股 从票研究 公司更新报告 证券研究报告 中航沈飞（600760） 军机龙头实现开门红，业绩持续增长，盈利稳步提升 一中航沈飞2024年一季报点评 彭磊(分析师) 杨天昊(分析师) 010-83939806 010-83939791 penglei018712@gtjas.com yangtianhao027639@gtjas.co 证书编号S0880518100003 S0880523080010 本报告导读： 公司一季报基本符合预期，业绩持续增长，盈利稳步提升。公司坚定主责主业，聚焦 优质运营，加速创新变革，持续推进高质量发展，业绩有望保持高增长。 投资要点： 维持目标价71.83元，维持增持。公司受益于练兵备战背景下战斗机 旺盛需求释放，叠加聚焦提质增效，盈利能力持续改善，业绩有望保 持高速增长。我们维持2024-26年EPS1.43/1.85/2.25元，给予公司24 年52.43倍PE，维持目标价71.83元，维持“增持”评级。 业绩基本符合预期，延续增长势头，盈利稳步提升。1）公司24Q1实 现营收94.9亿元（+3.5%），归母净利润7.2亿元（+11.6%），扣非归 母净利润7.2亿元（+12 ...

公司报告 | 季报点评 中航沈飞（600760） 证券研究报告 2024年05月 11日 投资评级 一季度业绩释放利好信号，研造修协同公司稳步前行 行业 国防军工/航空装备Ⅱ 6个月评级 买入（维持评级） 当前价格 40.06元 事件：公司披露2024年一季报业绩 目标价格 元 ⚫ 报表端多指标向好，研造修协同公司稳步前行 一季度公司实现营业收入94.93亿元，同比+3.47%；实现归母净利润7.16亿元，同 基本数据 比+11.58%；实现扣非归母净利润 7.18 亿元，同比+12.63%。我们认为，公司一季 度业绩持续增长，公司展现出稳健的发展态势，前景向好。 A股总股本(百万股) 2,755.70 资产负债端，期末应收票据及账款达 116.69 亿元，同比+172.96%；合同资产比上 流通A股股本(百万股) 2,744.74 年度末净增加44.57亿元。我们认为，指标大幅增长，表明一季度下游需求十分旺 A股总市值(百万元) 110,393.32 盛，公司产品订单充足并且交付节奏稳定，公司主营业务良性发展。利润端，期 流通A股市值(百万元) 109,954.16 末公司销售毛利率12.09%，同比+0. ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company is positioned for steady growth through a three-phase development strategy, with a focus on multi-product offerings and a robust pipeline of new products [2][10]. - The company is expected to benefit from both domestic demand and foreign trade opportunities, with significant market potential in military and civilian aviation sectors [2][10]. - The report highlights four key growth drivers: increasing domestic military aircraft demand, substantial foreign trade opportunities for the FC-31, a growing maintenance business, and a strong order backlog for the C919 aircraft [2][10]. Summary by Sections 1. Company Overview - The company is a core state-owned enterprise in China's defense aviation sector, focusing on a full-cycle integration of research, manufacturing, and maintenance [20][24]. - It has undergone significant restructuring since 2017, enhancing its capabilities and market position [20][24]. 2. Three-Phase Development Review - **Phase 1 (2017-2020)**: The company established a solid foundation post-restructuring, focusing on military aircraft manufacturing, with rapid revenue and profit growth [31][33]. - **Phase 2 (2021-2023)**: The company experienced stable growth driven by increased demand for naval and air force products, with a compound annual growth rate (CAGR) of 16.43% in revenue [39][41]. - **Phase 3 (2023-Present)**: The introduction of fourth-generation aircraft is expected to enhance operational capabilities, with the company entering a more integrated development phase [49][50]. 3. Key Growth Drivers - **Domestic Demand**: The development of China's aircraft carrier fleet is expected to drive demand for new naval aircraft, creating a market space worth hundreds of billions [2][10]. - **Foreign Trade**: The FC-31 is anticipated to open up a foreign trade market potentially worth tens of billions, especially with increasing international interest [2][10]. - **Maintenance Services**: The acquisition of a maintenance company is expected to bolster revenue from aircraft servicing as existing products reach their maintenance cycles [2][10]. - **C919 Aircraft Orders**: The company is positioned to benefit from a robust order backlog for the C919, with a projected market size of nearly $90 billion over the next 20 years [2][10]. 4. Future Outlook - The company is expected to see steady growth in profitability supported by production efficiency improvements and a favorable pricing mechanism in the military sector [2][10]. - The report projects net profits for 2024-2026 to be 38.2 billion, 50.1 billion, and 66.1 billion respectively, reflecting a strong growth trajectory [2][9].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中航沈飞（ ） 600760.SH [单Ta季b毛le_利T率itle创] 历史新高，积极备货迎接景气上行 报告要点 [公Ta司ble2_0S2u4mQ1m均ary衡]生产、均衡交付战略稳步推进，营收规模稳健增长，国企改革活力增强效率 提升成效显著，单季度毛利率水平创历史新高；2024Q1 下游需求旺盛，公司交付节奏持续加 速，同时积极向上游备货备产以保障及时生产交付，产能持续扩张以迎接下一轮大规模采购， 内部经营质量持续提升。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 9.49 billion yuan in Q1 2024, representing a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 720 million yuan, up 11.6% year-on-year [1]. - The company expects to achieve a revenue of 51.03 billion yuan in 2024, a year-on-year growth of 10.3%, and a net profit of 3.76 billion yuan, reflecting a 25% increase year-on-year [2]. - The company is focusing on enhancing its maintenance capabilities through strategic partnerships, which is expected to benefit from the growing demand in the defense equipment sector [2]. Summary by Sections Financial Performance - In Q1 2024, the gross margin was 12.1%, an increase of 0.77 percentage points year-on-year, and the net margin was 7.5%, up 0.58 percentage points year-on-year [1]. - The company reported a decrease in R&D expenses by 28.3% year-on-year to 110 million yuan [1]. - The net cash flow from operating activities was -7.27 billion yuan, significantly lower than -410 million yuan in the same period last year [1]. Future Projections - The company forecasts a net profit of 3.78 billion yuan for 2024, with subsequent projections of 4.65 billion yuan in 2025 and 5.67 billion yuan in 2026, indicating a growth rate of 25.8% and 22.9% respectively [3]. - The projected PE ratios for 2024, 2025, and 2026 are 28x, 23x, and 19x respectively [3]. Strategic Developments - The company is enhancing its lifecycle support system for aviation equipment, which is expected to accelerate growth in the maintenance market [2]. - A recent capital increase agreement with Ji Hang Company aims to strengthen the company's maintenance capabilities and extend its industry chain [2].

Financial Performance - The company's operating revenue for Q1 2024 was ¥9,493,083,937.56, representing a year-on-year increase of 3.47%[4] - The net profit attributable to shareholders for Q1 2024 was ¥716,118,940.49, reflecting an increase of 11.58% compared to the same period last year[4] - The basic earnings per share for Q1 2024 was ¥0.26, which is an increase of 13.04% year-on-year[4] - Total operating revenue for Q1 2024 reached ¥9,493,083,937.56, an increase of 3.5% compared to ¥9,175,131,296.33 in Q1 2023[17] - Net profit for Q1 2024 was ¥714,287,677.14, compared to ¥637,474,151.63 in Q1 2023, representing a growth of 12.1%[18] - The company reported a profit before tax of ¥834,624,472.91 for Q1 2024, compared to ¥734,075,244.74 in Q1 2023, marking an increase of 13.7%[18] - The company recorded a tax expense of ¥120,336,795.77 for Q1 2024, compared to ¥96,601,093.11 in Q1 2023, an increase of 24.5%[18] - The company's net profit for Q1 2024 was CNY 688,169.26, a significant increase from CNY 144,608.40 in Q1 2023, representing a growth of approximately 376.5%[25] Cash Flow - The net cash flow from operating activities for Q1 2024 was -¥7,274,639,590.94, indicating a significant cash outflow[4] - In Q1 2024, the company reported cash inflows from operating activities of CNY 1,435,331,078.27, a decrease of 71.7% compared to CNY 5,063,801,671.01 in Q1 2023[19] - The net cash outflow from operating activities was CNY -7,274,639,590.94, compared to CNY -412,500,107.30 in the same period last year, indicating a significant decline in operational cash flow[19] - The company recorded cash outflows for purchasing goods and services amounting to CNY 7,067,266,414.43, which is a 162.5% increase from CNY 2,696,521,750.78 in Q1 2023[19] - The net cash flow from investing activities was CNY -323,417,639.04, compared to CNY -53,342,846.87 in Q1 2023, reflecting increased investment expenditures[20] - Cash inflows from financing activities totaled CNY 100,000,000.00, a decrease from CNY 285,246,760.00 in the previous year[20] - The company reported a net cash decrease of CNY -7,510,524,503.08 in Q1 2024, compared to CNY -185,244,292.87 in Q1 2023, indicating a substantial cash outflow[20] Assets and Liabilities - The total assets as of the end of Q1 2024 were ¥49,330,259,242.84, a decrease of 11.06% from the end of the previous year[5] - The company's total current assets as of March 31, 2024, amount to ¥40,435,167,892.50, a decrease from ¥46,598,699,081.30 at the end of 2023[14] - The total assets of the company are ¥49,330,259,242.84, down from ¥55,466,437,662.06 at the end of 2023[15] - The total liabilities decreased to ¥32,299,465,903.16 in Q1 2024 from ¥39,208,830,722.93 in Q1 2023, a reduction of approximately 17.7%[16] - The total liabilities amounted to CNY 352,181,910.06, compared to CNY 351,740,255.86 in the previous year, indicating a slight increase in liabilities[22] - The company’s total liabilities and equity amounted to CNY 8,936,697,125.88 in Q1 2024, slightly higher than CNY 8,934,397,787.76 in the previous quarter[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 95,256[10] - The largest shareholder, China Aviation Industry Group Co., Ltd., holds 1,814,336,215 shares, representing 65.84% of total shares[10] Expenses - Total operating costs for Q1 2024 were ¥8,630,657,080.66, up from ¥8,444,698,741.39 in Q1 2023, reflecting a year-over-year increase of 2.2%[17] - Research and development expenses for Q1 2024 were ¥107,199,351.17, down from ¥149,566,553.53 in Q1 2023, a decrease of 28.4%[17] - The company incurred management expenses of CNY 286,337.86 in Q1 2024, compared to CNY 174,339.62 in Q1 2023, reflecting an increase of approximately 64.3%[24] - The financial expenses for Q1 2024 were reported at CNY -3,935,754.62, a significant increase from CNY -60,986.34 in Q1 2023[24] Inventory and Receivables - The accounts receivable increased by 42.98%, totaling an increase of ¥306,191.39 million, mainly due to increased product sales[8] - Accounts receivable increased to ¥10,185,631,883.55 from ¥7,123,717,947.44[14] - Inventory decreased to ¥7,054,648,708.84 from ¥11,649,717,014.20[14]

证券代码：600760 证券简称：中航沈飞 公告编号：2024-024 中航沈飞股份有限公司 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 108 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,945,015,878 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.5815 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由纪瑞东董事长主持，会议以现场投票与网络投票相结合的方 式进行表决，会议的召开程序及表决方式符合《公司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 4 月 26 日 (二) 股东大会召开的地点：辽宁省沈阳市皇姑区陵北街 1 号沈飞宾馆会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 二、 议案审议情况 2 ...

北京市嘉源律师事务所 关于中航沈飞股份有限公司 2023 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 中航沈飞股份有限公司 2023 年年度股东大会 嘉源 · 法律意见书 嘉源律师事务所 JIA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 中航沈飞股份有限公司 2023 年年度股东大会 致:中航沈飞股份有限公司 北京市嘉源律师事务所 关于中航沈飞股份有限公司 2023 年年度股东大会的 法律意见书 嘉源(2024)- 04-283 北京市嘉源律师事务所(以下简称"本所")受中航沈飞股份有限公司(以 下简称"公司")委托,根据《中华人民共和国公司法》(以下简称"《公司 法》")《上市公司股东大会规则》(以下简称"《股东大会规则》")等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及 《中航沈飞股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派律师对公司 2023年年度股东大会(以下简称"本次股东 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-023 中航沈飞股份有限公司 关于控股子公司以公开挂牌方式增资扩股进展暨关联 交易的公告 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。 重要内容提示： 中航沈飞股份有限公司（以下简称"中航沈飞"或"公司"）控股子公 司吉林航空维修有限责任公司（以下简称"吉航公司"）在北京产权交易所以公 开挂牌方式增资扩股，引入北京中航一期航空工业产业投资基金（有限合伙）(以 下简称"航空工业产业基金")、国家产业投资基金两家投资方。吉航公司于 2024 年 4 月 23 日与原股东中航沈飞、沈阳沈飞企业管理有限公司（以下简称"沈飞 企管"）及新引入的投资方航空工业产业基金、国家产业投资基金签署了《增资 协议》。本次增资扩股完成后，公司仍为吉航公司持股 51%以上的控股股东，不 会改变公司合并报表范围，吉航公司仍属于公司合并报表范围内控股子公司。 吉航公司原股东沈飞企管以及新引入的投资人航空工业产业基金为公司 的关联方，本次增资扩股构成关联交易。根据《上海证券交易所股票上市规则》 ...

[Table_Page] 公告点评|航空装备Ⅱ 证券研究报告 [中Table_航Title] 沈飞（600760.SH） [公Tab司le_I评nves级t] 增持 当前价格 38.27元 24 年预算延续盈利能力提升态势，历史预算完成度高 合理价值 56.00元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-23 ⚫ 事件：公司公告 2023 年度股东大会会议资料，会议资料中公告了 24 相[Ta对ble市_Pi场cQu表ote现] 年度公司财务预算报告议案，预计24年实现营业收入510.26亿元（较 去年实际增长 10.33%，较去年预算增长 10.71%），净利润 37.62 亿 15% 元（较去年实际增长25.00%，较去年预算增长28.84%）。 8% ⚫ 点评：24年预算延续盈利能力提升态势，历史预算完成度较高。预计 1% 04/23 06/23 08/23 10/23 12/23 02/24 24 年实现营收 510.26 亿元（YoY+10.33%），主要因销量增加；营业 -6% 成本446.18亿元（YoY+8.34%），净利润 37.62亿元 ...