Main points of the report
Event description
Baoding heavy Industry announced that the company received the "weapons and equipment Research and production license" issued by the State Administration of Science, Technology and Industry for National Defense on August 4, 2014. Valid from July 8, 2014 to July 7, 2019.
Event comment
The "three certificates" are complete, and the revenue from military business will be significantly increased. Up to now, the company has successively obtained the "Certification Certificate of weapons and equipment quality Management system", "three-level Secret qualification Unit Certificate" and "weapon equipment Scientific Research and production license", and is qualified to participate in military bidding. It is expected that the revenue of marine surveillance ships and other military accessories may increase significantly in the next 1-2 years.
It is helpful to the subsequent extension expansion and create a new core growth pole. Steadily promote extension expansion, make use of capital market platform, customer resource accumulation and other favorable factors to enhance the medium-and long-term expansion potential of performance.
Benefiting from the transfer of international production capacity to China and the rising demand for offshore oil and gas developed by China itself, the domestic offshore manufacturing industry is booming, and the company's sales of marine products are expected to expand rapidly next year. Industry research feedback, as the current global offshore platform manufacturing capacity is accelerating the transfer to China, and China urgently needs to increase the development of oil and gas resources in the East China Sea and South China Sea, domestic offshore equipment enterprises have sufficient orders on hand. In addition, the improvement of the localization rate will lead to the rapid growth of the scale of high-quality accessories enterprises. The company's semi-circular plates and other marine products are gradually recognized by customers at home and abroad, and the harvest period will be ushered in from 2015 to 2016.
Performance forecast and investment advice: it is estimated that the sales income in 2014-15 is about 4.5 yuan and 750 million yuan respectively, the net profit attributed to the parent company is about 0.3 yuan and 90 million yuan respectively, and the EPS is about 0.1,0.3 yuan per share, respectively, corresponding to the PE of about 83 and 27 times, respectively, maintaining the "recommendation".
Risk hint
The progress of the profit contribution of the fund-raising project is lower than expected.
The speed of epitaxial expansion is lower than expected.
