Deep ploughing aviation core parts matching, operating steady growth potential. The company was founded in 2010, is a professional manufacturing and sales of aircraft core parts enterprises, product categories are mainly engine components, landing gear components, medium and large structural components, precision shell parts and fasteners and other companies are committed to advanced technology to promote the development of China's aerospace industry, attach great importance to technology research and development, aerospace core structure products are the company's technical expertise areas. Since its inception, the company has accumulated rich experience in R & D, production and operation in the field of aerospace, and has undertaken the process design and manufacturing of multi-type aerospace parts.
The increase in production capacity promotes income growth, and mergers and acquisitions expand market share. The aerospace industry has developed steadily, and the company has achieved steady growth in 2022, with total revenue increasing by 1.03% compared with the same period last year, mainly due to the increase in business income from the acquisition of Zhengfei Machinery and the increase in medical testing station project income in cooperation with Gairui Technology. The net profit of homing fell 16.66% in 2022 compared with the same period last year, mainly due to the investment of new equipment and new plant, which is also the necessary input for the company to expand production scale and improve production efficiency, which can improve the company's profitability in the long run.
Continue R & D and innovation, and actively promote industry extension. The company insists on taking the leading technology as the cornerstone of development, and promotes the research projects such as alloy conduits and aircraft structures. By 2022, the company has issued 17 new patents, 35 invention patents and 128 utility model patents. Among them, the research project "Research and Development of cutting Technology for complex structural parts with dynamic characteristics" is mainly to improve the efficiency of NC machining of complex structural components, which is the core important parts of aircraft manufacturing. At present, it is in the application stage of small batch production. It strongly shows the technological innovation strength of the company.
Strive to optimize the management system, equity incentives are expected to improve business efficiency. In 2022, the company will optimize the MES management system, improve the level of intelligent management, maintain cooperation with medical enterprises, and promote the research and development of medical and semiconductor devices, which will help to increase its market share in related fields. In terms of human resources management, the company implements an equity incentive plan for key business employees, which is expected to further improve the company's production and operation efficiency.
Profit forecast and investment rating: based on the company's leading position in the field of precision machining of aerospace and civil parts. We estimate that the company's 2023-2025 net return profit will be 0.44 million, 0.48 PE, respectively, which is times that of 51-47-41, and will be given a "buy" rating for the first time.
Risk tips: 1) the risk of being greatly affected by the development of aerospace equipment; 2) the risk of a high proportion of equipment imports; 3) the risk of performance fluctuation caused by the difference between provisional price and approved price; and 4) the risk of changing cooperation with major customers.