Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].

证券代码：600038 证券简称：中直股份 公告编号：2025-026 为进一步加强与投资者的互动交流，中航直升机股份有限公司(以下 简称"公司")将参加由黑龙江省上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年黑龙江辖区上市公司投资者集体接待日活动"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net）；或关注微信公众号（名称：全景财经）； 或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 14 日（周三）14:00-16:30。届时公司高管将在线就公司 2024 年度业绩、 公司治理、发展战略、经营状况、融资计划、股权激励和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与。 特此公告。 中航直升机股份有限公司董事会 - 1 - 中航直升机股份有限公司 关于参加黑龙江辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 202 ...

北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 北京市嘉源律师事务所 关于中航直升机股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 I - YUAN LAW OFFICES 致:中航直升机股份有限公司 北京市嘉源律师事务所 关于中航直升机股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-271 北京市嘉源律师事务所(以下简称"本所")接受中航直升机股份有限公司 (以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 航直升机股份有限公司章程》〈以下简称"《公司章程》"）的有关规定,指派 本所律师对公司 2024 年年度股东大会（以下简称"本次股东大会"）进行见证, 并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-027 中航直升机股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：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)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 372 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 493,706,586 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 60.2252 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是，本次股东大会由董事长闫灵喜先生主持。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][8]. Core Views - The company achieved a revenue of 29.766 billion, representing a year-on-year growth of 11.93%, and completed 97% of its annual budget. However, the net profit attributable to shareholders was 556 million, down 7.98% year-on-year, completing 78% of the annual budget. The non-recurring net profit attributable to shareholders was 482 million, up 19.68% year-on-year [1][7]. - For 2025, the company is expected to achieve a revenue of 30.249 billion, a year-on-year increase of 1.63%, and a net profit of 604 million, a year-on-year increase of 8.66%, with a projected net profit margin of around 2%, an increase of 0.38 percentage points year-on-year [2]. - The company forecasts net profits of 612 million, 723 million, and 850 million for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [3]. Financial Performance - The company reported a revenue of 29.766 billion, with a breakdown showing the Harbin division achieving 20.943 billion (up 24% year-on-year) and the Jingdezhen division achieving 10.058 billion (up 71% year-on-year) [7]. - The gross margin for 2024 was 10.47%, an increase of 0.34 percentage points year-on-year, while the net margin was 1.62%, an increase of 0.13 percentage points year-on-year [7]. - The company’s total assets are projected to be 51.159 billion in 2025, with total liabilities of 34.405 billion, resulting in a debt-to-asset ratio of 67.3% [16][18]. Valuation Metrics - The report provides a valuation of 48, 41, and 35 times earnings for the years 2025, 2026, and 2027 respectively, maintaining a "Strong Buy" rating [8]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 66.4 in 2023 to 34.5 in 2027, indicating an improving valuation over time [18].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [3] Core Insights - The industry is experiencing a bottoming out phase due to multiple factors, but signs of improvement were observed in Q1 2025, particularly in upstream components and new directions [11][13] - Profitability has slightly fluctuated due to various influences, with ROE constrained by asset efficiency and net profit margin needing improvement [53][56] - Traditional main tracks show clear signs of recovery, while new directions are in the early stages of industrialization but exhibit initial growth potential [90][91] Summary by Sections Industry Overview - The military industry faced a decline in revenue and profit growth in 2024, but Q1 2025 showed a narrowing of profit decline to -24.6% [19][20] - The main track's revenue growth was affected by contract signing and delivery schedules, with a notable profit drop in Q4 2024, followed by a recovery in Q1 2025 [20][21] Main Track Performance - Upstream components are showing early signs of recovery, with revenue growth rates for upstream, midstream, and downstream segments varying significantly [25][29] - Downstream manufacturers experienced short-term performance pressure due to contract signing delays, but some companies like Hongdu Aviation showed strong growth [29][30] Profitability Analysis - The overall profitability of the military sector slightly decreased in 2024, with a marginal improvement in Q1 2025 [56][58] - The main track's profitability was impacted by price adjustments and demand fluctuations, with a slight recovery noted in Q1 2025 [58][61] New Directions - New directions in the industry, such as military trade and new equipment, are showing upward trends in Q1 2025, indicating potential for growth [101][110] - Specific segments like infrared and ammunition within new equipment are experiencing significant revenue growth, reflecting high market demand [104][110] Future Outlook - The report emphasizes the importance of selecting companies with enhanced product capabilities, increased penetration rates, and higher average transaction values as the industry approaches the end of the 14th Five-Year Plan [117][118] - Key investment opportunities are identified in companies like Aerospace Electric and Feiliwa, which are expected to benefit from the upcoming military spending and technological advancements [117][118]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is expected to achieve revenues of 34.78 billion, 39.96 billion, and 45.12 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 698 million, 830 million, and 957 million yuan [3]. - The earnings per share (EPS) are projected to be 0.85, 1.01, and 1.17 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 41.76, 35.13, and 30.45 [3]. - The company has made significant progress in civil aircraft research and market expansion, benefiting from low-altitude economic policies [4][12]. Financial Summary - For 2023, the company reported revenues of 26.59 billion yuan, with a year-on-year growth of 36.56%. The net profit attributable to the parent company was 604 million yuan, reflecting a 55.71% increase [2]. - The projected financials for 2024 include revenues of 29.77 billion yuan and a net profit of 556 million yuan, indicating a slight decline of 7.98% compared to the previous year [2][5]. - The gross margin for 2024 is expected to be 10.47%, a decrease of 2.49 percentage points year-on-year [4]. Market and Operational Insights - The company is actively expanding into emergency rescue and general aviation markets, with ongoing development of the AC series civil helicopters [4][12]. - The first quarter of 2025 saw a significant increase in net profit, attributed to tax incentives, despite a decline in revenue due to reduced product delivery [5][6]. - The company’s total market capitalization is approximately 29.16 billion yuan, with a total share count of 820 million [7].

中航直升机股份有限公司 2024 年度股东大会资料 中航直升机股份有限公司 2024 年度股东大会资料 会议资料 2025 年 5 月 9 日 中航直升机股份有限公司 2024 年度股东大会资料 中航直升机股份有限公司 2024 年度股东大会议程 一、会议时间 2025 年 5 月 9 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 4、2024 年度财务决算报告 5、关于 2024 年度利润分配预案的议案 6、2024 年年度报告及其摘要 10、关于公司董事薪酬的议案 11、关于公司监事薪酬的议案 （二）宣读并审议以下议案： 1、2024 年度董事会工作报告 2、2024 年度监事会工作报告 3、2024 年度独立董事履职报告 7、2025 年度财务预算报告 8、2024 年度内部控制评价报告 9、关于续聘会计师事务所的议案 中航直升机股份有限公司 2024 年度股东大会资料 12、关于制定《中航直升机股份有限公司中长期股东回 报规划》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 ...

中航直升机股份有限公司 第九届监事会第七次会议决议公告 证券代码：600038 证券简称：中直股份 公告编号：2025-024 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")第九届董事会第七次 会议于 2025 年 4 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 2025 年 4 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： 审议《中航直升机股份有限公司 2025 年第一季度报告》。 经监事会会议表决，通过了以下决议： 会议以 3 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 2025 年第一季度报告》，发表意见如下： （1）公司 2025 年第一季度报告的编制和审议程序符合法律、行政 法规 ...

证券代码：600038 证券简称：中直股份 公告编号：2025-023 中航直升机股份有限公司 第九届董事会第八次会议决议公告 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"）第九届董事会第八次会议 于 2025 年 4 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 2025 年 4 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。 会议由董事长闫灵喜先生主持。 会议议程如下： 1、审议《中航直升机股份有限公司 2025 年第一季度报告》； 2、审议《关于公司 2024 年度"提质增效重回报"行动方案评估报告的议 案》。 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 ...