Event 1:
According to the company announcement on September 8th, the board of directors of the company received the written resignation of Mr. Wang Mingkun, director and general manager of the company, and Mr. Wang Mingkun applied to resign as director, general manager and member of the strategy committee of the board of directors due to work reasons. Mr. Zang Wei received the written resignation of Mr. Zang Wei, director and deputy general manager of the company, and Mr. Zang Wei applied to resign as director, deputy general manager and member of the strategy committee of the board of directors.
Event 2:
According to the Chinese Academy of launch vehicle Technology (first Academy of Aerospace), in order to meet the needs of future missions, China will develop a heavy carrier rocket with an arrow diameter of 10 meters and a take-off mass of 3000 tons. Its structural size and take-off mass will exceed the capability level of China's existing carrier rockets.
Main points of investment:
Long five first flight to make up for a new generation of carrier rockets, Chang eight and long nine opened the research phase of heavy carrier rockets 2: the success of the first flight of small carrier rockets long March 11 and medium carrier rockets long March 7 marks the official opening of the application stage of China's new generation carrier rockets. At present, the long March 5, a new generation of large carrier rocket, is expected to make its maiden flight in November this year, and its significance lies in a substantial increase in carrying capacity-- 25 tons in low-Earth orbit and 14 tons in geosynchronous transfer orbit. the long 5 will reach the world's mainstream carrier rocket capability level. So far, the long March 57Jing 11, developed by the first Aerospace Institute, represents a new generation of large, medium and small carrier rockets in China, and will gradually undertake space launch tasks. In addition, in order to achieve China's manned lunar landing, Mars exploration and other missions, we also need larger carrier rockets, and heavy carrier rockets are of great significance to enhance space activities and speed up the development of space applications. Jia Ke, head of the work Department of the Chinese Aerospace Party and masses, said that at present, China's aerospace is already planning the long March 8 carrier rocket and is also developing a new generation of heavy carrier rocket.
Backed by the first Aerospace Institute, the expectation of asset injection is strong: the Aerospace Science and Technology Group plans that by the end of the 13th five-year Plan, the asset securitization rate will reach 45% (only 15% at the end of the 15th year). As the strongest unit responsible for the research, design, trial production, test and production of missile weapons and carrier rockets in China, the first Aerospace Institute has strong profitability. The group's website has said that it has estimated revenue of 42.7 billion yuan in 2015 and a total profit of 2.71 billion yuan. Except in the field of military business, the first Aerospace Institute has strong strength in civil fields such as energy conservation and environmental protection, new energy and new materials, and high-end intelligent equipment, showing that it combines the characteristics of its own products and technology. a preliminary exploration of a military-civilian integration development path with aerospace characteristics, of which the main business of aerospace engineering-coal gasification is a typical case in the field of civil-military integration. With the aerospace pulverized coal pressurized gasification technology as the core, the aerospace project has formed a full set of industrial capacity in the field of coal chemical industry, from technical consultation, engineering design, key equipment sales to project general contracting. In addition, the first Aerospace Institute said that by the end of the 13th five-year Plan, the revenue of the first Aerospace Science and Technology Group was 100 billion yuan and the total profit was 6 billion yuan. we believe that the revenue of the first Aerospace Science and Technology Group is the key link for the Aerospace Science and Technology Group to achieve 45% asset securitization during the 13th five-year Plan period. as the only listing platform for the first Aerospace Engineering Institute, the injection of assets is expected to be huge.
Investment advice: we expect the company's net profit for 2016-2018 to be 339, 379 and 1.00 million, respectively, and EPS is 0.82, 0.92 and 1.00 respectively, and the current price corresponding to PE is 38-34-31 times, giving a "buy" rating for the first time.
Risk tip: the progress of launch vehicle research and development is lower than expected.
