中国航空科技工业股份有限公司 中国航空科技工业股份有限公司 ( 在中華人民共和國註冊成立的股份有限公司) (股票代碼: 2357) 年 報 ANNUAL REPORT 2024 2024 (A joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code : 2357) ANNUAL REPORT 2024 年報 目錄 | 2 | 公司簡介 | | --- | --- | | 4 | 財務摘要 | | 7 | 董事長報告書 | | 11 | 管理層討論及分析 | | 24 | 董事、監事及高級管理人員 | | 31 | 董事會報告 | | 51 | 監事會報告 | | 53 | 企業管治報告 | | 77 | 獨立核數師報告 | | 83 | 合併資產負債表 | | 87 | 公司資產負債表 | | 89 | 合併利潤表 | | 92 | 公司利潤表 | | 94 | 合併現金流量表 | | 96 | 公司現金流量表 | | 98 | 合併股東權益變動 ...

集团2024年度航空整机业务实现收入为人民币284.72亿元，较上年同期航空整机业务收入人民币222.52 亿元增加人民币62.20亿元，增幅为27.95%，主要原因是本期直升机产品销量同比增长。2024年度航空 整机业务收入占集团收入的比重为32.74%，较上年同期增长6.48个百分点。 集团2024年度航空配套系统及相关业务实现收入为人民币485.04亿元，较上年同期航空配套系统及相关 业务收入人民币548.19亿元减少人民币63.15亿元，降幅为11.52%，主要原因是本期航电产品收入同比 下降。2024年度航空配套系统及相关业务业务收入占集团收入的比重为55.77%，较上年同期下降8.91个 百分点。 集团2024年度航空工程服务业务实现收入为人民币99.95亿元，较上年同期航空工程服务业务收入人民 币76.81亿元增加人民币23.14亿元，增幅为30.13%，主要原因是工程建造收入同比增长。2024年度航空 工程服务业务收入占集团收入的比重为11.49%，较上年同期增长2.43个百分点。 智通财经APP讯，中航科工(02357)发布2024年度业绩，收入869.71亿元(人民币，下同)，同比增长 2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而産生或因倚賴 該等內容而引致之任何損失承擔任何責任。 AviChina Industry & Technology Company Limited* （於中華人民共和國註冊成立之股份有限公司） （股份代號：2357） 截至二零二四年十二月三十一日止年度之年度業績公告；及 董事會專門委員會之成員變動 財務摘要 董事會宣佈，二零二四年度，本集團各項業務穩步開展，收入穩定增長。 年度業績 董事會宣佈，本集團截至二零二四年十二月三十一日止年度按照中國企業會計準則編制之已審 核合併業績及二零二三年度比較數據如下： 中國航空科技工業股份有限公司 截至二零二四年十二月三十一日止年度，本集團實現收入為人民幣869.71億元，較上年同 期收入人民幣847.52億元（經重列）增長人民幣22.19億元，增幅為2.62%。 截至二零二四年十二月三十一日止年度，本公司歸屬於母公司所有者的淨利潤為人民幣 21.87億元，較上年同期本公司歸屬於母公司所有者的淨利潤人民幣24.47億元（經 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------------------------------------|--------------------------------------------------------------|-------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( ( | 中 國 航 空 股票代碼: 2357 ) | 科 技 工 業 股 份 在中華人民共和國註冊成立的股份有限公司 | 有 限 公 司 ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (A joint stock limi ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* （於中華人民共和國註冊成立之股份有限公司） （股份代號：2357） 二零二四年中期業績公告 財務摘要 董事會宣佈，二零二四年上半年本公司各項業務穩步開展。 中國航空科技工業股份有限公司（「本公司」）董事會（「董事會」）謹宣佈， 本公司及附屬公司（合稱「本集團」）截至二零二四年六月三十日止六個月期間 按照中國企業會計準則編製之未經審計之中期業績如下： 1 截至二零二四年六月三十日止六個月期間，本集團實現收入為人民幣 336.17 億元，較上年同期收入人民幣 408.73 億元減少人民幣 72.56 億元， 降幅為 17.75%。 截至二零二四年六月三十日止六個月期間，本公司歸屬於母公司所有者的 淨利潤為人民幣 12.51 億元，較上年同期本公司歸屬於母公司所有者的淨 利潤人民幣 15 ...

Investment Rating - Buy rating initiated for AVIC Aircraft (2357 HK) [5] Core Views - AVIC Aircraft is a key listed platform for AVIC's aviation equipment high-tech industry in Hong Kong, with a complete aviation industry chain covering upstream, midstream, and downstream businesses [5] - The company has been undergoing continuous professional integration, forming core competitiveness in the aviation industry [5] - The gap in aviation equipment quantity and structure between China and the US is significant, which is expected to drive sustained high demand for helicopters, trainer aircraft, and supporting systems [2] - The domestic large aircraft C919 is expected to accelerate mass production, and the company is deeply involved in the construction of mass production capabilities [2] - Low-altitude economy policies are being intensively introduced, and the company is leveraging its general aviation advantages to jointly develop vertical takeoff and landing aircraft, while also participating in the construction of general aviation infrastructure [2] Business Overview - AVIC Aircraft has formed a complete aviation industry chain, including aviation aircraft, supporting systems, engineering services, and aviation-related investments [5] - The company holds controlling stakes in four A-share listed companies: AVIC Helicopter, Hongdu Aviation, AVIC Electromechanical Systems, and AVIC Optoelectronics, covering various businesses across the aviation industry chain [5] - The company has been integrating its subsidiaries, such as the merger of AVIC Electronics and AVIC Electromechanical in 2022, and the acquisition of Harbin Aircraft Industry Group and Changhe Aircraft Industry Group by AVIC Helicopter in 2023 [5] - From 2018 to 2023, the company's revenue and net profit attributable to the parent company have grown steadily, with the revenue proportion of supporting systems and related businesses increasing, and the gross profit margin of the aircraft business improving significantly [5] Helicopters and Trainer Aircraft - China's armed helicopter fleet is significantly smaller than that of the US, with a lack of 10-ton and above helicopters, indicating substantial room for optimization in both quantity and structure [6] - AVIC Helicopter, a subsidiary of AVIC Aircraft, is the only listed platform for AVIC's helicopter business, with a product line that is expected to benefit from the accelerated deployment of helicopters [6] - China's trainer aircraft fleet is relatively small compared to its fighter aircraft fleet, with a significant gap to be filled [6] - Hongdu Aviation, another subsidiary, has a complete spectrum of primary, intermediate, and advanced trainer aircraft, which is expected to benefit from the increasing demand for pilot training [6] Supporting Systems and Services - The gap in aviation equipment between China and the US is expected to drive sustained high demand for avionics and electromechanical systems [7] - AVIC Electromechanical Systems, a subsidiary, has achieved airworthiness certification for some systems of the C919, and the results are expected to be applied to other civil aircraft, enhancing the company's capabilities in civil aircraft supporting systems [7] - AVIC Optoelectronics has expanded its presence in both military and civilian markets, with its products being used in smart connected vehicles, communications, and civil aircraft, which is expected to elevate the company's growth ceiling [7] Infrastructure Construction - Over the next 20 years, China is expected to add 9,284 new commercial aircraft, which will drive the demand for infrastructure construction [7] - The number of general aviation airports in China increased by 12 5% year-on-year in 2023, and the demand for general aviation infrastructure construction is expected to grow rapidly under the national policy of developing the low-altitude economy [7] - AVIC Planning & Design Institute, a subsidiary, is expected to benefit from the construction of infrastructure in the civil and general aviation sectors [7] Financial Forecasts - The company is expected to achieve net profit attributable to the parent company of 3 068/3 689/4 338 billion RMB in 2024-2026, with year-on-year growth of 25%/20%/18% [8] - The corresponding EPS is expected to be 0 38/0 46/0 54 RMB, and the PE ratio based on the market value as of June 13, 2024, is 10/8/7 times [8] - Based on the historical valuation center of 14 times since 2019, the company is given a "Buy" rating [8]

(Stock Code : 2357) 中 國 航 空 科 技 工 業 股 份 有 限 公 司 (A joint stock limited company incorporated in the People's Republic of China with limited liability) ANNUAL REPORT 2023 年報 中 國 航 空 科 技 工 業 股 份 有 限 公 司 ( 在中華人民共和國註冊成立的股份有限公司) (股票代碼: 2357) 年 報 . 目錄 2 公司簡介 4 財務摘要 7 董事長報告書 11 管理層討論及分析 24 董事、監事及高級管理人員 31 董事會報告 59 監事會報告 61 企業管治報告 85 審計報告 91 合併資產負債表 95 公司資產負債表 97 合併利潤表 100 公司利潤表 102 合併現金流量表 104 公司現金流量表 106 合併股東權益變動表 108 公司股東權益變動表 110 財務報表附註 326 年報釋義 332 公司信息 公司簡介 本公司是二零零三年四月三十日於中國設立的股份有限公司。本公司的H股於二零零三年十月三十日在香港聯交所掛牌上 ...

中航科工（2357.HK）2023年报点评 世界一流航空高科技产业集团；整机及配套稳步增长 2024年03月16日 ➢ 事件：公司3月15日发布2023年报，全年营收847.25亿元，YOY +7.57%； 推荐 维持评级 归母净利润24.47亿元，YOY +5.47%，主要系直升机及航电产品营收同比增加， 当前价格： 3.26港元 同时部分直升机产品受价格调整因素影响，毛利额同比增加所致。业绩符合市场 预期。公司加快产业布局和规模拓展，致力打造世界一流航空高科技产业集团。 [Table_Author] ➢ 航空整机及配套系统稳步增长；毛利率均有所提升。2023年，分业务看： 1）航空整机业务：实现营收222.52亿元，YOY +9.60%，其中直升机产品实现 营收212.71亿元，YOY +21.61%，直升机销量增加及部分产品价格调整系集团 航空整机业务增长的主要原因。航空整机营收占比26.26%，同比增加0.48ppt； 毛利率同比增加 1.55ppt 至 13.02%。2）航空配套系统及相关业务：实现营收 547.92 亿元，YOY +9.74%，其中航电业务实现营收 455.25 亿元，YOY 分析 ...

Financial Performance - For the fiscal year ending December 31, 2023, the company achieved a revenue of RMB 84.72 billion, representing a growth of RMB 5.96 billion or 7.57% compared to RMB 78.76 billion in the previous year[3]. - The net profit attributable to the parent company for the same period was RMB 2.45 billion, an increase of RMB 127 million or 5.47% from RMB 2.32 billion in the prior year[3]. - The total operating costs for the year were RMB 78.05 billion, up from RMB 72.59 billion, indicating an increase of RMB 5.46 billion or 7.52%[4]. - The company reported a total profit of RMB 7.07 billion, up from RMB 6.24 billion, reflecting a growth of RMB 830 million or 13.31%[4]. - The earnings per share for the year were RMB 0.311, slightly up from RMB 0.301 in the previous year, indicating a growth of 3.32%[5]. - The company’s total comprehensive income for the year was RMB 6.85 billion, compared to RMB 5.76 billion, reflecting an increase of RMB 1.09 billion or 18.93%[5]. - The operating profit for 2023 was reported at ¥6.19 billion, up from ¥5.19 billion in 2022, indicating a growth of approximately 19.2%[24]. - The net profit attributable to shareholders for 2023 was approximately ¥2.32 billion, compared to ¥2.22 billion in 2022, reflecting a growth of about 4.5%[24]. - Net profit for 2023 was CNY 6.69 billion, compared to CNY 5.87 billion in 2022, reflecting a year-on-year increase of about 13.8%[31][33]. Research and Development - Research and development expenses rose significantly to RMB 7.57 billion, compared to RMB 5.99 billion in the previous year, marking an increase of RMB 1.58 billion or 26.36%[4]. - The company continues to focus on research, development, and production of aviation products, indicating ongoing investment in innovation and market expansion strategies[15]. - Research and development expenses amounted to RMB 7.573 billion, an increase of RMB 1.577 billion or 26.30% year-on-year, reflecting a commitment to enhancing technological innovation[75]. Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 144.72 billion, compared to RMB 140.93 billion at the end of 2022, showing an increase of RMB 3.79 billion or 2.69%[7]. - The company’s cash and cash equivalents decreased to RMB 39.50 billion from RMB 43.77 billion, a decline of RMB 4.27 billion or 9.75%[7]. - As of December 31, 2023, total assets amounted to RMB 185,018,195,632, an increase from RMB 179,122,036,966 as of December 31, 2022, reflecting a growth of approximately 5.0%[9]. - The total liabilities amounted to RMB 96,962,393,426, down from RMB 103,602,752,288, showing a decrease of about 6.2%[13]. - Current liabilities decreased to RMB 85,536,323,784 from RMB 96,107,490,004, representing a reduction of approximately 11.6%[13]. - Long-term borrowings rose significantly to RMB 6,067,549,104 from RMB 2,121,629,735, marking an increase of about 186.5%[13]. - Shareholders' equity totaled RMB 88,055,802,206, compared to RMB 75,519,284,678, reflecting an increase of approximately 16.5%[13]. Cash Flow - The company reported a cash flow from operating activities of approximately ¥10.22 billion for 2022, slightly down from ¥10.36 billion in 2021[24]. - In 2023, the company's net cash outflow from operating activities was RMB 4.083 billion, a decrease of RMB 14.304 billion compared to a net inflow of RMB 10.221 billion in 2022, representing a change rate of -139.95%[94]. - The net cash outflow from investing activities in 2023 was RMB 3.614 billion, an increase of RMB 699 million from RMB 2.915 billion in 2022, with a change rate of -23.98%[94]. - The net cash inflow from financing activities in 2023 was RMB 3.548 billion, an increase of RMB 136 million from RMB 3.412 billion in 2022, reflecting a change rate of 3.99%[94]. Market Strategy and Future Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3]. - The company plans to expand its market presence in mainland China, with significant revenue contributions from both aircraft and supporting systems[26]. - The company aims to accelerate the development of new aircraft and expand its international market presence, with the Y-12F aircraft receiving certification from the European Union Aviation Safety Agency (EASA)[88]. - The company plans to enhance its core competitiveness and promote high-quality development by focusing on technological innovation and strategic industry integration in 2024[91]. Dividends and Shareholder Information - The proposed final dividend per share is RMB 0.088, an increase from RMB 0.08 in the previous year[53]. - The board proposed a final dividend of RMB 701,611,173 for the fiscal year 2023, equating to RMB 0.088 per share, an increase from RMB 0.08 per share in 2022[118]. - The final dividend will be distributed to shareholders listed by June 5, 2024, with a record date set for May 31, 2024[118]. - The company will hold its annual general meeting on May 21, 2024, where shareholders will vote on the proposed dividend[120]. Corporate Governance - The company has established an Audit and Risk Management Committee to oversee financial operations and audit procedures[121]. - The Audit and Risk Management Committee has reviewed the annual performance and consolidated financial statements for the year ending December 31, 2023[122]. - The company has confirmed compliance with the corporate governance code as of the fiscal year ending December 31, 2023[123]. - All directors and supervisors have confirmed adherence to the standard code for securities trading in 2023[124].

( 在中華人民共和國註冊成立的股份有限公司 ) ( 股票代碼: 2357 ) 中 國 航 空 科 技 工 業 股 份 有 限 公 司 2003-2023 周年 中期報告 2023 2023 INTERIM REPORT (A joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code : 2357) 中 國 航 空 科 技 工 業 股 份 有 限 公 司 2003-2023 ANNIVERSARY INTERIM REPORT 2023 中期報 告 目錄 | 2 | 中期業績概要 | | --- | --- | | 3 | 管理層討論及分析 | | 13 | 權益披露及其他資料 | | 18 | 合併資產負債表 | | 22 | 公司資產負債表 | | 25 | 合併利潤表 | | 28 | 公司利潤表 | | 30 | 合併現金流量表 | | 33 | 公司現金流量表 | | 35 | 合併股東權益變動表 | | 37 | 公司股東權益變動表 | ...