Stealth version of J-11 fighter
15 years ago
Monday, June 15, 2009
Saturday, June 13, 2009
WS10 Taihang.
Stealth bombers have been the maiden flight of 8 10 months ago released the evening of October 31 for the first time openly carrying Fenghuangtai new stealth cruise missiles capable of striking North America
The first bombing of the Chinese-made 8 stealth strategic bombers, yesterday Fenghuangtai "video military observation room" for the first time publicly. Taken from the Phoenix TV
Xinhua Beijing, China on the 1st section 8 bombing of a self-made stealth strategic bombers, yesterday Fenghuangtai "video military observation room" for the first time publicly. According to Phoenix TV reported on January 5 this year, a key model aircraft into the sky, it is the bombing of stealth strategic bombers 8. The head of the Central Military Commission, the head of the Armament Department of the Air Force, Defense and other leaders, Vice Mayor of Xi'an, Shaanxi Provincial Committee, deputy secretary of the other leading to a flight, the head of the Group and other units, with the participation of hundreds of researchers XAC witnessed this historical moment.
H-8 in the late 80 H 7 Feibao classified focus after the first models of strategic bombers, is also the first stealth aircraft. Reported that in 1994 officially approved the development, given its central target of the United States as close as possible to B-2A;载弹量no less than 18 tons; necessary penetration supersonic Mach 1.2, or escape; bring new stealth cruise missiles capable of striking North America; voyage of not less than 10,000 kilometers; with air refueling capability; the use of domestically produced the most advanced avionics equipment and so on. 603 design tasks from the West to fly the company responsible for production, to become the first Chinese-made strategic bombers.
It is reported that high-tech H-8, a large number of applications such as wing-body integration, wire flight control, airframe surface, before and after the trailing edge flap, large-scale integration of the wing fuel tank, a large area of carbon fiber composites, carbon-carbon brakes, built-in rotary arms Pylon, terrain matching tracking radar, digital map, complex navigation systems, satellite data link, a new advanced radar absorbing stealth nano-coating, etc. the list goes on. H-8 could fly up recently, thanks to four of the last shape Taihang turbofan engine, is also the F-10A Taihang and the heart of F-11B. Fighting and bombers that share the same engine family has long been the benefits of the U.S. military confirmed that H-8 to give the furthest range of the Chinese aircraft, amounting to more than 11,000 km. 12 Red Bird 3 missiles are located in six two pylons on rotating arms, each carrying a nuclear warhead to a range of 3,000 km, able to mine stone with 6 satellite-guided bombs and anti-ship missiles and other weapons.
隱形轟8 已首飛 10個月前騰空 10月31日晚鳳凰台首度公開 攜帶新型隱形巡航導彈能攻擊北美
中國第一種自製轟炸8型隱形戰略轟炸機，昨天鳳凰台《軍情觀察室視頻》首度公開。攝自鳳凰台
【本報北京一日電】中國第一種自製轟炸8型隱形戰略轟炸機，昨天鳳凰台《軍情觀察室視頻》首度 公開。 據鳳凰台報導，今年1月5日，某重點型號飛機騰空而起，它就是轟炸8型隱形戰略轟炸機。中央軍委首長、空軍 裝備部首長、國防科工委等領導，西安副市長、陜西省委副書記等領導，一航、二集團等單位負責人，與幾百名西 飛參與研究人員共同見證此歷史時刻。
轟8是在八○年代末轟7飛豹首飛後列為機密重點型號的戰略轟炸機，也是中國第一種隱形飛機。報導說，199 4年正式立項研製，中央賦予其指標是儘量接近美國B-2A；載彈量不低於18噸；必要時可以1.2馬赫超音速突防或逃逸； 攜帶新型隱形巡航導彈能攻擊北美；航程不少於一萬公里；具備空中加油能力；採用國產最先進航電設備等等。任 務由603所設計，西飛公司負責生產，成為第一種國產戰略轟炸機。
據報導，轟8大量應用高新技術如翼身融合、電傳飛控、曲面機身、前後緣襟翼、機翼大型一體化油箱、大面積碳 纖維複合材料、碳碳剎車、內置旋轉式武器掛架、地形匹配跟蹤雷達、數字地圖、複合導航系統、衛星數據鏈、全 新先進吸波隱形納米塗料等等不勝枚舉。轟8最近能飛起來，得益於四台去年定型的太行渦扇發動機，太行也是殲 10A和殲11B的心臟。這種戰鬥和轟炸機共用同族發動機的好處早已被美軍證實，能賦予轟8中國飛機最遠的 航程，達1萬1000多公里。12枚紅鳥3巡航導彈分佈在兩個六枚旋轉武器掛架上，每枚可攜核 彈頭，射程 3000公里，亦能帶雷石6等衛星制導炸彈和反艦導彈等武器。
The first bombing of the Chinese-made 8 stealth strategic bombers, yesterday Fenghuangtai "video military observation room" for the first time publicly. Taken from the Phoenix TV
Xinhua Beijing, China on the 1st section 8 bombing of a self-made stealth strategic bombers, yesterday Fenghuangtai "video military observation room" for the first time publicly. According to Phoenix TV reported on January 5 this year, a key model aircraft into the sky, it is the bombing of stealth strategic bombers 8. The head of the Central Military Commission, the head of the Armament Department of the Air Force, Defense and other leaders, Vice Mayor of Xi'an, Shaanxi Provincial Committee, deputy secretary of the other leading to a flight, the head of the Group and other units, with the participation of hundreds of researchers XAC witnessed this historical moment.
H-8 in the late 80 H 7 Feibao classified focus after the first models of strategic bombers, is also the first stealth aircraft. Reported that in 1994 officially approved the development, given its central target of the United States as close as possible to B-2A;载弹量no less than 18 tons; necessary penetration supersonic Mach 1.2, or escape; bring new stealth cruise missiles capable of striking North America; voyage of not less than 10,000 kilometers; with air refueling capability; the use of domestically produced the most advanced avionics equipment and so on. 603 design tasks from the West to fly the company responsible for production, to become the first Chinese-made strategic bombers.
It is reported that high-tech H-8, a large number of applications such as wing-body integration, wire flight control, airframe surface, before and after the trailing edge flap, large-scale integration of the wing fuel tank, a large area of carbon fiber composites, carbon-carbon brakes, built-in rotary arms Pylon, terrain matching tracking radar, digital map, complex navigation systems, satellite data link, a new advanced radar absorbing stealth nano-coating, etc. the list goes on. H-8 could fly up recently, thanks to four of the last shape Taihang turbofan engine, is also the F-10A Taihang and the heart of F-11B. Fighting and bombers that share the same engine family has long been the benefits of the U.S. military confirmed that H-8 to give the furthest range of the Chinese aircraft, amounting to more than 11,000 km. 12 Red Bird 3 missiles are located in six two pylons on rotating arms, each carrying a nuclear warhead to a range of 3,000 km, able to mine stone with 6 satellite-guided bombs and anti-ship missiles and other weapons.
隱形轟8 已首飛 10個月前騰空 10月31日晚鳳凰台首度公開 攜帶新型隱形巡航導彈能攻擊北美
中國第一種自製轟炸8型隱形戰略轟炸機，昨天鳳凰台《軍情觀察室視頻》首度公開。攝自鳳凰台
【本報北京一日電】中國第一種自製轟炸8型隱形戰略轟炸機，昨天鳳凰台《軍情觀察室視頻》首度 公開。 據鳳凰台報導，今年1月5日，某重點型號飛機騰空而起，它就是轟炸8型隱形戰略轟炸機。中央軍委首長、空軍 裝備部首長、國防科工委等領導，西安副市長、陜西省委副書記等領導，一航、二集團等單位負責人，與幾百名西 飛參與研究人員共同見證此歷史時刻。
轟8是在八○年代末轟7飛豹首飛後列為機密重點型號的戰略轟炸機，也是中國第一種隱形飛機。報導說，199 4年正式立項研製，中央賦予其指標是儘量接近美國B-2A；載彈量不低於18噸；必要時可以1.2馬赫超音速突防或逃逸； 攜帶新型隱形巡航導彈能攻擊北美；航程不少於一萬公里；具備空中加油能力；採用國產最先進航電設備等等。任 務由603所設計，西飛公司負責生產，成為第一種國產戰略轟炸機。
據報導，轟8大量應用高新技術如翼身融合、電傳飛控、曲面機身、前後緣襟翼、機翼大型一體化油箱、大面積碳 纖維複合材料、碳碳剎車、內置旋轉式武器掛架、地形匹配跟蹤雷達、數字地圖、複合導航系統、衛星數據鏈、全 新先進吸波隱形納米塗料等等不勝枚舉。轟8最近能飛起來，得益於四台去年定型的太行渦扇發動機，太行也是殲 10A和殲11B的心臟。這種戰鬥和轟炸機共用同族發動機的好處早已被美軍證實，能賦予轟8中國飛機最遠的 航程，達1萬1000多公里。12枚紅鳥3巡航導彈分佈在兩個六枚旋轉武器掛架上，每枚可攜核 彈頭，射程 3000公里，亦能帶雷石6等衛星制導炸彈和反艦導彈等武器。
Friday, June 12, 2009
“The Implications of China’s threat Naval Modernization for the United States”
Hearing on “The Implications of China’s Naval Modernization for the United States”
Thursday, June 11, 2009
Room 562 Dirksen Senate Office Building
First Street and Constitution Avenues, NE
Washington, DC 20510
Hearing Agenda: (PDF)
PARTICIPANTS’ BIOS and TESTIMONIES: (Click on a name to read Participants Bio's in an HTML page. View a Testimony in HTML or PDF view by clicking the associated link with each individual. Some Participants may not have a Bio or Written Testimony. )
Hearing Co-Chairs: Vice Chairman Larry Wortzel and Commissioner Peter Videnieks
Commissioners’ Opening Statements
- Opening Statement of Vice Chairman Larry Wortzel (HTML)(PDF)
- Opening Statement of Commissioner Peter Videnieks (HTML)(PDF)
Panel I: Congressional Perspectives
- Congresswoman Madeleine Z. Bordallo (D-Guam)
- Congressman J. Randy Forbes (R-VA)
Panel II: Strategic Impact of PLA Naval Modernization
- RADM Michael McDevitt (USN, Ret.), V.P. and Director of Strategic Studies, CNA, Alexandria, VA (HTML)(PDF)
- Mr. Peter Dutton, Associate Professor of Strategic Studies, China Maritime Studies Institute, U.S. Naval War College, Newport, RI (HTML)(PDF)
- Mr. Paul S. Giarra, President, Global Strategies and Transformation, Herndon, VA
Panel III: Operational Activities of the PLA Navy
- Mr. Cortez Cooper, Senior International Policy Analyst, The RAND Corporation, Arlington, VA (PDF)
- Mr. Fred Vellucci, China Analyst, CNA, Alexandria, VA (HTML)(PDF)
Panel IV: Technical Developments of the PLA Navy
- Mr. Ronald O’Rourke, Naval Affairs Specialist, Congressional Research Service, Washington, DC (HTML)(PDF)
- Mr. Richard D. Fisher, Jr., Senior Fellow on Asian Military Affairs, International Assessment and Strategy Center, Alexandria, VA (HTML)(PDF)
Panel V: Views from Former Secretaries of the Navy
- Senator John Warner, KBE
Wednesday, June 10, 2009
J-11B J-10 WS-10
High ranking AVIC official and jet engine expert Mr Liu Daxiang confirmed J-11B fighter jet actually uses 2 kinds of engines, 1 is aL-31F and the other is WS-10 Taihang, he also confirmed both J-10 & J11b have used WS10 Taihang.Finally, he confirmed J11B will appear in China’s national day parade. The footage of Phoenix TV’s interview with Mr Liu:
Tuesday, June 9, 2009
aircraft carrier threat
中国首艘航母摇篮安保严密：三步一岗（图）
2009-06-09 09:47:00
中评社香港 6月9日电／日前有外媒称，中国第一艘航空母舰将在江南造船厂位于上海的长兴岛造船基地三号船坞建造，令这座一向人迹罕至的小岛又添了几分神秘。短短几天 内，大量媒体、军事发烧友和民众，都把目光投向了长兴岛。究竟是否如外界传闻，中国的航母计划已在该岛悄然启动？文汇报记者7日前往江南造船厂一探究竟， 发现近期厂区内的保安比之前严密，几乎“三步一岗”，且有不少安保人员开着巡逻车在厂区内巡查。
文汇报报道，“又是一个想去军事基地刺探情报的人”，听到记者开腔表示想去江南造船厂三号船坞时，聚集在长兴岛马家港码头的出租车司机，脸上立刻露出几分诡异的笑容，还互相用方言开起了玩笑。
岛民皆知“军事基地”
岛民告诉记者，自5月以来，已有好几家国内外媒体去了三号船坞。每一个居民都很清楚，在长兴岛造船基地自西向东排列的3条“造船生产线”中，有一条最为神秘的“三号船坞”，坐落在鲜红色龙门吊的尽头。那里是江南造船厂主要用于建造军用舰船的地方。
所有出入口武警把关
岛民还透露，三号船坞的安保向来比另外两个船坞严密，到了今年3月，连3条造船生产线之间的1条水泥主干道也被封死，原本那是员工回宿舍休息的必经之 路，现在却只能绕道而行。江南造船厂的一位工作人员说，这是为了更好的把三号船坞与外界隔离开来。本来从那条路可以很快到达旁边的沪东中华造船集团，而现 在所有的出入口都有武警把关。
岛上的一位司机则回忆，以往江南造船厂内的工作人员乘坐出租车，可以从码头直接开到生活区内的宿舍楼下。但从今年5月1日开始，所有人在厂门口就必须下车，步行进入。外来车辆则一律不得入内。
数中外媒体被拒入内
记者随后乘车来到了居民口中的“四号门”，这里是长兴岛造船基地作为军用产品与民用产品的分界线。两位武警荷枪实弹地守卫大门，还有几位保安在盘查进 出行人、车辆的通行证。记者绕道生活区几经辗转进入厂区，远远就望见其中一排排首尾相接的蓝白色巨型厂房。厂房有高有低，高的达十余层楼，低的只有二三层 高—这就是外媒眼中神秘的三号船坞。
厂房两头一面封闭，另一面则为敞开式，两侧的墙面均开有百叶窗形的透气窗，保持空气流通又阻挡了外人视线。在3个船坞中独有的顶棚，还可以避免被高空卫星或其他设备窃密。虽然是周末，厂内仍是机器轰鸣，满载钢材的工程用车来来往往，显得十分忙碌。
三号船坞面积很大，记者从厂区一头走到另一头花了近三刻钟时间。厂区内每隔二三百米就设有一个警卫亭，还有相当数量的安保人员开巡逻车、拿着对讲机在 厂区内巡查，看见没有身着工作服的人，就会立刻上前盘问一番。岛民还介绍，5月陆续造访的几个国内外媒体，绝大多数连厂区的第一道门都未能进入。
图为三号船坞内的厂房与龙门吊。
2009-06-09 09:47:00
中评社香港 6月9日电／日前有外媒称，中国第一艘航空母舰将在江南造船厂位于上海的长兴岛造船基地三号船坞建造，令这座一向人迹罕至的小岛又添了几分神秘。短短几天 内，大量媒体、军事发烧友和民众，都把目光投向了长兴岛。究竟是否如外界传闻，中国的航母计划已在该岛悄然启动？文汇报记者7日前往江南造船厂一探究竟， 发现近期厂区内的保安比之前严密，几乎“三步一岗”，且有不少安保人员开着巡逻车在厂区内巡查。
文汇报报道，“又是一个想去军事基地刺探情报的人”，听到记者开腔表示想去江南造船厂三号船坞时，聚集在长兴岛马家港码头的出租车司机，脸上立刻露出几分诡异的笑容，还互相用方言开起了玩笑。
岛民皆知“军事基地”
岛民告诉记者，自5月以来，已有好几家国内外媒体去了三号船坞。每一个居民都很清楚，在长兴岛造船基地自西向东排列的3条“造船生产线”中，有一条最为神秘的“三号船坞”，坐落在鲜红色龙门吊的尽头。那里是江南造船厂主要用于建造军用舰船的地方。
所有出入口武警把关
岛民还透露，三号船坞的安保向来比另外两个船坞严密，到了今年3月，连3条造船生产线之间的1条水泥主干道也被封死，原本那是员工回宿舍休息的必经之 路，现在却只能绕道而行。江南造船厂的一位工作人员说，这是为了更好的把三号船坞与外界隔离开来。本来从那条路可以很快到达旁边的沪东中华造船集团，而现 在所有的出入口都有武警把关。
岛上的一位司机则回忆，以往江南造船厂内的工作人员乘坐出租车，可以从码头直接开到生活区内的宿舍楼下。但从今年5月1日开始，所有人在厂门口就必须下车，步行进入。外来车辆则一律不得入内。
数中外媒体被拒入内
记者随后乘车来到了居民口中的“四号门”，这里是长兴岛造船基地作为军用产品与民用产品的分界线。两位武警荷枪实弹地守卫大门，还有几位保安在盘查进 出行人、车辆的通行证。记者绕道生活区几经辗转进入厂区，远远就望见其中一排排首尾相接的蓝白色巨型厂房。厂房有高有低，高的达十余层楼，低的只有二三层 高—这就是外媒眼中神秘的三号船坞。
厂房两头一面封闭，另一面则为敞开式，两侧的墙面均开有百叶窗形的透气窗，保持空气流通又阻挡了外人视线。在3个船坞中独有的顶棚，还可以避免被高空卫星或其他设备窃密。虽然是周末，厂内仍是机器轰鸣，满载钢材的工程用车来来往往，显得十分忙碌。
三号船坞面积很大，记者从厂区一头走到另一头花了近三刻钟时间。厂区内每隔二三百米就设有一个警卫亭，还有相当数量的安保人员开巡逻车、拿着对讲机在 厂区内巡查，看见没有身着工作服的人，就会立刻上前盘问一番。岛民还介绍，5月陆续造访的几个国内外媒体，绝大多数连厂区的第一道门都未能进入。
图为三号船坞内的厂房与龙门吊。
Attached image(s)
his is the Google translation of Xinhui's Post #1540, above:
The cradle of China's first aircraft carrier tight security: a post three steps (Figure)
2009-06-09 09:47:00
HONG KONG, June 9 Xinhua / Recently, a foreign media that China's first aircraft carrier in the Jiangnan Shipyard in Shanghai on the 3rd of the Changxing Shipbuilding Base dock construction, to make this small island has been uninhabited for several added sub mysterious. A matter of days, a large number of media, military enthusiasts and people are casting their eyes on the Changxing Island. If the rumor about whether China's aircraft carrier plans to start quietly in the island? Wen Wei Po's Jiangnan Shipyard on the 7th to check it out and found that the security of the region recently plant closely than before, almost "a three-step Kong" and a number of security personnel patrol open area in the factory inspections.
Wen Wei Po reported that the "want to go to military bases is also a person to gather intelligence," that want to hear the reporter speak Route Jiangnan Shipyard dock, the family gathered at the Ferry Terminal Changxing Ma taxi driver, his face almost immediately exposed sub-strange smile, but also with each other using a dialect joke started.
Islanders known "military bases"
Islanders told reporters that since May, there have been several domestic and foreign media to a dock on the 3rd. Each of the residents are well aware that in the Changxing Shipbuilding Base from west to east with the three "shipbuilding production line" in a most mysterious "dock Route", is located in the gantry at the end of bright red. Jiangnan Shipyard, where it is mainly used for the construction of the local military ships.
Armed police guard all entrances
Islanders also said that security on the 3rd dock has always been closely than the other two docks, in March this year, even the three shipbuilding production line of a cement between the main road has been sealed, it is the original staff will rest回宿舍by the road, but now they can only take a detour. Jiangnan Shipyard, said a staff member, it is better to dock with the outside world on the 3rd to separate. Originally from that road can quickly reach the next Hudong-Zhonghua Shipbuilding Group, and now all of the entrances and exits are armed police guard.
A driver on the island are memories of the past, the Jiangnan Shipyard staff take a taxi from the terminal directly to the living quarters downstairs area. However, from May 1 this year, starting in front of everyone in the plant must get off, walk into the. Foreign vehicles will not be allowed to enter.
The number of Chinese and foreign media were refused entry
Then press car came to a resident population of the "fourth door," This is the Changxing Shipbuilding Base as military products and civilian products line. Two armed police guards armed to the door, there are a number of security checks and out of pedestrians in the vehicle passes. Bypass reporter into the living area around the factory several times, saw them well on both rows of blue and white-phase giant plant. Plants with high and low, up to a dozen high floors, low and only two three-story - this is the mysterious eyes of foreign media on the 3rd dock.
A closed two plants, the other side is open-style, on both sides of the wall there are open-shaped ventilation window blinds to keep the air flow and block the line of sight to outsiders. 3 dock in the roof in a unique, high-altitude satellites also can be avoided by the theft of secrets or other equipment. Although the weekend, the factory is still roaring machines, loaded with steel works vehicles coming and going, very busy.
Three large dock, this reporter went from one factory to another first quarter of an hour spent nearly three hours. Plant every two to three hundred meters in the region has a guard on the kiosks, there are a considerable number of security personnel to open patrol the area with walkie-talkie in the factory inspections, to see people not dressed in uniform, it will immediately approached some cross-examination. Islanders also introduced, in May at home and abroad have visited several media, the vast majority of even the first door of the factory have not been able to enter.
Dock on the 3rd photo shows the plant with the gantry.
Sunday, June 7, 2009
Vietnam gearing for war with China?
A Chinese vessel off the coast of the Spratly Islands
With attention focused on North Korea's brinkmanship on nuclear weapons and missiles, another potential crisis is brewing that is about ready to spill over into violence, with Viet Nam apparently preparing to challenge China's ownership of a string of islands thought to be the link to billions of dollars worth of oil.
In asserting its rights to the Spratly Islands also claimed by China, Vietnam has ordered six Project 636 Kilo-class submarines from Russia and has gotten permission for the purchase, in addition to other military arms Vietnam has ordered.
Russia sees the sales as strategically beneficial and Chinese critics suggest Russia is trying to gain "strategic benefit by stepping up arms sales to Southeast Asian countries. Its arms sales to Vietnam possibly have special significance for Russia, because returning to Cam Ranh Bay has been a goal long cherished by Russia."
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=99573
With attention focused on North Korea's brinkmanship on nuclear weapons and missiles, another potential crisis is brewing that is about ready to spill over into violence, with Viet Nam apparently preparing to challenge China's ownership of a string of islands thought to be the link to billions of dollars worth of oil.
In asserting its rights to the Spratly Islands also claimed by China, Vietnam has ordered six Project 636 Kilo-class submarines from Russia and has gotten permission for the purchase, in addition to other military arms Vietnam has ordered.
Russia sees the sales as strategically beneficial and Chinese critics suggest Russia is trying to gain "strategic benefit by stepping up arms sales to Southeast Asian countries. Its arms sales to Vietnam possibly have special significance for Russia, because returning to Cam Ranh Bay has been a goal long cherished by Russia."
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=99573
Tuesday, June 2, 2009
Aviation equipment manufacturers threat
Aviation equipment manufacturers
Lee Program
Machinery Industry Fellow
021-3856 5920
ligangl@xyzq.com.cn
Air Power (600893)
Additional 2 billion yuan targeted replacement benefits Prospectus
Recommended
(Maintain)
May 19, 2009
Investment points
Event:
Company today announced plans for additional orientation: non-public offering of shares to be not more than 120 million shares, net fund-raising not more than 20 billion yuan, the pricing benchmark for the Board of Directors resolution on announcement day, issued at a price not less than 20 days before the pricing benchmark transactions price of 90%. In addition to raising funds to add liquidity, the other into four projects: 1). The third generation of aero-engine parts to expand production capacity 2). Aviation outsourcing technical components 3). The construction of gas turbine product line 4). Stirling solar engine production and demonstration projects. (Prospectus proportional allocation of the items see Table 1)
Comments:
The basic orientation of additional plans in line with our previous expectations, we are the company's positive view of the refinancing. We are optimistic about the company's cost-effective fund-raising projects and market outlook, raised for the project completed and put into operation to raise the company's production capacity, nurturing the company's future growth performance; Prospectus supplement the liquidity will improve and optimize the company's financial structure to alleviate the financial burden of the play "replacement capital efficiency" of the role in enhancing the quality of the company's assets and operating efficiency, thereby changing the current status of work for the banks, the real effectiveness of the business into the return to shareholders.
issuance price of not less than 18.68 yuan / share
Benchmarks in accordance with the pricing on the company twenty-fifth meeting of the Board of Directors resolution notice on May 18, 2009, the issue price of not less than 20 days before the pricing benchmark stock average price of 90%, that is not less than 18.68 yuan / share.
raise one vote: the third generation of aero-engine parts and components production capacity expansion project
Companies to raise funds as one of the items, the third generation of aero-engine parts and components production capacity expansion project plans to invest 920 million yuan, of which the use of the original 430 million yuan in fixed assets, to raise funds invested 490 million yuan, plans to raise about 24% of the total funds . After the implementation of the project, the company's third generation of aero-engine components can be an annual production capacity from the current annual production capacity of 2400 units to 4800 units, the company is expected to basically meet the needs of the third generation of aero-engine components orders for about 5,000 per year level. The project addresses the third generation of aero-engine production capacity expansion and the technological transformation to meet future national defense needs of the Air Force fighter planes equipped with good economic efficiency and the important significance of the national defense.
raised for the project two: aviation parts and components of foreign trade sub-technical items
Subcontracting business aviation parts and components trade is technological projects in order to change the current high growth due to foreign trade brought about by outsourcing the production capacity, products, and the status of non-payment of the. Project plans to invest 470 million yuan, invested by the fund-raising, fund-raising plan about 24 percent of the total. Project and upon completion, will form a delivery of 80 million U.S. dollars the amount of subcontracting production capacity, including GE parts and PWC parts and components production line production line, as well as other parts of Health
Please read the last page of notes and important statement rating
SG Securities R & D Center Web site: www.xyzq.com.cn E-mail: yangchen@xyzq.com.cn - 2 --
Company Comments Report
Production line, the former location of two production lines based on a wholly owned subsidiary of Wright projects, other parts of the production line based on the Company's headquarters location.
raised for three projects: 30MW class gas turbine project
Gas Turbine QC280/QD280 production line construction project, the project plans to invest 630 million yuan, of which about 5 to raise funds invested billion plan Prospectus about 25% of the total. 30MW gas turbine as large QC280/QD280 reached the international advanced level of the third generation of gas turbines, power level of GE's best-selling similar to the LM2500 as the core of high-tech energy-saving equipment widely used in power generation, oil and gas pressurization, ships and tanks power, such as market demand and broad prospects. After the completion of the project has an annual production capacity of 20.
raised four investment items: solar-powered Stirling engines and demonstration projects
Company began in 2005 to develop solar-powered Stirling engine's main components, machine started to develop in 2006 and has now been completed ontology design drawings, plans to produce a prototype in 2009, Stirling solar engine annual production capacity of 50 projects including a Taiwan's production line and 1MW-class demonstration of solar thermal power station. Plans a total investment of 110 million yuan, to raise funds invested 97 million yuan, accounting for fund-raising total of 5%. Dish-type solar thermal power generation due to high conversion efficiency, reduced costs, a large space (see Figure 1), and network distribution and were found to be suitable as a solar thermal power generation technology the most promising line of business, while the disc as a domestic solar thermal power technology research and development and pioneer equipment manufacturers, the company Stirling engine can be a view to future market demand.
funds to add 440 million yuan of liquidity-effective replacement
In addition, the company intends to come up with about 22% of the fund-raising, about 4.4 billion yuan was used to add liquidity to meet the Company as an aviation parts and components production cycle engine and its resources to occupy the length and the operating characteristics of a large quantity, reduce the current high levels of assets and liabilities (in March 31, 2009 financial statements of the parent company of a diameter of 73%), reducing the financial burden of the company to "benefit replacement funds" role.
profit forecasts, valuation and investment rating:
If public offering by the success of plans to issue, in accordance with the equity raising the upper limit of the calculation, the company's total equity from the current 4.4 billion shares to 5.6 billion shares to expand, the expansion ratio of about 27% of the company's performance in 2009 has some diluted, consider Wright and other projects that have been pre-invested companies are expected to 2009,2010 can be formed in production capacity, coupled with the added liquidity to alleviate the financial burden on the performance of the company's diluted relatively limited.
Since the issuance of the final orientation Prospectus point scale and has not yet been determined, we have not adjusted the company's profit forecast, we will closely follow the company's issuance of the process of orientation, the continuation of the company in 2009 and 2010 earnings per share were 0.51 , 0.66 million profit forecast.
We continue to reiterate our original view: "short-term profits to upgrade + to enjoy a premium valuation," the company we are optimistic about the economic benefits of refinancing the project and product market outlook, the company's future profitability based on the room, and good prospects for the development of more precise and asset integration is expected to continue to be given the "Recommended" investment rating.
Appendix I: Company pre-tracking reports:
1. "Taihang see military operations carried subcontracting business briefing beam research "---- ---- 2009-1-18
2. "Driving force for the revitalization of the aviation companies to the depth of study "---- ---- 2009-3-3
3. "Power Air to take off in China - reiterated its air power (600,893) to promote the views of the company "----- PPT --- 2009-3-26
4. "In 2008 slightly better than expected performance of new products for civilian use初显energy companies monoceras "----- 08 Comments Report ---- 2009-4-1
5. "Cost of control products for civilian use only emerged初显cusp of new energy research information courier company "---- ----- 2009-4-10
6. "Stirling engine to add new momentum - one of the company business analysis products for civilian use tracking reports company "---- ---- 2009-4-15
7. "Challenges beyond the thermal power of photovoltaic - solar energy power generation system disc industry outlook study "---- --- 2009-5-5
R & D SG Securities
Center Web site: www.xyzq.com.cn E-mail: yangchen@xyzq.com.cn
Appendix II: data charts:
http://translate.google.com/translate_t#
Xi'an AeroEngine PLC ( here)
Lee Program
Machinery Industry Fellow
021-3856 5920
ligangl@xyzq.com.cn
Air Power (600893)
Additional 2 billion yuan targeted replacement benefits Prospectus
Recommended
(Maintain)
May 19, 2009
Investment points
Event:
Company today announced plans for additional orientation: non-public offering of shares to be not more than 120 million shares, net fund-raising not more than 20 billion yuan, the pricing benchmark for the Board of Directors resolution on announcement day, issued at a price not less than 20 days before the pricing benchmark transactions price of 90%. In addition to raising funds to add liquidity, the other into four projects: 1). The third generation of aero-engine parts to expand production capacity 2). Aviation outsourcing technical components 3). The construction of gas turbine product line 4). Stirling solar engine production and demonstration projects. (Prospectus proportional allocation of the items see Table 1)
Comments:
The basic orientation of additional plans in line with our previous expectations, we are the company's positive view of the refinancing. We are optimistic about the company's cost-effective fund-raising projects and market outlook, raised for the project completed and put into operation to raise the company's production capacity, nurturing the company's future growth performance; Prospectus supplement the liquidity will improve and optimize the company's financial structure to alleviate the financial burden of the play "replacement capital efficiency" of the role in enhancing the quality of the company's assets and operating efficiency, thereby changing the current status of work for the banks, the real effectiveness of the business into the return to shareholders.
issuance price of not less than 18.68 yuan / share
Benchmarks in accordance with the pricing on the company twenty-fifth meeting of the Board of Directors resolution notice on May 18, 2009, the issue price of not less than 20 days before the pricing benchmark stock average price of 90%, that is not less than 18.68 yuan / share.
raise one vote: the third generation of aero-engine parts and components production capacity expansion project
Companies to raise funds as one of the items, the third generation of aero-engine parts and components production capacity expansion project plans to invest 920 million yuan, of which the use of the original 430 million yuan in fixed assets, to raise funds invested 490 million yuan, plans to raise about 24% of the total funds . After the implementation of the project, the company's third generation of aero-engine components can be an annual production capacity from the current annual production capacity of 2400 units to 4800 units, the company is expected to basically meet the needs of the third generation of aero-engine components orders for about 5,000 per year level. The project addresses the third generation of aero-engine production capacity expansion and the technological transformation to meet future national defense needs of the Air Force fighter planes equipped with good economic efficiency and the important significance of the national defense.
raised for the project two: aviation parts and components of foreign trade sub-technical items
Subcontracting business aviation parts and components trade is technological projects in order to change the current high growth due to foreign trade brought about by outsourcing the production capacity, products, and the status of non-payment of the. Project plans to invest 470 million yuan, invested by the fund-raising, fund-raising plan about 24 percent of the total. Project and upon completion, will form a delivery of 80 million U.S. dollars the amount of subcontracting production capacity, including GE parts and PWC parts and components production line production line, as well as other parts of Health
Please read the last page of notes and important statement rating
SG Securities R & D Center Web site: www.xyzq.com.cn E-mail: yangchen@xyzq.com.cn - 2 --
Company Comments Report
Production line, the former location of two production lines based on a wholly owned subsidiary of Wright projects, other parts of the production line based on the Company's headquarters location.
raised for three projects: 30MW class gas turbine project
Gas Turbine QC280/QD280 production line construction project, the project plans to invest 630 million yuan, of which about 5 to raise funds invested billion plan Prospectus about 25% of the total. 30MW gas turbine as large QC280/QD280 reached the international advanced level of the third generation of gas turbines, power level of GE's best-selling similar to the LM2500 as the core of high-tech energy-saving equipment widely used in power generation, oil and gas pressurization, ships and tanks power, such as market demand and broad prospects. After the completion of the project has an annual production capacity of 20.
raised four investment items: solar-powered Stirling engines and demonstration projects
Company began in 2005 to develop solar-powered Stirling engine's main components, machine started to develop in 2006 and has now been completed ontology design drawings, plans to produce a prototype in 2009, Stirling solar engine annual production capacity of 50 projects including a Taiwan's production line and 1MW-class demonstration of solar thermal power station. Plans a total investment of 110 million yuan, to raise funds invested 97 million yuan, accounting for fund-raising total of 5%. Dish-type solar thermal power generation due to high conversion efficiency, reduced costs, a large space (see Figure 1), and network distribution and were found to be suitable as a solar thermal power generation technology the most promising line of business, while the disc as a domestic solar thermal power technology research and development and pioneer equipment manufacturers, the company Stirling engine can be a view to future market demand.
funds to add 440 million yuan of liquidity-effective replacement
In addition, the company intends to come up with about 22% of the fund-raising, about 4.4 billion yuan was used to add liquidity to meet the Company as an aviation parts and components production cycle engine and its resources to occupy the length and the operating characteristics of a large quantity, reduce the current high levels of assets and liabilities (in March 31, 2009 financial statements of the parent company of a diameter of 73%), reducing the financial burden of the company to "benefit replacement funds" role.
profit forecasts, valuation and investment rating:
If public offering by the success of plans to issue, in accordance with the equity raising the upper limit of the calculation, the company's total equity from the current 4.4 billion shares to 5.6 billion shares to expand, the expansion ratio of about 27% of the company's performance in 2009 has some diluted, consider Wright and other projects that have been pre-invested companies are expected to 2009,2010 can be formed in production capacity, coupled with the added liquidity to alleviate the financial burden on the performance of the company's diluted relatively limited.
Since the issuance of the final orientation Prospectus point scale and has not yet been determined, we have not adjusted the company's profit forecast, we will closely follow the company's issuance of the process of orientation, the continuation of the company in 2009 and 2010 earnings per share were 0.51 , 0.66 million profit forecast.
We continue to reiterate our original view: "short-term profits to upgrade + to enjoy a premium valuation," the company we are optimistic about the economic benefits of refinancing the project and product market outlook, the company's future profitability based on the room, and good prospects for the development of more precise and asset integration is expected to continue to be given the "Recommended" investment rating.
Appendix I: Company pre-tracking reports:
1. "Taihang see military operations carried subcontracting business briefing beam research "---- ---- 2009-1-18
2. "Driving force for the revitalization of the aviation companies to the depth of study "---- ---- 2009-3-3
3. "Power Air to take off in China - reiterated its air power (600,893) to promote the views of the company "----- PPT --- 2009-3-26
4. "In 2008 slightly better than expected performance of new products for civilian use初显energy companies monoceras "----- 08 Comments Report ---- 2009-4-1
5. "Cost of control products for civilian use only emerged初显cusp of new energy research information courier company "---- ----- 2009-4-10
6. "Stirling engine to add new momentum - one of the company business analysis products for civilian use tracking reports company "---- ---- 2009-4-15
7. "Challenges beyond the thermal power of photovoltaic - solar energy power generation system disc industry outlook study "---- --- 2009-5-5
R & D SG Securities
Center Web site: www.xyzq.com.cn E-mail: yangchen@xyzq.com.cn
Appendix II: data charts:
http://translate.google.com/translate_t#
Xi'an AeroEngine PLC ( here)
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