shanghai Wanze Precision Foundry Co., Ltd., 4.0909 million yuan of the capital increase will be included in the registered capital of Shanghai Wanze The remaining 2590.91 yuan will be included in the capital reserve of Shanghai Wanze, and the capital increase will be used for purposes related to the main business of Shanghai Wanze.
After this capital increase, the Aviation Development Fund will hold a 3.75% stake in Shanghai Wanze, which is still a subsidiary of the company, and the company's indirect stake in Shanghai Wanze has been reduced from 76.20% to 73.33%.
Under the background of the national science and technology "two engines" major project, the key investment direction of the Aviation Development Fund is the related technology and industrial fields of aero-engine and gas turbine upstream and downstream. It has professional power and influence in the integration of aero-engine and gas turbine-related industries. According to the company's announcement: "the company's superalloy business is in a window of accelerated development, and the introduction of the Aviation Development Fund as a strategic investor is in line with the company's overall strategic development layout. It will help to seize the industry development opportunities, supplement cash flow and increase R & D investment, which will have a positive impact on the company's superalloy business development."
As of September 30, 2021, Shanghai Wanze has total assets of 787 million yuan, net assets of 82.0495 million yuan, operating income of 51.0611 million yuan in the first three quarters of 2021 (33.9602 million yuan in 2020) and net profit of-405.97 million yuan (6527,000 yuan in 2020). The scale of revenue has increased significantly.
We adjust our profit forecast and expect the company to achieve a net profit of RMB 1.01 billion / EPS0.2/0.28/0.4 per share from 2021 to 2023, corresponding to the closing price of PE on November 30, which is times that of 81-59-42, maintaining a "prudent overweight" rating.
Risk hint: the business of microecological biological preparation fluctuates, and the expansion of superalloy business is not as expected.