1. The target company is a leading manufacturer of aerospace parts in the industry, and the success of the acquisition will strengthen the company's industrial layout.
Gardner Airlines is a large multinational company specializing in the production, assembly and maintenance of aerospace parts and components in Europe. It employs more than 4500 people worldwide and has set up factories in the United Kingdom, France, Poland and India, headquartered in the United Kingdom. With annual revenue of more than 200 million US dollars, the company is a leader in the European market.
This acquisition will strengthen the company's industrial layout in the aerospace field, form an aviation industry chain covering the R & D and production of aero-engine blades, aero-engines and other parts, and drones, and enhance the company's technical strength. help the company to open up the market.
two。 The company actively promotes business transformation and is expected to usher in a performance inflection point.
The company's main molybdenum fine powder mining and smelting, due to the downstream steel industry downturn led to the company's performance continues to decline, the company has shut down the business, and actively to aerospace transformation. Rhenium is the associated ore of molybdenum. Rhenium-nickel-based alloy has excellent high temperature performance and is the main material for manufacturing advanced aero-engine and gas turbine blades. Relying on its own resource advantages, advanced rhenium purification technology and strong accumulation in the field of ultra-high temperature alloy manufacturing, the company has gradually transformed to aviation business and made good progress.
At present, the alloy materials and mass production blades independently developed by Chengdu Aerospace, a wholly-owned subsidiary of the company, have obtained relevant certifications. the first batch of mass-produced single crystal blades have passed user acceptance and achieved certain sales revenue, and more customers are in the process of certification; in terms of engines, the experimental tests of 750kg thrust engine and 1000 kg thrust turbofan engine of Chengdu Zhongke Aero engine Co., Ltd. are progressing smoothly. In the future, as the aviation business begins to achieve revenue, the company is expected to usher in a performance inflection point.
3. Large tonnage unmanned transport aircraft is about to test flight, with the help of Shunfeng Dongfeng layout UAV logistics.
Shunfeng is the primary strategic partner and core customer of Longxing UAV, a joint venture subsidiary of the company. The joint venture will give priority to the development of two large-tonnage unmanned transport aircraft for SF Group to meet the needs of SF Group's fast-growing high-end express market. at present, the scheme design has been reviewed by experts, the prototype has been completed, and a test flight is scheduled for the end of 2016. Shunfeng holds 4.41 million shares and 0.97% equity through participating in the private placement of the company, and is the sixth largest shareholder of the company. It is expected that the company will continue to deepen its cooperation with SF and actively lay out the field of drone logistics.
4. Profit forecast.
It is estimated that the company's net profit attributed to the parent company in 16-18 is-3 million, 44 million, 108 million, corresponding to EPS 0.00,0.08,0.19 yuan, corresponding to PE-5115X, 298X, 121X, the first rating is recommended.