Aecc Aviation Power Co Ltd(600893) related party transactions continue to grow, and the performance support of the industrial chain is clear: on January 8, Aecc Aviation Power Co Ltd(600893) issued the announcement of related party transactions in 2022. It is estimated that the related party sales to China Aviation Development and aviation industry group in 2022 will be 20.75 billion yuan, an increase of 26% over the expected actual amount in 2021; It is estimated that the related procurement is 20.99 billion yuan, an increase of 34.1% over the actual amount expected in 2021; Compared with the estimated amount of related sales and related purchases at the beginning of 2021, it increased by 27.1% and 30.3% respectively. It is estimated that the actual related sales amount in 2021 will be 16.47 billion yuan, an increase of 42.5% over 2020; It is estimated that the actual amount of related procurement in 2021 will be 15.65 billion yuan, an increase of 32.1% over 2020. It shows that the engine delivery of the company increased in 2021, and the sales and order forecast growth in the new year continued. Previously, the upstream Aecc Aero-Engine Control Co.Ltd(000738) of the company released the announcement of related party transactions in 2022. It is estimated that the related party sales in 2022 will be 4.3 billion yuan, an increase of 39.4% over the actual amount in 2021. The boom of the aviation development industry chain is expanding, and the performance support is clear.
On January 4, the chairman issued a training mobilization order to the whole army, and all units quickly set off an upsurge of military training in the new year. Aiming to win in actual combat, the air force aviation corps of the Western Theater carried out basic tactical training and cross day and night air confrontation training in the northwest border, constantly consolidating the basis of combat effectiveness. Taking off is confrontation, and training is war. During the “first flight” of the air force aviation brigade in the southern theater in the new year, it set up a practical background, highlighted confrontation training, increased dangerous and difficult subjects, carried out mixed training between the new and the old, established a clear guidance for the coupling of war training, and promoted the transformation and upgrading of military training. The 14th five year plan is the key five years to achieve the Centennial goal of building a strong army. There is an urgent need for iteration of advanced weapons and equipment. Under the pattern of “small core and large cooperation”, the market space of military civilian integration equipment is broad.
Grasp the main line of aviation equipment investment, and the independent and controllable growth of military electronics is high: 1) the contract liabilities of the main engine factory + verification of advance receipts, and the growth of the aviation industry chain will continue to be realized. The performance transmission is effective. From the main engine plant and engine system, to the engine body system and parts, and then to the upstream raw material plate, the whole industry chain has strong momentum and certainty. The OEM pays attention to Avic Shenyang Aircraft Company Limited(600760) , Avic Xi’An Aircraft Industry Group Company Ltd(000768) , Jiangxi Hongdu Aviation Industry Co.Ltd(600316) , Avicopter Plc(600038) , Aecc Aviation Power Co Ltd(600893) ; Body system concerns Avic Electromechanical Systems Co.Ltd(002013) , China Avionics Systems Co.Ltd(600372) , Aecc Aero-Engine Control Co.Ltd(000738) , Beijing Beimo High-Tech Frictional Material Co.Ltd(002985) ; Aviation parts focus on Avic Heavy Machinery Co.Ltd(600765) , Wuxi Paike New Materials Technology Co.Ltd(605123) , Guizhou Aviation Technical Development Co.Ltd(688239) , Chengdu Ald Aviation Manufacturing Corporation(300696) ; Metal materials focus on Western Superconducting Technologies Co.Ltd(688122) , Baoji Titanium Industry Co.Ltd(600456) , Gaona Aero Material Co.Ltd(300034) , Jiangsu Toland Alloy Co.Ltd(300855) . 2) The certainty of missile weapons and equipment benefits from practical military training. The independent control of military electronics in the field of high-end equipment brings high growth. We pay attention to Chengdu Tianjian Technology Co.Ltd(002977) , Beijing Relpow Technology Co.Ltd(300593) , Avic Jonhon Optronic Technology Co.Ltd(002179) , Guizhou Space Appliance Co.Ltd(002025) , Beijing Yuanliu Hongyuan Electronic Technology Co.Ltd(603267) , Beijing Fjr Optoelectronic Technology Co.Ltd(688272) .
Risk warning: the epidemic situation fluctuates and the military expenditure investment is less than expected; Equipment R & D progress and procurement progress are less than expected; Mass production leads to price decline; Industry competition intensifies.
