Core combination [core combination] of the core combination of the core combination of the core combination of the core combination of the ' Aecc Aviation Power Co Ltd(600893) \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, China Cssc Holdings Limited(600150) , Beijing Aerospace Changfeng Co.Ltd(600855) , Aecc Aero-Engine Control Co.Ltd(000738)
A key stock pool [focused pool] has been a key stock pool with a focus on the [key pool pool of key stock pool] ofa series of hard\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Zhejiang Dali Technology Co.Ltd(002214) , Xi'An Bright Laser Technologies Co.Ltd(688333) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) Fujian Torch Electron Technology Co.Ltd(603678) Chengdu Zhimingda Electronics Co.Ltd(688636) 688 Hongda Xingye Co.Ltd(002002) 985、 Asian Star Anchor Chain Co.Ltd.Jiangsu(601890)
Special topic of last week's report and defense industry: equity incentive of listed companies subordinate to central enterprises is expected to accelerate. 2022: the equity incentive of listed companies subordinate to military central enterprises is expected to accelerate. 1. During the 14th Five Year Plan period, the equipment volume was large and the industry boom was upward. 2. 2022 is the year to welcome the end of the "three-year action of state-owned enterprise reform". 3. Since the beginning of 2022, the adjustment of the national defense sector may usher in a better time point for equity incentive, with low related costs.
[views of this week] (1) under the conflict between Russia and Ukraine, the importance of national defense construction is more prominent; China will achieve the Centennial goal of building the army in 2027 and realize the modernization of national defense and the army. (2) The high outlook and medium and long-term investment logic of the military industry have not changed. After this round of adjustment, the investment value is highlighted, and the sector valuation has entered the high cost performance allocation area. Since the beginning of the year, Shenwan national defense military industry index has fallen by 14.3%, which is mainly affected by market liquidity and growth track preference. At present, the overall PE is 62 times, 34% of the historical high, and the military industry index is 1695 points, 50% of the historical high. The allocation value is prominent. (3) Endogenous epitaxial two wheel drive: firmly optimistic about the military industry from 2022 to 2023, and the index has great room for rise; In 2022, as the last year of the "three-year action plan" of state-owned enterprises, the mixed reform / incentive / asset securitization will be promoted in an all-round way, the epitaxial growth will exceed expectations, and the military industry will be driven by endogenous + epitaxial growth.
[core view] the deterministic growth of national defense is high. In 2022, it will enter the two wheel drive of "business cycle + asset integration", "endogenous + extension", "domestic demand + foreign trade" and "military products + civilian products". The military industry index is expected to replicate the performance of the wind power index in the second half of 2021 in 2022, and the latecomers are in the top: (1) under the "century change", the deterministic growth of national defense industry is high, "Preparing for war / 2027 / building a strong national defense commensurate with the second largest economy" is the established direction. Large contract liabilities in 2021 highlight the high boom of the 14th five year plan. (2) In the next few years, the securitization of national defense and military industrial assets and the reorganization and listing of core military products are expected to set off a new round of climax, and pay attention to the reorganization process of China Shipbuilding Group / Aerospace Hi-Tech Holding Group Co.Ltd(000901) / CETC / AVIC / Aerospace Science and industry / ordnance industry. (3) China's tanks / UAVs / trainers / fighters are globally competitive, and the demand for foreign trade is gradually rising. Domestic large aircraft / civil aviation engine and other industrial chains are also gradually growing.
1. National defense and military industry: scale effect + refined management, "small core and large cooperation", and the performance flexibility of the main engine factory in the next five years; The "three-year action of state-owned enterprise reform" is over, and equity incentive is expected to boost the release of performance: Avic Xi'An Aircraft Industry Group Company Ltd(000768) , Avicopter Plc(600038) , Aecc Aviation Power Co Ltd(600893) , Jiangxi Hongdu Aviation Industry Co.Ltd(600316) , Avic Shenyang Aircraft Company Limited(600760) , Inner Mongolia First Machinery Group Corporation Co.Ltd(600967) , China Cssc Holdings Limited(600150) .
2. Continue to look at high-tech barriers, high scarcity, and high-temperature alloys / composites / midsmidsmidstream assembly level matching companies / engine forging castings / information core. 2. 2. Continue to look at high-tech barriers, high scarcity, and competitive landscape with high-tech barriers, high scarcity, and high-tech high-2. 2. Continue to look at high-tech barriers, high scarcity, and high-temperature alloys / composites / composites / materials / components / midsmidstream components / engine forging castings / information cores / information core. Midsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidsmidstream and other mid and upper and upper upper and upper mid stream segment segments of a series of : \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Xi'An Triangle Defense Co.Ltd(300775) , Wuxi Hyatech Co.Ltd(688510) Avic Electromechanical Systems Co.Ltd(002013) China Avionics Systems Co.Ltd(600372) Xi'An Bright Laser Technologies Co.Ltd(688333) Jiangsu Toland Alloy Co.Ltd(300855) 。
3. Missile and informatization: Unigroup Guoxin Microelectronics Co.Ltd(002049) , Fujian Torch Electron Technology Co.Ltd(603678) , China Zhenhua (Group) Science & Technology Co.Ltd(000733) , Chengdu Zhimingda Electronics Co.Ltd(688636) , Wuhan Guide Infrared Co.Ltd(002414) , Zhejiang Dali Technology Co.Ltd(002214) .
The focus of defense Hong Kong stocks is optimistic: AVIC.
Risk warning: the rhythm of equity incentive and asset securitization is lower than expected, and the product delivery progress is lower than expected
