The reform offing of military assets securitization in the research institutes

The reform offing of military assets securitization in the research institutes
2015-01-08 09:28:14

The new normal economy needs to be optimized, the opportunity is mostly focused on the transformation of emerging industries or companies, including the military is a strategic opportunity, the next 3 years-5 years of fundamentals continue, the 2015 strong military logic continues, this year more attention to reform logic deduction. We combed the six major military group asset injection road map, divided into three period readers.

Security Shi Lunfang

2015, we believe that the most concern is the quality of assets and low level of asset securitization, Aerospace Technology Group, Ordnance Industry Group, electronic technology group.

In 2010, Guo FA 37th issued, put forward in the pursuit of a few years of time, so that meet the conditions of the military enterprises to complete the joint-stock reform.

In 2011, the aviation power proposed a major asset reorganization, which was suspended due to the different views of the Defence Bureau.

During the 2013 session of the two sessions, AVIC Industrial group participated in a number of representatives actively proposed to increase the military enterprise shareholding system reform support, allow the military assembly assets into the listed companies, simplified military enterprises joint-stock restructuring of the listed work review process, relaxation of regulatory standards, as soon as possible the introduction of military research institutes enterprise restructuring implementation rules.

The State Council led the first time in May 2013 to put forward the requirements of military reform, and the relevant work was on track.

2013 aviation Power, China heavy industry announced the asset reorganization plan, the core military assembly business into the listed company, marking the Defense Bureau on the military Group asset securitization attitude fundamentally changed, military assets securitization has entered the deep-waters. We believe that the most promising asset injection in 2015 is the Aerospace Technology group, the Ordnance Industry group, and the Electronic technology group, which have high asset quality and low asset securitization level.

　　AVIC aircraft case shows that the reform of military research institutes has been focused on aerospace and electronic

January 2014, AVIC Aircraft Research and Development Center was established, the company and the company's research and development assets and personnel into the AVIC Aircraft Research and Development center; At the same time, with a pilot Institute (603) to carry out aircraft research and Development Business cooperation and signed the relevant agreement, the AVIC first aircraft design research and development force integration into the AVIC Aircraft Research and Development Center To enhance and enrich the company's research and development capabilities.

Different from other military groups of factories supporting, electronic technology group since the date of birth that there is no factory, the plant, 47 research institutes constitute the backbone of the group. Aerospace Department of the two groups of research institutes are institutions, the group to research and development of the main research and manufacturing work, the main assets are also concentrated in the research institutes, research institutes and factories. Therefore, we believe that the listed companies of the electronic technology group, the Aerospace Technology Group and the aerospace industry group will benefit most from the reform of the scientific research institutes.

Next, we will be the AVIC industry Group, Aerospace Technology Group, Aerospace engineering Group, Ordnance Industry Group, Electronic technology Group and China Shipbuilding industry group, the six major military groups of the assets into the road map.

　　AVIC Industrial Group: pioneer of military assets securitization

As the forerunner of military assets securitization, the rate of asset securitization of AVIC is high, and the listed company is basically in the third stage of four stage.

We estimate that the future of AVIC industrial assets injection is worth four points, one of the equipment company's asset integration, involving the subject is integrated into the fly; second, the helicopter company under the Chang Fei Group after the injection of the Honda shares, the three navigation Company's asset injection, involving the subject of your airline shares, the four research institutes of the restructuring, The pilot is the aviation electronics company affiliated 5 Research Institute, AVIC Electronics will directly benefit.

　　Aerospace Science and Technology group: China's satellites to obtain high-quality assets injection certainty maximum

Aerospace Five has long been the main assembly task in the key projects, in the space system in the position of high-weight, high-quality assets, China's satellite access to high-quality asset injection of the most certainty.

The six chambers of space and Space Nine are highly specialized, and according to the experience of professional integration of AVIC, aerospace power and aerospace electronics will become the integration platform of power and electronic business. In particular, aerospace electronic large shareholders have made a public commitment to the overall listing, the current asset integration is expected to be the highest.

The space eight courtyard has the small essence whole characteristic, "the star, the bomb, the arrow, the ship, the machine" All has the concern, therefore the space electromechanical in the specialized asset conformity process localization is not clear.

The reform offing of military assets securitization in the research institutes