中航沈飞股份有限公司 关于参加2025年山东辖区上市公司投资者 网上集体接待日活动的公告 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法律责任。 为进一步加强与投资者的互动交流，中航沈飞股份有限公司(以下简称"公 司")将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合 举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项 公告如下： 证券代码：600760 证券简称：中航沈飞 公告编号：2025-035 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路 演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与。 特此公告。 中航沈飞股份有限公司董事会 2025 年 5 月 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2025-034 中航沈飞股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.26元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/20 | － | 2025/5/21 | 2025/5/21 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 28 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 2. 自行发放对象 中国航空工业集团有限公司、中航机载系统有限公司、中航机载系统股份有限公司、金 城集团有限公司、限 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][18]. Core Viewpoints - The company reported a significant increase in contract liabilities by 58% year-to-date, indicating strong future revenue potential. The net cash flow from operating activities improved significantly compared to the previous year [1]. - The company is actively expanding its military trade market, which is expected to enhance its growth prospects. The integration of research, manufacturing, and maintenance capabilities is also being advanced [2]. - The company has adjusted its fundraising plans, extending the validity of its private placement decisions by 12 months and modifying the fundraising targets [3]. Financial Performance Summary - For Q1 2025, the company achieved revenue of 5.83 billion yuan, a year-on-year decrease of 38.6%. The net profit attributable to the parent company was 430 million yuan, down 39.9% year-on-year. The gross margin was 12.6%, an increase of 0.55 percentage points year-on-year, while the net margin was 7.4%, a decrease of 0.14 percentage points year-on-year [1]. - The company forecasts net profits for 2025, 2026, and 2027 to be 3.83 billion yuan, 4.56 billion yuan, and 5.38 billion yuan respectively, with corresponding price-to-earnings ratios of 35.04, 29.40, and 24.91 [4][12]. Financial Data and Valuation - The company’s total revenue is projected to grow from 46.25 billion yuan in 2023 to 66.20 billion yuan in 2027, with a compound annual growth rate of approximately 15.75% [5][12]. - The earnings per share (EPS) is expected to increase from 1.09 yuan in 2023 to 1.95 yuan in 2027, reflecting a positive growth trajectory [5][12]. - The company maintains a strong market position with a total market capitalization of approximately 134.09 billion yuan and a price-to-book ratio of 8.88 [7].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][18]. Core Views - The company is expected to benefit significantly from the increasing demand for national defense equipment and the ongoing development of its integrated research, manufacturing, and repair platform. Additionally, the company is actively exploring overseas military trade markets, which may contribute to sustained high-quality growth [4][2]. Financial Performance Summary - In Q1 2025, the company reported revenue of 5.83 billion yuan, a year-over-year decrease of 38.6%. The net profit attributable to the parent company was 430 million yuan, down 39.9% year-over-year. The gross margin for Q1 2025 was 12.6%, an increase of 0.55 percentage points year-over-year, while the net margin was 7.4%, a decrease of 0.14 percentage points year-over-year [1][4]. - As of the end of Q1 2025, the company's contract liabilities increased by 58% compared to the beginning of the year, indicating a strong order backlog. The net cash flow from operating activities improved significantly, reaching 450 million yuan compared to a negative 7.27 billion yuan in Q1 2024 [1][4]. Financial Forecasts - The company is projected to achieve net profits of 3.83 billion yuan, 4.56 billion yuan, and 5.38 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 35.04, 29.40, and 24.91 [4][5]. - Revenue forecasts for the years 2025 to 2027 are 49.28 billion yuan, 57.19 billion yuan, and 66.20 billion yuan, with growth rates of 15.05%, 16.05%, and 15.75% respectively [5][12]. Corporate Developments - The company successfully unlocked the first phase of its second stock incentive plan, allowing for the release of 3,449,178 shares, which is 0.1252% of the total share capital. This is expected to enhance employee motivation and align interests with shareholders [2][4]. - The company is also extending the validity period of its planned private placement by 12 months and adjusting the fundraising targets and objects, which reflects ongoing strategic adjustments to optimize capital structure [3][4].

Group 1 - AVIC Shenyang Aircraft Corporation (600760) experienced a decline of 5.26% [1] - The military industry leader ETF (512710) holds 9.00% of this stock, with a current decline of 2.84% [1] - The trading volume reached 266 million yuan, which is an increase of 32.19% compared to the same time yesterday, with an additional 334 million shares traded in the past month [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to external factors affecting contract signing and supply progress, while maintaining an improved gross margin [1] Financial Performance - Q1 2025 revenue was 5.834 billion, a year-on-year decrease of 38.55% [1] - Net profit attributable to shareholders was 431 million, down 39.87% year-on-year [1] - Deducted non-recurring net profit was 421 million, a decline of 41.33% year-on-year [1] - Gross margin for Q1 2025 was 12.65%, an increase of 0.55 percentage points year-on-year [1] - Net profit margin was 7.38%, a decrease of 0.14 percentage points year-on-year [1] Expense Analysis - The operating expense ratio for Q1 2025 was 2.99%, an increase of 0.51 percentage points year-on-year [1] - Sales expense ratio was 0.07%, up 0.06 percentage points year-on-year [1] - Management expense ratio was 3.12%, an increase of 1.29 percentage points year-on-year [1] - R&D expense ratio was 0.18%, down 0.95 percentage points year-on-year, with R&D expenses at 11 million, a significant decrease of 89.98% [1] - Financial expense ratio was -0.38%, compared to -0.49% in the same period last year, mainly due to reduced interest income [1] Balance Sheet and Cash Flow - Contract liabilities showed recovery, increasing by 53.09% to 5.4 billion compared to the beginning of the year, mainly due to increased advance payments [2] - Net cash flow from operating activities increased by 7.728 billion year-on-year, primarily due to higher cash received from sales of goods and services [2] Incentive Plan - The company announced a second phase of its stock incentive plan, granting 7.8305 million shares to 223 employees at a price of 32.08 per share [3] - The unlocking conditions include a compound annual growth rate of non-recurring net profit of no less than 15% from 2023 to 2025, and specific return on equity and EVA targets [3] - The estimated expense for the initial stock grant is 169.0605 million [3] Profit Forecast - The company forecasts net profit attributable to shareholders for 2025, 2026, and 2027 to be 3.741 billion, 4.273 billion, and 4.923 billion respectively, corresponding to PE ratios of 31, 28, and 24 [3]

Summary of the Conference Call Industry Overview - The military industry is showing a downward trend, but the decline is narrowing, indicating signs of bottoming out. The revenue realization in the components segment is catalyzing the industry, with expectations for improved conditions in Q2 [2][4][10]. - The Longjiang Military Group categorizes over a hundred companies into main tracks (military aircraft engines, missiles) and new directions (new equipment, military trade, military-to-civilian transitions). The upstream components are recovering first, with improvements in cash flow and inventory for main manufacturers [2][5][6]. Key Insights - Q2 is expected to see a focus on emerging segments such as rocket forces, navy, army, and information support troops, with significant development potential following management system optimizations [2][8]. - The military industry is anticipated to accelerate recovery in 2025, driven by mobilization orders and systemic improvements, with missiles becoming a preferred investment choice [2][10]. - Military trade is benefiting from optimized national military trade management and global political changes, becoming a crucial aspect of the defense technology industry's international expansion [2][12][13]. Company-Specific Highlights AVIC Shenyang Aircraft Corporation (沈飞) - Selected as the "gold stock" for May due to low holdings, minimal competition, low valuation, and potential. The lack of disclosed 2025 operational targets enhances its safety margin and presents a contrarian investment opportunity [2][3][15][16]. - The company is currently valued at a static P/E ratio of around 30 times, which is at the lower end of its historical valuation range. Expectations for increased production tasks in 2025 are based on improved cash flow and contract signing [17][20]. - Future growth is supported by new aircraft models entering production phases, with a projected ROE close to 20% and significant asset scarcity [18][21]. Tunan Co., Ltd. (图南股份) - Tunan has shown improvement in Q1 2025 after a significant decline in Q4 2024. The company is expected to achieve approximately 330 million yuan in revenue in 2025, with a compound annual growth rate of 35% to 40% over the next two years [2][29]. - The company specializes in high-temperature alloy materials, with a strong focus on casting and deformation alloys, and is gradually extending its business into downstream products [23][26]. - Tunan's profitability is expected to improve significantly, with projections indicating a doubling of revenue and profit over the next three years [28][29][30]. Additional Important Points - The military industry is experiencing a structural shift with a focus on unmanned systems and advanced technologies, which will likely reshape operational dynamics and market opportunities [21][22]. - The management of military companies is increasingly focused on optimizing production and expanding capacity to meet future demands, particularly in the context of national defense strategies [20][14]. - The competitive landscape in the military sector remains relatively stable due to strong regulatory frameworks, which may provide a clearer path for companies to capitalize on emerging opportunities [11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 5.834 billion yuan in Q1 2025, a year-on-year decline of 38.55%, with a net profit attributable to shareholders of 431 million yuan, down 39.87% year-on-year [5][6] - The decline in revenue is attributed to external factors such as contract signing progress and supply chain issues, but ongoing fundraising projects are expected to enhance the company's capabilities in weaponry and equipment construction [6] - The company aims to complete its annual tasks in 2025, which is a critical year in the "14th Five-Year Plan," with projected net profits for 2025-2027 of 3.743 billion yuan, 4.323 billion yuan, and 5.051 billion yuan, representing year-on-year growth rates of 10.3%, 15.5%, and 16.8% respectively [7] Financial Summary - The total market capitalization of the company is 117.6 billion yuan, with a closing price of 42.66 yuan [2] - The company’s revenue for 2024 is projected at 42.837 billion yuan, with a year-on-year decrease of 7.4%, followed by a recovery with expected growth of 10.0% in 2025 [9] - The projected P/E ratios for 2025, 2026, and 2027 are 31.41, 27.19, and 23.27 respectively, indicating a potential for valuation improvement over the forecast period [7][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company's revenue and performance have declined due to external factors such as contract signing progress and supply chain issues, but overall profitability remains high. The company's operational quality has significantly improved year-on-year, with sufficient inventory to support short-term production [2][11] - In Q1 2025, the company achieved a revenue of 5.834 billion yuan, a year-on-year decrease of 38.55%, and a net profit attributable to the parent company of 431 million yuan, down 39.87% year-on-year. Overall performance is in line with expectations [6][11] - The company's contract liabilities and advance payments increased compared to the beginning of the period, indicating ongoing capacity expansion to meet the demand for new models [2][11] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin improved to 12.65%, with a net profit margin of 7.38%. The cash flow from operating activities increased by 77.28 million yuan compared to the same period last year, indicating a significant improvement in overall operational quality [11] - The company’s contract liabilities increased by 53% to 5.4 billion yuan, and advance payments rose by 58% to 3.275 billion yuan, reflecting clearer downstream demand and ongoing capacity expansion [11] Earnings Forecast and Valuation - The company is expected to achieve net profits of 3.956 billion yuan, 4.732 billion yuan, and 5.577 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 20%, and 18%. The corresponding price-to-earnings ratios are projected to be 30, 25, and 21 times [11]

证券代码：600760 证券简称：中航沈飞 公告编号：2025-032 中航沈飞股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025年第一次临时股东大会 召开的日期时间：2025 年 5 月 29 日 13 点 30 分 召开地点：辽宁省沈阳市皇姑区陵北街 1 号公司办公楼会议室 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (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 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...