Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has deepened its layout in the civil aviation industry and is continuously advancing its construction goals for 2024 [1] - Despite a decline in revenue and profit in the first half of 2024, effective cost control measures have been implemented [2][3] - The company has made significant progress in its strategic layout for the civil aviation industry, establishing a solid foundation in aircraft research and maintenance systems [3] - The company is committed to accelerating transformation and upgrading, focusing on technological innovation and high-quality development [3] - The earnings forecast for the company remains optimistic, with projected net profits for 2024-2026 being 2.148 billion, 2.500 billion, and 2.834 billion respectively [3] Financial Performance Summary - In the first half of 2024, the company achieved total revenue of 11.478 billion yuan, a year-on-year decrease of 17.90%, and a net profit of 903 million yuan, down 11.84% year-on-year [2][3] - The gross profit margin and net profit margin for the first half of 2024 were 25.51% and 8.58%, respectively, with declines of 4.57 percentage points and 2.11 percentage points year-on-year [2] - The company’s total revenue is projected to grow from 29.007 billion yuan in 2023 to 42.104 billion yuan in 2026, reflecting a compound annual growth rate [9] - The projected earnings per share (EPS) are expected to increase from 0.39 yuan in 2023 to 0.59 yuan in 2026 [9] Market Data - The closing price of the company's stock is 11.51 yuan, with a market capitalization of approximately 55.696 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 29.52 in 2023 to 19.65 in 2026, indicating potential value appreciation [10]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [2]. Core Views - The company achieved a revenue of 11.48 billion yuan in 1H24, a year-on-year decrease of 17.9%, and a net profit attributable to shareholders of 0.90 billion yuan, down 11.8% year-on-year. The performance is generally in line with expectations [1]. - The company is committed to high-quality development and aims to become a world-class airborne system supplier. It has made progress in its civil aviation industry layout and is expected to benefit from the growth in aviation equipment demand [1][2]. - The company completed 40% of its annual operational plan for revenue and 45% for profit in the first half of 2024, indicating a stable operational performance despite industry cycle changes and policy adjustments [1]. Financial Performance Summary - In 1H24, the company reported a gross margin of 25.5%, a decrease of 1.22 percentage points year-on-year, and a net margin of 8.6%, down 0.19 percentage points year-on-year. The second quarter gross margin was 25.9%, remaining stable compared to the previous year [1]. - The company has improved its cost control, with a total expense ratio of 16.1% in 1H24, down 0.82 percentage points year-on-year. R&D expenses decreased by 24.8% year-on-year [1]. - The company’s net cash flow from operating activities improved, with a net cash flow of -1.16 billion yuan in 1H24, compared to -2.38 billion yuan in the same period last year [1]. Future Outlook - The company is expected to maintain a good development trend, with projected net profits of 2.05 billion yuan, 2.56 billion yuan, and 3.16 billion yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to a PE ratio of 27x, 22x, and 18x for the years 2024 to 2026 [1][2].

中航机载 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年半年度经营成果及财务指标的具体情况与投资者进行互动交流和 会议召开时间：2024 年 9 月 6 日（星期五）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 08 月 30 日(星期五) 至 9 月 5 日(星期 四)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 hondianzq@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。 中航机载 证券代码：600372 证券简称：中航机载 公告编号：2024-033 中航机载系统股份有限公司 关于举办2024年半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、准确性和完整性依法承担法律责任。 重要内容提示： 中航机载系统股份有限公司（以下简称公司）已于 2024 年 8 月 28 日发布公司 202 ...

中航机载系统股份有限公司 2024 年半年度 募集资金存放与实际使用情况的专项报告 中航机载系统股份有限公司 2024 年半年度募集资金存放与实际使用情况的专项报告 、募集资金基本情况 ）实际募栠资金金额、资金到位情况 经中国证券监督管理委员会《关于核准中航航空电子系统股份有限公司发行股份吸收合 并中航工业机电系统股份有限公司并券集配套资金的批复》（证监许可[2022)3241 号）核准， 中航机载系统股份有限公司（以下简称"公司")发行股份募集配套资金不超过 50 元。 司本次向特定对象发行股票的数篮为 353,857,040 发行价格为 14.13 元／股。根据 《中航航空电 系统股份有限公司换股吸收合并中航工业机电系统股份有限公司 并募集配 套资金暨关联交易之向特定对象发行股票募集配套资金的验资报告》（大华验字[2023)000381 号） ，公司本次发行实际募集资金总额为人民币 4,999,999,999.04 元，扣除相关发行费用（不 含增值税） 民币 34 750 083 46 ，募渠资金净额为人民币 4,965 249 915.58 元。截至 202 26 上述募集资金已全部到位。 ）募渠资金使 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥11.48 billion, a decrease of 17.90% compared to ¥13.98 billion in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥903.16 million, down 11.84% from ¥1.02 billion in the previous year[15]. - Basic earnings per share for the first half of 2024 were ¥0.1866, a decrease of 30.89% from ¥0.2700 in the same period last year[16]. - The diluted earnings per share also stood at ¥0.1866, reflecting the same percentage decrease of 30.89% compared to the previous year[16]. - The total profit for the period was 1.086 billion yuan, down 17.65% year-on-year[23]. - The company reported a net profit of ¥10.86 billion, reflecting a 2.82% increase from ¥10.57 billion[27]. - The net profit for the first half of 2024 reached CNY 844,146,941.00, significantly up from CNY 65,578,006.11 in the first half of 2023, marking an increase of approximately 1,187.5%[108]. Cash Flow and Assets - The net cash flow from operating activities improved by 51.27%, reaching approximately -¥1.16 billion compared to -¥2.38 billion in the same period last year[15]. - Cash and cash equivalents decreased by 5.50% to ¥12.95 billion from ¥13.71 billion in the previous year[26]. - The total assets at the end of the reporting period were approximately ¥73.66 billion, a slight increase of 0.19% from ¥73.52 billion at the end of the previous year[15]. - The company reported a total investment cash outflow of ¥922,105,100.00, significantly higher than ¥80,000,000.00 in the same period last year[113]. - The total cash inflow from investment activities reached ¥2,638,721,003.24, up from ¥1,242,821,116.65 in the previous year, reflecting strong investment recovery[113]. Liabilities and Equity - Total liabilities amounted to ¥35.59 billion, a slight decrease of 0.66% from ¥35.83 billion[27]. - Total current liabilities rose to ¥31.92 billion, a 7.01% increase from ¥29.83 billion[27]. - The total equity attributable to shareholders increased to ¥36.42 billion, up 0.94% from ¥36.08 billion[27]. - The company’s total equity at the end of the reporting period was ¥37,694,957,702.30, reflecting an increase from the previous year[114]. Research and Development - Research and development expenses were ¥855.62 million, down 24.78% from ¥1.14 billion in the previous year[24]. - The company has established a comprehensive R&D and manufacturing system for airborne systems, enhancing its competitive edge[22]. - The company is focusing on technological innovation and market development to counteract the revenue decline[21]. Market and Competition - The company faces market competition risks due to the entry of new competitors and the potential failure in defense and civil aviation projects[32]. - Technology innovation risks are highlighted, with challenges in meeting performance indicators and potential cost overruns in defense aviation product development[32]. Environmental and Social Responsibility - The company achieved a 100% operational rate for pollution control facilities and a 100% equipment integrity rate, ensuring stable compliance with environmental discharge standards[47]. - The company reduced carbon emissions by approximately 280 tons through the generation of green electricity amounting to about 292,300 kWh in the first half of 2024[49]. - The company invested over 7.73 million yuan in rural revitalization efforts, benefiting more than 21,900 individuals in the first half of 2024[49]. Corporate Governance - The company did not disclose any new product developments or market expansion strategies in the report[4]. - Wang Shugang was appointed as the new general manager and elected as a director of the company[36]. - The company has not disclosed any new employee stock ownership plans or other incentive measures[38]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[123]. - The accounting basis used is the accrual basis, with historical cost as the measurement basis for most assets[124]. - The company recognizes deferred tax assets only when it is probable that future taxable profits will be available to utilize the temporary differences[189]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 200,798[87]. - The largest shareholder, AVIC Systems Co., Ltd., holds 1,242,768,901 shares, accounting for 25.68% of the total shares[88]. - The company has not experienced any changes in its total share capital or share structure during the reporting period[84].

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2024-031 中航机载系统股份有限公司第八届董事会 2024 年度第六次会议决议公告 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)第八届董事会 2024 年度 第六次会议通知及会议资料于 2024 年 8 月 16 日以直接送达或电子邮件等 方式送达公司各位董事。会议采取通讯表决的方式召开，表决的截止时间 为 2024 年 8 月 26 日 12 时。会议应参加表决的董事 11 人，实际表决的董 事 11 人。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 年半年度报告全文及摘要的议案》 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：董事会关于公司 2024 年半年度报告编制和审议程序符合法律、行 政法规和中国证监会、上海证券交易所的规定，公司 2024 年半年度报告及 其摘要的内 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2024-032 中航机载系统股份有限公司第八届监事会 2024 年度第五次会议决议公告 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)第八届监事会 2024 年 度第五次会议通知及会议材料于 2024 年 8 月 16 日以直接送达或电子邮 件等方式送达公司各位监事。会议采取通讯表决的方式召开，表决的截 止时间为 2024 年 8 月 26 日 12 时。会议应参加表决的监事 5 人，实际 表决的监事 5 人。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 年半年度报告全文及摘要的议案》 公司监事会认为：1、公司 2024 年半年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 年半年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 规定，所包含的信息从各 ...

中航机载系统股份有限公司（简称"中航机载"或"公司"）是 隶属于中国航空工业集团有限公司（简称"中国航空工业集团"）的 央企控股上市公司，所属控股子公司 22 家。中航机载业务领域涵盖 武器装备、民机装备、现代产业、国际业务等，产品谱系覆盖航空电 子系统、飞行控制系统、航空机电系统，以及为电子信息、智能系统、 机电自动化、基础器件等先进制造业领域提供相关配套系统解决方案、 产品及服务。秉持"航空报国、航空强国"理念，聚焦价值创造、商 业成功和股东回报，中航机载始终坚持推动公司高质量发展，致力于 发展成为世界一流机载系统供应商和专业化供应商。 一、聚焦主责主业，提升经营发展质量 （一）切实提升经济运行质量 2023 年，中航机载聚焦主责主业，全年实现营业收入 290.07 亿 元，同比增长 4.63%；利润总额 22.57 亿元，同比增长 17.11%；归母 净利润 18.86 亿元，同比增长 39.62%。截至 2023 年底，公司资产总 额为 735.23 亿元，同比增长 13.60%；资产负债率为 48.73%，同比改 善 4.91 个百分点。 2024 年，中航机载将持续加大市场开拓力度，进一步扩大市场 ...

中航机载系统股份有限公司 关于对中航工业集团财务有限责任公司 2024 年半年度风险 持续评估报告 根据《企业集团财务公司管理办法》等相关规定和要求，中航机载系统股份 有限公司（以下简称"公司"）通过查验中航工业集团财务有限责任公司（以下 简称"航空工业财务"）2024 年 1-6 月的相关资料，对其经营资质、业务和风 险状况进行了评估，现将有关风险评估情况报告如下： 一、航空工业财务基本情况 航空工业财务是经原中国银行业监督管理委员会批准，在原国家工商行政管 理总局登记注册，具有企业法人地位的非银行金融机构。 航空工业财务是在原西安飞机工业集团财务有限责任公司和原贵州航空工 业集团财务有限责任公司重组基础上，由中国航空工业集团有限公司及所属成员 单位共 12 家共同出资组建，于 2007 年 4 月正式成立。后经四次增资及股权变更， 现有注册资金 395,138 万元人民币，股东单位 4 家，其中，中国航空工业集团有 限公司出资额 262,938 万元，占注册资本的 66.54%；中航投资控股有限公司出 资额 111,250 万元，占注册资本的 28.16%；中航西安飞机工业集团股份有限公 司出资额 14, ...

中信建投证券股份有限公司 关于中航机载系统股份有限公司 继续使用部分暂时闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"独立财务顾问"） 为中航机载系统股份有限公司（以下简称"中航机载"、"公司"）换股吸收合并 中航工业机电系统股份有限公司并募集配套资金暨关联交易之独立财务顾问，中 航机载前次现金管理事项授权期限的有效期将于 2024 年 7 月 27 日到期，根据 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《上市公司监管指引第 2 号—上市公司募集资金管理和使用 的监管要求》等相关法律法规及规范性文件，中信建投证券对中航机载继续使用 部分暂时闲置募集资金进行现金管理相关事项进行了核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准中航航空电子系统股份有限公司发行 股份吸收合并中航工业机电系统股份有限公司并募集配套资金的批复》（证监许 可[2022]3241 号）核准，公司发行股份募集配套资金不超过 50 亿元。 公司本次向特定对象发行股票的数量为 353,857,040 股，发行价格为 14 ...