中航直升机股份有限公司 2024 年第三次临时股东大会资料 中航直升机股份有限公司 2024 年第三次临时股东大会资料 会议资料 2024 年 12 月 6 日 中航直升机股份有限公司 2024 年第三次临时股东大会资料 中航直升机股份有限公司 2024 年第三次临时股东大会议程 一、会议时间 2024 年 12 月 6 日 9 时 30 分 二、会议地点 北京市朝阳区安定门外小关东里 14 号，中航发展大厦 A 座 11 层会议室 三、会议会序 （一）介绍股东大会参会情况 （二）宣读并审议以下议案： 1、关于 2025 年度日常关联交易预计情况的议案； 2、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； （七）宣布会议结束 3、关于修订《中航直升机股份有限公司章程》的议案； 4、关于变更会计师事务所的议案。 （三）股东发言，董事、监事及高管回答股东提问 （四）推举计票人和监票人 （五）现场参会股东对议案进行投票表决 （六）现场参会董事和董事会秘书签署会议文件 中航直升机股份有限公司 2024 年第三次临时股东大会资料 股东大会须知 为保障中航直升机股份有限公司全体股东的合法权益， ...

证券代码：600038 证券简称：中直股份 公告编号：2024-056 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： 开展金融服务关联交易不存在损害公司及中小股东利益的情形， 对公司本期以及未来财务状况、经营成果没有不利影响，不会对关联人 形成较大的依赖。 金融服务框架协议已经公司董事会审议通过，尚需提交公司股东 大会批准后实施。 中航直升机股份有限公司(以下简称"公司")拟与中航工业集团财 务有限责任公司（以下简称"航空工业财务"）本着自愿、公平、诚信、 共赢的原则，建立长期、稳定的合作关系，促进双方业务的共同发展， 签署《金融服务框架协议》（以下简称"协议"）。 一、关联交易概述 协议约定航空工业财务在其经营范围内，为公司及控股子公司提供 存款、贷款、结算、承兑及非融资性保函服务，以及经国家金融监督管 理总局批准的其他金融服务。协议自生效条件全部满足后或于 2025 年 1 月 1 日两者孰晚之日起生效，有效期为一年。 中航直升机股 ...

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]

关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 20 日(星期三)下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 证券代码：600038 证券简称：中直股份 公告编号：2024-051 中航直升机股份有限公司 （二）会议召开地点：上海证券交易所上证路演中心 （三）会议召开方式：网络文字互动 投资者可于 2024 年 11 月 12 日(星期二)至 11 月 19 日(星期 二)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 avicopter@avic.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中航直升机股份有限公司于 2024 年 10 月 29 日发布公司 2024 年 第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第 三季度经营 ...

证券代码：600038 证券简称：中直股份 公告编号：2024-050 中航直升机股份有限公司 关于变更会计师事务所的公告 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： 变更会计师事务所的简要原因及前任会计师的异议情况：2024 年 5 月 10 日，大华会计师事务所（特殊普通合伙）（以下简称"大 华会计师事务所"）收到中国证券监督管理委员会江苏监管局下发的 《行政处罚决定书》（[2024]1 号）。为进一步强化风险防范，公司 拟变更会计师事务所，大华会计师事务所不再担任公司 2024 年度财 务报告和内控审计机构。公司已就变更会计师事务所事项与前后任会 计师事务所进行了充分沟通，各方均已明确知悉本次变更事项并表示 无异议。 公司于 2024 年 10 月 28 日召开的第九届董事会第三次会议，审 议通过了《关于变更会计师事务所的议案》，同意聘请大信会计师事 务所（特殊普通合伙）（以下简称"大信会计师事务所"）为公司 2024 年度财务报告和内部控制审计机构。该事项尚需提交公司股东大会批 准。 一、拟聘任会计 ...

证券代码：600038 证券简称：中直股份 公告编号：2024-049 中航直升机股份有限公司 第九届监事会第三次会议决议公告 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")第九届董事会第三次 会议于 2024 年 10 月 18 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 10 月 28 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。 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《中航直升机股份有限公司 2024 年第三季度报告》； （1）公司 2024 年第三季度报告的编制和审议程序符合法律、行政 - 1 - 法规、部门规章、《公司章程》和公司内部管理制度的各项规定； （2）2024 年第三季度报告的内容和格式符合中国证监会和上海证 券交易所的各项规 ...

证券代码：600038 证券简称：中直股份 公告编号：2024-048 中航直升机股份有限公司 第九届董事会第三次会议决议公告 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。 中航直升机股份有限公司(以下简称"公司")第九届董事会第三次会议于 2024 年 10 月 18 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 10 月 28 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》的规定。 会议议程如下： 1、审议《中航直升机股份有限公司 2024 年第三季度报告》； 2、审议《关于变更会计师事务所的议案》。 会议由董事长闫灵喜先生主持。 经董事会会议表决，通过了以下决议： 1、会议以 9 票同意，0 票反对，0 票弃权，通过了《中航直升机股份有限 公司 2024 年第三季度报告》。具 ...