Comment on the recent situation of Aerospace Changfeng (600855)
Comment on the recent situation of Aerospace Changfeng (600天津夜网 855)
The company is the main listed platform affiliated to the 2 Academy of Aerospace Science and Industry Group. Its main business is positioned in three major sectors: security technology, medical equipment, and electronic information. The successful completion of Aerospace Parker and the acquisition of Space Aerospace further enhanced its core competitiveness.The company gave full play to the role of capital operation platform of listed companies and actively carried out mergers and acquisitions and transfers around the industrial chain to achieve further concentration of the company’s main business.In 2018, the company achieved an operating income growth of 40 in ten years.31% to 21.1 ppm, net profit attributable to shareholders of listed companies after deducting non-profits increased by 847 per year.8% to 0.6.2 billion.The synergy effect of the company’s capital operation is prominent. The security technology business market has broad prospects, and the company has a leading layout with obvious advantages.According to the “2018-2023 China Security Industry Market Outlook and Investment Strategic Planning Analysis Report”, it is predicted that by 2023, the security industry market size will exceed one trillion.As a leading marketer and service provider with overall strength in the domestic related market, the company will fully benefit from industry growth. The pace of securitization of military assets has accelerated, and the company intends to acquire Chaoyang Power.After the completion of the transaction, the company will 西安耍耍网restore the integration of the target company’s manufacturing capabilities, technical resources, market resources and human resources, especially to form business synergy with the existing UPS and EPS power business of the listed company, forming an industrial structure with a more reasonable layout, More product types, more diverse business areas. Profit forecast and estimation: We expect that the company’s EPS for 2019-2021 will be 0.35, 0.49, 0.63 yuan, corresponding to dynamic price-earnings ratio of 39.1, 28.1, 21.9 times.Be cautious of “overweight” rating. Risk warning: operating performance is lower than expected; risk of major asset restructuring approval; military-civilian integration, mixed reform related policy risks; high-risk assessment of the company.