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长城军工(601606)新股询价报告

Great Wall military Industry (601606) Inquiry report on New shares

華鑫證券 ·  Jul 18, 2018 00:00  · Researches

(1) the company's four military subsidiaries, Shenjian Technology, Fangyuan Mechatronics, Dongfeng Mechatronics and Hongxing Mechatronics, are all key military enterprises and occupy an important position in their corresponding fields. Shenjian Science and Technology has mastered the core technology of mortar shells, and its products are highly competitive, and it is in the leading position in the domestic mortar shell industry. Fangyuan Mechatronics has mastered the core technology of individual rockets and is an important R & D and production enterprise of medium and small caliber rocket weapons in China. The comprehensive performance of some individual rockets has reached the international advanced level of similar weapons. Dongfeng Mechatronics has mastered the core technology of mechanical fuzes and submunitions, and its comprehensive effect bullets and other submunitions have been expanded from the field of air force market to the field of naval market; Hongxing Mechatronics has mastered the core technology of pyrotechnics. It is a domestic pyrotechnics manufacturer with a relatively complete variety, and its products are widely used in various services and arms in China.

(2) the company's products cover important army weapons and equipment such as mortars and individual rockets, air force ammunition such as air force anti-runway bullets and comprehensive effect bullets, and optoelectronic defense munitions commonly equipped by sea, land, air and rocket armies, as well as anti-terrorism ammunition. The company's new weapons and equipment have entered the critical stage of development, and the formal design is expected to be finalized within one to three years respectively. The company's existing or under research products have fully covered all services and arms of the sea, land, air and rocket armies, and have gradually realized the leap from traditional ammunition to efficient destruction, long-range suppression and precision strike ammunition, and from a single ammunition system to a weapons system. Army ammunition equipment to sea, air and rocket army arms and ammunition equipment.

(3) the form of modern warfare is changing from mechanized warfare to information warfare, and the company's products are being fully covered by information acquisition ammunition, information utilization ammunition and information interference ammunition. In terms of information acquisition ammunition, the company has developed a D03 electric detection device, which is suitable for open-chamber projectiles such as grenades, mortars and rockets of various calibre. In the aspect of information utilization ammunition, the D064 final revision mortar projectile project undertaken by the company is the first formal project in China to develop the final correction mortar projectile, and the pre-developed D1016 guided mortar projectile project, through the application of precision guidance technology, to achieve a precise attack on the target, it is expected that the formal design will be finalized within one to two years respectively. In the aspect of information jamming ammunition, the D101 active jamming ammunition independently developed and produced by the company adopts the first new jamming system, and the comprehensive technical level is in the leading position in the world.

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