重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 4 月 10 日 9 点 30 分 召开地点：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 证券代码：600038 证券简称：中直股份 公告编号：2024-011 中航直升机股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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。 股东大会召开日期：2024年4月10日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投 票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 4 月 10 日 至 2024 年 4 月 10 日 采用上海证券交易所网络投票系统，通过交易系统投票 ...

[Table_Page] 年报点评|航空装备Ⅱ 证券研究报告 [中Table_直Title] 股份（600038.SH） [公Tab司le_I评nves级t] 增持 当前价格 39.32元 业绩改善趋势明显，低空经济有望带来发展机遇 合理价值 47.77元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-17 ⚫ 事件：公司公告2023年年报，实现营收233.30亿元（YOY+19.81%）， 相[Ta对ble市_Pi场cQu表ote现] 归母净利润 4.43 亿元（YOY+14.11%）,扣非归母净利润 4.03 亿元 （YOY+17.06%）。毛利率10.13%，较去年同期减少0.17pct，净利率 4% 1.49%，较去年同期减少0.5pct。 -3%03/23 05/23 07/23 09/23 11/23 01/24 03/24 ⚫ 点评：业绩改善趋势明显，低空经济有望为直升机带发展机遇。报告期 -9% 内，公司营业收入增长主要原因是产品交付量增加、部分产品价格调整。 -16% 分产品看，航空产品/风机营收入分别同比增加20.40%/-21.73%，毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2023 reached 23.33 billion yuan, a year-on-year increase of 19.81%, while the net profit attributable to shareholders was 443 million yuan, up 14.11% year-on-year [2][3] - The increase in performance is attributed to improved downstream demand, higher product delivery volumes, and price adjustments for certain products [3] - The company has successfully obtained approval for a private placement and restructuring plan, which is expected to enhance its competitive edge through resource integration and business synergy [3] - The company is entering the eVTOL sector, leveraging its expertise in aviation technology, which is anticipated to provide additional growth potential [3] Financial Forecasts and Valuation - The company is projected to achieve net profits of 504 million yuan, 606 million yuan, and 718 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 46, 38, and 32 times [4] - The total revenue forecast for 2024 is 26.32 billion yuan, with a growth rate of 12.81% [4] - The report highlights a significant increase in associated procurement, which rose by 79.9% year-on-year to 22.67 billion yuan, indicating a robust supply chain restructuring [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 23.33 billion yuan in 2023, representing a year-over-year increase of 19.8%. The net profit attributable to shareholders was 440 million yuan, up 14.1% year-over-year [2][3]. - The fourth quarter saw a decline in performance, with Q4 2023 revenue at 7.58 billion yuan, down 14.5% year-over-year, and net profit at 150 million yuan, down 55.8% year-over-year [2][3]. - The company is focusing on the low-altitude economy, which is expected to provide new growth opportunities, especially as it is a leading player in the domestic helicopter manufacturing industry [2][3]. Financial Performance Summary - The company’s 2023 revenue was 23.33 billion yuan, with a gross margin of 10.1%, a decrease of 0.16 percentage points year-over-year. The net margin was 1.5%, down 0.50 percentage points year-over-year [2][3]. - R&D expenses increased by 47% year-over-year to 750 million yuan, indicating a strong commitment to innovation [2][3]. - The company’s cash flow improved significantly due to increased customer payments, with net cash flow from operating activities reaching 720 million yuan, compared to a negative 1.69 billion yuan in the previous year [2][3]. Future Projections - The company is projected to achieve net profits of 535 million yuan, 660 million yuan, and 827 million yuan for 2024, 2025, and 2026, respectively [2][3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 43x for 2024, 35x for 2025, and 28x for 2026 [2][3].

Financial Performance - The company achieved operating revenue of CNY 23,329,929,466.11 in 2023, representing a year-on-year increase of 19.81% compared to CNY 19,472,858,456.18 in 2022[15]. - The net profit attributable to shareholders was CNY 442,687,948.05, up 14.11% from CNY 387,935,281.60 in the previous year[15]. - Basic earnings per share increased to CNY 0.7510, reflecting a growth of 14.11% from CNY 0.6581 in 2022[16]. - The company reported a weighted average return on equity of 4.5881%, an increase of 0.49 percentage points compared to 4.1014% in 2022[16]. - Total assets at the end of 2023 were CNY 27,795,298,157.86, a slight increase of 0.19% from CNY 27,741,370,495.74 in 2022[15]. - The company’s total operating revenue for the aviation manufacturing segment reached ¥23,082,414,514.89, with a year-on-year increase of 20.40%[32]. - The gross profit margin for aviation products was 10.19%, a decrease of 0.05 percentage points compared to the previous year[32]. - The company reported a total R&D expenditure of ¥754,235,788.51, accounting for 3.23% of total operating revenue[41]. Cash Flow and Financial Position - The net cash flow from operating activities was CNY 716,615,445.61, a significant recovery from a negative cash flow of CNY -1,686,449,284.71 in 2022[15]. - Cash and cash equivalents increased by 52.20% to ¥3,222,620,070.69, primarily due to higher customer repayments during the year[44]. - The company’s cash flow from financing activities was ¥60,375.46 million, indicating strong financial support for future operations[43]. - The total current liability of CNY 15,554,951,111.62 was down from CNY 16,670,399,882.25, a decrease of approximately 6.7%[174]. - Long-term borrowings increased to CNY 1,075,537,430.56 from CNY 78,038,888.89, a significant rise of approximately 1,378%[174]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling approximately 146.32 million RMB, which accounts for 33.05% of the net profit attributable to shareholders in the consolidated financial statements[2]. - The company plans to implement a shareholder return plan for the next three years (2023-2025) as part of its major asset restructuring[67]. Asset Restructuring and Acquisitions - The company has received approval from the China Securities Regulatory Commission for the issuance of shares to acquire 100% equity of Changhe Aircraft Industry Group and Harbin Aircraft Industry Group[2]. - The company is actively pursuing major asset restructuring projects to strengthen its strategic positioning and enhance overall governance[23]. - The company plans to acquire 92.43% of Changfei Group and 80.79% of Hafei Group from AVIC Technology, and 7.57% of Changfei Group and 19.21% of Hafei Group from Aviation Industry Group, raising up to 3 billion RMB through A-share issuance to specific investors[138]. Research and Development - Research and development expenses increased by 46.99% to CNY 754,235,800.00, driven by increased investment in R&D activities[23]. - The company has established a technology innovation system that supports both minor improvements and major innovations, enhancing its research and development capabilities[27]. - The company is focusing on the development of low-altitude economy as a strategic emerging industry, which is expected to provide significant growth opportunities for the helicopter and general aviation sectors[26]. Corporate Governance and Compliance - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[3]. - The company has not violated decision-making procedures for providing guarantees to external parties[3]. - The governance structure ensures equal rights for all shareholders, with a focus on transparency and effective communication during shareholder meetings[62]. - The company has established a management framework to regulate related party transactions, ensuring fairness and compliance with legal requirements[62]. Environmental Responsibility - The company invested approximately 24.47 million yuan in environmental protection during the reporting period[101]. - The company maintained a 100% compliance rate for industrial wastewater and air emissions, with no environmental pollution incidents reported during the year[102]. - The company has established a comprehensive environmental management system, ensuring compliance with national environmental laws and regulations[115]. Market Position and Strategy - The company is the largest and highest output manufacturer in China's helicopter industry, with a comprehensive product series that includes helicopter components, civil helicopters, and electric vertical takeoff and landing aircraft[25]. - The company is actively expanding its civil helicopter market, targeting emergency rescue, police aviation, and government public services[27]. - The company aims to become a world-class helicopter enterprise with a focus on product excellence, brand recognition, innovation leadership, and modern governance[56]. Risk Management - The company emphasizes the importance of risk management, implementing a layered responsibility system for major risk control and ensuring no significant risks occur in 2024[58]. - The company faces several risks, including macroeconomic fluctuations, policy changes, product quality issues, and raw material shortages, which could adversely affect performance[59].

（本报告经过 2024 年 3 月 14 日召开的中航直升机股份有限公司第八届董事会第三十一次会议审议通过） 2024 年 3 月 14 日 中航直升机股份有限公司 2023 年度董事会审计委员会履职报告 根据《上市公司治理准则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》《上海证券交易所股票上市规则》 《中航直升机股份有限公司章程》《中航直升机股份有限公司董 事会审计委员会实施细则》等法律、行政法规、部门规章等规范 性文件的规定，报告期内，中航直升机股份有限公司董事会审计 委员会本着勤勉尽责的原则，认真履行了审计监督职责，切实有 效地开展了工作。现将审计委员会 2023 年度履职情况报告如下： 一、审计委员会基本情况 中航直升机股份有限公司 2023 年度董事会审计委员会 履职报告 2020 年，公司第七届董事会提前换届，选举产生了第八届董 事会，并在此基础上组建了第八届董事会审计委员会，主任委员 由具备专业会计资格的独立董事荣健担任，公司董事、总经理、 财务总监甘立伟、独立董事王正喜任委员，任期自本次董事会审 议通过之日起至第八届董事会任期届满之日止。 二、报告期内会议召开情况 报告期内 ...

中航直升机股份有限公司 内部控制审计报告 大华内字[2024]0011000225 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 中航直升机股份有限公司 内部控制审计报告 （截止 2023 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 内 部 控 制 审 计 报 告 大华内字[2024]0011000225 号 中航直升机股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了中航直升机股份有限公司（以下简称中直股份） 2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重 ...

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 3 月 18 日(星期一)至 3 月 22 日(星期 五)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。 证券代码：600038 证券简称：中直股份 公告编号：2024-010 中航直升机股份有限公司 关于召开 2023 年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个别及连带责任。 重要内容提示： 会议召开时间：2024 年 3 月 25 日(星期一)下午 15:00-16:00 （三）会议召开方式：网络文字互动 三、参加人员 中航直升机股份有限公司于 2024 年 3 月 16 日发布公司 2023 年 度报告，为便于广大投资者更全面深入地了解公司 2023 年度经营成 果、财务状况，公司计划于 2024 年 3 月 2 ...

关于中航直升机股份有限公司 2023 年度涉及财务公司关联交易的存 款、贷款等金融业务的专项说明 大华核字[2024]0011003960 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 关于中航直升机股份有限公司 涉及财务公司关联交易的存款、贷款等金融业务的专项说明 （2023 年度） 目 录 页 次 一、 专项说明 1-2 二、 中航直升机股份有限公司 2023 年度涉及财务 公司关联交易的存款、贷款等金融业务汇总表 1 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 涉 及 财 务 公 司 关 联 交 易 的 存 款 、 贷 款 等 金 融 业 务 的 专 项 说 明 大华核字[2024]0011003960 号 中航直升机股份有限公司全体股东： 我们接受委托，依据《中国注册会计师 ...

您可通过以下方式将您的意见反馈给我们： 传真：010-58354755 电话：010-58354340 , 010-58354758 邮寄：北京市朝阳区安定门外小关东里 14 号 A 座 7 层 电子邮箱：avicopter@avic.com 中航直升机股份有限公司 环境、社会及管治报告 2023 年 中直股份 目录 CATALOGS | | | | 总览篇 01 | 03 | | --- | --- | | 扎实可持续根基 构筑高质量发展 | | | （一）关于中直股份 | 05 | | （二）ESG 管理 | 07 | | （三）关键 ESG 绩效 | 08 | | （四）实质性议题分析 | 10 | | （五）利益相关方沟通 | 12 | 02 环境篇 13 领航低碳新征程 | （一）环境影响 | 15 | | --- | --- | | （二）污染防治 | 18 | | （三）应对气候变化 | 21 | | （四）低碳运营 | 22 | （一）人力发展 （二）安全健康 （三）服务质量 （四）创新引领 （五）责任采购 （六）社会公益 27 35 37 39 42 45 03 社会篇 25 笃行凌云新使命 ...