According to media reports, a few days ago, the Hebei Provincial Party Committee held a meeting of the military, Zhao Kezhi, secretary of the provincial party committee, said that it is necessary to speed up the integration of the military and the people and coordinate the economic construction and national defense construction. We will establish and improve the institutional mechanism for the integration of military and civilian development, resolve institutional barriers and policy issues in an in-depth manner, and strive for more military-civilian integration demonstration projects to be settled in Hebei. Xu Qin, deputy secretary of the provincial party committee and governor, pointed out that it is necessary to accelerate the in-depth development of military-civilian integration, formulate and improve plans and policies, build platform carriers, promote a number of key projects for military and civilian integration, and promote coordinated development, balanced development and compatibility of economic construction and national defense construction. development of.
Hebei Province has strengthened the construction of parks and enterprises as a strong support for the development of military-civilian integration industries, and actively promoted the integration of military and civilian industries into the park, and formed a pattern of agglomeration development. In recent years, a large number of military-civilian integration parks (bases) such as Shijiazhuang Information Industry Base, Yuzhong Shipbuilding Industry Base, and North China General Aviation Industry Base have been established. At present, relevant departments of Hebei Province have jointly cultivated and identified 24 provincial-level military-civilian integration industrial parks and 572 military-civilian integration enterprises. During the “Thirteenth Five-Year Plan†period, Hebei Province will actively create the Beijing-Tianjin-Hebei military-civilian integration innovation demonstration zone, and foster 1,000 military-civilian integration enterprises. The listed companies in the military and civilian integration in Hebei Province are expected to fully enjoy the policy dividends into the fast track of development.
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Lingyun shares 600480, diagnostic stocks : the main business continues to grow high, restructuring to enhance development space
Weapons Industry Group's military-civilian integration platform, the company and Xiongxian, Rongcheng, Anxin are affiliated to Baoding City, Hebei Province, located in the coordinated development area of ​​Beijing-Tianjin-Hebei, adjacent to the Gu'an Aerospace Industry Group, and will benefit directly from Xiong'an New District in the future. The radiation effect of the construction.
The company released a semi-annual forecast. It is expected that the net profit attributable to shareholders of listed companies will reach 225 million to 240 million in the first half of 2017, a year-on-year increase of 50% to 60%.
(1) Significant growth in performance, significant market development effect
In the first half of 2017, the company's net profit for mothers achieved a high growth rate of 50% to 60%, and the growth rate was far greater than the overall growth rate of the auto parts industry, which greatly exceeded market expectations. The high performance growth was mainly attributable to the increase in the development of new products and new markets of the company. The proportion of bicycle products of the company's products was significantly improved, and the operating income achieved rapid growth. Secondly, the company strengthened refined management, reduced costs and increased efficiency, and operated quality. Significant improvement and further improvement in profitability. We believe that the company's high growth trend is determined, and the annual high performance growth is expected.
(II) Adjustment of the restructuring plan to promote smooth implementation
The company plans to issue approximately 113 million shares of 11.51 yuan/share to acquire 100% equity of Oriental Lianxing and Taihang Machinery, which is progressing smoothly. The company recently adjusted the restructuring plan and deleted the supporting financing part. The final plan only involved issuing shares to purchase assets. We believe that this is the result of the company's review of the new rules after the release of the new refinancing regulations, which will help the company's restructuring plan to pass the meeting. At the same time, the deletion of the company reduces the company's share dilution and helps to improve the earnings per share after the restructuring.
(3) Cut into the military products market and further expand the development space
After the completion of the restructuring, the company will add assets such as Beidou chips and rocket launchers. Dongfang Lianxing is mainly engaged in the Beidou business. There are 46 military products projects, 9 of which have been designed and finalized. From 2017 to 2019, the non-net profit of the company is not less than 56.819 million yuan, 72.022 million yuan and 88.128 million yuan. We believe that as the follow-up projects are gradually finalized into the batch production stage, performance commitments are guaranteed and there is a lot of room for medium and long-term development.
(4) The company will benefit from the group reform process
The asset securitization rate of the Weapon Industry Group was relatively low. At the beginning of the year, the Group issued guidance on the development of mixed ownership economy, indicating that the group reform process will accelerate. The restructuring of Lingyun's cross-subsidiary assets not only established the company's development strategy of entering the Beidou and navigation industry, but also further opened up the company's space for continuous integration of the Group and major shareholders' quality assets.
Recently, the company's restricted stock incentive plan was approved by the shareholders' meeting. We believe that the employee incentive plan is an effective implementation of the arms reform group's opinions, which is expected to improve the company's operating quality and effectively improve operational efficiency.
Investment Advice
Assuming the completion of the restructuring in 2017, the company's net profit for the 2017 and 2018 exams is expected to be approximately 452 million and 565 million, respectively, and the EPS for the pro forma is 0.80 and 1 yuan respectively. The current stock price corresponds to PE of 24x and 19x. The company's strategic position has been improved, the valuation advantage is obvious, and the “recommended†rating is maintained!
Risk warning: risk of fluctuations in the civilian market
Juli Rigging 002342, Diagnostic Unit : Benefiting from the future development potential of Xiong'an New District theme investment
With the qualification to participate in military rigging equipment, the military revenue has reached more than 100 million yuan. Driven by policies such as the deep development of military and civilian integration in China, the future will gradually continue to develop rapidly with the military and civilian integration.
Embracing the construction of Xiong'an New District, the company's future potential is unlimited. The state announced the establishment of Xiong'an New District on April 1st, which is another national significance new area after Shenzhen Special Economic Zone and Shanghai Pudong New Area. The company is registered in Baoding City, with more than 300 acres of land reserves and 200 acres of factory space in Hebei, with huge value-added space. We believe that the company will benefit from the short-term investment opportunities in Xiong'an New District, and it is expected to take root in the development of Beijing-Tianjin-Hebei in the long run, and fully enjoy the new district policy dividends into the fast track of development.
The rise of the middle reaches, the traditional main business turning point will be present. The company is a leading enterprise in the domestic rigging production, benefiting from the continuous recovery of downstream manufacturing, construction and marine engineering industries, the company's traditional locks are expected to bottom out. The company's first-quarter results for 2017 forecasted a net profit of 1112.40~15.537 million yuan, a year-on-year increase of 0%~40%. It is expected that there will be a large rebound in the whole year.
Deeply plow the nuclear power industry and enjoy a feast of tens of billions. The company supplies hoisting equipment to nine large nuclear power plants. According to the nuclear power development plan, by 2020, China will build a new 35G W nuclear power unit. The investment in new nuclear power will exceed 500 billion yuan, and the market demand for rigging will reach 10 billion yuan. Convenient in overseas markets, Chinese companies are gradually entering the new nuclear power market in the UK, and the company will also enter the international market with nuclear power express. It is expected that the nuclear power business will become the company's new profit growth point.
Military locks are "out of the box", and the integration of military and civilians adds to the style. The company has the qualification to participate in military rigging equipment, and its military revenue has reached more than 100 million yuan. Driven by policies such as the deep development of China's military-civilian integration, the military's military rigging business will continue to develop rapidly in the future as the military integration gradually deepens.
Earnings forecast and rating: It is estimated that the company's net profit for the year 2017-2019 will be 45 million yuan, 0.49 billion yuan and 0.57 billion yuan, up by 119.17%, 8.87% and 16.85% respectively, corresponding to EPS of 0.05, 0.05 and 0.06 yuan. The PEs were 165, 151, and 129 times, respectively, for the first time, giving a recommendation rating.
Risk warning: New business expansion is lower than expected, and the original main business development is lower than expected.
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