This report is read as follows:
The company has passed the EN9100:2009 supply chain certification, marking that Chengdu Aerospace, a subsidiary, has obtained the necessary conditions to enter the civil aviation engine supply chain, and the progress of small batch supply is expected to be accelerated.
Main points of investment:
Maintain the overweight rating. The company has passed the EN9100:2009 supply chain certification, which marks the continuous progress of the company's military and civil field layout, product yield improvement and process certification at the same time, and the follow-up military and civilian production system and product certification is expected to be accelerated. From 2016 to 2018, the EPS forecast of the maintenance company is 0.09, 0.39, 0.58 yuan, and the target price is 37.18 yuan.
EN9100 standard validates the quality control capability of Chengdu Aerospace supply chain. AS/EN9100 is released by SAE and is a necessary condition for becoming a supplier to companies including AVIC, GE, Luo Luo and so on. The company has obtained EN9100 (Europe) certification and the necessary qualifications to enter the aero-engine manufacturer's supply chain. It is expected that subsequent AS/HB9100 (compatible with the United States and China) and other quality system certification will be carried out at the same time. In March, rhenium-based single crystal blades were released to dispel market doubts about the company's R & D capability. similarly, we believe that the company has obtained quality system certification to dispel market doubts about the company's product quality control.
Certification is just the beginning, and the layout of the aviation industry chain is expected to continue to advance. Relying on the holding company Chengdu Aerospace and the shareholding company China Science and Technology Aviation Development, the company has formed the industrial layout of high-temperature blades, aero-engines and drones. The company disclosed that the first batch of blades has been delivered, military standards and international customer certification are under way, 750 kg thrust engines are being tested on a high platform, and the drone is scheduled to fly by the end of 2016. Considering the unique advantages of rhenium-based superalloy blades in the application of fourth-generation superalloys and the test conditions of developing freight drones in cooperation with SF, we believe that the company has gained a first-mover advantage in the aviation industry chain. Once the product is formed, the supply is expected to bring about a substantial increase in performance.
Catalyst: small batch order release.
Risk Tip: the risk of authentication failure.
