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 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-050 中航沈飞股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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 2024 年第四次临时股东大会 召开的日期时间：2024 年 11 月 28 日 13 点 30 分 召开地点：辽宁省沈阳市皇姑区陵北街 1 号公司办公楼会议室 股东大会召开日期：2024年11月28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 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 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。 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 28 日 至 2024 年 11 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 ...

Financial Performance - Operating revenue for Q3 2024 was CNY 3,672,836,665.21, a decrease of 68.01% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2024 was CNY 199,382,488.87, down 77.11% year-on-year[4] - Basic earnings per share for Q3 2024 was CNY 0.07, a decrease of 77.92% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 was CNY 25.30 billion, a decrease of 26.9% compared to CNY 34.63 billion in the same period of 2023[16] - The company's net profit for the first three quarters of 2024 was CNY 1.35 billion, slightly down from CNY 1.37 billion in the same period of 2023, representing a decrease of about 1.1%[27] - The net profit for the third quarter of 2024 was CNY 1,807,146,895.15, a decrease of 22.5% compared to CNY 2,337,307,266.98 in the same period last year[17] - The total profit for the third quarter was CNY 2,060,315,019.87, down from CNY 2,703,324,260.08, reflecting a decline of 23.8% year-over-year[17] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 53,190,087,915.74, a decrease of 4.10% from the end of the previous year[4] - The company's total assets decreased to CNY 53.19 billion as of the end of Q3 2024, down from CNY 55.47 billion at the end of Q3 2023, representing a decline of 4.1%[15] - Total liabilities decreased to CNY 35.77 billion in Q3 2024, down 8.3% from CNY 39.21 billion in Q3 2023[15] - The total current assets decreased from CNY 46,598,699,081.30 to CNY 43,593,618,104.56, indicating a decline in overall asset liquidity[13] Cash Flow - Cash flow from operating activities was not applicable, with a net cash flow of CNY -5,888,489,908.31 year-to-date[4] - Cash inflow from operating activities totaled CNY 17,357,661,798.29, compared to CNY 11,088,352,218.74 in the same period last year, marking a significant increase[22] - Cash outflow from operating activities was CNY 23,246,151,706.60, slightly down from CNY 23,518,566,947.18 year-over-year[22] - The company reported cash and cash equivalents at the end of the period amounting to CNY 8,940,600,701.94, down from CNY 9,278,227,119.37 at the end of the previous year[22] - The company recorded a total of CNY 1,502,738,458.33 in cash inflows from investment activities, compared to CNY 653,058,125.82 in the previous year, indicating a substantial increase[22] Shareholder Information - As of September 30, 2024, the total number of ordinary shareholders was 77,627, with the largest shareholder, China Aviation Industry Group, holding 1,814,336,215 shares, representing 65.84% of the total[10] - The top ten shareholders include several state-owned entities, with China Aviation Industry Group being the most significant, holding over 65% of shares[10] Operational Insights - The decrease in operating revenue was primarily due to the impact of contract signing progress, with a reduction of CNY 780,849.59 million[7] - The company reported a significant increase in accounts receivable by 117.79%, amounting to CNY 839,123.60 million, attributed to uncollected goods payments[7] - The company has not reported any significant changes in its operational strategies or market expansion plans during the reporting period[12] - There were no new product launches or technological advancements mentioned in the conference call, indicating a focus on existing operations[12] Expenses and Investments - Total operating costs for the first three quarters of 2024 were CNY 23.19 billion, down 27.1% from CNY 31.86 billion in the same period of 2023[16] - Research and development expenses increased to CNY 595.20 million in the first three quarters of 2024, compared to CNY 544.29 million in the same period of 2023, reflecting a growth of 9.3%[16] - The company reported a decrease in financial expenses from CNY 20.82 million in 2023 to CNY 10.74 million in 2024, a reduction of about 48.5%[26] Other Financial Metrics - The company's fixed assets increased to CNY 5.04 billion, up from CNY 4.54 billion, reflecting a growth of 11.0%[14] - Deferred income tax assets rose to CNY 382.12 million, an increase of 5.5% from CNY 362.06 million in the previous year[14] - The company's retained earnings rose to CNY 1.35 billion as of September 30, 2024, compared to CNY 1.24 billion at the end of 2023, an increase of approximately 9%[25] - The company’s other comprehensive income showed a loss of CNY 11.18 million in 2024, compared to a loss of CNY 9.08 million in 2023, indicating a worsening of approximately 23.2%[25] Accounting and Standards - The company did not apply new accounting standards for the first time in 2024[31]

北京市嘉源律师事务所 关于中航沈飞股份有限公司 2024 年第三次临时股东大会的 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 2024年第三次临时股东大会 嘉源 · 法律意见书 嘉源律师事务所 IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 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 2024年第三次临时股东大会的 法律意见书 嘉源(2024)- 04-788 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 2024 年第三次临时股东大会(以下简称"本次股东大会")进行见证,并依法出具本法 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-052 中航沈飞股份有限公司 关于召开2024年三季度业绩说明会的公告 中航沈飞股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日披露公 司 2024 年第三季度报告。为便于广大投资者更全面深入地了解公司 2024 年前三 季度经营成果、财务状况，公司计划于 2024 年 11 月 6 日（星期三）下午 16:00-17:00 举行 2024 年三季度业绩说明会，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网络互动的方式召开，公司将针对 2024 年前三季度的 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，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 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 10 月 30 日（星期三）至 11 月 5 日（星期二）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.c ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-049 中航沈飞股份有限公司 关于变更会计师事务所的公告 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： 首席合伙人：谢泽敏 拟聘任的会计师事务所名称：大信会计师事务所（特殊普通合伙）（以 下简称"大信事务所"） 原聘任的会计师事务所名称：大华会计师事务所（特殊普通合伙）（以 下简称"大华事务所"） 变更会计师事务所的简要原因及前任会计师的异议情况：根据财政部、 国务院国资委、中国证监会关于会计师事务所选聘的有关规定，综合考虑业务发 展情况和对审计服务的需求，中航沈飞股份有限公司（以下简称"公司"）拟聘 任大信事务所为公司 2024 年度财务报表和内部控制审计机构。公司已就变更会 计师事务所事宜与前后任会计师事务所进行了充分沟通，各方均已明确知悉该事 项并确认无异议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 机构名称：大信会计师事务所（特殊普通合伙） 成立日期：1985 年，2012 年 3 月转制为特殊普通合伙制事务所 组 ...

证券代码：600760 证券简称：中航沈飞 公告编号：2024-046 中航沈飞股份有限公司 第十届董事会第九次会议决议公告 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。 一、董事会会议召开情况 中航沈飞股份有限公司（以下简称"公司"）第十届董事会第九次会议（以 下简称"本次会议"）于 2024 年 10 月 21 日以电子邮件方式发出会议通知，并 于 2024 年 10 月 30 日在沈飞宾馆会议室以现场投票表决的方式召开。 本次会议应出席董事 11 名，实际出席董事 10 名，刘志敏董事因公务授权委 托陈顺洪董事出席会议并行使表决权。公司董事长纪瑞东主持本次会议，公司监 事和部分高级管理人员列席了会议。本次会议召开符合有关法律、行政法规、规 范性文件和《公司章程》的规定。 表决情况：同意 11 票，反对 0 票，弃权 0 票。 本议案已经公司审计委员会审议通过。 （二）审议通过《关于中航沈飞 2024 年前三季度利润分配方案的议案》 《中航沈飞股份有限公司关于 2024 年前三季度利润分配方案的公告》（编 号：2024- ...