The leading roller press has entered the aviation manufacturing industry, and the development of the dual main industries of the army and the people has gone hand in hand. Lijun Co., Ltd. was founded in 1999, is a professional cement, mining industry grinding technology and core equipment research and development, manufacturing, sales and service of high-tech enterprises. In 2015, the company acquired a 100% stake in "de Kun Airlines" to enter the military industry, establishing the development pattern of the dual main industry of the military and the people. Over the past five years, the annual compound growth rate of the company's operating income is 15.36%, the annual compound growth rate of net profit is 18.89%, and the comprehensive gross profit margin is maintained at more than 40%. Among them, the proportion of military business revenue has increased from 17.08% to 24.47%, which will become the main source of revenue and profit of the company in the future, so that the overall profitability of the company will be further improved.
The aviation manufacturing industry chain covers a comprehensive range, fully benefiting from the high prosperity of the industry. Dekun Aviation, a wholly owned subsidiary of Lijun, was established in 2008. It is an integrated service provider with comprehensive professional coverage and a wide range of services in the aerospace mainframe factory. Its products are mainly used in civil aircraft such as Boeing, Airbus, IAI, Comac and other civil aircraft, various types of military aircraft and carrier rockets. Dekun Airlines' main business includes sheet metal parts processing and manufacturing, component assembly, tooling design and manufacturing and CNC precision machining, which already has relatively perfect manufacturing capacity of aerospace industry chain. In the future, it will fully benefit from the high prosperity of the industry.
Roller press industry leader, the afterloading market has a broad prospect. The company is a leading enterprise in the industry with roller press as the core to provide customers with high-efficiency and energy-saving grinding system equipment and supporting technical services.
Rear loading market-roll system (sub) is the core integrated component of cement roller press and high pressure roller mill and supporting products for mining and mining. Compared with the update iteration of the whole machine, the life of the parts is shorter and the replacement frequency is faster. The afterloading market has a broad prospect and will become the main growth point of the company's profits.
Profit forecast and investment rating: the company's 2021-2023 net profit is expected to be 315 million yuan, 514 million yuan, 704 million yuan, EPS is 0.30,0.50,0.68 yuan, given a "buy" rating.
Risk hint: military orders are not as expected; market demand for roller presses is declining.