ZEMIC(SZ:300114) Sou Hu Cai Jing·2025-05-13 09:51Group 1 - The core event is the significant asset restructuring wave initiated by China Aviation Industry Corporation, with Chengfei Group's backdoor listing through AVIC Electromechanical becoming a landmark event [1][3] - This reform responds to the State-owned Assets Supervision and Administration Commission's call for deepening state-owned enterprise reform and is a crucial step towards upgrading China's aviation industry to world-class standards [1][3] Group 2 - The restructuring is driven by national strategy and industrial upgrading, with the State-owned Assets Supervision and Administration Commission requiring central enterprises to focus on defense, aerospace, and high-end equipment [3] - The military sector is expected to see a recovery in demand and valuation, with a projected dynamic PE of 20-25 times for core enterprises in 2025, and a significant valuation appeal if growth rates of 25%-30% are maintained [3] - Chengfei Group's listing is anticipated to increase the asset securitization rate of the group to over 70%, unlocking a market value potential of hundreds of billions [3] Group 3 - Key beneficiaries identified include Chengfei Group, which is positioned to benefit from asset integration and military-civilian integration business expansion [4] - Guizhou Aviation Industry Group, as a supplier of aviation components, is expected to receive more orders following Chengfei's acquisition of AVIC Guizhou and its injection into AVIC Electromechanical [4] - Aerospace Electronics, a supplier of electronic equipment under the Aerospace Science and Technology Corporation, is set to expand into the commercial aerospace market through cross-group collaboration [4] Group 4 - Chengfei Group is taking on new orders for advanced fighter jets, accelerating national defense modernization [4] - As a core supplier for the C919 aircraft, Chengfei Group stands to benefit from the large aircraft industry boom [4] - The company is also exploring applications in commercial aerospace and new energy vehicles by integrating drone and aero-engine resources [4]