Chengdu Haoneng Technology Co.Ltd(603809) (603809)
Event: the company announced on December 1 that it intends to use its own funds of no more than 90 million yuan (the specific amount shall be subject to the actual capital increase after delisting) to participate in the capital and share increase project of aerospace Shenkun through public delisting in Beijing property exchange, and subscribe for 34% of its equity after capital and share increase.
Sichuan Aerospace military civilian integration industry incubation platform is deeply bound to Aerospace Hi-Tech Holding Group Co.Ltd(000901) No. 7 Institute. Aerospace Shenkun is a designated commercial aerospace manufacturing supporting enterprise of Sichuan Aerospace Industry Group Co., Ltd. ( Aerospace Hi-Tech Holding Group Co.Ltd(000901) No. 7 Institute). The No. 7 Institute has undertaken and successfully completed the research and production tasks of various national aerospace products In the major engineering tasks such as the lunar exploration project and the commercial satellite launch mission, it has undertaken the research and production tasks such as conventional launch vehicle box, launch vehicle initiating explosive devices and manned spacecraft initiating explosive devices. At the same time, the seventh Institute has successfully developed the guard series multi launch vehicle weapon system, and has become a well-known multi launch vehicle weapon system design and manufacturer in China and even in the world. Aerospace Shenkun cooperates closely with the Seventh Academy of Astronautics, and is an incubation platform for Sichuan Aerospace military civilian integration industry.
Aerospace Shenkun specializes in high-end aerospace manufacturing and is expected to benefit from the rapid development of aerospace industry. Aerospace Shenkun focuses on the development of aerospace manufacturing and special intelligent equipment, cultivates remote sensing satellite application business, forms a “2 + 1” business system, and its products include rocket structural parts, aerospace parts, intelligent equipment for nuclear industry, complete sets of initiating explosive devices, and cultivates external core customers such as China Nuclear industry, weapon equipment, China Aerospace Science and technology, interstellar glory and so on, At the same time, it also supports various units within China Aerospace Hi-Tech Holding Group Co.Ltd(000901) group. At present, aerospace Shenkun has completed the construction of equipment assembly and commissioning production line and electrical assembly production line, and has the manual riveting capacity and precision machining capacity of launch vehicle sections with a diameter of 3350mm and below. At the same time, it is preparing to build a welding production line for large structural parts of commercial Aerospace Liquid Rocket. According to the statistics of the space launch report network, the highest number of China’s space launches was 22 from 2011 to 2017, and 39, 34 and 39 from 2018 to 2020 respectively. As of December 1, 2021, China has conducted 47 space launches this year, setting an all-time high. In recent years, China’s aerospace industry has developed rapidly and the number of space launches has increased significantly. As an important supporting enterprise of commercial aerospace, aerospace Shenkun is expected to fully benefit from the rapid development of national aerospace industry and commercial aerospace.
Complement each other’s advantages in aerospace and deepen the layout of “automobile + aerospace” dual main industries. Since the acquisition of haoyiqiang in August 2020, the company has started to layout the dual main business of “automobile + aerospace”. Haoyiqiang, a wholly-owned subsidiary, has mature manufacturing experience in the field of aviation manufacturing and is a silver supplier of Chengdu Airlines Group. Its business covers aviation sheet metal parts, precision machining of aviation parts and components and field processing and modification services. Benefiting from the high prosperity of the military industry and the rapid growth of haoyiqiang’s performance, haoyiqiang achieved an operating revenue of 103 million yuan in 2021q3, a year-on-year increase of 125.46%. At the same time, the plant provided by the company for haoyiqiang in Chengdu Economic Development Zone has been put into use, the first phase of aviation parts precision manufacturing plant of Xindu “aviation parts R & D and manufacturing base project” has been put into use, and some equipment has been put into production, gradually forming production capacity. The investment in aerospace Shenkun will further deepen the company’s dual main business layout of “automobile + aerospace”. Aerospace and aviation parts manufacturing are very similar in terms of raw material selection, processing technology and performance requirements. Aerospace Shenkun and the company’s aviation business complement each other and develop together. After the successful capital increase, it is expected to further enhance the company’s core competitiveness in the aerospace field and further thicken the company’s performance.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 1.499 billion yuan, 1.948 billion yuan and 2.435 billion yuan respectively, the gross profit margin will be 40%, 42.5% and 42.5% respectively, the net profit attributable to the parent company will be 274 million yuan, 401 million yuan and 499 million yuan respectively, the corresponding EPS will be 0.91 million yuan, 132 million yuan and 165 yuan respectively, and the corresponding PE will be 25.28x, 17.31x and 13.91x respectively. The company continues to deepen the dual main business layout of “automobile + aerospace”, is expected to achieve leapfrog development and maintain the “buy” rating.
Risk prompt event: the military product order is less than expected; Product delivery is not as expected; The profit forecast was lower than expected.
