CIC Securities: Aviation Power intends to raise additional funds 2 billion

Sina tip: This article belongs to the Research Report column, only for the analysis of a stock of personal views and views, and the unofficial news report, Sina does not guarantee its authenticity and objectivity, all relevant to the stock of effective information to the Shanghai and Shenzhen Stock Exchange of the announcement as prevail, please investors pay attention to risk. CIC Securities really satisfying event: aviation Power yesterday announced that no more than 10 institutional investors will be issued to no more than 120 million shares, the issue price of about 18.75 yuan, the net amount of fund-raising not more than 2 billion yuan.　　The fund-raising projects are mainly for the expansion of the capacity of the civil-military aviation engine and derivative products. Comments: At present, the aero-power assets and liabilities ratio of more than 75%, to the production and operation of the use of capital to bring greater pressure, and the annual interest cost of more than 200 million yuan also eroded the company's operating performance.　　If the funds are in place in time, they will reduce the company's operating burden and reduce the financial expenses. We do not consider the potential impact of this issue, the aviation power is expected to 2009-2011 EPS (per share earnings) of 0.36 yuan, 0.44 yuan, 0.51 yuan, EPS composite growth rate of about 18%; Taking into account the high technical barriers and future integration expectations of the aviation industry, Give 6-12 months a reasonable price of 22.00 yuan, but in the short term the price rises in limited space to maintain a "neutral" rating.