中国国际金融股份有限公司 关于 中航直升机股份有限公司 发行股份购买资产并募集配套资金 暨关联交易 之 2024 年度持续督导意见 独立财务顾问 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 签署日期：二〇二五年四月 1 声明和承诺 中国国际金融股份有限公司（以下简称"中金公司"）接受委托，担任中航 直升机股份有限公司（以下简称"中直股份"、"上市公司"或"公司"）发行股份 购买资产并募集配套资金暨关联交易的独立财务顾问（以下简称"独立财务顾 问"）。独立财务顾问按照证券行业公认的业务标准、道德规范，本着诚实信 用、勤勉尽责的态度，出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方已承 诺上述有关资料均为真实、准确和完整的，不存在虚假记载、误导性陈述或者 重大遗漏，并承担因违反上述承诺而引致的个别和连带的法律责任。 2、独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表的 专业意见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息披 露文件真实、准确、完整。 3、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续 督导意 ...

中航证券有限公司 之 关于 中航直升机股份有限公司 发行股份购买资产并募集配套资金 暨关联交易 2024 年度持续督导意见 财务顾问 二〇二五年四月 1 声明和承诺 中航证券有限公司（以下简称"中航证券"或"财务顾问"）接受委托，担 任中航直升机股份有限公司（以下简称"中直股份"、"上市公司"或"公司"） 发行股份购买资产并募集配套资金暨关联交易的财务顾问。财务顾问按照证券行 业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度，出具本持续督 导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方已承 诺上述有关资料均为真实、准确和完整的，不存在虚假记载、误导性陈述或者重 大遗漏，并承担因违反上述承诺而引致的个别和连带的法律责任。 2、财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表的专业 意见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息披露文件 真实、准确、完整。 3、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续 督导意见所做出的任何投资决策而产生的相应风险，财务顾问不承担任何责任。 4、财务顾问未委托和授权任何其它机构和个人提供未在本持续督导意 ...

关于公司控股股东拟增持公司股份的提示性公告 证券代码：600038 证券简称：中直股份 公告编号：2025-022 中航直升机股份有限公司 特此公告。 备查：《关于增持中航直升机股份有限公司股份的告知函》 中航直升机股份有限公司董事会 2025 年 4 月 8 日 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航直升机股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到公司控股股东中国航空科技工业股份有限公司（以下简称"中 航科工"）《关于增持中航直升机股份有限公司股份的告知函》，基 于对公司长期投资价值的认可和未来稳定发展的信心以及对中国资 本市场发展前景的信心，为巩固控股地位、提振投资者信心，中航科 工计划通过上海证券交易所集中竞价交易系统增持公司股份，累计增 持金额不低于人民币 5,000 万元，且不高于人民币 1 亿元。 本次增持计划尚需中航科工依法履行内部决策程序。上述增持股 份事项目前尚存在不确定性，有关信息均以公司在指定信息披露媒体 发布的公告为准。敬请广大投资者关注公司后续公告并注 ...

Core Viewpoint - The company reported a revenue of 29.766 billion yuan for 2024, representing a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 7.98% to 556 million yuan, indicating a mixed performance with strong revenue growth but declining profitability [1] Group 1: Financial Performance - The company achieved a revenue of 29.766 billion yuan in 2024, up 11.93% year-on-year, driven by a recovery in downstream demand in Q3 and Q4 [1] - The net profit attributable to shareholders was 556 million yuan, down 7.98% year-on-year, while the non-recurring net profit was 482 million yuan, up 19.68% [1] - In Q4 2024, the company recorded a revenue of 12.465 billion yuan, a significant increase of 42.71%, and a net profit of 199 million yuan, up 110.71% [1] - The company's gross margin for the year was 10.47%, an increase of 0.34 percentage points, and the net margin was 1.62%, up 0.13 percentage points [1] Group 2: Balance Sheet and Operational Efficiency - Accounts receivable and notes at the end of the period amounted to 9.128 billion yuan, an increase of 58.36% from the beginning of the year, primarily due to increased product sales [2] - Inventory reached 14.075 billion yuan, up 8.95% year-on-year, while prepayments increased by 89% to 1.515 billion yuan, indicating a potential recovery in production capacity [2] - The company is optimizing its equity structure through the transfer of shares from Harbin Aircraft Industry Group to AVIC Science and Technology, enhancing operational efficiency [2] Group 3: Strategic Development and Market Position - The company is focusing on the development of its helicopter business and expanding into the civil market, with successful test flights of various helicopter models [3] - The AC313A helicopter completed its first high-altitude test flight, and the AC332 helicopter validated its performance in high-altitude environments, showcasing the company's diverse product capabilities [3] - The company is actively pursuing contracts and leasing agreements in the helicopter and low-altitude economy markets, aiming to increase market share and enhance competitiveness in emergency rescue and event support [3] - Profit forecasts for 2025-2027 estimate net profits of 681 million, 828 million, and 987 million yuan, with corresponding EPS of 0.83, 1.01, and 1.20 yuan, indicating a positive outlook [3]

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various types of helicopters and general aircraft [5]. - The company is integrating helicopter assembly assets to expand its product range and enhance overall production capacity, which is expected to improve its main business capabilities. It has raised 3 billion yuan for projects related to new helicopter and drone development, maintenance capabilities, and production capacity enhancement [5]. - The company is anticipated to benefit from the rapid growth of general aviation and the low-altitude economy, with projected earnings per share (EPS) for 2025-2027 being 0.83, 0.99, and 1.15 yuan, respectively [6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The adjusted net profit increased by 19.68% to 482 million yuan [4]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents rose by 311.85% to 132.72 billion yuan [4]. - The projected revenue for 2025 is 34.622 billion yuan, with a year-on-year growth of 16.3%, and the net profit is expected to increase to 680 million yuan, reflecting a growth of 22.3% [11]. Valuation Metrics - The report provides a forecast for the company's price-to-earnings (P/E) ratio, which is expected to be 43.7, 36.7, and 31.5 for the years 2025, 2026, and 2027, respectively [6]. - The projected return on equity (ROE) is expected to improve from 2.9% in 2024 to 5.1% by 2027, indicating an enhancement in the company's profitability [11].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock based on expected performance relative to the benchmark index [8]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various helicopter models and general aviation aircraft [6]. - The company is undertaking an integration of helicopter assembly assets to expand its product range and enhance overall production capacity. This strategic move is expected to improve its main business capabilities and allow it to benefit from the growth of new aircraft models in the low-altitude economy [6]. - The company raised 3 billion yuan to fund projects aimed at enhancing its research and development capabilities for new helicopters and drones, as well as improving its aviation maintenance and production capabilities [6]. Financial Performance - In 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The non-recurring net profit increased by 19.68% to 482 million yuan [5]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents surged by 311.85% to 132.72 billion yuan [5]. - The earnings per share (EPS) for 2024 was reported at 0.72 yuan, with a return on equity (ROE) of 2.94% [4]. Financial Projections - The report forecasts the company's EPS for 2025, 2026, and 2027 to be 0.83 yuan, 0.99 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 43.7, 36.7, and 31.5 [8]. - Revenue is expected to grow from 34.622 billion yuan in 2025 to 45.291 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.9% [12].

Core Viewpoint - The company reported a revenue increase of 11.93% in 2024, but net profit decreased by 7.98%, indicating pressure on profitability despite revenue growth [2][4]. Financial Performance - In 2024, the company achieved an operating revenue of 29.766 billion yuan, a year-on-year increase of 11.93% [2]. - The net profit attributable to shareholders was 556 million yuan, down 7.98% year-on-year [2]. - Basic earnings per share decreased by 12.39% to 0.72 yuan [2]. - The weighted average return on equity was 4.14%, a decline of 0.97 percentage points compared to 2023 [2]. - The net cash flow from operating activities improved significantly to 2.568 billion yuan, indicating positive progress in cash flow management [2]. Product Development and Innovation - The company continued to strengthen its technical advantages in helicopter manufacturing, developing various helicopter models for military, civilian, and emergency rescue applications [3]. - Focus on the research and development of emerging aircraft such as drones and eVTOLs, expanding low-altitude economic applications into logistics and urban air traffic [3]. - Achieved technological breakthroughs in the development of Y-12 and Y-12F series general aircraft, enhancing product performance and market competitiveness [3]. Market Expansion and Strategic Development - Successfully completed a major asset restructuring project, raising approximately 3 billion yuan in supporting funds to strengthen strategic positioning [4]. - Eliminated cross-shareholding situations, optimizing the company's equity structure [4]. - Actively expanded the helicopter market by signing sales and intention contracts with multiple clients, increasing market share and brand influence [4]. - Implemented a stock incentive plan for core management and technical personnel to enhance governance and employee motivation [4]. Earnings Forecast and Investment Rating - Due to slight pressure on performance and cautious adjustments in downstream demand, the company revised its profit forecast for 2025-2026, expecting net profits of 726 million yuan and 815 million yuan, down from previous estimates [4]. - The new forecast for 2027 is set at 990 million yuan, with corresponding price-to-earnings ratios of 41/36/30 times [4]. - Despite the performance pressure, the company maintains a "buy" rating due to its advantageous position in the military helicopter industry in China [4].

2024 年报点评：有望落地更多订单，成长轨 道重启在即 买入（维持） 证券研究报告·公司点评报告·航空装备Ⅱ 中直股份（600038） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 26592 | 29766 | 34749 | 39329 | 44549 | | 同比 | 36.56 | 11.93 | 16.74 | 13.18 | 13.27 | | 归母净利润（百万元） | 604.06 | 555.87 | 725.97 | 815.34 | 990.30 | | 同比 | 55.71 | (7.98) | 30.60 | 12.31 | 21.46 | | EPS-最新摊薄（元/股） | 0.74 | 0.68 | 0.89 | 0.99 | 1.21 | | P/E（现价&最新摊薄） | 49.16 | 53.42 | 40.91 | 36.42 | 29.99 | [Table_Tag] [事件： Tabl ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a revenue of 29.766 billion yuan in 2024, representing a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 7.98% to 556 million yuan [1][9] - The fourth quarter of 2024 saw a significant increase in performance, with revenue reaching 12.465 billion yuan, a year-on-year growth of 42.71%, and a net profit of 199 million yuan, up 110.71% year-on-year [1] - The company completed a major asset restructuring and raised 3 billion yuan, facilitating the overall listing of its helicopter business [3] Summary by Sections 2024 Performance - The company’s revenue for 2024 was 29.766 billion yuan, achieving 97% of the budget, while the net profit met 78% of the budget [1] - The decline in net profit was attributed to previous product price adjustments and higher warranty costs for certain components in 2024 [1] Segment Performance - The Harbin division generated revenue of 20.943 billion yuan, a 24% increase, with a net profit of 472 million yuan, up 9% [2] - The Jingdezhen division experienced a substantial revenue increase of 71% to 10.058 billion yuan, with net profit soaring by 274% to 200 million yuan [2] - The overall gross margin improved to 10.47%, up 0.34 percentage points year-on-year, while the net profit margin increased to 1.62%, up 0.13 percentage points [2] Future Outlook - The company is expected to see net profits of 714 million yuan, 883 million yuan, and 1.079 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 24%, and 22% [4] - The company is positioned as a leading manufacturer in the helicopter sector, benefiting from military and civilian market developments [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 46.41 RMB [8][9]. Core Views - The company is expected to achieve a revenue of 29.766 billion RMB in 2024, reflecting a year-on-year growth of 27.59%, while the net profit attributable to shareholders is projected to be 555.87 million RMB, a decrease of 7.98% compared to the previous year [2][5]. - The company is optimistic about the long-term prospects of military-civilian helicopter development and has entered the low-altitude economy sector, which is expected to open new growth avenues [1][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.766 billion RMB, an increase of 27.59% year-on-year, and a net profit of 555.87 million RMB, down 7.98% year-on-year [2][7]. - The fourth quarter of 2024 saw a revenue of 12.465 billion RMB, up 42.71% year-on-year, and a net profit of 199 million RMB, up 110.71% year-on-year [1]. Product and R&D - The revenue from aviation products in 2024 was 29.244 billion RMB, a year-on-year increase of 12.10%, with a gross margin of 10.49% [3]. - The company has made significant progress in the development of civil helicopters and the C919 project, achieving breakthroughs in key technologies [4]. Profit Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 0.91, 1.09, and 1.27 RMB, respectively, with a downward adjustment of 15.74% and 18.05% for 2025 and 2026 [5]. - The target price is set at 46.41 RMB, corresponding to a price-to-earnings (PE) ratio of 51 times for 2025 [5].