公司报告 | 年报点评报告 中航沈飞（600760） 证券研究报告 2024年04月 01日 投资评级 公司 2023 年业绩再创新高，盈利能力持续提升 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 36.39元 事件：公司发布2023年年报。 目标价格 元 ⚫ 归母净利润同比+30.47%，净利率同比+0.95pct，盈利能力稳步提升 2023 年公司实现营收 462.48 亿元，同比+11.18%；归母净利润 30.07亿元，同比 基本数据 +30.47%；扣非后归母净利润29.10亿元，同比+32.78%，主要是销售产品增加所致。 公司销售毛利率10.95%，同比+1.00 pct；净利率6.51%，同比+0.95 pct，公司毛利 A股总股本(百万股) 2,755.70 率与净利率创近五年新高。 流通A股股本(百万股) 2,744.74 费用端：公司期间费用率为3.69%，同比+0.41 pct；销售/管理/研发/财务费用率分 A股总市值(百万元) 100,279.91 别为0.03%、2.17%、2.11%、-0.62%，同比分别变动-0.01 pct、+0.02 pct、+0 ...

证券研究报告 | 年报点评报告 2024年03月31日 中航沈飞（600760.SH） 2023 年实现归母净利润 30.07 亿元，同比增长 30.47% 事件：公司发布2023年年报。实现营收 462.48 亿元，同比+11.18%； 买入（维持） 归母净利润30.07亿元，同比+30.47%；扣非归母净利润29.1亿元，同 股票信息 比+32.78%。单季度看，2023Q4营收116.16亿元，同比+2.63%；归母 净利润 6.43 亿元，同比+13.87%；扣非归母净利润 6.12 亿元，同比 行业 航空装备 +23.97%。 前次评级 买入 3月29日收盘价(元) 36.39 1、利润表：2023年营收、归母净利润分别同比增长11.18%、30.47%。 总市值(百万元) 100,279.91 1）营收层面：2023 年公司实现营收 462.48 亿元，同比+11.18%， 总股本(百万股) 2,755.70 武器装备取得新突破。2023年公司全年批产试飞任务提前36天完成，均 其中自由流通股(%) 99.60 衡生产克服批产科研交叉并行考验，2023Q1-Q4 营收占比分别为 30日日均成交量( ...

证券研究报告·公司点评报告·航空装备Ⅱ 中航沈飞（600760） 2023 年年报点评：旗舰型上市平台，飞机制 2024 年 04月 01日 造龙头营收稳定增长 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 营业总收入（百万元） 41,598 46,248 52,788 60,660 70,328 执业证书：S0600523060002 xumu@dwzq.com.cn 同比 19.93% 11.18% 14.14% 14.91% 15.94% 研究助理 高正泰 归母净利润（百万元） 2,305 3,007 3,701 4,622 5,471 执业证书：S0600123060018 同比 34.55% 30.47% 23.07% 24.90% 18.35% gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 0.84 1.09 1.34 1.68 1.99 P/E（现价&最新摊薄） 43.51 33.35 2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 46.25 billion with a year-on-year growth of 11.2% and a net profit attributable to shareholders of 3.01 billion, reflecting a year-on-year increase of 30.5% [1]. - The company is expected to increase its related procurement amount by 27% in 2024, reaching 31.62 billion, driven by increased procurement volume and construction tasks [2]. - The company is recognized as a leading player in China's aviation equipment sector, with significant advancements in integrated research, manufacturing, and maintenance capabilities [2]. Financial Performance Summary - In 2023, the company reported a non-recurring net profit of 2.91 billion, up 32.8% year-on-year [1]. - The fourth quarter of 2023 saw a revenue of 11.62 billion, a year-on-year increase of 2.6%, and a net profit of 640 million, up 13.9% year-on-year [1]. - The gross margin for 2023 was 10.9%, an increase of 1.00 percentage points year-on-year, while the net margin was 6.5%, up 0.95 percentage points [1]. Cost Management and R&D Investment - The company improved its expense control, with a total expense ratio of 3.7%, an increase of 0.42 percentage points year-on-year [1]. - R&D expenses reached 980 million, a year-on-year increase of 31.9%, indicating a commitment to enhancing research and development capabilities [1]. Future Projections - The projected net profit for 2024 is 3.69 billion, with expected growth rates of 22.7% in 2025 and 21.9% in 2026 [3]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 27x, 22x, and 18x respectively [2][3].

Financial Performance - The company achieved a net profit attributable to shareholders of 3,007,151,011.69 CNY for the year 2023, with the parent company reporting a net profit of 1,366,029,900.69 CNY[4]. - The proposed cash dividend is 4.0 CNY per 10 shares, totaling 1,102,279,805.20 CNY, which accounts for 36.66% of the net profit attributable to shareholders for the year[4]. - The company's operating revenue for 2023 reached ¥46,247,778,579.66, an increase of 11.18% compared to ¥41,597,743,943.34 in 2022[18]. - Net profit attributable to shareholders for 2023 was ¥3,007,151,011.69, reflecting a growth of 30.47% from ¥2,304,874,486.41 in 2022[18]. - The net profit after deducting non-recurring gains and losses was ¥2,910,427,675.69, up 32.78% from ¥2,191,954,062.89 in the previous year[18]. - The company's total assets at the end of 2023 were ¥55,466,437,662.06, down 5.66% from ¥58,794,291,224.02 in 2022[18]. - Basic earnings per share for 2023 were ¥1.09, an increase of 29.76% compared to ¥0.84 in 2022[19]. - The weighted average return on equity for 2023 was 20.96%, an increase of 2.62 percentage points from 18.34% in 2022[19]. Cash Flow and Investments - The company's net cash flow from operating activities for 2023 was negative at -¥4,393,064,953.83, a significant decline from ¥2,677,649,020.52 in 2022, representing a decrease of 264.06%[18]. - The company reported a net cash outflow from investment activities of -¥2,184,046,125.53, compared to -¥1,288,599,598.63 in the previous year[35]. - Cash inflow from operating activities decreased by 1.73% to ¥29,945,321,746.46, while cash outflow increased by 23.54% to ¥34,338,386,700.29, resulting in a net cash flow from operating activities of -¥4,393,064,953.83[51]. - The company reported a beginning balance of CNY 18.04 billion in deposits, with total deposits during the period amounting to CNY 38.28 billion[166]. - The company’s total withdrawals from deposits during the period were CNY 41.40 billion, resulting in an ending balance of CNY 14.93 billion[166]. Research and Development - Research and development expenses increased by 31.85% to ¥975,639,528.43 from ¥739,974,710.09 in the previous year[33]. - The total R&D expenditure accounted for 2.11% of operating revenue[47]. - The number of R&D personnel reached 3,217, accounting for 19.74% of the total workforce[48]. - The company is investing 1 billion yuan in research and development for new technologies aimed at improving aircraft efficiency and safety[89]. Corporate Governance and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - There are no violations of decision-making procedures regarding external guarantees[6]. - The company’s financial report has been audited by Dahua Certified Public Accountants, receiving a standard unqualified opinion[3]. - The company completed 11 board meetings and reviewed 61 proposals during the reporting period, ensuring compliance with legal regulations[79]. - The company has established specialized committees, including the audit committee and compensation committee, to enhance governance[103]. Environmental and Social Responsibility - The company invested 57 million CNY in environmental protection during the reporting period, with 50.38 million CNY allocated to its wholly-owned subsidiary for ecological environment protection projects[129]. - The company has implemented measures to ensure the independence of its board and supervisory committee from controlling shareholders[82]. - The company is actively exploring green development and rural revitalization as part of its ESG initiatives[81]. - Shenfei Company reported a total of 2,688.69 tons of hazardous waste disposal, achieving a compliance rate of 100% for hazardous waste management[131]. - The company organized a series of energy-saving and environmental protection promotional activities, aligning with national campaigns such as "World Environment Day" and "National Low Carbon Day"[141]. Strategic Goals and Market Position - The company aims to achieve a two-step strategic goal to become a world-class aviation industry group by 2035 and a leading global aviation industry group by the middle of this century[73]. - The company is focused on dual development in military and civil aviation, enhancing core capabilities and achieving commercial success in the civil aviation sector[75]. - The company is expanding its market presence, targeting international markets with a goal to increase exports by 25% in the upcoming year[90]. - A strategic acquisition of a smaller aerospace firm is in progress, which is anticipated to enhance the company's technological capabilities and add 3 billion yuan in annual revenue[91]. Shareholder and Executive Compensation - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to RMB 10.862 million[94]. - The company has a structured compensation policy based on job level, performance, and allowances, aligning with national labor laws[112]. - The company granted 7,861,000 restricted stocks to 224 incentive objects under the second phase of the A-share restricted stock incentive plan, with the first authorization date on March 17, 2023[120]. - The total number of shares held by the company’s executives increased significantly, reflecting a strong incentive structure through stock grants and capital reserve conversions[85][86]. Risk Management - The company has detailed potential risks in its annual report, which investors should pay attention to[7]. - The company has a comprehensive risk management strategy addressing supply chain, quality control, technology innovation, and macro policy risks[76]. - The management's assessment of expected credit losses for accounts receivable is based on historical loss experience and forward-looking estimates, which are deemed reasonable[199].

目 录 | 关于本报告 | 01 | | --- | --- | | 数说 2023 | 03 | | 董事长致辞 | 05 | | 关于中航沈飞 | 07 | | ESG 管理 | 09 | | 年度专题 | | | 奋飞十年，不负重托贡献航空强国 | 13 | | 年度专题 | | | 感恩奋进，薪火相传弘扬罗阳精神 | 17 | | 关键绩效表 | 81 | | 指标索引 | 85 | | 注释索引 | 94 | | 01 | 稳健经营 | | 携手并进 02 | 03 | | --- | --- | --- | --- | --- | | | 助推高质量发展 | | | 履行社会责任 | | 党建引领，强根铸魂 | | 21 | 以人为本，团结奋斗 | 43 | | 治理规范，夯基固本 | | 23 | 链长牵总，合作共赢 | 55 | | 风控合规，稳中求进 | | 27 | 安全生产，护航发展 | 59 | | 创新驱动，自立自强 | | 29 | 回馈社会，传递温暖 | 65 | | 重器品质，精益求精 | | 34 | | | | 防范可靠，严守红线 | | 37 | | | | 廉洁奉公，恪 ...

中航沈飞股份有限公司 董事会审计委员会2023年度履职报告 | 序号 | 会议时间 | 审议内容 | | --- | --- | --- | | | | 1.《关于中航沈飞董事会审计委员会 2022 年度履职报告的议 案》 | | | | 2.《关于中航沈飞 2022 年度内部控制评价报告的议案》 | | | | 3.《关于中航沈飞 2022 年度计提减值准备的议案》 | | | | 4.《关于中航沈飞会计政策变更的议案》 | | | | 5.《关于中航沈飞2022年度日常关联交易实际发生情况及2023 | | 4 | 2023年4月14日 | 年度日常关联交易预计情况的议案》 | | | | 6.《关于中航沈飞 2022 年年度报告全文及摘要的议案》 | | | | 7.《关于中航沈飞续聘会计师事务所的议案》 | | | | 8.《关于中航沈飞向子公司提供委托贷款暨关联交易的议案》 | | | | 9.《关于中航沈飞及子公司 2023 年度申请综合授信额度的议 | | | | 案》 | | | | 10.《关于年审注册会计师 2022 年年度审计工作总结的议案》 | | 5 | 2023 年 4 月 24 ...

二、关于公司及其子公司 2024 年度申请综合授信额度事项 公司及其子公司 2024 年度拟向金融机构（含中航工业集团财务有限责任 公司）申请综合授信事项可能涉及与中航工业集团财务有限责任公司的关联交 中航沈飞股份有限公司 独立董事专门会议 2024 年第二次会议 中航沈飞股份有限公司董事会独立董事专门会议 2024 年第二次会议的审核意见 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》等 法律、法规和规范性文件及《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，作为中航沈飞股份有限公司（以下简称"公司"） 的独立董事，我们召开了公司董事会独立董事专门会议 2024 年第二次会议， 对拟提交公司第十届董事会第二次会议审议的相关议案发表如下审核意见： 一、关于对中航工业集团财务有限责任公司关联存贷款风险持续评估报 告 公司本次编制的风险持续评估报告充分反映了中航工业集团财务有限责 任公司的经营资质、业务及风险状况。我们认为中航工业集团财务有限责任公 司作为非银行金融机构，其业务范围、内容、流程及内部风险控制制度等都受 到中国银行保险监督管理委员会的严格监管。中航工业集团财务有 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-018 中航沈飞股份有限公司 关于召开2023年年度业绩说明会的公告 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： 投资者可于 2024 年 4 月 3 日（星期三）至 4 月 11 日（星期四）16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 sac600760@163.com 进行提问，公司将在业绩说明会上对投资者普遍关注的问题 进行回答。 中航沈飞股份有限公司（以下简称"公司"）已于 2024 年 3 月 30 日披露公 司 2023 年年度报告。为便于广大投资者更全面深入地了解公司 2023 年年度经营 成果、财务状况，公司计划于 2024 年 4 月 12 日（星期五）下午 15:00-16:00 举行 2023 年年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动的方式召开，公司将针对 2023 年年 度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-020 中航沈飞股份有限公司 关于召开 2023 年年度股东大会的通知 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 2023 年年度股东大会 召开的日期时间：2024 年 4 月 26 日 13 点 30 分 召开地点：辽宁省沈阳市皇姑区陵北街 1 号沈飞宾馆会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年4月26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 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关规定执行。 (七) 涉及公开征集股东投票权 不涉及 二、 会议审议事项 本次股东大会审议议案及投票股东类型 (二) 股东大会召集人：董事会 (三) 投票方式：本次 ...