深度报告-20230512-开源证券-中航产融-600705.SH-公司深度报告_稀缺产业投资平台_受益于国企改革与全面注册制_27页_2mb

investment rating: hold (maintained)
target price: maintained buy rating
current stock price: 424 yuan
market cap: 374.42 billion yuan
pb: 0.9 times (2023)

major strengths:

1. military-industrial integration platform: leverages avic's military industrial resources, focusing on strategic investments in hard-tech sectors.
2. national strategic reforms: benefits from state-owned enterprise reforms and comprehensive registration system reform, enhancing industry investment and underwriting performance.
3. comprehensive financial services: steady performance in leasing/finance, mixed with risks in trust and securities.

financial highlights:

• 2022 annual performance: revenue decreased by 4.87%, net profit down by 61.4%.
• stockpicks contribute stably, underwritten projects are key drivers of profit growth.
• valuation: pb ratio at 0.9x, maintaining safety margin.
• earnings forecast (2023-2025): projected net profit of 3.6bn, 4.1bn, 5.1bn yuan respectively, growing 112%, 15%, 24% annually.

risks:

• stock market volatility affecting investment gains.
• risks in real estate trust asset disposal.

strategic outlook: gain from the tripartite stimulus (reform, capital markets, listing development), core to develop defense-related investment and differentiated underwriting services.