Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various types of helicopters and general aircraft [5]. - The company is integrating helicopter assembly assets to expand its product range and enhance overall production capacity, which is expected to improve its main business capabilities. It has raised 3 billion yuan for projects related to new helicopter and drone development, maintenance capabilities, and production capacity enhancement [5]. - The company is anticipated to benefit from the rapid growth of general aviation and the low-altitude economy, with projected earnings per share (EPS) for 2025-2027 being 0.83, 0.99, and 1.15 yuan, respectively [6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The adjusted net profit increased by 19.68% to 482 million yuan [4]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents rose by 311.85% to 132.72 billion yuan [4]. - The projected revenue for 2025 is 34.622 billion yuan, with a year-on-year growth of 16.3%, and the net profit is expected to increase to 680 million yuan, reflecting a growth of 22.3% [11]. Valuation Metrics - The report provides a forecast for the company's price-to-earnings (P/E) ratio, which is expected to be 43.7, 36.7, and 31.5 for the years 2025, 2026, and 2027, respectively [6]. - The projected return on equity (ROE) is expected to improve from 2.9% in 2024 to 5.1% by 2027, indicating an enhancement in the company's profitability [11].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock based on expected performance relative to the benchmark index [8]. Core Views - The company is positioned as a leading player in the domestic helicopter manufacturing industry, fully supporting the development of the low-altitude economy. It has a comprehensive product range and is involved in the research and manufacturing of various helicopter models and general aviation aircraft [6]. - The company is undertaking an integration of helicopter assembly assets to expand its product range and enhance overall production capacity. This strategic move is expected to improve its main business capabilities and allow it to benefit from the growth of new aircraft models in the low-altitude economy [6]. - The company raised 3 billion yuan to fund projects aimed at enhancing its research and development capabilities for new helicopters and drones, as well as improving its aviation maintenance and production capabilities [6]. Financial Performance - In 2024, the company reported a revenue of 29.766 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 7.98% to 556 million yuan. The non-recurring net profit increased by 19.68% to 482 million yuan [5]. - The company's total liabilities reached 358.40 billion yuan, a significant increase of 103.89% year-on-year, while cash and cash equivalents surged by 311.85% to 132.72 billion yuan [5]. - The earnings per share (EPS) for 2024 was reported at 0.72 yuan, with a return on equity (ROE) of 2.94% [4]. Financial Projections - The report forecasts the company's EPS for 2025, 2026, and 2027 to be 0.83 yuan, 0.99 yuan, and 1.15 yuan, respectively. The corresponding price-to-earnings (P/E) ratios are projected to be 43.7, 36.7, and 31.5 [8]. - Revenue is expected to grow from 34.622 billion yuan in 2025 to 45.291 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.9% [12].

Core Viewpoint - The company reported a revenue increase of 11.93% in 2024, but net profit decreased by 7.98%, indicating pressure on profitability despite revenue growth [2][4]. Financial Performance - In 2024, the company achieved an operating revenue of 29.766 billion yuan, a year-on-year increase of 11.93% [2]. - The net profit attributable to shareholders was 556 million yuan, down 7.98% year-on-year [2]. - Basic earnings per share decreased by 12.39% to 0.72 yuan [2]. - The weighted average return on equity was 4.14%, a decline of 0.97 percentage points compared to 2023 [2]. - The net cash flow from operating activities improved significantly to 2.568 billion yuan, indicating positive progress in cash flow management [2]. Product Development and Innovation - The company continued to strengthen its technical advantages in helicopter manufacturing, developing various helicopter models for military, civilian, and emergency rescue applications [3]. - Focus on the research and development of emerging aircraft such as drones and eVTOLs, expanding low-altitude economic applications into logistics and urban air traffic [3]. - Achieved technological breakthroughs in the development of Y-12 and Y-12F series general aircraft, enhancing product performance and market competitiveness [3]. Market Expansion and Strategic Development - Successfully completed a major asset restructuring project, raising approximately 3 billion yuan in supporting funds to strengthen strategic positioning [4]. - Eliminated cross-shareholding situations, optimizing the company's equity structure [4]. - Actively expanded the helicopter market by signing sales and intention contracts with multiple clients, increasing market share and brand influence [4]. - Implemented a stock incentive plan for core management and technical personnel to enhance governance and employee motivation [4]. Earnings Forecast and Investment Rating - Due to slight pressure on performance and cautious adjustments in downstream demand, the company revised its profit forecast for 2025-2026, expecting net profits of 726 million yuan and 815 million yuan, down from previous estimates [4]. - The new forecast for 2027 is set at 990 million yuan, with corresponding price-to-earnings ratios of 41/36/30 times [4]. - Despite the performance pressure, the company maintains a "buy" rating due to its advantageous position in the military helicopter industry in China [4].

2024 年报点评：有望落地更多订单，成长轨 道重启在即 买入（维持） 证券研究报告·公司点评报告·航空装备Ⅱ 中直股份（600038） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 26592 | 29766 | 34749 | 39329 | 44549 | | 同比 | 36.56 | 11.93 | 16.74 | 13.18 | 13.27 | | 归母净利润（百万元） | 604.06 | 555.87 | 725.97 | 815.34 | 990.30 | | 同比 | 55.71 | (7.98) | 30.60 | 12.31 | 21.46 | | EPS-最新摊薄（元/股） | 0.74 | 0.68 | 0.89 | 0.99 | 1.21 | | P/E（现价&最新摊薄） | 49.16 | 53.42 | 40.91 | 36.42 | 29.99 | [Table_Tag] [事件： Tabl ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a revenue of 29.766 billion yuan in 2024, representing a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 7.98% to 556 million yuan [1][9] - The fourth quarter of 2024 saw a significant increase in performance, with revenue reaching 12.465 billion yuan, a year-on-year growth of 42.71%, and a net profit of 199 million yuan, up 110.71% year-on-year [1] - The company completed a major asset restructuring and raised 3 billion yuan, facilitating the overall listing of its helicopter business [3] Summary by Sections 2024 Performance - The company’s revenue for 2024 was 29.766 billion yuan, achieving 97% of the budget, while the net profit met 78% of the budget [1] - The decline in net profit was attributed to previous product price adjustments and higher warranty costs for certain components in 2024 [1] Segment Performance - The Harbin division generated revenue of 20.943 billion yuan, a 24% increase, with a net profit of 472 million yuan, up 9% [2] - The Jingdezhen division experienced a substantial revenue increase of 71% to 10.058 billion yuan, with net profit soaring by 274% to 200 million yuan [2] - The overall gross margin improved to 10.47%, up 0.34 percentage points year-on-year, while the net profit margin increased to 1.62%, up 0.13 percentage points [2] Future Outlook - The company is expected to see net profits of 714 million yuan, 883 million yuan, and 1.079 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 28%, 24%, and 22% [4] - The company is positioned as a leading manufacturer in the helicopter sector, benefiting from military and civilian market developments [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 46.41 RMB [8][9]. Core Views - The company is expected to achieve a revenue of 29.766 billion RMB in 2024, reflecting a year-on-year growth of 27.59%, while the net profit attributable to shareholders is projected to be 555.87 million RMB, a decrease of 7.98% compared to the previous year [2][5]. - The company is optimistic about the long-term prospects of military-civilian helicopter development and has entered the low-altitude economy sector, which is expected to open new growth avenues [1][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.766 billion RMB, an increase of 27.59% year-on-year, and a net profit of 555.87 million RMB, down 7.98% year-on-year [2][7]. - The fourth quarter of 2024 saw a revenue of 12.465 billion RMB, up 42.71% year-on-year, and a net profit of 199 million RMB, up 110.71% year-on-year [1]. Product and R&D - The revenue from aviation products in 2024 was 29.244 billion RMB, a year-on-year increase of 12.10%, with a gross margin of 10.49% [3]. - The company has made significant progress in the development of civil helicopters and the C919 project, achieving breakthroughs in key technologies [4]. Profit Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be 0.91, 1.09, and 1.27 RMB, respectively, with a downward adjustment of 15.74% and 18.05% for 2025 and 2026 [5]. - The target price is set at 46.41 RMB, corresponding to a price-to-earnings (PE) ratio of 51 times for 2025 [5].

当前，中直股份发展面临着巨大机遇。其中，低空经济已被纳入国家经济发展的重点支持领域，相关政 策集中出台，低空经济迎来快速发展的战略机遇期，这一融合了现代科技与新兴业态的经济形态加速走 向经济发展前台，彰显了强劲的发展势头和蓬勃的生命力。国家政策的大力支持，为低空经济发展注入 了强大动力。同时，随着城市化进程不断加快和人们对便捷、高效服务需求不断提升，低空经济在物流 配送、应急救援、旅游观光等领域的应用场景也日益丰富，市场需求不断扩大，市场机遇巨大。 值得一提的是，经过重组，中直股份成为国内A股低空经济概念唯一涵盖直升机业务全链条的主机厂上 市公司。国务院近日发布文件要求具备安全条件的地区开通低空物流航线、开发低空旅游项目，拓展低 空消费场景。中直股份在低空航空飞行器领域的技术优势、产品优势、人才优势有望得以充分发挥。中 直股份表示，公司将提前谋划，打造创新型应用场景，不断增强产品供给，打造专业优势明显、质量品 牌突出的直升机产业专业化领航上市公司，推动公司更好抓住政策和市场机遇，实现长远发展。 2024年，中直股份完成重大资产重组项目并足额募集配套资金约30亿元，通过重组全面整合直升机业务 资产，公司实现直升 ...

截至本公告日，中航科工直接持有公司417,354,803股股份，占公司 总股本比例为50.90%。根据中航科工通知，本次可交换债券拟发行期限 不超过3年（含），拟募集资金规模不超过人民币10亿元（含）。在满足 换股条件下，本次可交换债券的持有人有权在换股期内将其所持有的本 次可交换债券交换为公司股票。 证券代码：600038 证券简称：中直股份 编号：2025-021 中航直升机股份有限公司 关于控股股东拟非公开发行可交换公司债券的提示性公告 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。 中航直升机股份有限公司（以下简称"公司"）近日收到控股股东中 国航空科技工业股份有限公司（以下简称"中航科工"）通知，中航科工 在保持对公司控股的前提下，拟以持有的公司部分A股股票为标的非公开 发行可交换公司债券（以下简称"本次可交换债券"）。 本次可交换债券事项已经中航科工董事会审议通过，尚须通过中国 航空工业集团有限公司批准，尚须中航科工股东会审议通过，尚须取得 上海证券交易所无异议函。本次可交换债券的最终发行方案将根据发行 时的市场状 ...

大信会计师事务所（特殊普通合伙） 中航直升机股份有限公司 内控审计报告 大信审字[2025]第 1-02907 号 WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 内部控制审计报告 大信审字[2025]第 1-02907 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"）2024 年 12 月 31 日的财务报告内部控制的有 效性 ...

中航直升机股份有限公司 审 计 报 告 大信审字[2025]第 1-00758 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 审计报告 大信审字[2025]第 1-00758 号 中航直升机股份有限公司全体股东： 一、审计意见 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些事 项的应对以对财务报表整体进行审计并形成审计意见为背景，我们不对这些事项单独发表意 见。 （一）应收账 ...