At the beginning of 2023, the helicopter flagship listed company is about to emerge!

Zhongzhi Co., Ltd. disclosed a major asset restructuring plan on the evening of January 9. The company plans to purchase 100% equity of Changhe Aircraft Industry (Group) Co., Ltd. (referred to as "Changfei Group") and 100% equity of Harbin Aircraft Industry Group Co., Ltd. (referred to as "Harbin Aircraft Group"). After the transaction is completed, Changfei Group and Hafei Group will become wholly-owned subsidiaries of Zhongzhi Co., Ltd. After the transaction is completed, the overall A-share listing of the helicopter business of the Aviation Industry Group will be achieved.

As soon as the news came out, the stock market was abuzz. Some investors said: "Trading has resumed, let's start counting the boards."

Industry insiders said that the reorganization of China Directive Co., Ltd. and the injection of high-quality assets from two major helicopter assembly companies will actively promote the integration of domestic helicopter assets and create a flagship listed helicopter company with core competitiveness and market influence. Significantly improve the company's asset quality and operational efficiency.

Inject high-quality assets into final assembly

Zhongzhi Co., Ltd. is the leading enterprise with the largest scale, the highest output value and the most complete product series in the domestic helicopter manufacturing industry. The company's existing core products involve not only helicopter parts manufacturing business, but also civil helicopter complete aircraft, aviation subcontract production and customized services. It has built system and integration-level solution advantages and has become the leading domestic helicopter and general aircraft system integrator. and complete product suppliers.

Public information shows that Changfei Group is China’s helicopter scientific research and production base and a backbone enterprise in the aviation industry. The company's main products include Z-8, Z-10, Z-11, AC313, AC311, AC310 and other series of helicopters. It has strong scientific research, production and technical strength.

Harbin Aircraft Group is also one of my country's major helicopter research and production bases. In recent years, it has accelerated the upgrading of aviation products, forming a "Zhi-9 series, Zhi-19" military helicopters and "AC312 series, AC352" civilian helicopters. And the product system represented by the "Yun-12E, Yun-12F" fixed-wing aircraft has established a product pattern of one aircraft with multiple models and series development. It is worth mentioning that the company's composite material design and verification and other technologies are in a leading position in the country, and it is the largest production base of aviation composite parts in China. The company also undertakes the development and production of large parts of Y-20 and C919 aircraft.

The restructuring plan shows that Changfei Group will achieve revenue of 10.702 billion yuan and 13.718 billion yuan in 2020 and 2021 respectively, and net profits attributable to the owners of the parent company of 202 million yuan and 264 million yuan respectively.

Hafei Group achieved revenue of 8.158 billion yuan and 10.231 billion yuan in 2020 and 2021 respectively, and net profits attributable to the owners of the parent company of 123 million yuan and 103 million yuan respectively.

It is reported that AVIC is the controlling shareholder of Changfei Group and Hafei Group, and Aviation Industry Corporation of China is the actual controller of Changfei Group and Hafei Group.

This time, Zhongzhi Co., Ltd. plans to issue shares to AVIC to purchase 92.43% of the equity it holds in Changfei Group and 80.79% of Hafei Group. It plans to issue shares to Aviation Industry Group to purchase its holdings. Some Changfei Group holds 7.57% equity and Hafei Group holds 19.21% equity.

China Direct Holdings stated that this transaction will inject high-quality assets in the helicopter field of the Aviation Industry Group, further realize the integration of the helicopter business of the Aviation Industry Group, enhance the R&D innovation capabilities and resource integration capabilities of listed companies, and through professional integration , support the overall structural system of the helicopter industry, strengthen and refine the main business, and create a professional leading listed company.

The market for the helicopter industry is vast

In recent years, the state has issued a number of policies to actively promote the development of strategic emerging industries including aviation equipment manufacturing, encourage the construction of aviation emergency rescue systems and the general aviation industry Development has brought good development opportunities to the helicopter industry.

The "14th Five-Year Plan for the Construction of Emergency Rescue Forces" proposes to promote the normal deployment of aviation emergency rescue forces and improve the layout of heavy-duty helicopters and small and medium-sized helicopters.

The "Strategic Planning Outline for Expanding Domestic Demand (2022-2035)" clearly states that in terms of emergency rescue, it is necessary to strengthen the construction of emergency rescue forces, improve the aviation emergency rescue system, and promote new intelligent equipment and large aviation fire-fighting aircraft. , special rescue equipment, special engineering machinery and equipment research and development equipment; in terms of actively developing service consumption, it is necessary to release the potential of general aviation consumption.

It is worth mentioning that, as a rotary-wing aircraft, helicopters have special flight performance and irreplaceable advantages over fixed-wing aircraft. They are an important type of general-purpose military and civilian aviation equipment. It plays a key role in general aviation, emergency rescue, medical rescue, police, national defense and other application fields. Relevant industry insiders said that with the development of related application fields, the helicopter industry will also usher in a period of good development opportunities.

Zhongtai Securities believes that the long-term prospects of the helicopter industry chain are promising. As the main force in the domestic helicopter manufacturing industry with the largest scale, the highest output value and the most complete product series, Zhongzhi Co., Ltd. is expected to benefit first from the batch production of advanced helicopters and is optimistic about the company's long-term development.