Aerospace Engineering was founded in 2007, with the national focus on the promotion of clean coal gasification technology, is the leading enterprise in the domestic coal gasification engineering industry. The company is mainly engaged in the research and development of coal gasification technology and key equipment, engineering design, technical services, complete equipment supply and project general contracting, with an income of 1.044 billion yuan in 2013, an increase of 36.65% over the same period last year and an average compound growth of 31.52% in 2011-2013. achieve a net profit of 228 million yuan. In terms of business, the annual income from patent proprietary and general equipment sales, engineering construction fee income, patent technology implementation license, design consulting and maintenance technical services were 824 million yuan (78.92%), 92 million yuan (8.89%), 54 million yuan (5.17%), 68 million yuan (6.55%) and 5 million yuan (0.48%), respectively. The sales of proprietary and general-purpose equipment are its main sources of income. From January to June 2014, Hebei, Shanxi, Inner Mongolia and Guizhou accounted for about 82.55% of the total income.
Coal gasification industry is in line with the national energy development trend, and it is an industry with high technical barriers and qualification barriers. Coal accounted for 66% of China's energy consumption in 2013. China's energy reserves, production and consumption structure determine that coal will still be the main energy in China for a period of time in the future. Coal gasification technology can significantly improve the utilization value and efficiency of coal resources. In recent years, the state has issued a series of policies to regulate the healthy and stable development of the coal chemical industry and clearly regard advanced coal gasification technology and related industries as high-tech industries to encourage and give priority to development. As a technology-intensive industry, the industry has high technical barriers to new entrants; on the other hand, enterprises need to have the corresponding conditions to apply for qualifications in order to engage in activities related to the level of qualifications, so qualification is another important barrier to new entrants.
The company has core technology for military and civilian use, complete qualifications, strong R & D capabilities and project lifecycle management and service advantages. The company has independent intellectual property rights of aerospace pulverized coal pressurized gasification technology. This technology breaks the foreign technology monopoly, has a broad prospect of industrialization, and has won national honors for many times. As a high-tech enterprise in Beijing, it has 63 patents and a number of design qualifications. The staff has strong R & D ability, has project life cycle management, and the business has a large profit space.
Profit forecast: the diluted EPS per share after the company's 14-16 issue is expected to be 0.77,0.87 and 0.94 yuan respectively, and the PE fluctuation range of listed professional engineering enterprises in 2014 is 25-30 times. We estimate that the reasonable purchase price of the company is between 19.25-23.10 yuan according to the 2014 PE 25-30 times.
Risk hints: the risk of continuous decline in oil prices, the unfavorable risk of market development and the risk of income imbalance in each accounting period.
