中航沈飞股份有限公司 2024年第四次临时股东大会 会 议 资 料 2024年11月28日 中航沈飞股份有限公司 2024 年第四次临时股东大会 中航沈飞股份有限公司 2024年第四次临时股东大会议程 一、会议时间 2024年11月28日13:30 二、会议地点 中航沈飞股份有限公司 2024 年第四次临时股东大会 股东大会须知 为保障中航沈飞股份有限公司全体股东的合法权益，维护股 东大会的正常秩序，保证股东大会的议事效率，确保股东大会如 期、顺利召开，根据《公司法》《公司章程》及中国证监会的有 关规定，特制定本次股东大会会议须知： 辽宁省沈阳市皇姑区陵北街1号公司办公楼会议室 三、会议议程 （一）介绍股东大会参会情况 （二）宣读并审议以下议案： 议案一：《关于中航沈飞2024年前三季度利润分配方案的议 案》 （四）提名并选举监票人 （五）现场与会股东对议案进行投票表决 （六）宣读现场投票表决结果 （七）律师宣读本次股东大会法律意见书 （八）现场与会董事、监事、高管和董秘签署会议文件 议案二：《关于中航沈飞变更会计师事务所的议案》 （三）股东发言，董事、监事及高管回答股东提出的问题 4.参加现场会议的股东投票 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-054 （一）审议通过《关于选举中航沈飞第十届董事会战略与 ESG 委员会委员 的议案》 中航沈飞股份有限公司 第十届董事会第十次会议决议公告 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。 一、董事会会议召开情况 中航沈飞股份有限公司（以下简称"公司"）第十届董事会第十次会议（以 下简称"本次会议"）于 2024 年 11 月 7 日以电子邮件方式发出会议通知，并于 2024 年 11 月 13 日在公司办公楼会议室以现场结合通讯投票表决的方式召开。 本次会议应出席董事 12 名，实际出席董事 12 名。公司董事长纪瑞东主持本 次会议，公司监事和部分高级管理人员列席了会议。本次会议召开符合有关法律、 行政法规、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 中航沈飞股份有限公司董事会 2024 年 11 月 14 日 1 董事会选举张绍卓先生为公司第十届董事会战略与 ESG 委员会委员。 表决情况：同意 12 票，反对 0 票，弃权 0 票。 （二）审 ...

中航沈飞股份有限公司 董事会提名委员会 2024 年第七次会议 中航沈飞股份有限公司董事会提名委员会 关于聘任公司董事会秘书的审核意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中航沈飞 股份有限公司章程》（以下简称"《公司章程》"）及《董事会专门委员会工 作细则》的有关规定，中航沈飞股份有限公司（以下简称"公司"）董事会 提名委员会对《关于聘任中航沈飞董事会秘书的议案》进行了审议，并发 表如下审核意见： 经审阅费军先生的履历等资料，未发现其有《公司法》规定的不得担 任公司高级管理人员的情形，亦未有被中国证监会确定为市场禁入者且尚 未解除的现象，其任职资格符合担任上市公司高级管理人员的条件，能够 胜任所聘岗位职责的要求，符合《公司法》《公司章程》的有关规定，同意 提交公司第十届董事会第十次会议审议。 王 敏 （以下无正文） 中航沈飞股份有限公司 董事会提名委员会 2024 年第七次会议 （此页无正文，系《中航沈飞股份有限公司董事会提名委员会关于聘 任公司董事会秘书的审核意见》签署页） 提名委员会委员签字： 朱秀梅 纪瑞东 中航沈飞股份有限公司 董事会提名委员会 2024 年第七次会议 中航沈飞 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-055 中航沈飞股份有限公司（以下简称"公司"）董事会近日收到李建先生的书 面辞职报告，李建先生因工作变动原因申请辞去公司董事会秘书职务。根据《中 华人民共和国公司法》（以下简称"《公司法》"）及《公司章程》的规定，李 建先生的辞职报告自送达董事会之日起生效。李建先生辞任公司董事会秘书后， 将继续担任公司董事、总会计师职务。 李建先生在任职期间恪尽职守、勤勉尽责，公司董事会对李建先生为公司发 展所做出的贡献表示衷心感谢！ 2024 年 11 月 13 日，公司召开第十届董事会第十次会议，审议通过了《关于 聘任中航沈飞董事会秘书的议案》，公司董事会同意聘费军先生任公司董事会秘 书，任期自董事会审议通过之日起至第十届董事会任期届满之日止。费军先生已 取得上海证券交易所颁发的《董事会秘书任职培训证明》,其任职资格符合《公司 法》《上海证券交易所股票上市规则》及《公司章程》等相关规定。 特此公告。 中航沈飞股份有限公司 关于变更董事会秘书的公告 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 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company's performance is under short-term pressure, but a demand turning point is expected soon. The revenue decline is attributed to the delay in contract signings, with a significant year-on-year revenue drop of 68.01% in Q3 2024. However, an increase in expected daily related transactions suggests a potential recovery in Q4 2024 [5][6] - There is a strong and urgent demand for new and upgraded aviation equipment, particularly as China's air force transitions to a strategic air force. The J-16 series, a key model for the air force, and the new J-35 carrier-based stealth fighter are expected to see substantial demand, benefiting the company [5] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 252.98 billion yuan, a year-on-year decrease of 26.95%. The net profit attributable to shareholders was 18.18 billion yuan, down 23.12% year-on-year. The company also reported a total debt of 357.70 billion yuan, an increase of 17.01% year-on-year, while cash and cash equivalents decreased by 3.64% to 89.40 billion yuan [4] - The earnings per share (EPS) for 2024-2026 are projected to be 1.36, 1.65, and 1.96 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 40.8, 33.6, and 28.3 based on the closing price of 55.52 yuan on November 7, 2024 [6][7]

证券代码：600760 证券简称：中航沈飞 公告编号：2024-053 中航沈飞股份有限公司 股票交易异常波动公告 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： 中航沈飞股份有限公司（以下简称"公司"）股票价格于 2024 年 11 月 4 日、11月5日、11月6日连续三个交易日内日收盘价格涨幅偏离值累计超过20%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动的情形。 经公司自查，并向公司控股股东和实际控制人发函询证，截至本公告日， 确认不存在应披露而未披露的重大信息。 公司敬请广大投资者注意投资风险，理性决策，审慎投资。 针对公司股票异常波动，公司对有关事项进行了核查，现将有关情况说明如 下： （一）生产经营情况 公司目前生产经营状况正常，不存在影响公司股票交易价格异常波动的重大 事项，不存在应披露而未披露的重大信息。 （二）重大事项情况 经向公司控股股东及实际控制人中国航空工业集团有限公司（以下简称"航 空工业集团"）书面函证核实，截至本公告日，公司、控股股东及实际控制人不 存在任何 ...

Core Viewpoint - Shenyang Hangji Titanium Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on the design and production of civil aircraft components, metal surface treatment, new material technology research and development, and industrial design services [1] Company Summary - The legal representative of the newly established company is Gao Daming [1] - The company is wholly owned by AVIC Shenyang Aircraft Corporation through indirect holdings [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has been affected by the progress of contract signings, leading to fluctuations in revenue, but profitability continues to improve. For the first three quarters of 2024, the company achieved total revenue of 25.298 billion yuan, a year-on-year decrease of 26.95%, and a net profit attributable to shareholders of 1.818 billion yuan, down 23.12% year-on-year. The third quarter saw a significant decline, with revenue of 3.673 billion yuan, down 68.01% year-on-year, and a net profit of 199 million yuan, down 77.11% year-on-year. Despite these fluctuations, the company's gross profit margin has reached a five-year high of 12.48% for the first three quarters of 2024, up 15.05 percentage points year-on-year [1][2][3]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 3.701 billion yuan, with corresponding P/E ratios of 35, 28, and 23 for the years 2024, 2025, and 2026 respectively. The forecasted net profits for 2024-2026 are 3.701 billion yuan, 4.622 billion yuan, and 5.471 billion yuan respectively [3][9]. - The company's total assets have decreased, while accounts receivable have increased significantly by 117.79% year-on-year, primarily due to uncollected sales proceeds. Cash and cash equivalents have decreased by 42.59% year-on-year [2][9]. - Operating cash flow has improved, with a net increase of 654.17 million yuan compared to the same period last year, mainly due to the collection of previously outstanding sales proceeds [2][10].

Investment Rating - Buy rating maintained for the company [1] Core Views - The company's revenue for the first three quarters of 2024 was RMB 25.298 billion, a year-on-year decrease of 26.95%, while net profit attributable to the parent company was RMB 1.818 billion, down 23.12% year-on-year [2] - The decline in revenue is attributed to delays in contract signings, affecting the expected demand for related products [2] - The company is actively exploring emerging fields, particularly in the "low-altitude economy" sector, leveraging its natural advantages as a large state-owned aviation equipment manufacturer [3] - The company is focusing on the development of civilian drones and the transformation of military-civilian technologies, aiming to seize opportunities in the low-altitude economy [3] Financial Projections - The company's net profit attributable to the parent company is projected to be RMB 3.703 billion, RMB 4.505 billion, and RMB 5.420 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.1%, 21.7%, and 20.3% [4] - The corresponding P/E ratios are 34.53x, 28.38x, and 23.59x for 2024, 2025, and 2026, respectively [4] Financial Performance and Ratios - Revenue for 2023 was RMB 46.248 billion, with a year-on-year growth of 11.2%, and is expected to grow to RMB 53.155 billion, RMB 61.095 billion, and RMB 69.617 billion in 2024, 2025, and 2026, respectively [6] - Net profit attributable to the parent company in 2023 was RMB 3.007 billion, with a year-on-year growth of 30.5%, and is expected to reach RMB 3.703 billion, RMB 4.505 billion, and RMB 5.420 billion in 2024, 2025, and 2026, respectively [6] - The gross margin is expected to improve from 10.9% in 2023 to 12.2% in 2026 [6] - ROE is projected to remain stable at around 20% from 2023 to 2026 [6] Valuation Metrics - The company's P/E ratio is expected to decrease from 38.70x in 2023 to 23.59x in 2026 [6] - The P/B ratio is projected to decline from 7.70x in 2023 to 4.76x in 2026 [6] - EV/EBITDA is expected to decrease from 25.57x in 2023 to 15.62x in 2026 [6] Balance Sheet and Cash Flow - Total assets are expected to grow from RMB 55.466 billion in 2023 to RMB 80.144 billion in 2026 [8] - Operating cash flow is projected to improve significantly, from a negative RMB 4.393 billion in 2023 to a positive RMB 6.139 billion in 2026 [8] - The company's debt-to-asset ratio is expected to decrease from 70.7% in 2023 to 65.0% in 2026, indicating improving financial health [8] Growth and Profitability - Revenue growth is expected to remain strong, with year-on-year growth rates of 14.9%, 14.9%, and 13.9% for 2024, 2025, and 2026, respectively [6] - Net profit growth is projected to be 23.1%, 21.7%, and 20.3% for 2024, 2025, and 2026, respectively [6] - The company's net margin is expected to increase from 6.5% in 2023 to 7.8% in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][27]. Core Views - The company's performance is under pressure due to the progress of contract signing, with expectations for recovery in equipment construction prosperity [4][5]. - The company is a leading player in the domestic aerospace defense equipment sector, with a complete model spectrum that establishes competitive advantages. The recovery of aerospace equipment prosperity and the upcoming release of new models are expected to open growth opportunities in military trade and maintenance [6]. Summary by Sections Performance Analysis - In the first three quarters of 2024, the company achieved revenue of 25.298 billion RMB, a year-on-year decrease of 27%, and a net profit attributable to shareholders of 1.818 billion RMB, down 23.1%. In Q3 alone, revenue was 3.673 billion RMB, down 68% year-on-year and 69.7% quarter-on-quarter, with a net profit of 199 million RMB, down 77.1% year-on-year and 77.9% quarter-on-quarter. The primary reason for this decline is the impact of contract signing progress, as the expected demand for related products has not been realized [4][5][13]. - As of the end of Q3 2024, the company's contract liabilities amounted to 5.814 billion RMB, an increase of 2.862 billion RMB from the end of Q2 2024, reflecting a growth rate of 96.94%, likely due to the issuance of some orders [5][19]. Profitability and Cost Analysis - The gross profit margin for the first three quarters of 2024 was 12.5%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 7.2%, up 0.4 percentage points year-on-year. In Q3, the gross profit margin was 12.2%, up 0.5 percentage points year-on-year but down 0.7 percentage points quarter-on-quarter, with a net profit margin of 5.4%, down 2.2 percentage points year-on-year and 2 percentage points quarter-on-quarter [5][14]. - The company experienced a significant increase in inventory, with a balance of 11.489 billion RMB at the end of Q3, up 4.268 billion RMB from the end of Q2, reflecting a growth rate of 59.11%, likely due to the impact of the delivery schedule of products [5][19]. Construction and Expansion - The company's construction in progress increased to 1.457 billion RMB at the end of Q3, up 36.09% from the end of Q2. The company is actively advancing capacity construction in anticipation of a new round of product mass deliveries, which is expected to initiate a new phase of high growth [6][17]. Profit Forecast and Valuation - The company is projected to achieve net profits attributable to shareholders of 3.78 billion RMB, 4.695 billion RMB, and 5.808 billion RMB for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 25.7%, 24.2%, and 23.7%. The corresponding price-to-earnings ratios are expected to be 34, 28, and 22 times [6][8].