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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][27]. Core Views - The company's performance is under pressure in the short term due to the progress of contract signing, with expectations for recovery in equipment construction demand [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 in aerospace equipment demand and the upcoming release of new models are expected to drive growth [5]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved revenue of 25.298 billion (down 27% year-on-year) and a net profit attributable to shareholders of 1.818 billion (down 23.1% year-on-year). In Q3 2024, revenue was 3.673 billion (down 68% year-on-year and down 69.7% quarter-on-quarter), with a net profit of 199 million (down 77.1% year-on-year and down 77.9% quarter-on-quarter) [4][12]. - The decline in performance is primarily attributed to the impact of contract signing progress, with established demand for related products not being fulfilled on schedule [5][12]. Operational Analysis - The gross margin for the first three quarters of 2024 was 12.5% (up 1.6 percentage points year-on-year), and the net profit margin was 7.2% (up 0.4 percentage points year-on-year). In Q3 2024, the gross margin was 12.2% (up 0.5 percentage points year-on-year, down 0.7 percentage points quarter-on-quarter), and the net profit margin was 5.4% (down 2.2 percentage points year-on-year, down 2 percentage points quarter-on-quarter) [14][16]. - The company’s inventory increased significantly, reaching 11.489 billion at the end of Q3 2024, up 59.11% from the end of Q2 2024, likely due to the impact of product delivery schedules [5][14]. Construction and Expansion - The company’s construction in progress increased to 1.457 billion at the end of Q3 2024, up 36.09% from the end of Q2 2024, indicating a ramp-up in capacity to meet new demand [5][18]. - The company’s contract liabilities reached 5.814 billion at the end of Q3 2024, an increase of 96.94% from the end of Q2 2024, reflecting the issuance of some orders [5][19]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 3.78 billion, 4.695 billion, and 5.808 billion for 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 projected to be 34, 28, and 22 times [5][7].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company experienced a revenue decline of 27.0% year-on-year (YoY) in the first three quarters of 2024, with total revenue reaching 25.3 billion yuan and a net profit attributable to shareholders of 1.82 billion yuan, down 23.1% YoY [2]. - The decline in performance is attributed to the impact of contract signing progress, which affected the timely signing of contracts for established product demand. However, the company’s profitability showed stability, with a gross margin of 12.5% and a net margin of 7.1% for the first three quarters of 2024, both reflecting an increase YoY [2]. - The company is focusing on increasing research and development (R&D) investments, with R&D expenses rising to 600 million yuan, a 9.4% increase YoY. The R&D expense has grown significantly from 288 million yuan in 2020 to 976 million yuan in 2023, with a compound annual growth rate of 50% [2]. - The company is actively expanding its overseas market presence and has a strong demand certainty in its downstream equipment [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 25.3 billion yuan, with a quarterly breakdown showing revenues of 9.49 billion yuan in Q1 (YoY +3.5%), 12.13 billion yuan in Q2 (YoY -13.2%), and 3.67 billion yuan in Q3 (YoY -68.0%) [2]. - The net profit for the same period was 1.82 billion yuan, with quarterly net profits of 720 million yuan in Q1 (YoY +11.6%), 900 million yuan in Q2 (YoY +6.0%), and 200 million yuan in Q3 (YoY -77.1%) [2]. - The company’s cash flow from operating activities improved, with a net cash flow of -5.89 billion yuan for the first three quarters of 2024, compared to -12.43 billion yuan in the same period last year [2]. Future Profitability Forecast - The company is projected to achieve net profits of 3.775 billion yuan, 4.665 billion yuan, and 5.683 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 34x, 28x, and 23x [2][5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development [5]. Core Views - The company experienced a revenue decline of 27.0% year-on-year in the first three quarters of 2024, with total revenue reaching 25.3 billion yuan and a net profit of 1.82 billion yuan, down 23.1% year-on-year. This performance aligns with market expectations, primarily due to delays in contract signings affecting short-term results [2]. - Despite the short-term fluctuations in performance, the company shows strong demand in downstream equipment and is actively expanding into overseas markets, which supports a positive long-term outlook [2]. - The company has significantly increased its R&D investment, with R&D expenses rising to 600 million yuan, a 9.4% increase year-on-year. The R&D expense ratio reached 2.4%, reflecting a commitment to technological advancements in key areas, particularly in the aerospace sector [3]. - The company's cash flow from operating activities improved, with a net cash flow of -5.89 billion yuan for the third quarter of 2024, an improvement from -12.43 billion yuan in the same period last year [4]. Financial Performance and Forecast - For the first three quarters of 2024, the company reported a gross margin of 12.5%, an increase of 1.63 percentage points year-on-year, while the net margin was 7.1%, up 0.39 percentage points year-on-year [2]. - The company forecasts net profits of 3.775 billion yuan, 4.665 billion yuan, and 5.683 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 34x, 28x, and 23x [5]. - The company’s total revenue is projected to grow from 46.25 billion yuan in 2023 to 72.94 billion yuan by 2026, with a compound annual growth rate of approximately 19.1% [8][10]. Cash Flow and Balance Sheet - As of the end of the third quarter of 2024, accounts receivable increased by 64.9% year-to-date to 15.54 billion yuan, while inventory decreased by 1.4% to 11.49 billion yuan [4]. - The company’s total assets are expected to grow from 55.47 billion yuan in 2023 to 93.71 billion yuan by 2026, indicating a robust growth trajectory [10].

财联社10月30日讯（记者 梁祥才 曾楚楚） 受合同签订进度影响，中航沈飞（600760.SH）Q3业绩失 速，公司前三季度净利润同比降幅超两成。 今日晚间，中航沈飞发布公告，今年前三季度，公司实现营业收入252.98亿元，同比减少26.95%；归属 于上市公司股东的净利为18.18亿元，同比减少23.12%。 Q3业绩"失速"是拖累中航沈飞前三季度业绩的重要原因，公司Q3营业收入为36.73亿元，同比减少 68.01%，环比减少约70%；归属于上市公司股东的净利润1.99亿元，同比下滑77.11%，环比下滑约 78%。 对于Q3业绩变化原因，中航沈飞在三季报中表示，主要是受合同签订进度影响，相关产品既定需求未 如期签订合同所致。 需要指出的是，上述理由也已被中航沈飞用来解释2024年上半年营收下降的原因，但彼时公司是"减收 增利"的状态。 事实上，今年4月底时，从中航沈飞公布的2024年经营目标可以看出公司对今年业绩增长有较强信心。 公司表示，2024年，预计实现营业收入510.26亿元，同比增长10.33%，主要是销量增加；预计实现净利 润37.62亿元，同比增长25%。 同时，据今年一季报，公司一季度购 ...