其他军工Ⅲ 中航沈飞（600760.SH） 买入-A(维持) 盈利能力持续提升，持续受益下游高景气度 2024年4月2日 公司研究/公司快报 公司近一年市场表现 事件描述  中航沈飞公司发布2023年报。2023年公司营业收入为462.48亿元，同 比增长11.18%；归母净利润为30.07亿元，同比上升30.47%；扣非后归母 净利润为29.10亿元，同比上升32.78%；负债合计392.09亿元，同比减少 12.83%；货币资金155.72亿元，同比减少30.78%；应收账款71.24亿元， 同比增长105.06%；存货116.50亿元，同比减少4.29%。 事件点评  盈利能力持续提升，加强跨代技术自主研发。2023年公司毛利率同比提 市场数据：2024年4月1日 升1.0个百分点达到10.95%，净利率同比提升0.95个百分点达到6.51%，盈 收盘价（元）： 36.35 利能力持续提升。公司加强跨代技术自主研发，2023年研发费用同比增长 年内最高/最低（元）： 61.65/33.39 31.85%，达到9.76亿元。 流通A股/总股本（亿）： 27.45/27.56  持续受益于我国空军和海 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 46.248 billion yuan in 2023, a year-on-year increase of 11.18%, and a net profit attributable to the parent company of 3.007 billion yuan, up 30.47% year-on-year [2] - The company has effectively implemented production management innovations based on digitalization, leading to a comprehensive gross margin of 10.95% and a net profit margin of 6.50% in 2023 [2] - The company plans to raise up to 4.2 billion yuan through a private placement to enhance production capacity and support long-term development [2] Financial Performance Summary - Revenue (million yuan): 2022: 41,598, 2023: 46,248, 2024E: 53,158, 2025E: 63,746, 2026E: 73,278 [4] - Net Profit (million yuan): 2022: 2,305, 2023: 3,007, 2024E: 3,654, 2025E: 4,475, 2026E: 5,154 [4] - EPS (yuan): 2022: 0.84, 2023: 1.09, 2024E: 1.33, 2025E: 1.62, 2026E: 1.87 [4] - ROE (diluted): 2022: 17.95%, 2023: 19.92%, 2024E: 20.71%, 2025E: 21.53%, 2026E: 21.21% [4] Valuation Metrics - The current stock price corresponds to a PE ratio of approximately 27x for 2024, 22x for 2025, and 19x for 2026 [3] - The company is expected to benefit from the demand for military aircraft upgrades and carrier-based aircraft development under the national defense security context [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Views - The company reported a revenue of 46.248 billion yuan in 2023, representing a year-on-year growth of 11.18%. The net profit attributable to shareholders was 3.007 billion yuan, up 30.47% year-on-year [5][6]. - The company has achieved record-high profitability with a gross margin of 10.95% in 2023, an increase of 1.00 percentage points year-on-year. The net profit margin reached 6.51%, up 0.95 percentage points [6]. - The company is focusing on vertical integration within its supply chain, enhancing its position in the aviation maintenance and parts manufacturing sectors [6][7]. - The company plans to raise up to 4.2 billion yuan for capacity building in new materials and titanium alloy production, which is expected to enhance its operational capabilities [6][7]. Financial Summary - The total share capital is 2,756 million shares, with a market price of 36.39 yuan, leading to a market capitalization of 100.280 billion yuan [3]. - Revenue projections for 2024 and 2025 are 52.681 billion yuan and 60.558 billion yuan, respectively, with net profits expected to be 3.708 billion yuan and 4.520 billion yuan [5][7]. - The company’s earnings per share (EPS) are projected to be 1.35 yuan for 2024 and 1.64 yuan for 2025, with corresponding price-to-earnings (P/E) ratios of 27X and 22X [7][9].

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 | | | 参与单位 | 资者网上提问 | 国泰君安证券、浙商证券、东方证券、国盛证券、广发证券等及投 | | 时间 | 2024 年 1 月-3 月 | | | 方式 | 现场交流、网络提问 | | | | | 董事、总会计师、董事会秘书 李 建 | | 上市公司接待 | 证券事务代表 耿春明 | | | 人员姓名 | 董办主任 侯晓飞 | | | 投资者关系 | | 问题一：维修产业的发展前景如何？能否为公司带来利润 | | 活动主要问题 | 空间？ | | ...

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 ...