A-Share Listed Aerospace, Aviation and Defense Companies - Profiles and Financial Data
Since 2010, China has kept launching spacecrafts at a high frequency. The average annual number of launches was 17 from 2010 to 2015 and reached 22 in 2016, tying the U.S. as the world's leader. China Aerospace Science and Technology Corporation has planned 28 launches in 2017. It is expected that China's spaceflight activities will be as frequent as that in the past, leading to the prosperity of spacecraft and relevant supporting and satellite applications. In December 2016, the State Council issued China's Space Activities in 2016. It is anticipated that from 2017 to 2021, China will continue with its efforts in crewed spaceflight, moon exploration, Beidou navigation satellite system, high-resolution earth observation system program, a new generation of carrier rockets, etc. Another group of major technology projects and major construction projects will also be initiated.
The aviation industry consists of aircraft manufacturing and aircraft operation, with the former being further divided into plane manufacturing, helicopter manufacturing, engine manufacturing, etc. The aircraft operation industry consists of three fields: commercial aviation, general aviation and military aviation. The civil aviation transport industry has been growing at over 10% in recent years. The recorded number of civil transport aircrafts was 2,152 at the end of 2013, 2,370 at the end of 2014 and 2,650 at the end of 2015. China has become the second largest aviation transport market in the world. It is estimated that in the two decades following 2017 China's civil aviation industry will add another 6,000 new aircrafts valued at a total of USD 1 trillion.
In 2016, top 10 countries in terms of defense spending were the U.S., China, the U.K., India, Saudi Arabia, Russia, France, Japan, Germany and South Korea.
China's defense spending was CNY 954.354 billion (USD 143.7 billion), second only to the U.S. and before the U.K. and India. However, this is just 24.6% of defense spending of the U.S.. China's defense spending per capita is 1/18 of that of the U.S., 1/9 of the U.K., 1/7 of France and 1/5 of Russia and Japan. China's military personnel per capita is 13.58% that of the U.S., 22.98% of the U.K., 22.8% of France and 14.3% of Germany. Although China's defense spending has kept growing for a long time, it still accounts for only 1.3% of GDP and remains at such level for some time. By contrast, in many other major countries, the proportion is between 2% and 5% -- 4% in the U.S. and 4%-5% in Russia. According to Ministry of Finance of China, it plans to arrange CNY 1,044.397 billion (USD 151.4 billion) for defense, increasing by 7% over 2016.
Due to the gap between China's defense spending and that of developed countries, it is expected that in the next few years China will still increase its spending on defense, which will benefit aerospace, aviation and defense industries.
In this report, CRI analyzes 24 aerospace, aviation and defense enterprises listed in A-share market in China.
The report is composed of two parts: the first part is enterprise profiles and the second part is the operation status of these enterprises in the recent decade (presently 2006 to 2016, we will update it to the latest as time goes by).
The operation status is demonstrated from the following perspectives: (1) financial indexes, such as earnings per share, book value per share (BPS), sales per share, net cash flow per share, return on net worth and debt to asset ratio; (2) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (3) indexes on the income statement, such as revenue, operating profit, net profit and EBIT; (4) indexes on the balance sheet, such as liquid asset, fixed asset, current liability, non-current liability, capital reserve and shareholders' equity.
(1) Financial Indexes
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