Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][19]. Core Views - The company's revenue for 2024 is reported at 23.9 billion yuan, a year-over-year decrease of 17.7%, with a net profit of 1.04 billion yuan, down 44.8% year-over-year [1]. - The decline in performance is attributed to market conditions, industry cycles, and policy factors, with key customer demand for defense equipment not meeting expectations [1]. - Despite a significant increase in revenue from civil aviation and automotive products, it was insufficient to offset the decline in defense equipment sales [1]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 7.31 billion yuan, a year-over-year decrease of 11.6%, and a net loss of 160 million yuan compared to a profit of 240 million yuan in the same period last year [2]. - The overall gross margin for 2024 decreased by 1.56 percentage points to 28.2%, while the net margin fell by 2.41 percentage points to 5.0% [2]. - Domestic revenue was 22.98 billion yuan, down 18.8% year-over-year, while international revenue increased by 28.7% to 900 million yuan [2]. Cost Management and Cash Flow - The company improved its expense control, with a total expense ratio of 21.6%, a slight decrease of 0.19 percentage points [3]. - Accounts receivable increased by 4.9% to 27.82 billion yuan, and inventory rose by 12.6% to 15.65 billion yuan [3]. - The net cash flow from operating activities was negative 1.99 billion yuan, primarily due to delayed receivables [3]. Strategic Focus and Opportunities - The company is focusing on enhancing its core business in equipment manufacturing and is actively pursuing opportunities in civil aviation and low-altitude economy sectors [4]. - It is involved in major national aircraft projects, including C919 and AG600, and is developing a comprehensive low-altitude product line [4]. - Collaborations with leading eVTOL companies are underway to provide compliant airborne systems and components [4]. Earnings Forecast - The revenue projections for 2025-2027 are adjusted to 24.31 billion yuan, 27.35 billion yuan, and 31.04 billion yuan, respectively [5]. - The forecasted net profit for the same period is adjusted to 1.16 billion yuan, 1.36 billion yuan, and 1.58 billion yuan, respectively [5]. - The corresponding price-to-earnings ratios are projected at 46.34, 39.53, and 33.90 times [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 23.88 billion yuan for 2024, a decrease of 17.68% compared to 29.01 billion yuan in the previous year, and a total profit of 1.308 billion yuan, down 42.02% from 2.257 billion yuan in the previous year [4][5] - The decline in performance is attributed to multiple factors, including market conditions, industry cycles, and policy impacts, with significant demand from key clients in aerospace defense equipment not meeting expectations [5] - Despite the challenges, the company has established partnerships with leading eVTOL enterprises in the low-altitude economy sector, providing compliant airborne computers, avionics, sensors, and other mature products [5] Financial Summary - The company's projected net profits for 2025, 2026, and 2027 are 1.113 billion yuan, 1.243 billion yuan, and 1.407 billion yuan respectively, with year-on-year growth rates of 7.0%, 11.7%, and 13.2% [6] - The corresponding price-to-earnings (P/E) ratios for these years are 48.20, 43.17, and 38.13 [6] - Key financial indicators for 2024 include a gross margin of 28.2% and a return on equity (ROE) of 2.8% [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.22 CNY [4][2] Core Views - The company reported a revenue of 23.88 billion CNY in 2024, a decrease of 17.68%, and a net profit attributable to the parent company of 1.04 billion CNY, down 44.83% [1][7] - The company is focusing on emerging industries and has made progress in low-altitude economy sectors, leveraging its core technologies in avionics and new energy power systems [7] - The company anticipates a slight revenue increase to 24.27 billion CNY in 2025, with defense business expected to grow slightly and civil aviation business to maintain growth [7] Financial Information - Revenue for 2024 is projected at 23.88 billion CNY, with a year-on-year decline of 17.7% [3] - The net profit for 2024 is expected to be 1.04 billion CNY, reflecting a 44.8% decrease compared to the previous year [3] - The company plans to invest 2.745 billion CNY in R&D for 2024, focusing on technology innovation and industry collaboration [7] - The projected EPS for 2025 is 0.26 CNY, down from a previous estimate of 0.49 CNY [2]

Core Viewpoint - The China Securities Central Enterprises New Momentum Theme Index has experienced a decline, reflecting the overall performance of selected central enterprise listed companies in manufacturing, technology, and modern services sectors [1][2] Group 1: Index Performance - The index opened lower and fluctuated, closing down 0.23% at 1593.32 points with a trading volume of 17.177 billion yuan [1] - Over the past month, the index has decreased by 0.93%, and it has fallen by 2.38% over the last three months and year-to-date [1] Group 2: Index Composition - The index comprises 45 representative listed companies from central enterprises under the State-owned Assets Supervision and Administration Commission, focusing on R&D investment, profitability, and industry cross-integration [1] - The top ten weighted stocks in the index are Hikvision (10.25%), Guodian NARI (9.28%), Changan Automobile (8.8%), AVIC Optoelectronics (7.12%), China Merchants Highway (3.75%), AVIC On-board (3.65%), Shenzhen South Road (3.58%), China Software (3.51%), Baoxin Software (3.4%), and AVIC High-Tech (2.74%) [1] Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.81%), followed by the Shanghai Stock Exchange (40.91%) and the Beijing Stock Exchange (0.28%) [1] - The industry distribution of the index holdings shows that industrials account for 47.74%, information technology for 34.27%, consumer discretionary for 9.20%, financials for 4.14%, communication services for 3.83%, and materials for 0.83% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

24 年业绩有所承压，持续强化新兴产业布 局 核心观点 事件：公司发布 2024 年年报，2024 年全年实现营收 238.80 亿元（-17.68%）；实现归 母净利润 10.41 亿元（-44.83%）。单季度看，2024Q4 实现营收 73.13 亿元（- 11.64%），归母净利润-1.62 亿元（-168.62%）。 风险提示：军工订单和收入确认进度不及预期；科研院所改制进度等不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 29,007 | 23,880 | 25,842 | 28,407 | 31,239 | | 同比增长 (%) | 4.6% | -17.7% | 8.2% | 9.9% | 10.0% | | 营业利润(百万元) | 2,230 | 1,286 | 1,602 | 1,797 | 1,990 | | 同比增长 (%) | 15.6% | -42.3% | 24.5% | 12.2% | 10.7% | | ...

Market Overview - The Shanghai Composite Index fell by 0.46% on March 31, with four sectors rising, led by telecommunications and home appliances, which increased by 0.58% and 0.37% respectively [1] - The sectors with the largest declines were electric power equipment and national defense industry, which dropped by 1.94% and 1.81% respectively [1] - Overall, there was a net outflow of 40.409 billion yuan in the main funds across the two markets, with five sectors experiencing net inflows [1] Sector Performance - The public utilities sector had the largest net inflow of funds, totaling 311 million yuan, while it rose by 0.15% [1] - The steel sector also saw a net inflow of 283 million yuan despite a decline of 1.45% [1] - A total of 26 sectors experienced net outflows, with electric power equipment leading at 5.832 billion yuan, followed by machinery equipment with 5.311 billion yuan [1] National Defense Industry - The national defense industry saw a decline of 1.81% with a net outflow of 2.175 billion yuan [2] - Out of 139 stocks in this sector, 22 rose while 115 fell, including one stock that hit the daily limit down [2] - The top three stocks with net inflows were Yaxing Anchor Chain (22.978 million yuan), Zhongke Haixun (21.664 million yuan), and Aopu Optoelectronics (15.279 million yuan) [2] National Defense Industry Outflows - The top three stocks with the largest net outflows were Guangqi Technology (-24.526 million yuan), Jingjiawei (-13.736 million yuan), and Tianhai Defense (-13.063 million yuan) [4] - Other notable outflows included China Shipbuilding (-8.134 million yuan) and AVIC Heavy Machinery (-9.586 million yuan) [4]

2025 年度第二次会议决议 中航机载 中航机载 中航机载系统股份有限公司第八届董事会独立董事专门会议 中航机载系统股份有限公司(以下简称公司)第八届董事会独立董事专 门会议 2025年第二次会议通知及会议资料于 2025年3月18日以直接送达或 电子邮件等方式送达公司各位独立董事。会议于 2025年 3 月 24 日在北京市 朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室以现场结合腾讯视频会议的方 式召开。会议应参加表决的独立董事 4人,实际表决的独立董事 4人。公司 有关人员列席了会议。本次会议的召开符合有关法律、行政法规、部门规章 和《中航机载系统股份有限公司章程》和《中航机载系统股份有限公司独立 董事工作细则》的有关规定。 全体独立董事共同推举魏法杰先生主持。经过有效表决，会议形成以下 决议: 一、通过《关于审议 2024年度日常关联交易执行情况的议案》 因上下游配套业务关系,公司与中国航空工业集团有限公司下属单位进 行产品互供、提供/接受劳务服务、提供/接受租赁服务及接受金融服务等, 有利于双方优势互补,降低公司运营成本;公司受托管理部分企事业单位并 向被托管方收取托管费,符合《公司法》《 ...

中航机载系统股份有限公司第八届董事会 2025 年度第一次会议决议公告 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 2025 年度第一次会议通知及会议资料于 2025 年 3 月 17 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 2025 年 3 月 27 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方式召开。会议应参加表决的董事 9 人，实际表决的董事 9 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》（以下简称《公司法》）及《中 航机载系统股份有限公司章程》（以下简称《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： 股票代码：600372 股票简称：中航机载 编号：临 2025-006 一、《关于审议 2024 年度总经理工作报告的议案》 表决结果：与会董事以 9 票赞成，0 票反对，0 票弃权通过该议案。 二、《关于审议 2024 年度 ...

●每股分配比例：每 10 股派发现金红利 0.70 元（含税）； 中航机载 ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确； 股票代码：600372 股票简称：中航机载 编号：临 2025-008 中航机载系统股份有限公司 2024 年度利润分配方案的公告 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： ●如在本公告披露之日起至实施权益分派的股权登记日期间因股份回购 等事项致使公司总股本发生变动的，公司拟维持每股分配比例不变，相应调整 分配总额，并将另行公告具体调整情况。 一、利润分配方案内容 经大信会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日， 中航机载系统股份有限公司（以下简称公司）母公司报表中期末可供分配利润 为 1,359,915,690.63 元，2024 年度归属于上市公司股东的净利润为 1,040,725,755.41 元。公司 2024 年拟以实施权益分派股权登记日登记的总股 本为基数分配利润。本次利润分配方案具体如下： ...

中航机载系统股份有限公司 中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-013 关于提请股东大会授权董事会制定 2025 年度中期分红方案的公告 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。 为提高投资者回报，分享经营成果，根据《上市公司监管指引第 3 号—— 上市公司现金分红（2023 年修订）》等相关规定并结合中航机载系统股份有限 公司（以下简称公司）实际经营情况，公司董事会提请股东大会授权董事会在 满足现金分红条件、不影响公司正常经营和持续发展的情况下，结合未分配利 润与当期业绩等因素综合考虑，于 2025 年半年度或第三季度实施中期现金分 红。具体授权情况如下： 一、2025 年度中期分红方案授权情况 中航机载 过了《关于审议提请股东大会授权董事会制定 2025 年度中期分红方案的议案》， 并同意将该议案提交公司 2024 年年度股东大会审议。 公司董事会提请股东大会就 2025 年中期分红事项对董事会的相关授权包 括但不限于决定是否进行利润分配、制定利润分配方案以及实施利润分配的 具体金 ...