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Aviation power

Joint stock enterprise founded in Xi'an in 1993

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Jilin Jifa Agricultural Development Group Co., Ltd. (securities name: Aviation Power) was established by Jilin Provincial Economic System Reform Commission, Jilin Province State owned Assets Administration It is a joint-stock enterprise approved by JGLPZ (1993) No. 17 document, with five legal persons including Jilin Development and Construction Investment Company as sponsors, and established by means of targeted fundraising. In May 1996, the company's shares were publicly issued and listed on the Shanghai Stock Exchange. On December 6, 2002, China Resources (Group) Co., Ltd. acquired the equity of the Company held by Jilin Development and Construction Investment Company by bidding for 200 million yuan. On December 23, 2002, with the approval of the general meeting of shareholders of the Company, the Company stripped off some of its holding subsidiaries and transferred them with compensation.

corporate name: Xi'an Aviation Power Co., Ltd
Foreign name: XI'AN AERO-ENGINE PLC

Headquarters location: No. 1717, Xiantai Street, Changchun Economic and Technological Development Zone, Jilin Province
registered capital: 442.34 million yuan

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essential information

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Securities Code: 600893 Securities Abbreviation: Aviation Power Company Name: Xi'an Aviation Power Co., Ltd

English name of the company: XI'AN AERO-ENGINE PLC Exchange: Shanghai company once had the name: Jilin Jifa Agricultural Development Group Co., Ltd

History of name change of securities abbreviation: Jifa Shares, ST Jifa, China Resources Biochemistry Co., Ltd. Registered country: Shaanxi Province, China

City: Xi'an Industrial and Commercial Registration No.: 220000400007265 Registered address: Xujiawan, Weiyang District, Xi'an

Office address: No. 1717, Xiantai Street, Changchun Economic and Technological Development Zone, Jilin Province Registered capital: 442.34 million yuan Postal code: 130033

Legal representative: Ma Fu'an

general manager: Cai Yi Date of establishment: 19930528 Total number of employees: 2190

Restructuring concept stock of its sector, New shares Additional issue plate, western regional plate, planned refinancing, super growth, all A, new energy, SASAC Directly affiliated companies, not ST segment, Backdoor listing , pre profit and pre increase, Shaanxi Province, machinery, equipment and instruments, Northeast Securities Department, AVIC Department, China Resources Department

Business scope aircraft engine 、 gas turbine , flue gas turbine Power plant, space engine and its parts Wind power generator 、 Solar engine And parts manufacturing, sales and maintenance; Subcontracting production of aeroengine parts“ three types of processing plus compensation trades ”Processing business; Manufacturing, installation and sales of aluminum profiles and doors and windows; Manufacturing, sales and maintenance of instruments, meters, tools, measuring equipment, ordinary equipment, complete sets of petrochemical, electric power, metallurgical machinery, electrical machinery and equipment, mechanical spare parts, and electronic products; Metal materials Rubber products Sales of refined oil, oxygen, argon, propane (chemical raw materials) and waste materials of the enterprise; Pressure vessel electromechanical equipment . Design, manufacture, installation and maintenance of boilers; Design, installation and decoration of curtain wall; Import and export business; Manufacturing and sales of medical machinery; Accommodation and catering services; Scientific and technological consulting and technical services (those involving special approval shall be operated by branches).

Main products and businesses aircraft engine 、 gas turbine , flue gas turbine Manufacturing, sales and maintenance of power plants, space engines and their parts.

accounting firm Baker Tilly International Certified Public Accountants Co., Ltd

Company Profile

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Stock trend

Historical aerodynamic P/E ratio Between 25 times and 635 times, the current P/E ratio is 74, which is undervalued

In 2008, the PE of the company was 72.6% of the PE of all listed companies from low to high, which was in a reasonable position. In 2009, it was unanimously expected that PE was 6.5% of the PE of all listed companies with profit forecasts from low to high, which was in a high position.

Financial position

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Revenue Trends Aero Power Achieved in the Second Quarter of 2009 Main business income 1.955 billion yuan, up 157.25% year on year. (Latest released on June 30, 2009)

Revenue trends

Profit Trend Aviation Power Achieved in the First Half of 2009 Net profit 72 million yuan（ Basic earnings per share 0.1500 yuan), a year-on-year increase of 72.51%. (Latest released on June 30, 2009)

Profit trend

Financial analysis scale growth indicator

financial analysis

Average of aviation power in the past three years Sales growth rate 79.32%, ranking among all listed companies (120/1710) and 2/10 in the aerospace and national defense industries, with good extensional growth

EPS growth

In the past, the EPS growth rate of aviation power was 210.98%, ranking among all listed companies (117/1710) and 2/10 in the aerospace and national defense industries, with good growth potential

Profitability indicators

The average profitability growth rate of aviation power in the past three years was 278.50%, ranking among all listed companies (108/1710) and aerospace and national defense industries (2/10). Strong profitability

EPS stability

In the past, the EPS stability of Aerodynamics ranked among all listed companies (1050/1710), and ranked 10/10 in the aerospace and defense industry where it is located. The company's operation is relatively stable

Investment Highlights

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1. The company is the research and production base of large aeroengines in China, and the only listed aeroengine manufacturer under AVIC. At present, the company undertakes about 40% of the manufacturing share of the third generation high thrust aeroengine "Taihang" in China. On the premise that the performance of the "Taihang" engine has been improved, it will become a new engine for the company's business growth in the future.

2. 2008 Main business income More than 70% of the total income, enjoy Western Development corporate income tax Preferential policies (enterprises shall pay enterprise income tax at a reduced rate of 15%). From 2009 to 2010, whether the company enjoys the preferential income tax policy for enterprises in the Western Development was determined by Xi'an Municipal Office, SAT Review and confirm.

3. Main financial indicators of the company in the first three quarters of 2009: Earnings per share 0.2154 (yuan), net asset value per share 3.5468 yuan, Return on net assets 6.0700%, operating revenue 3098336437.0600 yuan, Year on year 12.3137% increase or decrease; Attributable to shareholders of listed companies Net profit 95293217.42 yuan, a year-on-year increase or decrease of 22.3506%.

4. 2008 Profit distribution The plan is: Western Airlines 0.78 yuan (tax included) for every 10 shares of the Group; RMB 1.01 (tax included) for every 10 shares to other shareholders except Xi'an Airlines Group. Equity registration date : June 11, 2009; Ex dividend date: June 12, 2009.

5. The Company and United Technologies Pratt&Whitney signed the Long term Purchase Agreement (the term of performance is 9 years). Pratt&Whitney will purchase 41 kinds of disk parts agreed in the agreement in the next 9 years, with a total amount of 85.43 million dollars in the first 7 years.

6. First arranged by the company Share trading reform Formed limited sales conditions Tradable shares 25377436 shares were listed and circulated since November 30, 2009.

Enterprise honor

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May 7, 2011, by《 Board of Directors 》The "Board of Directors of Chinese Listed Companies" sponsored by the magazine and co sponsored by the associations of listed companies in various provinces and cities Golden Round Table The 7th Forum‘ Golden Round Table Award ’The "Award Ceremony" was held in Beijing and won the honor of "Excellent Board of Directors".

Investment advice

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Comprehensive investment suggestions: The comprehensive score of Aero Power (600893) shows that the investment value of the stock is average (★★★), the valuation range of the stock using comprehensive valuation is 26.33-28.96 yuan, and the stock price is currently in the undervalued area, so it can be held with confidence.

12 step value evaluation investment suggestion: based on the evaluation of the stock in 12 steps, the investment value of the stock is average (★★★). It is recommended that you take a wait-and-see attitude towards the stock and wait for better investment opportunities.

Industry rating and investment suggestions: Aviation Power (600893) belongs to the agricultural product industry. The current investment value of this industry is average (★★★), and the total ranking of this industry is No. 7.

Investment suggestions for growth quality rating: Aviation Power (600893) has a general growth ability (★★★), and a small development potential (★★) in the next three years. The growth ability of this stock ranks 483 in total, and the growth ability of its industry ranks 9.

Rating and earnings forecast: Aviation Power (600893) predicted that earnings per share in 2009 would be 0.36 yuan, earnings per share in 2010 would be 0.47 yuan, and earnings per share in 2011 would be 0.47 yuan Earnings per share Is 0.63 yuan, and the current target stock price is 26.33 yuan, Investment rating Is held.