Investment Rating - The report maintains a "Buy" rating for the company, citing its potential for valuation recovery as it deepens its integration of industrial and financial services [1] Core Views - The company's 2023 performance was impacted by market volatility, with total revenue declining by 6.7% YoY to RMB 16.939 billion and net profit attributable to shareholders plummeting by 82.7% YoY to RMB 290 million [1] - In Q1 2024, the company reported a net loss of RMB 353 million, narrowing from the previous quarter, mainly due to the recovery of fair value changes, but investment business remains under pressure [1] - The leasing business saw a slight decline due to some market players exiting, with overseas contract proportion rising to 22.1% in 2023 [1] - Trust business is undergoing transformation, with net fee and commission income from trust and securities businesses dropping by 37.8% YoY in 2023 [1] - The company's industrial investment business achieved total income of RMB 14.552 billion in 2023, up 8.1% YoY, and is expected to benefit from technological innovation and industrial optimization in the long term [1] Financial Performance - The company's total assets stood at RMB 454.168 billion as of 2023, with net assets of RMB 64.651 billion [1] - For 2024-2026, the report forecasts net profit attributable to shareholders of RMB 1.073 billion, RMB 1.325 billion, and RMB 1.656 billion, respectively, with corresponding EPS of RMB 0.12, RMB 0.15, and RMB 0.19 [1] - The company's PB valuation is expected to be 0.70x, 0.68x, and 0.66x for 2024-2026, respectively [1] Business Segments - Leasing business revenue was RMB 10.842 billion in 2023, flat YoY, with Q1 2024 revenue declining by 9.1% YoY to RMB 2.083 billion [1] - Trust and securities businesses generated net fee and commission income of RMB 2.37 billion in 2023, down 37.8% YoY, and RMB 437 million in Q1 2024, down 23.2% YoY [1] - Industrial investment income reached RMB 4.75 billion in 2023, with total income from various entities amounting to RMB 14.552 billion, up 8.1% YoY [1] Industry Outlook - The company is positioned as a core aerospace and military industrial-financial platform, with its diversified financial services deeply connected to national emerging strategic industries [1] - The industrial investment business is expected to benefit from the comprehensive implementation of the registration system and ongoing capital market reforms, providing more diversified and flexible exit channels [1]

证券代码：600705 证券简称：中航产融 公告编号：临 2024-023 债券代码：155693、163165、188014、185436、185835、137510、138553、138850、 138914、115464、115561、115708、115965、115966、240204、240209、240327、 240484、240563、240683、240684、240866 中航工业产融控股股份有限公司 中航工业产融控股股份有限公司（以下简称"公司"）董事会于近日收到陶 国飞先生的书面辞职报告，陶国飞先生因到龄退休辞去公司董事、总会计师兼董 事会秘书职务，其辞职后不再担任公司及子公司任何职务。 根据《公司法》和《公司章程》的有关规定，陶国飞先生的辞职报告自送达 公司董事会时生效。公司及公司董事会对陶国飞先生在任职期间为公司发展所做 的贡献表示衷心感谢！ 为保证公司董事会的日常运作和信息披露等工作有序开展，根据《公司法》 《上海证券交易所股票上市规则》《公司章程》等相关规定，经公司董事会提名 委员会审核通过，公司董事会提名石仕明先生为公司第九届董事会董事候选人 （简历附后），任期自 2024 ...

第九届董事会第二十九次会议决议公告 证券代码：600705 证券简称：中航产融 公告编号：临 2024-024 债券代码：155693、163165、188014、185436、185835、137510、138553、138850、 138914、115464、115561、115708、115965、115966、240204、240209、240327、 240484、240563、240683、240684、240866 债券简称：19 航控 08、20 航控 02、21 航控 02、22 产融 01、22 产融 02、22 产 融 03、22 产融 Y2、23 产融 01、23 产融 04、23 产融 05、23 产融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、 24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 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。 根据 202 ...

证券代码：600705 证券简称：中航产融 公告编号：临 2024-026 债券代码：155693、163165、188014、185436、185835、137510、138553、138850、 138914、115464、115561、115708、115965、115966、240204、240209、240327、 240484、240563、240683、240684、240866 债券简称：19 航控 08、20 航控 02、21 航控 02、22 产融 01、22 产融 02、22 产 融 03、22 产融 Y2、23 产融 01、23 产融 04、23 产融 05、23 产融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、 24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 关于2024年度为控股子公司提供担保额度预计的 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个别及连带责 ...

证券代码：600705 证券简称：中航产融 公告编号：临 2024-025 债券代码：155693、163165、188014、185436、185835、137510、138553、 138850、138914、115464、115561、115708、115965、115966、240204、 240209、240327、240484、240563、240683、240684、240866 债券简称：19 航控 08、20 航控 02、21 航控 02、22 产融 01、22 产融 02、22 产融 03、22 产融 Y2、23 产融 01、23 产融 04、23 产融 05、23 产融 06、23 产 融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 关于修订《公司章程》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个别及连带责任。 中航工业产融控股股份有 ...

证券代码：600705 证券简称：中航产融 公告编号：2024-028 债券代码：155693、163165、188014、185436、185835、137510、 138553、138850、138914、115464、115561、115708、115965、115966、 240204、240209、240327、240484、240563、240683、240684、240866 债券简称：19 航控 08、20 航控 02、21 航控 02、22 产融 01、22 产融 02、 22 产融 03、22 产融 Y2、23 产融 01、23 产融 04、23 产融 05、23 产融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、24 产融 04、24 产融 05、24 产融 06、24 产融 08 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (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 中航工业产融控股股份有限公司 关于召开 2024 ...

证券代码：600705 证券简称：中航产融 公告编号：临 2024-027 债券代码：155693、163165、188014、185436、185835、137510、138553、138850、 138914、115464、115561、115708、115965、115966、240204、240209、240327、 240484、240563、240683、240684、240866 债券简称：19 航控 08、20 航控 02、21 航控 02、22 产融 01、22 产融 02、22 产 融 03、22 产融 Y2、23 产融 01、23 产融 04、23 产融 05、23 产融 06、23 产融 K1、23 产融 08、23 产融 09、23 产融 10、23 产融 11、23 产融 13、24 产融 02、 24 产融 04、24 产融 05、24 产融 06、24 产融 08 中航工业产融控股股份有限公司 关于授权控股子公司中航国际融资租赁有限公 司提供担保额度的公告 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个 ...

中航工业产融控股股份有限公司章程 （尚需经 2024 年第一次临时股东大会审议通过） 第一章 总则 第一条 为确立中航工业产融控股股份有限公司（以下简称公司）的法律地位， 规范公司的组织与行为，坚持和加强党的全面领导，坚持权责法定、权责透明、 协调运转、有效制衡的公司法人治理机制，完善公司法人治理结构，建设中国特 色现代国有企业制度，为维护公司、股东和债权人的合法权益,根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 《证券法》）、《中国共产党章程》（以下简称《党章》）、《上市公司治理准 则》和其他有关规定,制订本章程。 第二条 中航工业产融控股股份有限公司系依照《公司法》和其他有关规定成 立的股份有限公司。 公司经黑龙江省经济体制改革委员会黑体改复[1992]57 号文批准，以募集方 式设立；在黑龙江省工商行政管理局注册登记，取得营业执照。公司营业执照注 册号：230000100000267。 第三条 公司于 1996 年 5 月 6 日经中国证券监督管理委员会证监发审字 [1996]45 号文批准，首次向社会公众发行人民币普通股 32,160,000 股，于 199 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,082,903,840.26, representing a decrease of 9.08% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was -¥352,712,196.56, a decline of 310.72% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥367,654,275.03, down 370.03% from the previous year[4]. - The basic earnings per share for Q1 2024 was -¥0.040, a decrease of 310.53% compared to the same period last year[5]. - The company reported a total profit of CNY 262,330,618.49 for Q1 2024, down from CNY 864,603,205.77 in Q1 2023[19]. - Net profit for Q1 2024 was CNY 33,965,068.02, compared to a net profit of CNY 504,376,994.41 in Q1 2023, representing a significant decline[20]. - Comprehensive income for Q1 2024 was CNY -186,869,491.97, a significant decrease from CNY 727,344,168.00 in Q1 2023[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥454,168,321,918.32, down 10.33% from the end of the previous year[5]. - As of March 31, 2024, the company's total assets amounted to RMB 454.17 billion, a decrease from RMB 506.50 billion at the end of 2023, reflecting a decline of approximately 10.3%[14]. - The company's total liabilities as of March 31, 2024, were RMB 389.52 billion, down from RMB 440.63 billion at the end of 2023, indicating a reduction of about 11.6%[15]. - The total equity attributable to shareholders was RMB 37.36 billion, compared to RMB 37.91 billion at the end of 2023, representing a decrease of approximately 1.5%[16]. - Cash and cash equivalents stood at RMB 77.45 billion, down from RMB 131.85 billion, marking a significant decline of about 41.3%[14]. - The company's accounts receivable increased to RMB 316.75 million from RMB 202.67 million, reflecting a growth of approximately 56.2%[14]. - The company's total current liabilities were RMB 266.84 billion, down from RMB 328.24 billion, reflecting a decrease of about 18.7%[15]. - The company's total non-current assets were RMB 192.01 billion, up from RMB 185.99 billion, indicating an increase of approximately 3.4%[15]. Cash Flow - The net cash flow from operating activities was -¥50,789,251,866.25, not applicable for comparison[4]. - The net cash flow from operating activities was -50,789,251,866.25, slightly improved from -50,796,225,201.03 in the previous period, indicating stable operational performance despite negative cash flow[23]. - Cash inflow from operating activities was CNY 18,158,986,078.18, slightly down from CNY 18,323,279,700.27 in Q1 2023[22]. - The company reported a total cash outflow from operating activities of 20,387,266,489.73, down from 22,049,123,222.67, indicating improved cash management[23]. - Cash inflow from investment activities totaled 26,859,276,586.03, an increase from 25,736,207,564.90, reflecting a positive trend in investment recovery[23]. - Cash outflow from investment activities was 31,812,908,043.53, significantly lower than 52,606,104,553.93 in the previous period, reflecting reduced capital expenditures[23]. - The net cash flow from financing activities was 445,694,519.50, a significant decrease compared to 6,443,486,094.41 in the previous period, suggesting tighter financing conditions[24]. - The total cash inflow from financing activities reached 45,071,118,923.59, up from 28,402,922,333.50, highlighting increased capital raising efforts[24]. - The company received 38,051,993,155.65 in cash from borrowings, a substantial increase from 23,249,639,314.63, indicating a reliance on debt financing[24]. - The company paid 38,409,468,468.91 in cash for debt repayment, significantly higher than 20,078,807,075.36, indicating a focus on reducing leverage[24]. Shareholder Information - The top shareholder, China Aviation Industry Corporation, holds 39.87% of the shares, totaling 3,518,510,294 shares[10]. Market and Operational Changes - The company experienced a significant decline in financial asset value changes due to market fluctuations and a reduction in commission income from financial business restructuring[8]. - Research and development expenses increased to CNY 3,592,337.13, up 104.7% from CNY 1,759,814.02 in Q1 2023[19]. - Total operating revenue for Q1 2024 was CNY 3,593,089,609.48, a decrease of 5.0% from CNY 3,782,698,631.31 in Q1 2023[17]. - Total operating costs decreased to CNY 3,309,252,914.28, down 4.8% from CNY 3,477,852,788.24 in Q1 2023[17]. - Interest income increased to CNY 1,042,293,679.22, up 18.0% from CNY 883,980,437.05 in the same period last year[17]. - The company's short-term borrowings decreased to RMB 27.14 billion from RMB 37.46 billion, a reduction of about 27.5%[15]. - The company's long-term borrowings slightly increased to RMB 51.69 billion from RMB 51.45 billion, showing a marginal increase of about 0.5%[15]. - The company's other non-current assets rose to RMB 3.95 billion from RMB 2.94 billion, representing an increase of approximately 34.0%[15]. - The impact of exchange rate changes on cash and cash equivalents was positive at 9,731,209.10, contrasting with a negative impact of -34,384,757.89 in the previous period[24].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's total revenue and net profit for 2023 were CNY 1.694 billion and CNY 290 million, respectively, representing a year-on-year decline of 6.7% and 82.8% [2] - The leasing subsidiary showed relative stability, while the trust and securities subsidiaries experienced significant profit declines, and the investment performance of the headquarters was under pressure [2] - Due to the underperformance of the trust and securities businesses, the profit forecast for 2024-2025 has been revised down to CNY 1.2 billion and CNY 100 million, respectively, with a new forecast for 2026 set at CNY 1.8 billion [2] - The company is positioned as a financial holding platform under the Aviation Industry Group, benefiting from investment advantages in the military-industrial sector [2] Financial Summary - In 2023, the revenue and net profit of the leasing subsidiary were CNY 1.084 billion and CNY 195 million, with a year-on-year change of -0.4% and -3.8%, respectively [2] - The trust subsidiary reported revenue and net profit of CNY 180 million and CNY 8 million, reflecting a year-on-year decline of 40% and 90% [2] - The securities subsidiary's revenue and net profit were CNY 166 million and CNY 8 million, down 20% and 86% year-on-year [2] - The company’s total assets were CNY 506.5 billion in 2023, with a projected increase to CNY 517.8 billion in 2024 [7] Valuation Metrics - The current stock price is CNY 2.96, with a market capitalization of CNY 26.122 billion [6] - The price-to-book (P/B) ratio for 2024-2026 is projected to be 0.6 [2] - The earnings per share (EPS) for 2024-2026 are forecasted at CNY 0.1, CNY 0.2, and CNY 0.2, respectively [2]