Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 16.567 billion yuan for the first three quarters of 2024, a year-on-year decrease of 20.09%, and a net profit attributable to the parent company of 1.203 billion yuan, down 27.10% year-on-year [2][3] - The company plans to increase capital in its subsidiary, Chengdu Kaitian Electronics Co., Ltd., to enhance its operational capabilities and development potential [3] - The forecast for net profit attributable to the parent company for 2024-2026 is 2.040 billion yuan, 2.351 billion yuan, and 2.733 billion yuan, with year-on-year growth rates of 8.1%, 15.3%, and 16.2% respectively [4] Financial Summary - The company's revenue for 2023 is projected at 29.007 billion yuan, with a slight decline to 28.500 billion yuan in 2024, followed by increases to 32.443 billion yuan in 2025 and 36.995 billion yuan in 2026 [6] - The net profit attributable to the parent company is expected to grow from 1.886 billion yuan in 2023 to 2.040 billion yuan in 2024, 2.351 billion yuan in 2025, and 2.733 billion yuan in 2026 [6][9] - The gross profit margin is projected to remain stable around 29.6% to 29.9% over the forecast period [9] - The company's P/E ratios are expected to decrease from 30.16 in 2023 to 22.61 in 2026, indicating improving valuation over time [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with total revenue of 16.567 billion yuan, down 20.09% year-on-year, and a net profit of 1.203 billion yuan, down 27.10% year-on-year. The third quarter also showed a significant decline, with revenue of 5.089 billion yuan, down 24.61% year-on-year, and a net profit of 300 million yuan, down 52.10% year-on-year. The decrease in sales gross margin by 6.82 percentage points and net profit margin by 32.19 percentage points indicates challenges in cost control and profitability [1][2][3] Financial Performance Summary - The company’s total revenue for 2022 was 27.722 billion yuan, with a year-on-year growth of 181.75%. For 2023, the revenue is projected at 29.007 billion yuan, reflecting a growth of 4.63%. The forecast for 2024 is 29.947 billion yuan, with a growth of 3.24%, and for 2025 and 2026, the revenue is expected to reach 32.465 billion yuan and 36.104 billion yuan, respectively, with growth rates of 8.41% and 11.21% [1][3][9] - The net profit attributable to the parent company for 2022 was 1.351 billion yuan, with a year-on-year increase of 69.16%. The projected net profit for 2023 is 1.886 billion yuan, up 39.62%, and for 2024, it is expected to be 2.049 billion yuan, reflecting an 8.60% growth. The forecasts for 2025 and 2026 are 2.372 billion yuan and 2.672 billion yuan, with growth rates of 15.78% and 12.65% respectively [1][3][9] - The latest diluted EPS for 2022 was 0.28 yuan per share, increasing to 0.39 yuan in 2023, with projections of 0.42 yuan for 2024, 0.49 yuan for 2025, and 0.55 yuan for 2026 [1][3][9] Strategic Outlook - The company is expected to benefit from the increasing demand for aviation equipment, with a comprehensive product line in aviation electronics and electromechanical systems. The focus on flight control systems, radar systems, and optoelectronic detection systems positions the company favorably in the market. The integration of 中航机电 has enhanced supply chain management capabilities, solidifying its market position [3][9]

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2024-044 中航机载系统股份有限公司 关于对控股子公司增资暨关联交易的进展公告 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。 一、关联交易概述 2024 年 10 月 25 日，中航机载系统股份有限公司（以下简称"中 航机载"或"公司"）召开第八届董事会 2024 年度第八次会议，审 议通过了《关于审议对控股子公司增资暨关联交易的议案》。为推动 中航机载子公司更好地完成"十四五"科研生产经营任务，增强子 公司经营效益和发展后劲，中航机载拟以自有资金 25,000 万元对控 股子公司成都凯天电子股份有限公司（以下简称"凯天电子"）进行 增资，凯天电子其他股东不参与本次增资。本次增资完成后，凯天 电子注册资本增加至 603,767,760 元（以工商登记为准）。具体内容 详见公司2024 年10月26 日在上海证券交易所网站（www.sse.com.cn） 披露的《中航机载系统股份有限公司关于对控股子公司增资暨关联 交易的公告》（公告编号：临 2024-039 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2024-041 中航机载系统股份有限公司第八届监事会 2024 年度第八次会议决议公告 本公司监事会及全监事体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。 中航机载系统股份有限公司(以下简称公司、中航机载)第八届监事 会 2024 年度第八次会议通知及会议资料于 2024 年 10 月 24 日以直接送 达或电子邮件等方式送达公司各位监事。会议于 2024 年 10 月 29 日在 北京市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室以现场结合视频表 决方式召开。会议应参加表决的监事 5 人，实际表决的监事 5 人。本次 会议由汪晓明先生主持，公司董事会秘书张灵斌先生列席会议。会议的 召开符合《中华人民共和国公司法》及《中航机载系统股份有限公司章 程》的规定。会议以记名表决的方式，审议并一致通过如下议案： 公司监事会认为： 1、公司 2024 年第三季度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定； 2、公司 2024 年第三季度报告的内容和 ...

证券代码：600372 证券简称：中航机载 公告编号：2024-043 中航机载系统股份有限公司 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 至 2024 年 11 月 19 日 股东大会召开日期：2024年11月19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 召开的日期时间：2024 年 11 月 19 日 09 点 30 分 召开地点：北京市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室 (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 11 月 19 日 关于召开 2024 年第二次临时股东大会的通知 采用上海证券交易所网络投票系统，通过交易系统 ...

Financial Performance - The company's operating revenue for Q3 2024 was approximately ¥5.09 billion, a decrease of 24.61% compared to the same period last year[2]. - The net profit attributable to shareholders was approximately ¥299.71 million, down 52.10% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥215.47 million, a decrease of 60.19% compared to the previous year[2]. - The basic earnings per share for the period was ¥0.0619, down 51.73% year-on-year[3]. - The weighted average return on equity was 0.80%, a decrease of 0.91 percentage points compared to the previous year[3]. - The operating profit for Q3 2024 was approximately CNY 1.43 billion, a decrease of 28.5% compared to CNY 2.00 billion in Q3 2023[16]. - Net profit for Q3 2024 was CNY 1.32 billion, down 29.7% from CNY 1.88 billion in the same period last year[16]. - The total profit for Q3 2024 was CNY 1.44 billion, a decline of 28.2% from CNY 2.00 billion in Q3 2023[16]. - The company reported a net profit margin decline due to increased costs and reduced revenue, impacting overall profitability[15]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥74.60 billion, an increase of 1.46% from the end of the previous year[3]. - As of the end of September, contract assets amounted to 500.68 million RMB, an increase of 495.34 million RMB from the beginning of the period, mainly due to the recognition of warranty deposits for sales contracts executed during the period[7]. - Current liabilities totaled CNY 32.68 billion in Q3 2024, up from CNY 29.83 billion in Q3 2023, marking an increase of 9%[13]. - Total assets reached CNY 74.60 billion in Q3 2024, compared to CNY 73.52 billion in Q3 2023, reflecting a growth of 1.5%[14]. - The company's total equity attributable to shareholders was CNY 37.04 billion in Q3 2024, an increase from CNY 36.08 billion in Q3 2023, representing a growth of 2.7%[14]. Cash Flow - The net cash flow from operating activities was approximately -¥2.49 billion for the quarter[2]. - The company reported a net cash outflow from operating activities of approximately CNY -3.65 billion for the first nine months of 2024, compared to CNY -3.65 billion in the same period of 2023[19]. - The cash inflow from operating activities totaled CNY 14.41 billion for the first nine months of 2024, a decrease from CNY 14.93 billion in the same period last year[19]. - The company experienced a net decrease in cash and cash equivalents of CNY 2,740,150,195.63, contrasting with an increase of CNY 3,353,502,727.88 in the prior year[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 188,696[9]. - The largest shareholder, AVIC Aircraft Systems Co., Ltd., holds 1,242,768,901 shares, accounting for 25.68% of the total shares[9]. Government Subsidies and Non-Recurring Gains - The company received government subsidies amounting to approximately ¥16.36 million during the quarter, contributing to its non-recurring gains[4]. - The total non-recurring gains for the period amounted to approximately ¥84.24 million[5]. Expenses and Costs - Total operating costs for the first three quarters of 2024 were CNY 15.27 billion, down from CNY 18.80 billion in 2023, reflecting a reduction of approximately 19%[15]. - Research and development expenses for the first three quarters of 2024 amounted to CNY 1.37 billion, a decrease of 24% from CNY 1.81 billion in the same period of 2023[15]. - Financial expenses decreased by 30.05 million RMB, attributed to a decline in loan interest rates and a reduction in interest-bearing liabilities[7]. - Other income increased by 54.07 million RMB, mainly due to tax refunds, VAT deductions, and various government subsidies[7]. Inventory and Receivables - Accounts receivable increased to CNY 26.10 billion in Q3 2024 from CNY 20.14 billion in Q3 2023, representing a growth of 29%[12]. - Inventory rose to CNY 15.54 billion in Q3 2024, compared to CNY 13.89 billion in Q3 2023, indicating an increase of 12%[12]. - The company reported a significant decrease in accounts receivable by 68.06%, primarily due to a reduction in received bills and the maturity of bills[6]. Financing Activities - The net cash flow from financing activities was CNY 1,676,781,635.04, a decrease of 73.8% compared to CNY 6,380,035,246.34 in the previous year[20]. - The total cash inflow from financing activities was CNY 5,763,069,081.06, compared to CNY 12,786,961,282.41 in the same period last year, indicating a decline of 55.1%[20]. - The cash paid for debt repayment was CNY 3,203,740,195.14, compared to CNY 5,030,226,876.05 in the same period last year[20].

中航机载 - 1 - 中航机载 股票代码：600372 股票简称：中航机载 编号：临 2024-040 中航机载系统股份有限公司第八届董事会 2024 年度第九次会议决议公告 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。 中航机载系统股份有限公司(以下简称公司、中航机载)第八届董事会 2024 年度第九次会议通知及会议资料于 2024 年 10 月 24 日以直接送达或 电子邮件等方式送达公司各位董事。会议于 2024 年 10 月 29 日在北京市朝 阳区曙光西里甲 5 号院 16 号楼 2521 会议室以现场结合视频表决方式召开。 会议应参加表决的董事 11 人，实际表决的董事 11 人。本次会议由王建刚 先生主持，公司高级管理人员列席会议。会议的召开符合《中华人民共和 国公司法》及《中航机载系统股份有限公司章程》的规定。会议以记名表 决的方式，审议并一致通过如下议案： 一、《关于审议公司 2024 年第三季度报告的议案》 该议案经公司审计委员会审议通过后提交本次董事会审议。审计委员 会认为：公司 2024 年第三季度报 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2024-042 中航机载系统股份有限公司 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： ●拟聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙） ●原聘任的会计师事务所名称：大华会计师事务所（特殊普通合伙） ●变更会计师事务所的原因：根据财政部、国务院国资委、中国证监 会关于会计师事务所选聘相关规定，为进一步适应公司未来经营发展和满 足合规管理的需要，综合考虑公司对审计服务的需求，公司拟变更会计师 事务所。 ●公司已与大华会计师事务所（特殊普通合伙）进行了充分沟通，大 华会计师事务所（特殊普通合伙）已确认就本次变更会计师事务所事宜无 异议。 ●本事项尚需提交公司股东大会审议批准。 一、拟聘任会计师事务所的基本情况 （1）基本信息 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立于 1985 年，2012 年 3 月转制为特殊普通合伙制事务所，总部位于北京，注册地址 为北京市海淀区知春路 1 号 22 层 ...

中航机载：前三季度净利润12.03亿元 同比下降27.1% 财联社10月29日电，中航机载发布2024年第三季 度报告，前三季度实现营业收入165.67亿元，同比下降20.09%；净利润12.03亿元，同比下降27.1%。 其中，第三季度实现营业收入50.89亿元，同比下降24.61%；净利润2.997亿元，同比下降52.1%。 查看公告原文 ...

财联社财经通讯社打开APP15:47:59【中航机载：拟使用自有资金2.5亿元对控股子公司凯天电子进行增 资】财联社10月25日电，中航机载公告，公司拟使用自有资金2.5亿元对控股子公司凯天电子进行增 资，凯天电子其他股东不参与本次增资。 本次增资价格以经备案的资产评估结果为基础确定，每1元注册资本的增资价格为人民币4.19元。 本次增资完成后，公司对凯天电子的持股比例由61.16%提高到65.00%，仍为凯天电子的控股股东。 本次增资构成关联交易，但不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 中航机载+0.62%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-25 15:47:5979786 阅读商务合作发送 ...