1 证券代码：600760 证券简称：中航沈飞 中航沈飞股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|----------------------------|--------------------------------------------------------------| | | | | | | √ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 √业绩说明会 | | 投资者关系活 | □ 新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 | | | | √ 其他 网上提问 | | | | | 银河证券、天风证券、国金证券、国泰君安证券、广发证券、浙商 | | | | 证券、中信建投证券、方正证券、嘉实基金、国泰基金、建信基金、 | | 参与单位 | | 民生加银基金、国新基金、富国基金、人保养老等及投资者网上 | | | 提问 | | | 时间 | 2024 年 7 月-9 | 月 | | 方式 | 现场交流、电话会、网上提问 | | | | | 董事长、党委书记 纪瑞东 | | 上市公司接待 | | 董事、 ...

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-13 | | 收盘价（元） | 40.48 | | 总股本（百万股） | 2,755.70 | | 流通股本（百万股） | 2,744.74 | | 净资产（百万元） | 15,729.59 | | 总资产（百万元） | 48,000.87 | | 每股净资产（元） | 5.71 | | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|-------|-------------------------|-------|-------| | 主要财务指标 | | | | | | ＄ 会计年度 zycwzb| 主要财 ...

关于董事辞职的公告 证券代码：600760 证券简称：中航沈飞 公告编号：2024-040 中航沈飞股份有限公司 2024 年 9 月 10 日 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。 1 特此公告。 中航沈飞股份有限公司董事会 中航沈飞股份有限公司（以下简称"公司"）董事会近日收到张虹秋先生的 书面辞职报告。张虹秋先生因工作原因申请辞去公司董事及董事会战略委员会委 员职务。张虹秋先生的辞职不会导致公司董事会人数低于法定人数，不影响公司 董事会的正常运作。根据《中华人民共和国公司法》及《公司章程》的规定，张 虹秋先生的辞职报告自送达董事会之日起生效。 张虹秋先生在任职期间恪尽职守、勤勉尽责，公司董事会对张虹秋先生为公 司发展所做出的贡献表示衷心感谢！ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company reported a revenue of 21.625 billion yuan for H1 2024, a decrease of 6.59% year-on-year, primarily due to delays in contract signing. However, the net profit attributable to shareholders increased by 8.39% year-on-year to 1.618 billion yuan [1][2]. - The company is expected to benefit from the increasing demand for national defense equipment and its leading position in the aviation sector, which should support long-term performance growth [3][4]. Financial Performance Summary - For H1 2024, the company's gross margin was 12.53%, up by 2.1 percentage points year-on-year, and the net profit margin was 7.47%, an increase of 1.11 percentage points year-on-year [2]. - The company’s cash and cash equivalents stood at 8.311 billion yuan, a decrease of 46.63% from the end of the previous year, while accounts receivable increased by 97.88% to 14.097 billion yuan [2]. - The company’s revenue projections for 2024-2026 are 55.96 billion yuan, 64.91 billion yuan, and 75.30 billion yuan, respectively, with net profits expected to be 3.775 billion yuan, 4.491 billion yuan, and 5.397 billion yuan [3][4]. Strategic Initiatives - The company has launched a "Quality Improvement and Efficiency Enhancement" action plan aimed at accelerating technological innovation and enhancing production capabilities [3]. - The focus will be on developing a collaborative growth model for military and civilian aircraft, leveraging its position as a key player in the national defense sector [3]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 29.78x, 25.04x, and 20.83x, respectively, indicating a favorable valuation trend as earnings grow [4][5].

Investment Rating - The report assigns a "Buy" rating for AVIC Shenyang Aircraft Corporation (600760) [10]. Core Views - The company is experiencing steady improvement in profitability, with ongoing cost reduction and efficiency enhancement efforts [3]. - The operational plan for the year is progressing smoothly, with significant completion rates for both revenue and net profit against annual targets [4]. - The company focuses on high-quality development in the aviation manufacturing sector, maintaining a stable revenue contribution from aviation products [5]. - As a key player in China's aviation industry, the company is advancing its defense equipment business and has made significant strides in developing next-generation aircraft [6]. - The company is a major supplier for the C919 aircraft project, positioning itself to benefit from the growing demand in the civil aviation market [9]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 21.625 billion yuan, a year-on-year decrease of 6.59%, while net profit attributable to shareholders was 1.618 billion yuan, an increase of 8.39% [3]. - The company's operating expenses ratio was 3.25%, an increase of 0.88 percentage points year-on-year, with R&D expenses rising significantly [3][9]. - The company completed 42.38% of its annual revenue target and 42.93% of its net profit target by the end of Q2 2024 [4]. R&D and Market Position - R&D expenses increased by 38.73% year-on-year, reflecting the company's commitment to enhancing core technologies and maintaining a competitive edge [9]. - The company has seen a steady increase in technical personnel, indicating a strong focus on talent development [9]. - The civil aviation market is projected to receive 9,284 aircraft over the next 20 years, with the company positioned to capture a significant share of this market [9]. Future Outlook - The company is expected to achieve net profits of 3.401 billion yuan, 4.010 billion yuan, and 4.751 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.23 yuan, 1.46 yuan, and 1.72 yuan [10].

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 03 日 中航沈飞 (600760) ——军民两端产品有序交付，2024H1 业绩符合市场预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 40.63 | | 一年内最高 / 最低（元） | 46.00/33.39 | | 市净率 | 7.1 | | 息率（分红/股价） | 0.98 | | 流通 A 股市值（百万元） | 111,519 | | 上证指数 / 深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.71 | | 资产负债率 % | 64.20 | | 总股本/流通 A 股（百万 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中航沈飞（600760.SH） [Table_Title] 批产型号毛利率创新高，按需扩产迎接景气上行 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 受合同签订进度影响公司 2024H1 收入同比下滑，但下游型号需求确定交付加速，待后续合同 | | | 签订全年收入目标预计稳步实现；盈利角度，沈飞随批产机型生产成熟度持续提升，毛利率在 | | | 2024Q2 创新高，受研发费用高额投入以及信用减值损失影响净利率同比提升幅度小于毛利率， 但整体仍维持高位；在军品"以销定产"背景下，公司在沈北新区新建厂区优化结构布局拓展 | | | 发展空间，同时吉航公司作为维修平台成长 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company experienced a short-term revenue decline due to delays in contract signings, but profit margins improved, with gross margin increasing by 2.1 percentage points to 12.53% and net margin rising by 1.11 percentage points to 7.47% in the first half of 2024 [1] - The demand for new and upgraded military aircraft in China's air force and navy is urgent, with the company positioned to benefit from the strong demand for its J-16 and J-35 fighter jets [1][2] - The company's R&D expenses grew by 38.73% year-on-year to 568 million yuan in the first half of 2024, indicating a commitment to technological advancement [1] Financial Performance - For the first half of 2024, the company reported revenue of 21.625 billion yuan, a decrease of 6.59% year-on-year, while net profit increased by 8.39% to 1.618 billion yuan [2] - The company's total liabilities decreased by 6.07% to 30.815 billion yuan, while cash and cash equivalents fell by 29.72% to 8.311 billion yuan [2] - The earnings per share (EPS) for 2024 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 30.3, 25.0, and 21.0 for 2024, 2025, and 2026 respectively [3]

利润稳定增长，全面强化提质增效 主要观点： ⚫[Table_Summary] 事件描述 8 月 28 日，公司发布 2024 年半年度报告。根据公告，2024 年上半年公 司营业收入为 216.25 亿元，同比下滑 6.59%；归母净利润为 16.18 亿元， 同比增长 8.39%。 ⚫ 公司持续推动重点任务建设 面对严峻的科研生产任务形势，公司聚焦当前形势任务和年度工作目标， 对正航空工业集团党组决策部署，协调推进九大重点任务，加快建设一 流企业。 上半年公司受合同签订进度影响，相关产品既定需求未如期签订合同， 营收有所下滑。费用方面，销售费用同比有所减少，主要是展览费减少 以及处置子公司所致；管理费用同比有所减少，主要是物料消耗减少所 致。 ⚫ 投资建议 预计公司 2024-2026 年归母净利润分别为 37.03 亿元、45.05 亿元、54.20 亿元，同比增速为 23.1%、21.7%、20.3%。对应 PE 分别为 30.68 倍、25.21 倍、20.96 倍。维持"买入"评级。 ⚫ 风险提示 下游需求低于预期，研发不及预期，产能释放不及预期。 [公司价格与沪深 Table_Chart] 300 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 21.625 billion yuan for the first half of 2024, a year-on-year decrease of 6.59%, while net profit increased by 8.39% to 1.618 billion yuan, indicating strong cost control capabilities despite declining revenue [1][2]. - The company's gross margin improved to 12.5%, up 2.1 percentage points year-on-year, reflecting its excellent cost management across the entire industry chain [1]. - The company plans to achieve a revenue target of 51.026 billion yuan and a net profit of 3.762 billion yuan for 2024, with current completion rates at 42.4% and 42.9% respectively [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.625 billion yuan, with a net profit of 1.618 billion yuan and a non-recurring net profit of 1.588 billion yuan, showing a year-on-year increase of 10.51% [1]. - The second quarter of 2024 saw a revenue of 12.132 billion yuan, a year-on-year decrease of 13.19% but a quarter-on-quarter increase of 27.79%, with a net profit of 900 million yuan, reflecting a year-on-year increase of 5.98% [2]. - The company expects to complete its annual revenue and profit targets successfully, with a potential for exceeding the net profit goal if the high gross margin from Q2 is maintained [2][3]. Financial Forecasts - The company is projected to achieve net profits of 3.752 billion yuan, 4.619 billion yuan, and 5.544 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.36 yuan, 1.68 yuan, and 2.01 yuan [3][7]. - The forecasted PE ratios for the next three years are 29.79, 24.20, and 20.16 respectively, indicating a favorable valuation trend [7][9].