金融界4月14日消息，上证指数高开高走，上证优势制造产业指数 (优势制造，000146)上涨0.42%，报 6030.74点，成交额268.9亿元。 从指数持仓来看，上证优势制造产业指数十大权重分别为：三一重工（6.29%）、国电南瑞 （5.27%）、隆基绿能（4.74%）、中国中车（4.67%）、中国船舶（4.59%）、江淮汽车（4.42%）、特 变电工（4.26%）、中航沈飞（3.61%）、中国重工（3.54%）、通威股份（3.44%）。 从上证优势制造产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证优势制造产业指数持仓样本的行业来看，发电设备占比27.29%、交通运输设备占比24.13%、航 空航天占比15.17%、电网设备占比13.88%、通用机械占比9.96%、专用机械占比8.26%、储能设备占比 1.32%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 42.84 billion yuan in 2024, a year-on-year decrease of 7.37%, while the net profit attributable to shareholders was 3.39 billion yuan, an increase of 12.86% year-on-year [7] - The fourth quarter of 2024 saw a significant revenue increase of 50.99% year-on-year and 377.55% quarter-on-quarter, with net profit rising by 145.19% year-on-year and 690.59% quarter-on-quarter, indicating a strong recovery [7] - The report highlights that the decline in annual revenue was primarily due to external factors affecting contract signing and supply progress, while the fourth quarter's performance improved due to better operational conditions and product deliveries [10] Financial Data and Profit Forecast - The company’s total revenue is projected to recover to 46.22 billion yuan in 2025, with a growth rate of 7.9% [9] - The net profit for 2025 is estimated at 3.73 billion yuan, reflecting a year-on-year growth of 9.9% [9] - The gross margin for 2024 was reported at 12.47%, an increase of 1.52 percentage points year-on-year, while the net margin improved to 7.97%, up by 1.46 percentage points [10] - The report anticipates continued improvement in profitability due to cost management and operational efficiency [10] Market Position and Future Outlook - The company is positioned as a rare public entity in the fighter jet sector, with significant demand for new military aircraft amid ongoing modernization efforts [10] - The implementation of stock incentives is expected to align the interests of key personnel with company performance, potentially driving future growth [10] - The report adjusts profit forecasts for 2025 and 2026 downwards due to slower contract signing and supply chain issues, but introduces a new forecast for 2027, projecting a net profit of 5.26 billion yuan [10]

Summary of AVIC Shenyang Aircraft Corporation Conference Call Company Overview - AVIC Shenyang Aircraft Corporation (中航沈飞) has successfully completed its annual production test flight tasks ten days ahead of schedule, showcasing models like the J-35A at the Zhuhai Airshow, and has exceeded its annual goals in manufacturing and digital transformation [2][3][4] Key Points Industry and Company Performance - The company has maintained an A-level performance in group operational assessments for six consecutive years and has been recognized for its outstanding party-building work [2][3] - AVIC Shenyang has been approved as a national benchmark for intelligent manufacturing and has advanced to the first batch of excellent-level smart factories [2][3] - The company achieved a market value of 168.2 billion, marking a historical high and ranking it among the top in the military industry [2][5] Value Management - As a constituent of the SSE 180 and CSI 300 indices, AVIC Shenyang places a high emphasis on market value management, launching a quality improvement and return action plan [2][5] - The total cash dividends and the cash dividend ratio reached historical highs, enhancing investor satisfaction [2][5] ESG Initiatives - The company has made significant strides in enhancing its ESG (Environmental, Social, and Governance) rating and framework, establishing a dedicated Strategic and ESG Committee [2][6] - The first ESG report received a double A rating from Wind, and the company was awarded for its sustainable development practices [2][6] Low-altitude Economy Strategy - AVIC Shenyang is seizing opportunities in the low-altitude economy, focusing on the development of civil drones and the transformation of general aviation technology [2][4][7] Civil Aviation Development - The company is actively involved in the development of domestic civil aircraft and has integrated into the global aviation supply chain, with components used in projects like the C919 and Airbus A220 [2][4][8] - AVIC Shenyang aims to support the national strategy for large aircraft by enhancing its competitiveness in the civil aviation sector while maintaining its focus on military products [2][8] Additional Insights - The company is committed to promoting green development and rural revitalization strategies, contributing to social harmony [2][3] - AVIC Shenyang's strategic initiatives align with national policies, ensuring its role as a key player in the aerospace industry and contributing to China's modernization efforts [2][8]

Group 1: Military and Aerospace Industry Overview - The military informationization is a core support for modern military power development, aiming to enhance combat efficiency and battlefield awareness through information technology [3] - The "14th Five-Year Plan" emphasizes the development of intelligent and informationized weapon systems, with military equipment demand expected to exceed 250 billion yuan by 2025 [3] - The commercial aerospace sector is recognized as a key component of national strategic emerging industries, with a focus on promoting its healthy development as part of building a strong aerospace nation [4] Group 2: Key Players and Market Dynamics - China Shipbuilding Group, formed by the merger of CSIC and CSSC, is the largest shipbuilding group globally, benefiting from the growing demand in the marine economy [2] - Major suppliers in the military informationization sector include Rockwell Collins, Lockheed Martin, and Northrop Grumman globally, while domestic players include China Electronics Technology Group and Aviation Industry Corporation of China [3] - The A-share aerospace and military sector saw significant growth, with a 7.2% increase in national defense budget reaching 1.66 trillion yuan in 2025, marking a golden period for the industry [9] Group 3: Technological Innovations and Trends - The commercial aerospace industry is integrating satellite communication, navigation, and remote sensing technologies into various sectors, driving the rapid development of emerging industries like low-altitude economy and tourism [4] - Companies like SpaceX are leading technological innovations in the global commercial aerospace wave, while Chinese aerospace firms are exploring new development models [4] - The shift from traditional single-satellite development to batch production and low-cost manufacturing in satellite production is crucial for enhancing market competitiveness [4] Group 4: Investment Opportunities - Companies such as AVIC Shenyang Aircraft Corporation and Aerospace Technology are expected to benefit from the concentration of military equipment orders and international trade in high-end equipment [9] - Focus on companies with leading advantages in technology breakthroughs and industrial revolutions, such as AVIC High-Tech in carbon fiber and Guangqi Technology in metamaterials [10] - The integration of military and civilian technologies is creating a dynamic balance between national security and economic development, with significant implications for investment strategies [5][8]

Market Overview - The Shanghai Composite Index rose by 1.31% on April 9, with 29 out of 31 sectors experiencing gains, led by the defense and military industry, which increased by 6.27% [1] - The banking and oil & petrochemical sectors were the only ones to decline, with decreases of 0.94% and 0.07% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 7.427 billion yuan, with 16 sectors seeing net inflows [1] - The computer sector had the highest net inflow, amounting to 3.645 billion yuan, followed by the defense and military sector with a net inflow of 3.372 billion yuan [1] Defense and Military Sector Performance - The defense and military sector saw a significant increase of 6.27%, with all 139 stocks in the sector rising, including 20 stocks hitting the daily limit [2] - A total of 104 stocks in this sector experienced net capital inflows, with 10 stocks receiving over 100 million yuan in net inflows [2] - The top three stocks by net inflow were: - China North Industries Group (中兵红箭) with 219 million yuan - AVIC Shenyang Aircraft Corporation (中航沈飞) with 165 million yuan - China Shipbuilding Industry Corporation (中船防务) with 139 million yuan [2] Defense and Military Sector Capital Outflow - The defense and military sector also had stocks with significant capital outflows, with six stocks experiencing outflows exceeding 10 million yuan [4] - The top three stocks by net outflow were: - China Shipbuilding Industry Corporation (中国船舶) with -58.4 million yuan - AVIC Heavy Machinery (中航重机) with -16.1 million yuan - Guangwei Composites (光威复材) with -15.7 million yuan [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [27]. Core Views - The company, AVIC Shenyang Aircraft Corporation (600760), reported a total revenue of 42.837 billion yuan in 2024, a year-on-year decrease of 7.37%, while the net profit attributable to shareholders increased by 12.86% to 3.394 billion yuan [3][4]. - The fourth quarter saw a significant recovery in orders, leading to a substantial increase in performance, with a quarterly revenue of 17.54 billion yuan, up 51% year-on-year, and a net profit of 1.58 billion yuan, up 145% [4]. - The company is positioned as a key player in China's aviation industry, with ongoing demand for main models and new products gaining attention, suggesting strong growth potential [11]. Financial Performance Summary - In 2024, the company achieved a gross margin of 12.47%, an increase of 1.52 percentage points year-on-year, and a net profit margin of 7.97%, up 1.46 percentage points [7]. - The company’s operating cash flow was negative at -3.742 billion yuan, an improvement from -4.393 billion yuan in the previous year [3][12]. - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares to all shareholders [3]. Business Segment Performance - The main subsidiary, Shenyang Aircraft Company, generated revenue of 41.34 billion yuan, down 8.8% year-on-year, while net profit increased by 12.7% to 3.34 billion yuan [5]. - Jihang Company reported a revenue of 1.52 billion yuan, a significant increase of 56.8%, with net profit soaring by 253% to 30 million yuan [5]. Future Outlook and Valuation - Revenue projections for 2025 to 2027 are estimated at 50.965 billion yuan, 58.610 billion yuan, and 65.654 billion yuan, respectively, with corresponding net profits of 4.063 billion yuan, 4.788 billion yuan, and 5.503 billion yuan [12][13]. - The company is expected to maintain a low valuation level historically, with a PE ratio projected to decrease from 28.49X in 2025 to 21.03X in 2027 [12].

其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 经营质量逐步提升，新型号产品开启公司 新成长 ——中航沈飞(600760)2024 年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-08) | 收盘价(元) | 42.00 | | --- | --- | | 一年内最高/最低(元) | 61.07/34.36 | | 沪深 300 指数 | 3,650.76 | | 市净率(倍) | 6.78 | | 流通市值(亿元) | 1,152.79 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.20 | | 每股经营现金流(元) | -1.36 | | 毛利率(%) | 12.47 | | 净资产收益率_摊薄(%) | 19.88 | 投资要点： 中航沈飞（600760）4 月 1 日披露 2024 年年度报告。2024 年，公司实现 营业总收入 428.37 亿元，同比下降 7.37%；归母净利润 33.94 亿元，同 比增长 12.86%；扣非净利润 33.73 亿元，同比增长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 42.837 billion yuan in 2024, a year-on-year decrease of 7.4%, while the net profit attributable to the parent company was 3.394 billion yuan, an increase of 12.9% [5] - External factors such as contract signing progress and supply chain issues impacted revenue, but the company managed to improve operational efficiency through internal measures [6] - The year 2025 is seen as a critical year for the company to accelerate reforms and structural upgrades, focusing on both military and civil aviation sectors [6] Financial Summary - Revenue projections for 2025-2027 are 47.107 billion yuan, 54.151 billion yuan, and 62.789 billion yuan, with year-on-year growth rates of 10.0%, 15.0%, and 16.0% respectively [7] - Net profit forecasts for the same period are 3.743 billion yuan, 4.323 billion yuan, and 5.051 billion yuan, with growth rates of 10.3%, 15.5%, and 16.8% respectively [7] - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 30.92, 26.77, and 22.91 respectively [7] - Key financial metrics include a gross margin of 12.5% in 2024, expected to rise to 12.8% by 2027, and a return on equity (ROE) of 19.9% in 2024, projected to decrease slightly to 18.7% by 2027 [9]

中航沈飞（ [Table_StockNameRptType] 600760） 公司点评 外部因素影响营收，科研生产经营质效提升 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-09 | | [Table_BaseData] 收盘价（元） | 42.00 | | 近 12 个月最高/最低（元） | 61.85/34.27 | | 总股本（百万股） | 2,756 | | 流通股本（百万股） | 2,745 | | 流通股比例（%） | 99.60 | [公司价格与沪深 Table_Chart] 300 走势比较 -21% 6% 33% 59% 86% 4/24 7/24 10/24 1/25 中航沈飞 沪深300 [Table_Author] 分析师：邓承佯 4 月 1 日，公司发布 2024 年年度报告。根据公告，2024 年实现营业收入 428.37 亿元，同比下降 7.4%，归母净利润 33.94 亿元，同比增长 12.9%。 ⚫ 外部因素影响营收 公司年报显示，受合同签订进度、配套供应进度等外部因素影响，公司 营业收入受到了影 ...

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。 公司坚定推进深化改革，致力于全面完成改革深化提升行动任务，支撑实现一流企业阶段建设目标；完 成大型结构件能力提升任务，推进复材、钛合金产业化发展；推动战新产业落地实施，聚焦高商载无人 货运、功能结构件设计制造一体化能力生成研究落实途径；着力提升所属公司治理能力，明晰外派董事 行权规范。 中航沈飞股份有限公司（以下简称"公司"）是集科研、生产、试验、试飞、维修与服务保障为一体的大 型现代化飞机制造企业，是中国航空防务装备的主要研制基地。公司作为新中国航空工业发祥地之一， 始终践行航空报国初心、担当航空强国使命，坚持"强军首责、科技引领、深化改革、融合发展"高质量 发展原则，致力于建设国际领先的创新引领型高科技航空装备企业，推动上市公司高质量发展和投资价 值提升，增强投资者回报与投资者获得感。基于对公司未来发展前景的信心和对公司价值的高度认可， 公司现将有关情况公告如下： 一、因地制宜发展新质生产力 公司始终坚持强化企业科技创新主体地位，加速打造航空科技国家战略力量。在体系建设方面， ...