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]

A股大飞机概念探底回升，润贝航科走出4天3板，航发科技、天保基建、天汽模、博云新材、西部超导 等跟涨。 ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇4月21日｜A股市场大飞机概念股集体走强，其中，博云新材(002297)、润贝航科、航发科技、利 君股份(002651)涨停，爱乐达(300696)涨超8%，航亚科技、北摩高科涨超7%，航新科技(300424)、三角 防务(300775)、航宇科技涨超6%，飞沃科技涨超5%，航发控制(000738)、安达维尔(300719)、广大特材 涨超4%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | | --- | --- | --- | --- | --- | | 002297 | 博云新材 | 1 | 10.05 | 40.17亿 | | 001316 | 润贝航科 | 1 | 10.00 | 30.74亿 | | 000965 | 天保基建 | 1 | 10.00 | 50.05亿 | | 600391 | 航发 ...

智通财经4月17日电，航发科技、龙溪股份涨停，航亚科技涨超10%，爱乐达、科德数控、航宇科技、 北摩高科、航发控制等跟涨。消息面上，天风证券研报表示，我国商飞商发产业或正在迎来历史性发展 机遇，未来20年（2023-2042年）我国新增商用发动机市场需求或有望超6000亿美元、平均每年需求超 2000亿元人民币，市场空间广阔。 大飞机概念震荡走强 航发科技涨停 ...

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 证券代码：600391 证券简称：航发科技 公告编号：2025-014 中国航发航空科技股份有限公司 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个别及连带责任。 重要内容提示： 会议召开时间：2025 年 4 月 25 日（星期五）15:00-17:00 会议召开地点：网络会议地点为上海证券交易所上证路演中心（网址： http: //roadshow.sseinfo.com/）；现场会议地点为四川省成都海湾酒店（四川 省成都市高新区天府大道南段 255 号远大购物广场） 会议召开方式：本次业绩说明会将采用网络文字互动与现场相结合的方 式举行。 中国航发航空科技股份有限公司（以下简称公司）已于 2025 年 4 月 1 日 在上海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》。为方便 广大投资者更全面、深入地了解中国航空发动机集团有限公司所属上市公司，充 分展示公司的经营业绩、发展前景等情况，公司拟于 2025 年 4 月 ...

2025 年 4 月 | 目 录 | | --- | | 一、大会议程 2 | | 二、报告事项 | | 独立董事 2024 年度述职报告 4 | | 三、议案 | | （一）关于审议《2024 年度董事会报告》的议案 5 | | （二）关于审议《2024 年度监事会报告》的议案 18 | | （三）关于审议《2024 年年度报告及摘要》的议案 22 | | （四）关于审议《2024 年度财务决算及 2025 年度财务预算报告》 | | 的议案 23 | | （五）关于审议《2024 年度资产减值准备方案》的议案 36 | | （六）关于审议《2025 年度经营计划》的议案 37 | | 年度固定资产投资计划》的议案 39 （七）关于审议《2025 | | （八）关于审议《2024 年度利润分配及公积金转增股本计划》 | | 的议案 41 | | （九）关于审议《2024 年度关联交易计划执行情况及 2025 年度 | | 关联交易计划》的议案 42 | | （十）关于审议《2024 年度董事会费用决算及 2025 年度董事会 | | 费用预算》的议案 43 | | （十一）关于审议《2025 年度公司独立董 ...

Core Viewpoint - The company,航发科技, has shown a mixed performance in its financial results for 2024, with a decline in revenue but significant growth in net profit and a substantial increase in non-recurring profit [3][4]. Group 1: Stock Performance - As of March 28, 2025, the stock price of 航发科技 closed at 20.66 yuan, up 1.32% from the previous week [1]. - The stock reached a peak price of 21.26 yuan on March 27, 2025, and a low of 19.45 yuan on March 24, 2025 [1]. - The total market capitalization is 6.999 billion yuan, ranking 26th in the aerospace equipment sector and 2165th in the A-share market [1]. Group 2: Shareholder Changes - As of March 31, 2025, the number of shareholders decreased to 49,600, a reduction of 3,343 shareholders or 6.32% [2][6]. - The average number of shares held per shareholder increased from 6,239 shares to 6,660 shares, with an average holding value of 134,900 yuan [2]. Group 3: Financial Performance - For the year 2024, the company reported a total revenue of 3.85 billion yuan, a year-on-year decrease of 14.77% [3][4]. - The net profit attributable to shareholders was 68.79 million yuan, an increase of 42.85% year-on-year [3][4]. - The non-recurring net profit was 59.78 million yuan, showing a significant increase of 567.11% year-on-year [3][4]. - The debt ratio stood at 67.66%, with investment income reported at -1.45 million yuan and financial expenses at 53.14 million yuan [3]. - The gross profit margin was recorded at 16.09% [3]. Group 4: Dividend and Profit Distribution - The company announced that it would not distribute cash dividends for the year 2024 due to insufficient distributable profits, and there will be no capital increase from reserves [5][6].