证券代码：600038 证券简称：中直股份 公告编号：2025-028 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： ? 每股分配比例 A 股每股现金红利0.204元 ? 相关日期 | | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 819,893,213 股为基数，每股派发现金红利 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | | 四、 分配实施办法 （1）无限售条件流通股的 ...

中航直升机股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.204元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 证券代码：600038 证券简称：中直股份 公告编号：2025-028 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/27 | － | 2025/5/28 | 2025/5/28 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会 ...

Group 1: Market Performance - The three major indices experienced fluctuations and declines, with the aerospace and defense sector showing some pullback, as evidenced by a 0.58% drop in the Guozheng Aerospace Index [1] - Over the recent trading period from April 30 to May 13, the Guozheng Aerospace Index has accumulated a gain of over 9% [1] - Among the constituent stocks, Changcheng Military Industry rose over 3%, while Guobo Electronics, Zhongzhi Co., and Guoke Military Industry also saw gains [1] Group 2: ETF Launch - The Tianhong Aerospace ETF (subscription code: 159241) is currently being issued, with a fundraising cap of 5 billion yuan, running from May 6 to May 16 [1] - This ETF tracks the Guozheng Aerospace Industry Index, which comprises securities from the aerospace sector listed on the Shanghai and Shenzhen stock exchanges [1] - The index reflects the overall performance of the aerospace sector in China, focusing on core companies in the military industry, aviation, aerospace, and low-altitude economy [1] Group 3: Industry Developments - Recent favorable policies for commercial aerospace have led to increased investments and advancements in technology, creating new opportunities for listed companies in the industry [2] - Companies like Zhuhai Hangyu Micro Technology have successfully integrated self-developed AI chips into commercial satellites, while Shaanxi Zhongtian Rocket Technology is enhancing collaboration with commercial aerospace firms [2] - Analysts suggest that with external disturbances diminishing, market risk appetite is improving, particularly in the big tech sector, emphasizing artificial intelligence, defense, and robotics [2] Group 4: Market Sentiment - Recent reports indicate that the military industry is experiencing a recovery in market sentiment, with increased trading volumes and a positive outlook for the sector [2] - The military trade and commercial aerospace sectors, along with themes like low-altitude economy and deep-sea technology, are expected to see continued development and engagement [2] - The military industry's fundamentals are anticipated to improve, contributing to a sustained positive market environment for an extended period [2]

2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压 5月12日，A股航天军工板块"空中加油"，中船系、中航系、商业航天、大飞机等军工概念指数领涨沪 深两市，个股掀起涨停潮。 资本市场对军工行业的关注热度从上周开始明显升温，军工ETF上周的累计涨幅达4.91%,当时有分析认 为，印巴对抗强化国产装备性能端优势认知推升了资金炒作情绪。到本周，印巴冲突局势有所缓和，军 工板块依然走强。早盘军工ETF放量涨逾6%，午后涨幅收窄，收涨4.68%，截至收盘，中航成飞 （302132.SZ）、晨曦航空（300581.SZ）均录得"20CM"涨停；成飞集成（002190.SZ）连续四个交易日 涨停；中航沈飞（600760.SH）、中国船舶（600150.SH）、洪都航空（600316.SH）的涨幅均超过8%。 2024年报与2025年一季度报告显示，军工板块处在短期业绩筑底阶段，头部公司尤其是主机厂一季度营 业收入同比复苏明显，净利润仍然承压，而整个板块的盈利能力仍出现在上一轮周期以来的低点。多家 机构研报指出，军工股基本面没有更多利空因素， ...

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 ...

证券研究报告 | 公司点评报告 2025 年 05 月 07 日 中直股份（600038.SH） 24 年实现营收稳增，盈利能力预计持续提升 中游制造/军工 公司实现营业收入 297.66 亿元，同比增长 11.93%，完成年度预算 97%；实现 归母净利润 5.56 亿元，同比-7.98%，完成年度预算 78%；扣非归母净利润 4.82 亿元，同比 19.68%。 2025 年财务预算：预计实现营收 302.49 亿（同比+1.63%），预计实现归母 净利润 6.04 亿（同比+8.66%），据此计算净利率预计达到 2%左右，同比提 升 0.38 pct。 ❑ 盈利预测：预计公司 2025/2026/2027 年归母净利润为 6.12/7.23/8.50 亿元， 强烈推荐（维持） 目标估值：NA 当前股价：35.83 元 基础数据 | 总股本（百万股） | 820 | | --- | --- | | 已上市流通股（百万股） | 669 | | 总市值（十亿元） | 29.4 | | 流通市值（十亿元） | 24.0 | | 每股净资产（MRQ） | 20.9 | | ROE（TTM） | 3.7 | | 资 ...

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].