南方轴承(002553)调研报告：翼龙振翅：切入航空后市场打开成长空间

　　Nanfang Fengcheng is one of the largest manufacturers in China that has succeeded in producing needles and surpassing clutch production. In 2016, the company expanded its shares in Wuxi Pterosaurs to enter the aviation aftermarket, opening up a growth ceiling. Key investment points: Invest in Wuxi Pterons and enter the aviation sector. Wuxi Pterosaurs is the only company in China that has obtained approval from the General Administration of Civil Aviation to engage in aviation tire business, and has many core inventions and benefits. According to the company's promise, it will be able to hold shares as soon as the first half of next year, with full capital in 2018. Since the aviation tire industry has high industry barriers without strict qualification certification, the Wuxi Pterosaur, which has a technological monopoly in the domestic market, is undoubtedly a high-quality asset with predictable returns. The traditional business structure stabilizes, improves quality, and optimizes development. The company's bongcheng products are widely used in automotive, industrial and other fields. Its needle rolling stock is a leader in the industry丨with a global market share of about 30%. Benefiting from the steady growth of the automotive industry, and following the recent optimization and adjustment of the company's structure, we believe that the company's traditional underwriting business will continue to rise steadily. The production capacity of aviation tires has increased, and the scale effect is gradually showing. The company's traditional business has stabilized, and related revenue and profit levels have stabilized丨increased. 2017-2018 is a collection of the company's aviation tire products丨construction period. After completion of construction, Dunqi's aircraft tire production capacity will increase from the current 15,000 to 100,000. We expect the airline tire business of Tonkin to have a relatively good performance in the second half of 2017. Profit forecasting and valuation. We assume that the company's foreign investment targets can fulfill its performance promises, that traditional business is steadily rising, and that the aviation aftermarket development period is progressing. It is estimated that the 2016-2018 EPS was 0.21, 0.26, and 0.31 yuan, respectively, which is 43 times the PE in 2018. Considering that the company's aviation tire business has great growth elasticity, it is a scarce target in the aviation aftermarket, and a recommended rating is given. Risk warning: aviation aftermarket development is blocked, and OAP business has failed testing