Summary of the report
Core aviation ground equipment and assembly service suppliers with strong technical strength. The company was founded on July 3, 2003. Since its inception, the company has successively laid out the business of aircraft ground support equipment, aircraft test and testing equipment, aircraft process equipment, aircraft parts processing and aircraft parts assembly. At present, the company has a strong advantage in the field of aviation ground support equipment and aircraft assembly. The company has obtained AS9100D Aerospace Defense Organization quality system Certification Certificate, Safety production Standardization Enterprise Certification Certificate, National High-tech Enterprise Certification Certificate and other scientific research and production certificates. The company has a profound accumulation of related technology, after long-term practice, established a complete scientific research and production business system, in the complex and precision mechanical-electrical-hydraulic integrated equipment field has a profound technical accumulation and achieved fruitful results. At present, the company has obtained dozens of related patents in the field of aircraft ground support equipment, and has accumulated rich engineering experience in electro-hydraulic servo control, sensor and detection, synchronous control based on PLC hydraulic cylinder, synchronous control of multi-axis motion mechanism, wheel omni-directional motion control, welding deformation control of large structure, six-degree-of-freedom motion attitude adjustment, aircraft assembly and so on, while building a stable customer relationship.
The scarce aviation ground support equipment is the target, and the advantage of automation transformation is outstanding. In the field of aviation ground equipment, the company's main products include bomb trucks, engine installation vehicles, test and testing equipment and maintenance jacks. According to the statistics of support experience, the workload of hanging bombs in the outfield accounts for more than 50% of the professional support workload of aircraft ordnance, automatic bomb-hanging vehicles are the development trend in this field, and the company has certain technical advantages of first-mover. Engine installation vehicle owners are used for aircraft manufacturing and engine maintenance. With the continuous improvement of the number of military and civil aircraft, the demand for engine installation vehicles is also increasing day by day. At the same time, the automation of engine installation vehicles in China is still in its infancy, and the automation upgrade technology accumulated by the company based on the ground equipment such as hanging bomb vehicles is expected to continue to be transplanted to the field of engine installation vehicles.
Based on the advantage of the assembly business, multi-point layout in the field of aviation manufacturing. The part assembly business is the traditional advantage field of the company, at the same time, the part assembly is the highest supporting level for private enterprises to participate in aviation manufacturing, and the qualification is relatively scarce. At the same time, the company has also laid out machining, process equipment development and other businesses around the aviation manufacturing field, so that the company has a comprehensive business layout in the aviation manufacturing field. With the accelerated expansion of China's military aircraft during the 14th five-year Plan period, the company's related business is also expected to maintain a high growth rate.
Cultivate new technologies and new products and create new performance growth points. The company has been continuously following up a new type of military aircraft supporting equipment development project, a certain type of aircraft landing gear project, a certain type of aircraft weapon hanger project, Tianyi-1 UAV project, flake amplifier subsystem intracavity amplification engineering and reconnaissance pods and other projects. Weapon hanger and landing gear are the key components of aircraft, and there are higher technical threshold requirements for participating enterprises. As key components of major national projects, flake amplifiers have high technical requirements. The company actively participates in all kinds of new technology-intensive projects. On the one hand, it proves the company's excellent R & D technical strength, on the other hand, it also reflects the company's determination and motivation to seek rapid development.
Profit Forecast and Investment suggestion: benefiting from the accelerated release of advanced military aircraft in China during the 14th five-year Plan period, we estimate that the company's annual income in 2022-23-24 will be 3.72 million yuan, respectively, and the net profit of return to its mother will be 1.91 shock 1.44 / 204 million yuan, respectively, the corresponding EPS will be 1.18 shock 2.66 yuan, and the corresponding PE will be 41.9 26.4 shock 18.7 times. Select the domestic aviation mid-stream manufacturing enterprises Eloda, AVIC heavy aircraft, Triangle Defense, Aerospace Technology, Parker New Materials as comparable companies, the average PE of comparable companies in 2023 is 28 times, and the company's valuation is on the low side. Compared with other mid-stream aviation manufacturing enterprises, the company's layout department assembly business is earlier, the scale is larger, and the first-mover advantage is obvious. at the same time, the supporting level of the part assembly business is higher, and it should enjoy a certain valuation premium; at the same time, the company has more business in the new layout and is expected to achieve great-leap-forward development in the future. It should be given a certain valuation premium, coverage for the first time, and a "buy" rating.
Risk reminder events: military orders are not as expected; new incubation business is not as expected; and the public data used in research reports may lag behind or not update in a timely manner.