Event: company announcement, July 24, Jiangsu Maixinlin Aviation Technology Co., Ltd. and China Aviation Industry Corporation Jincheng Nanjing Mechanical and Electrical hydraulic Engineering Research Center "Strategic Synergy Framework Agreement".
Comments:
Hand in hand with aviation industry, strategic cooperation: aviation industry Jincheng Nanjing Mechanical and Electrical hydraulic Engineering Research Center (referred to as Aviation Industry Nanjing Mechanical and Electrical Engineering Research Center) is the R & D center and production base of aviation airborne electromechanical system in China. It has complete means and capabilities for pre-research, model development, design and manufacture, test delivery and maintenance services. The existing professional research fields of Nanjing Mechatronics in aviation industry include: aircraft mechanical and electrical control system, aircraft hydraulic control system, aircraft fuel system, aircraft environmental control system, aircraft second power system, aircraft power transmission system and so on. It has provided products and accessories for more than 60 models and 37 major mechanical and electrical systems. At present, the core technologies and products, such as air refueling equipment, constant speed transmission, emergency power unit, air turbine starter, gas turbine starter, high pressure dewatering environment control system, three-wheel turbine cooler, high-performance electro-hydraulic servo valve, fuel pump, aircraft ground control system and so on, are irreplaceable in China; it has won four national special prizes for scientific and technological progress. According to the company announcement, the cooperation projects between the two sides mainly focus on the production of aviation parts such as military and civil aircraft (including C919) and the assembly of aviation hydraulic products. This strategic coordination framework agreement defines that Nanjing Mechatronics of the aviation industry gives priority to purchasing mechanical and electrical products from the company, which will help the company to obtain technical support from Nanjing Mechatronics of aviation industry in product realization plan, on-site technical guidance, product quality inspection, professional staffing, process operation training, technical upgrading and upgrading, so as to further enhance the company's technological innovation capability and competitiveness.
Strong technical strength, high-quality and stable customers: the company is a private aerospace parts manufacturer with comprehensive processing capabilities of body parts, engine parts and airborne equipment parts, with military products as the main business and civilian products as the auxiliary. The company is responsible for the process design and manufacturing of various types of aerospace parts, including aircraft fuselage, wing, tail, engine, landing gear, electromechanical system and avionics system. Since its establishment, the company has 12 core technologies and 96 patents, including 25 invention patents and 71 utility model patents, covering material identification, process design, parameter selection, machine programming, tooling design and other technologies. The customers of the company's military aerospace parts business cover the aviation industry, China Aviation and Development, Aerospace Science and Technology, Aerospace Science and Technology, China military Industry, China Shipbuilding, China Electric Science, etc., all of which are domestic military industrial groups; civilian precision parts have entered the supply chain system of Toyota, Volkswagen and other well-known enterprises, with strong product competitiveness and excellent customer quality.
Parallel R & D and production, the proportion of military and civilian aircraft: the company's high-end manufacturing industry requires continuous R & D and innovation. at present, the proportion of R & D personnel continues to increase, from 16.71% in 2017 to 27.03% in 2020. the R & D cost increased from 6.4735 million yuan in 2017 to 16.4881 million yuan in 2020, reflecting that the company attaches great importance to technological research and development and strives to improve the performance and quality of processed products. Thus improve the competitiveness of the company. Under the background of military training and preparation in the "14th five-year Plan", the upgrading of the army's equipment, superimposed new equipment and accelerated replacement of equipment, it is imperative to improve the public relations and supporting capabilities of aerospace technology. It is clearly pointed out in the 14th five-year Plan to speed up the development of large civil aircraft and aero-engine models and speed up the cultivation of the local large aircraft industry chain. according to the company's prospectus, the projects currently under research include aluminum alloy conduit flexible connection clamp assembly, aero-engine integral turbine disk, aircraft landing gear main frame and aero-engine rotating shaft, which are all key technologies in the field of aerospace high-end manufacturing, and have a broad application space in the future. The company may continue to benefit.
Investment suggestion: the company is a supporting supplier for aerospace high-end equipment manufacturing, with profound technology accumulation, stable customers, and the ability to cover the dual market of military and civilian products, or will significantly benefit from the number of models, and its growth is expected in the future. It is estimated that the company's net profit from 2021 to 2023 is 60 million yuan, 85 million yuan and 150 million yuan respectively, and the corresponding valuation is 50, 35 and 20 times respectively.
Risk hint: the replacement of weapons and equipment is not as expected; the demand of military customers is not as expected.