航发科技 2024 年年度股东大会法律意见书 北京市众天律师事务 所 @@ 北京市众天律师事务所 ZHONGTIAN LAW FIRM 地址：北京市海淀区北四环西路 9 号银谷大厦十七层 Add: 17/F，Yingu Mansion，9 West Beisihuan 邮编：100190 Rd.，Beijing 100190，CHINA 电话：（86-10）62800408 Tel:（86-10）62800408 传真：（86-10）62800411 Fax：（86-10）62800411 电子邮箱：zhtian@zhongtian.org E-mail:zhtian@zhongtian.org 北京市众天律师事务所 关于中国航发航空科技股份有限公司 2024 年年度股东大会的 法律意见书 众天证字[2025]HFKJ-002 号 中国航发航空科技股份有限公司： 惠承贵司（以下简称"公司"）委托，北京市众天律师事务所（以下简称 "众天"）指派律师出席公司 2024 年年度股东大会（以下简称"本次股东大 会"），对公司本次股东大会的召集与召开程序、出席会议人员的资格与召集 人的资格、会议表决程序与表决结果等有关 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥756,047,551.54, a decrease of 6.79% compared to ¥811,100,035.01 in the same period last year[4] - Net profit attributable to shareholders was ¥3,568,497.52, representing a significant increase of 265.40% from a loss of ¥2,157,504.47 in the previous year[4] - Basic and diluted earnings per share increased to ¥0.011, up 257.14% from a loss of ¥0.007 per share in the previous year[4] - The weighted average return on equity rose to 0.21%, an increase of 0.35 percentage points compared to -0.14% in the previous year[4] - The net profit excluding non-recurring gains and losses was -¥379,003.56, showing an improvement of 94.33% from -¥6,682,742.16 in the same period last year, primarily due to effective cost reduction measures[4] - Net profit for Q1 2025 reached CNY 23,665,628.19, significantly higher than CNY 9,113,754.27 in Q1 2024, marking an increase of 160.5%[16] - The company reported a gross profit margin of approximately 3.3% for Q1 2025, compared to a margin of 1.5% in Q1 2024[15][16] Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥100,613,514.30, a turnaround of 110.38% from a negative cash flow of ¥969,120,366.27 in the same period last year[4] - The company reported a significant increase in sales collections while reducing the amount of due bills payable, contributing to improved cash flow[4] - In Q1 2025, the cash inflow from operating activities was CNY 781,212,175.01, a significant increase from CNY 465,136,306.77 in Q1 2024, representing a growth of approximately 68%[18] - The net cash flow from operating activities in Q1 2025 was CNY 100,613,514.30, compared to a negative CNY 969,120,366.27 in Q1 2024, indicating a turnaround in performance[18] - Cash outflow for purchasing goods and services in Q1 2025 was CNY 469,998,489.72, down from CNY 1,146,024,951.43 in Q1 2024, reflecting a reduction of about 59%[18] - The total cash and cash equivalents at the end of Q1 2025 were CNY 132,747,991.45, down from CNY 613,230,155.68 at the end of Q1 2024, a decrease of about 78%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,224,624,517.30, reflecting a slight increase of 0.34% from ¥8,197,046,263.53 at the end of the previous year[5] - Total liabilities amounted to CNY 5,546,503,153.78, remaining relatively stable compared to CNY 5,546,126,335.23 in the prior period[12] - The company's equity increased to CNY 2,678,121,363.52, up from CNY 2,650,919,928.30, reflecting a growth of 1.0%[12] Research and Development - Research and development expenses increased to CNY 30,561,655.17 in Q1 2025, up from CNY 15,149,180.88 in Q1 2024, indicating a growth of 102.5%[15] Government Support - The company received government subsidies amounting to ¥4,307,719.43, which are closely related to its normal business operations[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,897[7] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[15] Financing Activities - The net cash flow from financing activities in Q1 2025 was negative CNY 164,446,596.85, a decline from a positive CNY 996,960,749.98 in Q1 2024, indicating a significant change in financing strategy[19] - The company received CNY 1,100,000,000.00 in borrowings in Q1 2025, slightly lower than CNY 1,150,000,000.00 in Q1 2024, indicating stable financing activities[19] - The cash outflow for paying debts in Q1 2025 was CNY 1,202,000,000.00, a significant increase from CNY 102,000,000.00 in Q1 2024, reflecting a shift in debt repayment strategy[19] Currency Impact - The impact of exchange rate changes on cash and cash equivalents in Q1 2025 was CNY 2,313,517.59, compared to CNY 1,758,487.50 in Q1 2024, showing a positive effect from currency fluctuations[19] Other Operating Activities - The company reported a cash inflow from other operating activities of CNY 5,502,243.24 in Q1 2025, up from CNY 3,247,446.75 in Q1 2024, indicating improved operational efficiency[18]

Core Viewpoint - The stock of AVIC Chengfei fell by 5.27% on April 29, 2025, amid reports of fund reductions by E Fund's ETFs in the company [1] Company Overview - AVIC Chengfei Co., Ltd. was established in 2002 and is located in Hanzhong City, primarily engaged in the manufacturing of instruments and meters [1] - The company has a registered capital of 5,907.60499 million RMB, with Sui Shaochun as the legal representative [1] Fund Performance - E Fund's two funds, E Fund ChiNext ETF and E Fund National Defense and Military Industry Mixed A, reduced their holdings in AVIC Chengfei in the first quarter of 2025 [1] - The E Fund ChiNext ETF has a year-to-date return of -9.36%, ranking 2963 out of 3179 in its category [2] - The E Fund National Defense and Military Industry Mixed A has a year-to-date return of -1.73%, ranking 2663 out of 4033 in its category [4]

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Investment Rating - The report assigns a "Buy" rating to the company, Hangfa Technology [6]. Core Viewpoints - Hangfa Technology has established itself as a core supplier in the aerospace engine sector over the past two decades, benefiting from both domestic and international demand [1][14]. - The company has shown a stable growth trajectory in revenue and profit, with a projected significant increase in net profit for 2024 [2][4]. - The demand for aerospace engines is expected to grow significantly, with the Chinese market projected to capture 21% of the global market share from 2023 to 2042 [3][46]. Summary by Sections Company Overview - Hangfa Technology was founded in 1999 and has developed into a key player in the aerospace engine components market, with a successful IPO in 2001 [1][14]. - The company has undergone significant transformations, including a stock reform in 2006 and a capital increase in 2011 to enhance its manufacturing capabilities [1][14]. Financial Performance - Revenue increased from 2.36 billion yuan in 2018 to 4.52 billion yuan in 2023, with a CAGR of 13.8% [2][21]. - The company anticipates a revenue decline to 3.85 billion yuan in 2024, primarily due to lower domestic demand, but expects a rebound to 4.46 billion yuan in 2025 [2][5]. - Net profit is projected to grow significantly, with a 43% increase expected in 2024 [2][4]. Market Demand - The commercial aerospace engine market is projected to see a total demand of approximately 649.7 billion USD in China from 2023 to 2042, with the C919 aircraft entering commercial operation [3][46]. - The demand for small to medium thrust turbofan engines is expected to rise due to advancements in drone technology and new fighter jets [3][4]. Profitability and Valuation - The company is expected to achieve revenues of 4.48 billion yuan, 5.45 billion yuan, and 6.85 billion yuan from 2025 to 2027, with corresponding PS ratios of 1.73, 1.43, and 1.13 [4][5]. - The target market capitalization is estimated at 11.211 billion yuan, with a target price of 33.96 yuan per share [4][6].

司 2024 年度集体业绩说明会召开情况的公告 证券代码：600391 证券简称：航发科技 编号：2025-015 中国航发航空科技股份有限公司 关于参加中国航空发动机集团有限公司所属上市公 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 担个别及连带责任。 中国航发航空科技股份有限公司（以下简称公司）于 2025年4 月25日（星期五）15:00-17:00通过现场交流与网络文字互动方式（上 海证券交易所上证路演中心（http://roadshow.sseinfo.com/））召 开了2024年度业绩说明会，现将有关事项公告如下： 一、本次说明会召开情况 2025 年 4 月 25 日，公司披露了《中国航发航空科技股份有限公 司关于参加中国航空发动机集团有限公司所属上市公司2024 年度集 体业绩说明会的公告》（公告编号：2025-014），相关公告详见《上 海证券报》、《中国证券报》、《证券时报》、《证券日报》及上海 证券交易所网站（www.sse.com.cn）。 2025 年 4 月 25 日 15:00—17:00，公司召开了 ...

Investment Rating - The report assigns a "Buy" rating to the company, Hangfa Technology [6]. Core Insights - Hangfa Technology has established itself as a core supplier in the aerospace engine sector over the past two decades, benefiting from both domestic and international demand [1][14]. - The company has shown a stable growth trajectory in revenue and profit, with a projected significant increase in net profit for 2024 [2][4]. - The demand for aerospace engines is expected to grow significantly, with the Chinese market projected to capture 21% of the global market share from 2023 to 2042 [3][46]. Summary by Sections Company Overview - Hangfa Technology was founded in 1999 and has developed into a key player in the aerospace engine components market, with a successful IPO in 2001 [1][14]. - The company has undergone significant transformations, including a stock reform in 2006 and a capital increase in 2011 to enhance its manufacturing capabilities [1][14]. Financial Performance - From 2018 to 2023, the company's revenue grew from 2.36 billion to 4.52 billion, with a CAGR of 13.8% [2][21]. - In 2024, revenue is expected to decline by 14.8% to 3.85 billion due to lower-than-expected demand in domestic aviation parts [2][21]. - The net profit is projected to increase by 43% in 2024, reflecting effective management strategies [2][4]. Market Demand - The commercial aerospace engine market is anticipated to see a total demand of approximately $649.7 billion in China from 2023 to 2042, with significant growth in domestic aircraft production [3][46]. - The demand for small to medium thrust turbofan engines is expected to rise due to advancements in drone technology and new military aircraft [3][46]. Profitability Forecast - The company is expected to achieve revenues of 4.48 billion, 5.45 billion, and 6.85 billion for the years 2025, 2026, and 2027, respectively [4][5]. - The projected net profit for 2025 is 1.12 billion, indicating a growth rate of 63.33% compared to 2024 [5][4]. Valuation - The report estimates a target price of 33.96 per share based on a 2.5x PS ratio for 2025, leading to a target market capitalization of 11.21 billion [4][6].

Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

| 301479 | 弘景光电 | 117.50 | 27.56 | 8.29 | | --- | --- | --- | --- | --- | | 002583 | 海能达 | 13.11 | 27.56 | 1.31 | | 300773 | 拉卡拉 | 25.55 | 27.21 | 20.01 | | 001356 | 富岭股份 | 15.07 | 27.09 | -5.81 | | 001382 | 新亚电缆 | 23.17 | 26.93 | 0.52 | | 835892 | 中科美菱 | 21.05 | 26.78 | 4.47 | | 600644 | 乐山电力 | 12.94 | 26.54 | 10.03 | | 920106 | 林泰新材 | 136.00 | 26.47 | 10.92 | | 603110 | 东方材料 | 19.10 | 26.46 | 1.60 | | 301629 | 矽电股份 | 175.18 | 26.20 | 1.85 | | 300605 | 恒锋信息 | 16.11 | 26.19 | -6.99 | | 300892 | 品渥食品 | 40.70 ...

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