上 市 公 司 国防军工 2025 年 04 月 11 日 中航沈飞 (600760) ——盈利能力提升叠加单 Q4 费用端同比改善，公司业绩 略超市场预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 10 日 | | --- | --- | | 收盘价（元） | 44.60 | | 一年内最高/最低（元） | 61.85/34.27 | | 市净率 | 7.2 | | 股息率%（分红/股价） | 1.21 | | 流通 A 股市值（百万元） | 122,415 | | 上证指数/深证成指 | 3,223.64/9,754.64 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 6.20 | | 资产负债率% | 69.07 | | 总股本/流通 A 股（百万） | 2,756/2,745 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-10 05-10 06-10 07-10 08-10 09-10 10-1 ...

中航沈飞 20250410 2024 年是中航沈飞极不平凡、极具挑战、极富信心的一年。在中航工业党组 的坚强领导下，公司锚定目标，勇毅突破，扛守责、担主责、强主业，奋进 345 发展目标。面对科研批产多行并进、交叉并行，改革任重、技术创新制约 因素叠加等众多挑战，公司全体干部职工放手拼搏，较好完成了各项重点任务。 全年提前十天完成批产试飞任务，歼 35A 等一系列型号动静结合惊艳亮相珠海 航展。公司制造先行航空热力改革深化提升行动任务超额完成年度目标。数字 化转型全面推进，多域破冰，新区建设、产业化发展等重点项目取得里程碑进 展，核心能力加速提升。公司连续六年保持集团经营业绩考核 A 级，再次获评 中航工业党建工作考核好等次，并获批国家智能制造标杆企业，同时成功晋级 第一批卓越级智能工厂。此外，公司深入贯彻国家双碳战略，大力推动绿色发 展转型，并积极践行乡村振兴战略，助力社会和谐发展。 • 公司将在中航工业总体部署下抢抓低空经济发展的先机，以民用无人机研 制和通用航空技术转化为突破口，探索应用场景构建和运营体系保障等模 式来响应落实国家战略。 • 中航沈飞积极参与国产民机研制并融入世界航空产业链，相关零部件产 ...

其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 经营质量逐步提升，新型号产品开启公司 新成长 ——中航沈飞(600760)2024 年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-08) | 收盘价(元) | 42.00 | | --- | --- | | 一年内最高/最低(元) | 61.07/34.36 | | 沪深 300 指数 | 3,650.76 | | 市净率(倍) | 6.78 | | 流通市值(亿元) | 1,152.79 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.20 | | 每股经营现金流(元) | -1.36 | | 毛利率(%) | 12.47 | | 净资产收益率_摊薄(%) | 19.88 | 投资要点： 中航沈飞（600760）4 月 1 日披露 2024 年年度报告。2024 年，公司实现 营业总收入 428.37 亿元，同比下降 7.37%；归母净利润 33.94 亿元，同 比增长 12.86%；扣非净利润 33.73 亿元，同比增长 ...

其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 经营质量逐步提升，新型号产品开启公司 新成长 ——中航沈飞(600760)2024 年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-08) | 收盘价(元) | 42.00 | | --- | --- | | 一年内最高/最低(元) | 61.07/34.36 | | 沪深 300 指数 | 3,650.76 | | 市净率(倍) | 6.78 | | 流通市值(亿元) | 1,152.79 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.20 | | 每股经营现金流(元) | -1.36 | | 毛利率(%) | 12.47 | | 净资产收益率_摊薄(%) | 19.88 | 投资要点： 中航沈飞（600760）4 月 1 日披露 2024 年年度报告。2024 年，公司实现 营业总收入 428.37 亿元，同比下降 7.37%；归母净利润 33.94 亿元，同 比增长 12.86%；扣非净利润 33.73 亿元，同比增长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.837 billion yuan in 2024, a year-on-year decrease of 7.4%, while the net profit attributable to the parent company was 3.394 billion yuan, an increase of 12.9% [5] - External factors such as contract signing progress and supply chain issues impacted revenue, but the company managed to improve operational efficiency through internal measures [6] - The year 2025 is seen as a critical year for the company to accelerate reforms and structural upgrades, focusing on both military and civil aviation sectors [6] Financial Summary - Revenue projections for 2025-2027 are 47.107 billion yuan, 54.151 billion yuan, and 62.789 billion yuan, with year-on-year growth rates of 10.0%, 15.0%, and 16.0% respectively [7] - Net profit forecasts for the same period are 3.743 billion yuan, 4.323 billion yuan, and 5.051 billion yuan, with growth rates of 10.3%, 15.5%, and 16.8% respectively [7] - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 30.92, 26.77, and 22.91 respectively [7] - Key financial metrics include a gross margin of 12.5% in 2024, expected to rise to 12.8% by 2027, and a return on equity (ROE) of 19.9% in 2024, projected to decrease slightly to 18.7% by 2027 [9]

中航沈飞（ [Table_StockNameRptType] 600760） 公司点评 外部因素影响营收，科研生产经营质效提升 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-09 | | [Table_BaseData] 收盘价（元） | 42.00 | | 近 12 个月最高/最低（元） | 61.85/34.27 | | 总股本（百万股） | 2,756 | | 流通股本（百万股） | 2,745 | | 流通股比例（%） | 99.60 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 6% 33% 59% 86% 4/24 7/24 10/24 1/25 中航沈飞 沪深300 [Table_Author] 分析师：邓承佯 4 月 1 日，公司发布 2024 年年度报告。根据公告，2024 年实现营业收入 428.37 亿元，同比下降 7.4%，归母净利润 33.94 亿元，同比增长 12.9%。 ⚫ 外部因素影响营收 公司年报显示，受合同签订进度、配套供应进度等外部因素影响，公司 营业收入受到了影 ...

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。 公司坚定推进深化改革，致力于全面完成改革深化提升行动任务，支撑实现一流企业阶段建设目标；完 成大型结构件能力提升任务，推进复材、钛合金产业化发展；推动战新产业落地实施，聚焦高商载无人 货运、功能结构件设计制造一体化能力生成研究落实途径；着力提升所属公司治理能力，明晰外派董事 行权规范。 中航沈飞股份有限公司（以下简称"公司"）是集科研、生产、试验、试飞、维修与服务保障为一体的大 型现代化飞机制造企业，是中国航空防务装备的主要研制基地。公司作为新中国航空工业发祥地之一， 始终践行航空报国初心、担当航空强国使命，坚持"强军首责、科技引领、深化改革、融合发展"高质量 发展原则，致力于建设国际领先的创新引领型高科技航空装备企业，推动上市公司高质量发展和投资价 值提升，增强投资者回报与投资者获得感。基于对公司未来发展前景的信心和对公司价值的高度认可， 公司现将有关情况公告如下： 一、因地制宜发展新质生产力 公司始终坚持强化企业科技创新主体地位，加速打造航空科技国家战略力量。在体系建设方面， ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-018 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。 中航沈飞股份有限公司（以下简称"公司"）是集科研、生产、试验、试飞、 维修与服务保障为一体的大型现代化飞机制造企业，是中国航空防务装备的主要 研制基地。公司作为新中国航空工业发祥地之一，始终践行航空报国初心、担当 航空强国使命，坚持"强军首责、科技引领、深化改革、融合发展"高质量发展 原则，致力于建设国际领先的创新引领型高科技航空装备企业，推动上市公司高 质量发展和投资价值提升，增强投资者回报与投资者获得感。基于对公司未来发 展前景的信心和对公司价值的高度认可，公司现将有关情况公告如下： 中航沈飞股份有限公司 关于持续开展"提质增效"行动的公告 一、因地制宜发展新质生产力 公司始终坚持强化企业科技创新主体地位，加速打造航空科技国家战略力量。 在体系建设方面，围绕产业链部署创新链，结合基础研究、前沿探索、应用研究 等领域，联动科研院所、高校、企业厚育创新生态圈，打造协同创新中心、创新 研究院、联合实验室等创新联 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a record high net profit margin, with a significant increase in profitability driven by improved product gross margins and enhanced cost control measures [1][3]. - The company is positioned to benefit from the rising demand for national defense equipment during the "14th Five-Year Plan" and "15th Five-Year Plan," supported by its leading position in the aviation manufacturing sector and ongoing reforms [3][6]. Financial Performance Summary - For the year 2024, the company reported revenue of 428.4 billion, a year-over-year decrease of 7.4%, while net profit reached 33.9 billion, up 12.9% year-over-year [1]. - In Q4 2024, the company experienced a substantial revenue increase of 51% year-over-year, with net profit soaring by 145% [1]. - The gross margin for the year was 12.5%, an increase of 1.52 percentage points year-over-year, while the net margin improved to 8.0%, up 1.46 percentage points [1][3]. Cost Management - The company achieved its lowest expense ratio in five years at 3.2%, reflecting strong lean management capabilities [2]. - The breakdown of expenses includes a sales expense ratio of 0.01%, a management expense ratio of 2.2%, and a research and development expense ratio of 1.7% [2]. Product and Subsidiary Performance - The aviation manufacturing segment generated revenue of 425.5 billion, with a gross margin of 12.5% [3]. - The subsidiary, Jihang Company, reported a revenue increase of 56.8% year-over-year, significantly contributing to the company's integrated industry layout [3]. Future Projections - Revenue forecasts for 2025-2027 have been adjusted to 492.84 billion, 571.94 billion, and 662.02 billion, respectively, with net profit projections of 38.27 billion, 45.60 billion, and 53.83 billion [3][5]. - The corresponding price-to-earnings ratios are projected to be 30.92, 25.95, and 21.98 for the years 2025, 2026, and 2027 [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a record high net profit margin, with a total revenue of 42.84 billion and a year-over-year decrease of 7.4%. However, the net profit increased by 12.9% to 3.39 billion, driven by improved product gross margins and enhanced cost control [1][3]. - In Q4 2024, the company reported a significant revenue increase of 51% year-over-year, with a net profit surge of 145%. The gross margin for the quarter was 12.4%, up by 1.20 percentage points, and the net margin was 9.2%, up by 3.37 percentage points [1][2]. - The company has successfully implemented two phases of equity incentives, reflecting its commitment to high-quality development and investor returns. The aviation manufacturing segment generated 42.55 billion in revenue, with a gross margin of 12.5%, an increase of 1.52 percentage points [3][5]. Financial Summary - The company reported a total revenue of 46,247.78 million in 2023, with a projected revenue of 42,837.24 million in 2024, reflecting a growth rate of -7.37%. The net profit for 2023 was 3,007.15 million, expected to rise to 3,393.97 million in 2024, with a growth rate of 12.86% [5][11]. - The EBITDA for 2024 is projected at 5,289.04 million, with a corresponding P/E ratio of 34.86 [5][11]. - The company’s total assets are expected to grow from 55,466.44 million in 2023 to 61,589.83 million in 2024, with a debt-to-equity ratio of 69.07% [12]. Operational Efficiency - The company achieved its lowest expense ratio in five years at 3.2%, down by 0.45 percentage points year-over-year. The selling expense ratio was 0.01%, while the management expense ratio increased slightly to 2.2% [2][3]. - The company has made significant progress in digital transformation and key projects, contributing to its overall operational efficiency and cost management [1][3]. Market Position - As a leading player in the aviation manufacturing sector, the company is well-positioned to benefit from the increasing demand for national defense equipment during the "14th Five-Year Plan" and "15th Five-Year Plan" periods. The company is also actively expanding its overseas military trade market [3][5].