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 ...

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].