The most firepower source hydraulic underestimated

2022-09-23
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Liyuan Hydraulic: underestimated future heavy machinery aircraft carrier

Guide: the assets placed by Liyuan Hydraulic are leading enterprises in related fields, with a high share in both military and civilian markets, as well as high technical advantages and research and development capabilities. After the first airline of China integrates it into AVIC heavy aircraft, it will speed up the mutual promotion of related businesses and improve its equipment manufacturing leadership in China

the assets of Liyuan Hydraulic are leading enterprises in related fields, with high market share in both military and civilian markets, as well as high technical advantages and research and development capabilities. After the integration of avic-1 into avic-2, it will accelerate the mutual promotion of relevant businesses and improve its competitiveness in the field of equipment manufacturing in China

Liyuan Hydraulic will become the aircraft carrier of heavy machinery business of AVIC 1.

Liyuan Hydraulic announced in the early stage that the main goal of the targeted additional issuance is to "effectively integrate the high-quality assets of heavy machinery business under AVIC 1, build a platform for basic industries related to heavy machinery business and high-tech equipment, and promote the emergence and development of core technology of heavy machinery complete equipment." It is obvious that Air China defined Liyuan Hydraulic as its own platform for heavy machinery business integration

from the current assets of Liyuan Hydraulic, although it involves the equity of AVIC Shixin after contacting a large number of entrepreneurial projects, the core content is still limited to the level of Guihang group. Obviously, in the context of defining Liyuan Hydraulic as the heavy machinery platform of avic-1, the company will break through the scope of your airline in the extension of the upstream and downstream industrial chain in the future, and truly enter the platform of avic-1 to expand, and the announcement mentioned a clear arrangement and plan to enter other heavy machinery businesses of avic-1 into listed companies. In this sense, power source hydraulic will evolve into "first aviation heavy machinery"

capital operation direction of the company

gas turbine business: make use of the function of capital market to optimize resource allocation, timely inject more excellent assets into listed companies through acquisition, equity replacement and other ways, and build the aircraft carrier of Air China in China's equipment manufacturing industry. At present, the gas turbine business of AVIC 1 mainly includes several aero-engine enterprises

forging and casting belong to the hot processing industry, and they are interlinked in specialty. Integration together can enhance the bargaining power of steel mills and back-end users. The ultimate goal is to integrate all the hot processing enterprises of the group to form a large professional group, optimize resource allocation, reduce costs, improve core competitiveness, become a company with an annual sales revenue of more than 5billion, and then acquire a special steel company at an appropriate time, Thoroughly control front-end resources to form a complete supply chain. At present, the forging and casting companies involved in Air China include Guizhou Anji, Hongyuan forging, etc

in short, we believe that Liyuan Hydraulic will be the future aircraft carrier of heavy machinery business of avic-1, and promote the capitalization operation of heavy machinery business platform in the process of continuous professional integration

the power source hydraulics after asset placement include hydraulic pumps and hydraulic parts, aviation forgings, aviation radiators and gas turbines. The business of each industry is the leader of relevant sub industries, with strong international and domestic competitive advantages. At present, the market share and order acquisition ability of various businesses have fully proved the leading position of the company in the industry

One of the reasons why powersource hydraulic is more promising in the long term is that it has successfully realized the transformation of market-oriented operation of national defense enterprises, which is a successful market-oriented model for China's national defense industrial enterprises

according to the development experience of the world's national defense industry in the past half century, the world's national defense industry has experienced great merger and integration, many excellent enterprises have been eliminated in the merger, and successful national defense enterprises have the remarkable characteristics of "military civilian integration". The experimental standards mentioned above refer to ISO, ASTM, DIN, GB, BS, JIS, etc., such as Boeing and Ge

military orders have large cyclical fluctuations and are greatly affected by government policies. Therefore, if defense enterprises rely solely on military orders, they may face greater risk of policy changes. It is an inevitable choice for military enterprises to enter the field of civilian products to disperse risks. As military production enterprises have the most advanced production technology and process equipment, military enterprises use their own military technology and equipment advantages to enter the field of civil products production. Because military products bear a large amount of R & D costs and depreciation of fixed assets, military enterprises have a natural competitive advantage in producing civilian products

we believe that the development path of military enterprises should be to realize the organic combination of military and civilian. Military enterprises use their own technology and equipment advantages in military product development to make breakthroughs in the field of related civilian products, share related technologies, and gain market competitiveness

Liyuan Hydraulic's hydraulic pump and hydraulic parts business, forging business and radiator business all have typical characteristics, that is, it has strong technical strength and competitive advantages in the aviation field. At the same time, it uses such technical advantages to penetrate into the field of civil products, and has a high market share in the field of civil products. The gas turbine business itself is the result of the penetration of military business into civilian products. At present, the hydraulic pump business of Liyuan Hydraulic covers the main field of construction machinery and serves the main domestic construction machinery manufacturers. At present, nearly half of the main revenue sources of radiator business come from civilian products business. Therefore, we believe that Liyuan Hydraulic is a high-quality enterprise for China's national defense enterprises to successfully achieve market-oriented transformation

profit prediction and valuation

we predict that the earnings per share of Liyuan Hydraulic in 2007 is 0.66 yuan, and that in 2008 is 0.93 yuan. According to the current market average dynamic P/E ratio, the reasonable share price of the company is about yuan. However, for the valuation of Liyuan Hydraulic, we believe that the following factors need to be taken into account:

first of all, the assets of Liyuan Hydraulic are industry leading assets, which are matched with the equipment industry with rapid growth such as construction machinery, so the future performance will maintain rapid growth

secondly, the company has given clear development goals and strategies when placing assets, so the uncertainty of the company's future performance growth is small

test items: fatigue characteristics, fatigue life, prefabricated cracks and crack expansion experiments of tension, contraction or tension compression alternating load at room temperature. Third, the company will continue to put excellent assets into the future and put forward a clear direction of operation. This will continuously improve the company's performance and market competitiveness, and build Liyuan Hydraulic into the heavy machinery business platform of avic-1

fourth, Liyuan Hydraulic is the first capital operation platform built by AVIC 1. The operation of this platform will directly affect the future capital operation of AVIC 1

therefore, Liyuan Hydraulic can obtain a premium higher than the average market valuation level. We believe that the reasonable target price of the company is yuan, and we recommend investors to actively intervene

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