1. Event
The company issued an announcement, and Shenyang aircraft Design and Research Institute (601) on the basis of the original cooperation, further signed the "Aeronautical Joint bearing Research and Development Center Framework Agreement".
2. Our analysis and judgment
(1) cooperate with 601 Institute to accelerate the industrialization of aviation plain bearings
601 is the earliest aircraft design institute established in New China, which is mainly engaged in the overall design and research of fighter planes. The cooperation between the company and 601 Institute will jointly carry out the planning of advanced plain bearing products and application system, accelerate the upgrading of China's aviation plain bearing products, and promote the application of new technologies and new products of plain bearings in aircraft.
The agreement not only defines the research focus of the two sides in aviation plain bearings, but also further defines the production of the company's existing aviation bearings and the development and production of new aviation bearings in the future, which will effectively promote the development and matching of the company's aviation plain bearings.
(2) Aeronautical and military bearings are expected to be released in 2014-2015, which may exceed expectations and require a large number of plain bearings on fighter planes, helicopters, transport aircraft and passenger aircraft. It is estimated that the annual demand for plain bearings in the aviation military industry is expected to reach 700-800 million yuan in the next few years. In 2012, the company's aviation plain bearing research and protection project has been approved and approved by the relevant state departments, and will be approved with a special fund of 47.83 million yuan. The gross profit margin of the company's ordinary plain bearings is close to 40%, and we estimate that the gross margin of military bearings is more than 50%.
(3) for Caterpillar Inc and other export business, cross shafts and other new products are expected to exceed expectations that the company is Caterpillar Inc's "most worthy of recognition supplier." With the gradual recovery of the global economy, the future is optimistic about the export of multinational corporations such as Caterpillar Inc and Volvo.
The company's new products such as maintenance-free cross shafts, high-speed rail plain bearings, steel structure plain bearings, V-shaped thrust rods and balance beam plain bearings may be faster than market expectations.
(4) recently, senior executives have increased their holdings twice, demonstrating the confidence of the company's future development.
Recently, the chairman, managing director, chairman of the supervisory board, deputy general manager and other senior executives have twice increased their holdings with their own funds and bought more than 300000 shares of the company.
3. Investment advice
If there is no additional offering, the EPS from 2012 to 2014 is expected to be 0.34,0.43,0.59 yuan, and the corresponding PE is 22,18,13 times; if the IPO is successful, the EPS is expected to be 0.25,0.35,0.49 yuan, and the corresponding PE is 31,22,16 times. Maintain the recommended rating. Risk hint: aviation bearing mass production is lower than expected risk; construction machinery, heavy truck recovery is not sustainable.
