Financial Performance - Operating revenue for Q3 2024 reached ¥9,126,091,782.31, a year-on-year increase of 54.88% compared to ¥5,192,796,314.52 in the same period last year[4] - Net profit attributable to shareholders was ¥59,751,717.39, representing a decrease of 67.21% from ¥166,728,124.65 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥51,839,160.71, down 68.18% from ¥162,904,941.08 in the same period last year[4] - Basic earnings per share for Q3 2024 were ¥0.0756, a decline of 69.64% from ¥0.2828 in the same period last year[4] - Total revenue for the first three quarters of 2024 was CNY 17,300,237,939.89, a decrease of 3.1% compared to CNY 17,857,571,249.29 in the same period of 2023[15] - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 357,273,916.97, down 30% from CNY 509,804,873.16 in Q3 2023[16] - The company reported a gross profit margin of approximately 1.5% for the first three quarters of 2024, compared to 2.9% in the same period of 2023[15] Assets and Liabilities - Total assets at the end of the reporting period were ¥52,698,474,403.55, an increase of 16.83% from ¥27,795,298,157.86 at the end of the previous year[5] - Total assets increased to CNY 52,698,474,403.55 in Q3 2024, up from CNY 45,107,295,332.95 in Q3 2023, representing a growth of 16.0%[14] - Total liabilities rose to CNY 36,403,077,099.83, an increase of 13.4% from CNY 32,011,237,305.60 in the previous year[14] - The total liabilities to equity ratio stood at 2.24 in Q3 2024, indicating a higher leverage compared to 2.45 in Q3 2023[14] Shareholder Information - The equity attributable to shareholders increased by 24.92% to ¥16,073,172,212.72 from ¥10,006,676,272.60 at the end of the previous year[5] - The top shareholder, China Aviation Technology Industry Company, holds 48.56% of the shares, totaling approximately 398.17 million shares[10] - The company reported a total of 42,085 common shareholders at the end of the reporting period[10] - The company has no significant changes in the participation of major shareholders in margin trading or securities lending[12] Cash Flow - Cash flow from operating activities showed a significant negative value of -¥11,453,327,374.62 year-to-date, compared to -¥1,842,422,090.72 in the same period last year[4] - The company's cash flow from operating activities showed a positive trend, with a net cash inflow of CNY 1,200,000,000 for the first three quarters of 2024[16] - In the first three quarters of 2024, the net cash flow from operating activities was -11.45 billion RMB, an improvement from -14.65 billion RMB in the same period of 2023[17] - Total cash inflow from operating activities decreased to 4.94 billion RMB in 2024 from 5.41 billion RMB in 2023, a decline of approximately 8.6%[17] - Cash outflow for purchasing goods and services was 10.59 billion RMB, down from 13.33 billion RMB in 2023, representing a reduction of about 20.5%[17] - The net cash flow from investment activities was -3.06 billion RMB in 2024, compared to -562.84 million RMB in 2023, indicating a significant increase in cash outflow[18] - Cash inflow from financing activities rose to 9.22 billion RMB in 2024, compared to 2.94 billion RMB in 2023, marking an increase of approximately 213%[18] Research and Development - Research and development expenses decreased by 68.03% compared to the previous year, primarily due to higher investment in self-developed projects last year[8] - Research and development expenses for the first three quarters of 2024 were CNY 187,456,760.41, significantly lower than CNY 586,404,766.71 in the same period of 2023[15] Operational Insights - The company issued 88,287,227 new shares during the reporting period, contributing to the increase in share capital[9] - The company experienced a 896.73% increase in contract assets due to more products recognized as revenue based on performance progress[8] - As of September 30, 2024, the company's cash and cash equivalents amounted to approximately ¥3.39 billion, a decrease of 65.2% from ¥9.75 billion at the end of 2023[12] - The total current assets increased to approximately ¥44.96 billion, up 20.8% from ¥37.17 billion at the end of 2023[12] - Accounts receivable rose to approximately ¥7.81 billion, an increase of 18.1% compared to ¥6.61 billion at the end of 2023[12] - Inventory decreased slightly to approximately ¥16.98 billion, down 2.2% from ¥17.35 billion at the end of 2023[12] - The company's contract assets surged to approximately ¥11.49 billion, a significant increase from ¥1.15 billion at the end of 2023[12] - The company has not disclosed any new product developments or market expansion strategies in the current report[12] - There are no significant reminders or additional important information regarding the company's operational situation during the reporting period[12] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency in the upcoming quarters[16]

公 司 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃分析师： emailAuthor＃ | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-13 | | 收盘价（元） | 35.51 | | 总股本（百万股） | 819.89 | | 流通股本（百万股） | 589.48 | | 净资产（百万元） | 13,029.11 | | 总资产（百万元） | 47,003.30 | | 每股净资产（元） | 15.89 | | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------|-------|-------------------------|-------|-------| | 主要财务指标 ＄ 会计年度 zycwzb| 主要财务指标＄ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 42.24 CNY [2][4]. Core Views - The company reported a revenue of 8.174 billion CNY for H1 2024, a decrease of 31.69% year-on-year, and a net profit of 298 million CNY, down 9.18% year-on-year. Q2 2024 alone saw a revenue of 4.801 billion CNY, down 44.71%, and a net profit of 167 million CNY, down 51.22% [1]. - The decline in delivery volume has led to short-term revenue pressure, but profitability has improved year-on-year, with a net profit margin of 3.58%, up 0.93 percentage points, and a gross margin of 13.10%, up 3.12 percentage points [1]. - The company expects to achieve a revenue of 30.813 billion CNY in 2024, an increase of 32.07%, and a net profit of 716 million CNY, up 61.74%, with anticipated recovery in performance in the second half of the year [1]. - The company successfully completed an asset restructuring, which is expected to enhance profits and improve core competitiveness. The restructuring involved the acquisition of Changfei Group and Hafei Group as wholly-owned subsidiaries, broadening the company's main business and expanding its scale [1]. Financial Summary - For H1 2024, the company reported a significant increase in contract assets by 491% compared to the beginning of the year, and inventory increased by 18.48%, with inventory at 20.561 billion CNY at the end of H1 2024 [1]. - The financial forecast for 2024-2026 includes adjusted net profits of 722 million CNY for 2024, 879 million CNY for 2025, and 1.082 billion CNY for 2026, with corresponding revenue growth rates of 30.7%, 19.9%, and 19.9% respectively [2][3].

证券代码：600038 证券简称：中直股份 公告编号：2024-047 近日，公司在以下银行开立了募集资金理财产品专用结算账户，具体账户信 息如下： | 开户机构 | 开户名称 | 账号 | | --- | --- | --- | | 华夏银行股份有限公司北京东单支行 | 中航直升机股份有限公司 | 10257000001001170 | | 兴业银行股份有限公司北京东外支行 | 中航直升机股份有限公司 | 321080100100389639 | 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要 - 1 - 求》《上海证券交易所上市公司自律监管指引第1号——规范运作》等相关规定， 上述账户将专用于暂时闲置募集资金购买理财产品的结算，不会用于存放非募集 资金或用作其他用途，公司将在理财产品到期且无下一步购买计划时及时注销该 账户。 二、风险控制措施 中航直升机股份有限公司 关于开立理财产品专用结算账户的公告 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。 中航直升机股份有限公司（以下简称"公司"或"中直股份" ...

关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 中航直升机股份有限公司（以下简称"公司"或"中直股份"）于2024年7月26日 分别召开第九届董事会第一次会议、第九届监事会第一次会议，审议通过了《关 于公司使用暂时闲置募集资金进行现金管理的议案》，同意在确保不影响募集资 金投资计划的前提下，对最高额度不超过人民币28亿元（包含本数）的闲置募集 资金进行现金管理，投资产品的期限不超过12个月，现金管理授权的有效期自公 司董事会审议通过之日起12个月内有效，在上述期限及授权额度范围内，资金可 以滚动使用，具体内容详见公司于2024年7月27日披露的《关于使用暂时闲置募集 资金进行现金管理的公告》（公告编号：2024-042）。 目前，公司部分闲置募集资金现金管理到期赎回，具体内容如下： 单位：万元 | 受托方名称 | 产品类型 | 产品名称 | 购买金 | 赎回金 | 起始日 | 终止日期 | 期限 | 实际年化 | 实际收 | | --- | --- | --- | --- | ...

中航直升机股份有限公司(以下简称"公司")第九届董事会第二次 会议于 2024 年 8 月 16 日以直接送达和电子邮件等方式发出会议通知及 会议资料，于 2024 年 8 月 26 日 11：00 以现场的方式召开。出席本次 会议的监事应到三人，实到三人。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《关于公司 2024 年半年度报告及其摘要的议案》； 2、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 持续评估报告的议案》。 证券代码：600038 证券简称：中直股份 公告编号：2024-044 中航直升机股份有限公司 第九届监事会第二次会议决议公告 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。 《公司章程》等相关规定，公允地反映了公司 2024 年半年度的财务状况 和经营成果等事项。所披露的报告内容真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏。 2、会议以 ...

证券代码：600038 证券简称：中直股份 公告编号：2024-043 中航直升机股份有限公司 第九届董事会第二次会议决议公告 在提交本次董事会审议前，本议案已经公司第九届董事会审计委员会第二 次会议审议通过。 会议由董事长闫灵喜先生主持。 会议议程如下： 1、审议《关于公司 2024 年半年度报告及其摘要的议案》； 2、审议《关于公司 2024 年度"提质增效重回报"行动方案的议案》； 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持续 评估报告的议案》。 - 1 - 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《关于公司 2024 年半 年度报告及其摘要的议案》，同意公司 2024 年半年度报告及其摘要的内容。 公司 2024 年半年度报告的编制和审议程序符合法律、法规及《公司章程》等 相关规定，公允地反映了公司 2024 年半年度的财务状况和经营成果。所披露 的报告内容真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 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 ...

关于召开 2024 年半年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： 证券代码：600038 证券简称：中直股份 公告编号：2024-045 中航直升机股份有限公司 会议召开时间：2024 年 9 月 11 日(星期三)上午 10:00-11:00 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 投资者可于2024年9月3日(星期二)至9月10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 8 月 27 日发布公司 2024 年 半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年 度经营成果、财务状况，公司计划于 2024 年 9 月 11 日上午 10:00-11:00 举行 2024 年半年度业绩说明 ...

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 关联存贷款的风险持续评估报告 二〇二四年八月 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 关联存贷款的风险持续评估报告 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。 航空工业财务的经营范围为下列全部本外币业务：吸收成员单位存款；办理 成员单位贷款；办理成员单位票据贴现；办理成员单位资金结算与收付；提供成 员单位委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理业 务；从事同业拆借；办理成员单位票据承兑；办理成员单位产品买方信贷和消费 信贷；从事固定收益类有价证券投资。具体经营范围以国家金融监督管理总局或 其派出机构批准且市场监督管理机关核定的经营范围为准。 二、航空工业财务风险管理的基本情况 2 中航直升机股份有限公司总经理工作细则 （一）控制环境 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 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥8.17 billion, a decrease of 31.69% compared to ¥11.97 billion in the same period last year[15]. - Net profit attributable to shareholders was approximately ¥297.52 million, down 9.18% from ¥327.58 million in the previous year[15]. - The net profit after deducting non-recurring gains and losses increased by 176.17% to approximately ¥271.09 million, compared to ¥98.16 million in the same period last year[15]. - Basic earnings per share for the first half of 2024 were ¥0.4067, a decrease of 9.18% from ¥0.4478 in the same period last year[16]. - The weighted average return on net assets was 2.45%, a decrease of 0.35 percentage points compared to 2.80% in the previous year[16]. - The company achieved operating revenue of 8.174 billion RMB and a net profit attributable to the parent company of 298 million RMB during the reporting period[18]. - The company reported a significant increase in investment income, which rose to ¥450.47 million in the first half of 2024 from ¥133.91 million in the same period of 2023, representing an increase of 236.5%[90]. - The total profit for the first half of 2024 was ¥339.50 million, slightly down from ¥340.26 million in the same period of 2023, indicating a marginal decrease of 0.2%[89]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at approximately -¥9.20 billion, compared to -¥12.13 billion in the previous year[15]. - Cash flow from operating activities showed a net outflow of approximately ¥9.20 billion in the first half of 2024, compared to a net outflow of ¥12.13 billion in the same period of 2023, indicating an improvement[91]. - The total cash inflow from financing activities was approximately ¥3.47 billion in the first half of 2024, compared to ¥1.39 billion in the same period of 2023, reflecting a substantial increase[92]. - The company's cash and cash equivalents decreased to ¥3,077,138,030.35 from ¥9,751,993,436.86, representing a decline of about 68.4%[85]. - The total cash and cash equivalents at the end of the first half of 2024 were approximately ¥2.93 billion, down from ¥4.37 billion at the end of the first half of 2023, a decrease of 33%[92]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥47.00 billion, an increase of 4.20% from ¥45.11 billion at the end of the previous year[15]. - The total liabilities increased to ¥33,749,120,018.40 from ¥32,011,237,305.60, indicating a rise of about 5.4%[86]. - The company's inventory rose by 18.48% to 20.56 billion yuan, indicating a buildup of stock[33]. - The company's total equity attributable to shareholders increased to ¥13,029,110,042.21 from ¥12,867,034,427.40, reflecting a growth of approximately 1.3%[86]. - The company's retained earnings increased to ¥3,466,909,589.35 from ¥3,311,871,196.57, showing an increase of approximately 4.7%[86]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Changhe Aircraft Industry Group and Harbin Aircraft Industry Group, raising approximately 2.999 billion RMB in supporting funds[19]. - The company completed the acquisition of Changfei Group and Hafei Group, expanding its main business and scale[28]. - The company plans to issue shares to acquire 92.43% of Changfei Group and 80.79% of Hafei Group from AVIC Science and Technology, and 7.57% and 19.21% of the same groups from AVIC Group, raising a total of up to 3 billion RMB in matching funds from 35 qualified investors[67]. Research and Development - The company has made significant progress in R&D, with the AC311A helicopter undergoing competitive enhancement and the C919 composite material products passing preliminary production verification[22]. - The company is focused on high-quality development in the civil aviation industry, aiming to capture market demand in key emergency rescue areas[23]. - The company has implemented a lean production management framework to enhance production efficiency and reduce product delivery cycles[21]. Market Expansion - The company is actively expanding its market presence in emergency rescue sectors, signing contracts for 10 AC311A helicopters and establishing partnerships for medical rescue applications[24]. - The company has not disclosed any plans for profit distribution or capital increase from reserves during this reporting period[3]. Environmental and Social Responsibility - Harbin Aircraft Industry Group achieved a 100% compliance rate for industrial wastewater and air emissions during the reporting period, with no exceedances reported[46]. - The company updated its environmental protection equipment inventory, maintaining 80 out of 82 units in good condition, and implemented a three-level inspection mechanism for effective operation[49]. - The company has established emergency response plans for environmental incidents, conducting regular drills to enhance personnel's ability to manage environmental risks[51]. Risks and Challenges - The company faces macroeconomic fluctuation risks that could adversely affect domestic and international demand for its products[40]. - The company has identified risks related to raw material shortages and price volatility, particularly for high-performance materials used in helicopter manufacturing[41]. - The company is exposed to technological risks, as it operates in a high-tech industry where timely product development is crucial[41]. Shareholder Structure and Equity - The total number of shares increased to 731,605,986 after the issuance of 142,129,270 new shares for asset acquisition[75]. - The company reported a total of 392,282,036 shares held by major shareholders, with China Aviation Technology Industry Co., Ltd. holding 53.62% of the shares[80]. - The company has a total of 271,431,658 unrestricted circulating shares held by major shareholders[81]. - The company maintains a stable shareholder structure with no significant changes in voting rights or shareholder agreements reported[81]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that its financial statements accurately reflect its financial status and operational results[105]. - The company measures the assets and liabilities acquired in a business combination at the carrying amount on the merger date, adjusting the capital reserve for any difference between the net asset carrying amount and the consideration paid[109]. - The company recognizes revenue when control of goods or services is transferred to the customer, based on the transaction price allocated to the performance obligation[170].