关于董事辞职的公告 证券代码：600760 证券简称：中航沈飞 公告编号：2024-040 中航沈飞股份有限公司 2024 年 9 月 10 日 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。 1 特此公告。 中航沈飞股份有限公司董事会 中航沈飞股份有限公司（以下简称"公司"）董事会近日收到张虹秋先生的 书面辞职报告。张虹秋先生因工作原因申请辞去公司董事及董事会战略委员会委 员职务。张虹秋先生的辞职不会导致公司董事会人数低于法定人数，不影响公司 董事会的正常运作。根据《中华人民共和国公司法》及《公司章程》的规定，张 虹秋先生的辞职报告自送达董事会之日起生效。 张虹秋先生在任职期间恪尽职守、勤勉尽责，公司董事会对张虹秋先生为公 司发展所做出的贡献表示衷心感谢！ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Views - The company reported a revenue of 21.625 billion yuan for H1 2024, a decrease of 6.59% year-on-year, primarily due to delays in contract signing. However, the net profit attributable to shareholders increased by 8.39% year-on-year to 1.618 billion yuan [1][2]. - The company is expected to benefit from the increasing demand for national defense equipment and its leading position in the aviation sector, which should support long-term performance growth [3][4]. Financial Performance Summary - For H1 2024, the company's gross margin was 12.53%, up by 2.1 percentage points year-on-year, and the net profit margin was 7.47%, an increase of 1.11 percentage points year-on-year [2]. - The company’s cash and cash equivalents stood at 8.311 billion yuan, a decrease of 46.63% from the end of the previous year, while accounts receivable increased by 97.88% to 14.097 billion yuan [2]. - The company’s revenue projections for 2024-2026 are 55.96 billion yuan, 64.91 billion yuan, and 75.30 billion yuan, respectively, with net profits expected to be 3.775 billion yuan, 4.491 billion yuan, and 5.397 billion yuan [3][4]. Strategic Initiatives - The company has launched a "Quality Improvement and Efficiency Enhancement" action plan aimed at accelerating technological innovation and enhancing production capabilities [3]. - The focus will be on developing a collaborative growth model for military and civilian aircraft, leveraging its position as a key player in the national defense sector [3]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 29.78x, 25.04x, and 20.83x, respectively, indicating a favorable valuation trend as earnings grow [4][5].

Investment Rating - The report assigns a "Buy" rating for AVIC Shenyang Aircraft Corporation (600760) [10]. Core Views - The company is experiencing steady improvement in profitability, with ongoing cost reduction and efficiency enhancement efforts [3]. - The operational plan for the year is progressing smoothly, with significant completion rates for both revenue and net profit against annual targets [4]. - The company focuses on high-quality development in the aviation manufacturing sector, maintaining a stable revenue contribution from aviation products [5]. - As a key player in China's aviation industry, the company is advancing its defense equipment business and has made significant strides in developing next-generation aircraft [6]. - The company is a major supplier for the C919 aircraft project, positioning itself to benefit from the growing demand in the civil aviation market [9]. Financial Performance - In the first half of 2024, the company achieved operating revenue of 21.625 billion yuan, a year-on-year decrease of 6.59%, while net profit attributable to shareholders was 1.618 billion yuan, an increase of 8.39% [3]. - The company's operating expenses ratio was 3.25%, an increase of 0.88 percentage points year-on-year, with R&D expenses rising significantly [3][9]. - The company completed 42.38% of its annual revenue target and 42.93% of its net profit target by the end of Q2 2024 [4]. R&D and Market Position - R&D expenses increased by 38.73% year-on-year, reflecting the company's commitment to enhancing core technologies and maintaining a competitive edge [9]. - The company has seen a steady increase in technical personnel, indicating a strong focus on talent development [9]. - The civil aviation market is projected to receive 9,284 aircraft over the next 20 years, with the company positioned to capture a significant share of this market [9]. Future Outlook - The company is expected to achieve net profits of 3.401 billion yuan, 4.010 billion yuan, and 4.751 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.23 yuan, 1.46 yuan, and 1.72 yuan [10].

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 03 日 中航沈飞 (600760) ——军民两端产品有序交付，2024H1 业绩符合市场预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 40.63 | | 一年内最高 / 最低（元） | 46.00/33.39 | | 市净率 | 7.1 | | 息率（分红/股价） | 0.98 | | 流通 A 股市值（百万元） | 111,519 | | 上证指数 / 深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 5.71 | | 资产负债率 % | 64.20 | | 总股本/流通 A 股（百万 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company experienced a short-term revenue decline due to delays in contract signings, but profit margins improved, with gross margin increasing by 2.1 percentage points to 12.53% and net margin rising by 1.11 percentage points to 7.47% in the first half of 2024 [1] - The demand for new and upgraded military aircraft in China's air force and navy is urgent, with the company positioned to benefit from the strong demand for its J-16 and J-35 fighter jets [1][2] - The company's R&D expenses grew by 38.73% year-on-year to 568 million yuan in the first half of 2024, indicating a commitment to technological advancement [1] Financial Performance - For the first half of 2024, the company reported revenue of 21.625 billion yuan, a decrease of 6.59% year-on-year, while net profit increased by 8.39% to 1.618 billion yuan [2] - The company's total liabilities decreased by 6.07% to 30.815 billion yuan, while cash and cash equivalents fell by 29.72% to 8.311 billion yuan [2] - The earnings per share (EPS) for 2024 is projected to be 1.36 yuan, with corresponding price-to-earnings (PE) ratios of 30.3, 25.0, and 21.0 for 2024, 2025, and 2026 respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 21.625 billion yuan in the first half of 2024, a year-on-year decline of 6.59%, while the net profit attributable to shareholders was 1.618 billion yuan, reflecting a year-on-year increase of 8.39% [2] - The company is focusing on key tasks and accelerating the construction of a first-class enterprise, despite facing challenges in contract signing that impacted revenue [3] - The company expects net profits for 2024-2026 to be 3.703 billion yuan, 4.505 billion yuan, and 5.420 billion yuan respectively, with year-on-year growth rates of 23.1%, 21.7%, and 20.3% [4] Financial Summary - For 2023A, the company reported an operating income of 46.248 billion yuan, with a projected increase to 53.155 billion yuan in 2024E, representing a year-on-year growth of 11.2% [5] - The net profit attributable to shareholders for 2023A was 3.009 billion yuan, expected to rise to 3.710 billion yuan in 2024E, indicating a growth of 30.5% [5] - The gross margin is projected to improve from 10.9% in 2023A to 12.2% by 2026E [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 21.625 billion yuan for the first half of 2024, a year-on-year decrease of 6.59%, while net profit increased by 8.39% to 1.618 billion yuan, indicating strong cost control capabilities despite declining revenue [1][2]. - The company's gross margin improved to 12.5%, up 2.1 percentage points year-on-year, reflecting its excellent cost management across the entire industry chain [1]. - The company plans to achieve a revenue target of 51.026 billion yuan and a net profit of 3.762 billion yuan for 2024, with current completion rates at 42.4% and 42.9% respectively [2][3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 21.625 billion yuan, with a net profit of 1.618 billion yuan and a non-recurring net profit of 1.588 billion yuan, showing a year-on-year increase of 10.51% [1]. - The second quarter of 2024 saw a revenue of 12.132 billion yuan, a year-on-year decrease of 13.19% but a quarter-on-quarter increase of 27.79%, with a net profit of 900 million yuan, reflecting a year-on-year increase of 5.98% [2]. - The company expects to complete its annual revenue and profit targets successfully, with a potential for exceeding the net profit goal if the high gross margin from Q2 is maintained [2][3]. Financial Forecasts - The company is projected to achieve net profits of 3.752 billion yuan, 4.619 billion yuan, and 5.544 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.36 yuan, 1.68 yuan, and 2.01 yuan [3][7]. - The forecasted PE ratios for the next three years are 29.79, 24.20, and 20.16 respectively, indicating a favorable valuation trend [7][9].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [25]. Core Insights - The company achieved a revenue of 21.625 billion RMB in H1 2024, a year-on-year decrease of 6.6%, while the net profit attributable to shareholders was 1.618 billion RMB, reflecting an increase of 8.4% year-on-year [4][11]. - In Q2 2024, the company reported a revenue of 12.132 billion RMB, down 13.2% year-on-year but up 27.8% quarter-on-quarter, with a net profit of 902 million RMB, which is a 6.0% increase year-on-year and a 26.0% increase quarter-on-quarter [4][11]. - The company's gross margin improved to 12.5% in H1 2024, up 2.1 percentage points year-on-year, and the net profit margin was 7.5%, up 1.0 percentage point year-on-year [14]. Summary by Relevant Sections Performance Overview - The company’s revenue in H1 2024 was 21.625 billion RMB, down 6.6% year-on-year, while the net profit was 1.618 billion RMB, up 8.4% year-on-year. The decline in revenue was attributed to delays in contract signings affecting product demand [4][11]. - As of the end of Q2 2024, the company’s contract liabilities were 2.952 billion RMB, a decrease of 55.97% from the end of Q4 2023, mainly due to the recognition of revenue from previously received advance payments [21]. Profitability Analysis - The gross margin for H1 2024 was 12.5%, an increase of 2.1 percentage points year-on-year, while the net profit margin was 7.5%, up 1.0 percentage point year-on-year. In Q2 2024, the gross margin was 12.9%, up 3.0 percentage points year-on-year [14][18]. - The company’s operating cash flow improved significantly, with a net cash flow of -5.89 billion RMB in H1 2024, an increase of 3.58 billion RMB year-on-year [21]. Asset and Investment Insights - As of the end of Q2 2024, the company’s fixed assets amounted to 5.066 billion RMB, an increase of 11.70% from the beginning of the year, while construction in progress was 1.07 billion RMB, down 21.01% [18]. - The company’s intangible assets increased to 1.609 billion RMB, a rise of 65.03% from the beginning of the year, primarily due to the acquisition of land use rights [18].

经营计划完成度超过 40%；盈利能力有所提升 2024 年 08 月 29 日 事件：公司 8 月 28 日发布了 2024 年中报，1H24 实现营收 216.2 亿元， YoY-6.6%；归母净利润 16.2 亿元，YoY+8.4%；扣非归母净利润 15.9 亿元， YoY+10.5%。公司业绩基本符合市场预期。公司 1H24 收入下降主要受合同签 订进度影响，相关产品既定需求未能如期签订合同；归母净利润增长主要受益于 毛利率的提升。 连续 2 个季度利润同比增长；盈利能力有所提升。单季度看，公司 1Q24~2Q24 分别实现营收 94.9 亿元（YoY+3.5%）、121.3 亿元（YoY-13.2%）； 分别实现归母净利润 7.2 亿元（YoY+11.6%）、9.0 亿元（YoY+6.0%）。公司 季度收入同比有所波动（受合同签订进度影响），但归母净利润同比保持增长。 盈利能力方面，公司 2Q24 毛利率为 12.9%，同比增加 3.02ppt；净利率为 7.4%， 同比增加 1.46ppt。公司 1H24 综合毛利率同比增加 2.09ppt 至 12.5%；净利率 同比增加 1.11ppt 至 7. ...

中航沈飞股份有限公司 独立董事专门会议 2024 年第三次会议 独立董事签字： 中航沈飞股份有限公司董事会独立董事专门会议 ______________ 朱秀梅 ______________ 王 敏 ______________ 杨志明 _____________ 毛 群 2024 年第三次会议的审核意见 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 年第三次会议， 对拟提交公司第十届董事会第七次会议审议的《关于中航沈飞对中航工业集团 财务有限责任公司关联存贷款风险持续评估报告的议案》发表如下审核意见： (以下无正文） 中航沈飞股份有限公司 独立董事专门会议 2024 年第三次会议 （此页无正文，系《中航沈飞股份有限公司董事会独立董事专门会议 2024 年第三次会议的审核意见》签署页） 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 ...