证券代码：600038 证券简称：中直股份 公告编号：2024-053 中航直升机股份有限公司 本次会议由监事会主席康颖蕾女士主持。 会议议程如下： 1、审议《关于 2025 年度日常关联交易预计情况的议案》； 2、审议《关于与中航工业集团财务有限责任公司签署金融服务框架 协议暨关联交易的议案》； 3、审议《关于<与中航工业集团财务有限责任公司关联存贷款的风 险评估报告>的议案》。 经监事会会议表决，通过了以下决议： - 1 - 第九届监事会第四次会议决议公告 本公司监事会及全体监事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")第九届监事会第四次 会议于 2024 年 11 月 8 日以直接送达或电子邮件等方式发出会议通知及 会议资料，于 2024 年 11 月 15 日以通讯表决方式召开。出席本次会议 的监事应到三人，实到三人，监事康颖蕾、刘震宇、江山巍以通讯表决 方式参会。本次会议的召集、召开和表决程序及方式符合有关法律、行 政法规、部门规章、规范性文件及《中航直升机股份有限公司章程》的 规定。 3、 ...

证券代码：600038 证券简称：中直股份 公告编号：2024-052 中航直升机股份有限公司 第九届董事会第四次会议决议公告 1、审议《关于 2025 年度日常关联交易预计情况的议案》； 2、审议《关于与中航工业集团财务有限责任公司签署金融服务框架 协议暨关联交易的议案》； 3、审议《关于<与中航工业集团财务有限责任公司关联存贷款的风 险评估报告>的议案》； 4、审议《关于修订<中航直升机股份有限公司章程>的议案》； - 1 - 本公司董事会及全体董事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")第九届董事会第四次 会议于 2024 年 11 月 8 日以直接送达或电子邮件等方式发出会议通知及 会议资料，于 2024 年 11 月 15 日以通讯表决方式召开。出席本次会议 的董事应到九人，实到九人，董事闫灵喜、曹生利、周国臣、许建华、 徐滨、余小林、王猛、刘振、赵慧侠以通讯表决方式参会。本次会议的 召集、召开和表决程序及方式符合有关法律、行政法规、部门规章、规 范性文件及《中航直升机股份有限公司章程》的 ...

证券代码：600038 证券简称：中直股份 公告编号：2024-055 中航直升机股份有限公司 1、独立董事专门会议 在提交董事会审议前，本次关联交易事项已经公司第九届董事会 独立董事专门会议 2024 年第一次会议审议通过。全体独立董事认为： 1、本次关联交易系日常关联交易，公司应当按照相关规定履行董事 会股东大会审批程序和信息披露义务；2、本次关联交易遵循公平、 公开和公正的原则,定价方法公平、合理交易价格公允；3、本次关联 交易不存在损害公司及非关联股东利益的情况；4、公司独立董事同 意将《关于 2025 年度日常关联交易预计情况的议案》提交公司第九 届董事会第四次会议审议。 2、董事会审议和表决程序 2024 年 11 月 15 日，公司第九届董事会第四次会议审议通过了 关于 2025 年度日常关联交易预计情况的公告 本公司董事会及全体董事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。 重要内容提示： 该等日常关联交易尚需提交股东大会批准。 日常关联交易为日常生产经营中持续必要的业务，对公司无不 利影响，不会对关联人形成较大的依赖。 一、日 ...

中航直升机股份有限公司（以下简称"公司"）发行股份购买昌河飞 机工业（集团）有限责任公司和哈尔滨飞机工业集团有限责任公司100% 股权并募集配套资金（以下简称"本次重组"）已完成，本次重组募集 配套资金的新增股份已于2024年7月25日在中国证券登记结算有限责任 公司上海分公司办理完成登记手续，登记后公司股份总数819,893,213 股。此外，结合《中华人民共和国公司法》的相关规定，公司需要相应 修订《中航直升机股份有限公司章程》中对应的条款。本次修订的具体 内容如下： | 修订前 | | 修订后 | | --- | --- | --- | | 第六条 | 公 司 注 册 资 本 为 人 民 币 | 第六条 公 司 注 册 资 本 为 人 民 币 | | 731,605,986元。 | | 819,893,213元。 | | 第八条 | 董事长为公司的法定代表人。 | 第八条 董事长为代表公司执行公司事务 | | | | 的董事，担任公司的法定代表人。 | | 第二十二条 | 公司股份总数为731,605,986 | 第二十二条 公司股份总数为819,893,213 | | 股，均为普通股。 | | 股，均 ...

公 开 中航直升机股份有限公司 关于与中航工业集团财务有限责任公司 关联存贷款的风险评估报告 二〇二四年十一月 中航直升机股份有限公司总经理工作细则 关于与中航工业集团财务有限责任公司 关联存贷款的风险评估报告 一、中航工业集团财务有限责任公司基本情况 中航工业集团财务有限责任公司（以下简称"航空工业财务"）是经国家金 融监督管理总局批准，在国家市场监督管理总局登记注册，具有企业法人地位的 非银行金融机构。 航空工业财务已按照《公司法》的规定设立了股东会、董事会、监事会，并 对董事会和董事、监事、高级管理人员在风险管理中的责任进行了明确规定。董 事会下设战略发展委员会、风险管理委员会、审计委员会及考核与薪酬委员会四 个专业委员会，由具备相关专业知识的董事担任委员，辅助董事会进行重大战略 发展、风险管理、内部审计及考核薪酬方面的调研和决策。航空工业财务治理结 构健全，管理运作规范，建立了分工合理、职责明确、互相制衡、报告关系清晰 的组织结构，为风险管理的有效性提供必要的前提条件。航空工业财务按照决策 系统、执行系统、监督反馈系统互相制衡的原则设置了组织架构。 航空工业财务组织架构图如下： 航空工业财务是在原西安 ...

中航直升机股份有限公司 章程 （修订草案） （本章程修订草案经 2024 年 11 月 15 日召开的中航直升机股份 有限公司第九届董事会第四次会议审议通过，尚须提交公司股 东大会批准后生效） 二〇二四年十一月十五日 公开 中航直升机股份有限公司章程 第一章 总则 第一条 为确立中航直升机股份有限公司（以下简称公司） 的法律地位，规范公司的组织与行为，坚持和加强党的全面 领导，坚持权责法定、权责透明、协调运转、有效制衡的公 司治理机制，完善公司法人治理结构，建设中国特色现代国 有企业制度，维护公司、股东和债权人的合法权益，规范公 司的组织和行为,根据《中华人民共和国公司法》(以下简称 《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、 《上海证券交易所股票上市规则》（以下简称《股票上市规 则》）、《中国共产党党章》（以下简称《党章》）和其他有关规 定,制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股 份有限公司。 公司经国家经贸委国经贸企改〔1999〕720 号文批准， 以发起设立方式设立；在黑龙江省工商行政管理局注册登记， 取得营业执照。 第三条 公司于 2000 年 11 月 ...

Core Insights - The company, Zhongzhihang (中直股份), has recently received two prestigious awards, namely the "Top 100 Growth Companies" and the "Top 100 ESG Companies" in China, highlighting its achievements in growth, environmental, social, and governance (ESG) practices, as well as market value management [1][2][4] - The company has successfully completed a major asset restructuring project, raising 3 billion yuan (approximately 0.43 billion USD) to enhance its capabilities in the low-altitude economy and solidify its leadership position in the helicopter industry [1][2] Company Performance and Strategy - Zhongzhihang has been recognized for its continuous innovation and stable growth in the military industry, which contributed to its selection in the top 100 list [1] - The company plans to utilize the newly raised funds for five key projects, including the development of new helicopters and drones, production capacity enhancement, and working capital support, which are expected to strengthen its core competitiveness in the helicopter sector [2][3] - The professional integration strategy adopted by Zhongzhihang aims to enhance its focus on core business areas, thereby accelerating the development of new productivity in the aviation industry [2] ESG Commitment - Zhongzhihang has integrated ESG principles into its corporate strategy, emphasizing environmental governance, social responsibility, and corporate governance [3][4] - The company is committed to reducing carbon emissions and environmental pollution through the development of carbon reduction technologies and the use of clean energy [3] - In terms of social responsibility, Zhongzhihang focuses on customer needs and aims to provide high-quality products and services while contributing to societal well-being [3] - The company has established a fair, transparent, and healthy governance system to protect shareholder rights and maintain good communication with stakeholders [3]

Investment Rating - The report maintains a "Recommend" rating for the company [3][5] Core Views - The company's Q3 2024 revenue increased by 55% YoY, driven by higher product delivery confirmations [2] - The company's 2024 full-year revenue is expected to reach 30.81 billion yuan, a 32.1% increase YoY, with net profit attributable to shareholders projected at 720 million yuan, up 61.7% YoY [3] - The company is actively expanding in the low-altitude economy sector, including civil helicopters and H-eVTOL markets, with significant progress in Jiangxi Province's aviation infrastructure [3] - The company is expected to achieve net profits of 730 million yuan, 900 million yuan, and 1.13 billion yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 45x, 37x, and 30x [3] Financial Performance - Q3 2024 revenue was 9.13 billion yuan, up 54.9% YoY, while net profit attributable to shareholders was 60 million yuan, down 67.2% YoY [2] - The gross margin for Q3 2024 was 4.6%, a decrease of 7.98 percentage points YoY, while the net margin was 0.6%, down 2.51 percentage points YoY [2] - For the first three quarters of 2024, the company's gross margin was 8.6%, down 0.55 percentage points YoY, and the net margin was 2.0%, up 0.24 percentage points YoY [2] - The company's operating cash flow improved to -11.45 billion yuan, compared to -14.65 billion yuan in the same period last year [2] Operational Highlights - The company's R&D expenses decreased by 68% YoY to 190 million yuan due to reduced self-developed project investments [2] - The company's monetary funds decreased by 65.2% to 3.39 billion yuan, mainly due to higher procurement payments and fewer product deliveries meeting revenue recognition conditions [2] - The company's contract liabilities decreased by 49.4% to 4.45 billion yuan, reflecting the recognition of prepayments as revenue [2] Industry and Market Outlook - The company is a leading player in China's helicopter manufacturing industry, with a comprehensive product portfolio and significant market share [3] - The company is well-positioned to benefit from the growth of China's aviation equipment and low-altitude economy sectors [3] - The company's H-eVTOL development is progressing, with potential applications in the low-altitude economy sector [3] Financial Forecasts - Revenue is expected to grow from 23.33 billion yuan in 2024 to 41.39 billion yuan in 2026, with a CAGR of 15.95% [6] - Net profit attributable to shareholders is projected to increase from 734 million yuan in 2024 to 1.13 billion yuan in 2026, with a CAGR of 25.13% [6] - The company's gross margin is expected to remain stable at around 11% from 2024 to 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance decline is viewed as a short-term phenomenon, with expectations to meet the initial budget for the year despite a decrease in revenue and profit in the first three quarters of 2024 [1][2] - The company is undergoing a product structure adjustment, which has introduced uncertainty in new orders for certain high-revenue products due to model iterations [1] - The company has successfully integrated the helicopter business through the acquisition of Changhe Aircraft Industries Group and Harbin Aircraft Industry Group, expanding its main business and scale [3] - The report anticipates a recovery in performance, supported by the company's leading position in the domestic helicopter manufacturing sector and the growth potential from the low-altitude economy [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 17.3 billion yuan, a year-on-year decrease of 3.12%, and a net profit attributable to shareholders of 357 million yuan, down 29.92% year-on-year [1] - The company reported a significant increase in revenue for Q3 2024, reaching 9.126 billion yuan, a year-on-year increase of 54.88%, although net profit decreased by 67.21% to 60 million yuan [1] - The company's total revenue is projected to grow significantly in the coming years, with estimates of 30.749 billion yuan in 2024, 36.329 billion yuan in 2025, and 42.549 billion yuan in 2026, reflecting year-on-year growth rates of 31.80%, 18.15%, and 17.12% respectively [9] Cash Flow and Debt Management - As of Q3 2024, cash and cash equivalents decreased by 65.19% year-on-year due to high procurement payments and lower collection post-product delivery, leading to tight cash flow [2] - Contract assets increased significantly by 896.73%, indicating a higher number of products recognized as revenue based on performance progress [2] - The company's liabilities showed mixed changes, with accounts payable increasing by 32.24% and contract liabilities decreasing by 49.40% [2] Acquisition and Business Expansion - The company completed the acquisition of Changhe and Harbin Aircraft, enhancing its helicopter business and broadening its operational scope [3] - The company raised 2.967 billion yuan through a share issuance to fund new helicopter and drone R&D projects, production capacity enhancements, and to supplement working capital [3] Earnings Forecast - The report maintains previous earnings forecasts, projecting net profits of 718 million yuan in 2024, 880 million yuan in 2025, and 1.076 billion yuan in 2026, with corresponding P/E ratios of 48, 39, and 32 [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance decline is viewed as a short-term phenomenon, with expectations to meet the initial budget for the year despite a decrease in revenue and profit in the first three quarters of 2024 [1][2] - The company is undergoing a product structure adjustment, which has introduced uncertainties in new orders for certain high-revenue products due to model iterations [1] - The acquisition of Changhe Aircraft Industries Group and Harbin Aircraft Industry Group has been completed, enhancing the company's helicopter business integration and expanding its scale [3] - The company received 2.967 billion yuan in fundraising, which will be allocated to various projects including new helicopter and drone R&D, production capacity enhancement, and debt repayment [3] - The company is projected to achieve net profits of 718 million yuan, 880 million yuan, and 1.076 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 48, 39, and 32 [3] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 17.3 billion yuan, a year-on-year decrease of 3.12%, and a net profit of 357 million yuan, down 29.92% year-on-year [1] - The third quarter of 2024 showed a significant revenue increase of 54.88% year-on-year, reaching 9.126 billion yuan, although net profit decreased by 67.21% to 60 million yuan [1] - Cash flow management reflects a significant change, with cash and cash equivalents decreasing by 65.19% due to high procurement payments and low collection post-product delivery [2] - Contract assets increased by 896.73%, indicating a positive trend in order fulfillment [2] - R&D expenses saw a notable decline of 68.03% year-on-year, attributed to reduced investment compared to the previous year [2]