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 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,376,075,398.25, a decrease of 29.55% compared to ¥3,372,649,700.69 in the same period last year[4] - Net profit attributable to shareholders increased by 55.12% to ¥201,974,102.15 from ¥130,202,113.47 year-on-year[4] - Basic earnings per share rose by 38.37% to ¥0.2463 from ¥0.1780 in the previous year[4] - Total operating revenue for Q1 2025 was ¥2,376,075,398.25, a decrease of 29.5% compared to ¥3,372,649,700.69 in Q1 2024[15] - Net profit for Q1 2025 increased to ¥174,639,676.57, compared to ¥128,336,343.21 in Q1 2024, representing a growth of 36.1%[16] - Basic and diluted earnings per share for Q1 2025 were both ¥0.2463, up from ¥0.1780 in Q1 2024, indicating a rise of 38.5%[16] Cash Flow and Liquidity - The net cash flow from operating activities improved by 76.94%, reaching -¥1,209,238,045.28 compared to -¥5,244,341,419.04 in the same period last year[4] - Cash flow from operating activities in Q1 2025 was negative at -¥1,209,238,045.28, an improvement from -¥5,244,341,419.04 in Q1 2024[19] - Cash and cash equivalents at the end of Q1 2025 stood at ¥11,876,187,880.67, significantly higher than ¥3,942,394,741.69 at the end of Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥48,925,425,279.68, a decrease of 6.32% from ¥52,228,457,258.73 at the end of the previous year[5] - The company's current assets totaled CNY 41.24 billion, down from CNY 44.46 billion, indicating a decrease of about 7.0%[12] - The total liabilities decreased to CNY 31.64 billion from CNY 35.84 billion, a reduction of about 11.0%[13] - The company's equity attributable to shareholders rose to CNY 17.15 billion from CNY 16.23 billion, an increase of approximately 5.7%[13] - The company's short-term borrowings significantly decreased to CNY 844.83 million from CNY 1.96 billion, a reduction of approximately 56.9%[13] Research and Development - Research and development expenses increased by 65.89%, indicating a significant rise in investment in R&D activities[7] - Research and development expenses for Q1 2025 were ¥91,919,525.27, an increase of 65.8% from ¥55,408,678.42 in Q1 2024[15] Other Financial Metrics - The weighted average return on equity improved to 1.28%, up by 0.21 percentage points from 1.07%[4] - The company experienced a 43.58% decrease in contract assets, primarily due to products reaching payment conditions and being transferred to accounts receivable[6] - Short-term borrowings decreased by 56.83%, attributed to better repayment conditions from clients[6] - The inventory increased to CNY 15.04 billion from CNY 14.08 billion, representing a growth of approximately 6.9%[12] - The contract liabilities increased to CNY 8.83 billion from CNY 7.86 billion, reflecting a growth of about 12.3%[13] - The company reported a decrease in accounts receivable from CNY 8.99 billion to CNY 8.12 billion, a decline of approximately 9.7%[12] - The company reported a total investment income of ¥4,064,003.18 in Q1 2025, compared to ¥592,245.05 in Q1 2024, marking a substantial increase[15] - The company experienced a credit impairment loss of ¥7,000,690.95 in Q1 2025, contrasting with a gain of ¥6,914,159.15 in Q1 2024[15] - The total cash inflow from investment activities in Q1 2025 was ¥1,745,348,910.71, compared to ¥161,194,913.80 in Q1 2024, indicating a significant increase[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 56,326[9] Strategic Developments - The company has not reported any significant new strategies or product developments during the conference call[11]

证券代码：600038 证券简称：中直股份 公告编号：2025-025 中航直升机股份有限公司 关于召开 2025 年第一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个别及连带责任。 重要内容提示： （一）会议召开时间：2025 年 5 月 28 日下午 15:00-16:00 （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 会议召开时间：2025 年 5 月 28 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 投资者可于 2025 年 5 月 20 日(星期二)至 5 月 27 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 2025 年 4 月 29 日发布公司 2025 年 ...

中直股份（600038）公告，2025年第一季度营收为23.76亿元，同比下降29.55%；净利润为2.02亿元， 同比增长55.12%。 ...

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 ...