中航重机股份有限公司 监事会对第七届监事会第十次临时会议 相关事项的核查意见 中航重机股份有限公司(以下简称"公司")监事会依据《中华人民共和国公 司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、 《上市公司股权激励管理办法》(以下简称"《管理办法》")、《国有控股上市公司 (境内)实施股权激励试行办法》(以下简称"《试行办法》")、《国务院国有资产 监督管理委员会、财政部关于规范国有控股上市公司实施股权激励制度有关问题 的通知》(以下简称"《通知》")等法律、法规和规范性文件及《中航重机股份有 限公司章程》的有关规定,对第七届监事会第十次临时会议相关事项进行了核查, 并发表核查意见如下: 1、本次预留授予的6名激励对象均符合公司2023年第三次临时股东大会审议 通过的《中航重机A股限制性股票激励计划(第二期)(草案修订稿)》(以下简称 "激励计划"）中确定的激励对象范围,不存在《管理办法》第八条所述不得成 为对象的情形。 2、本次预留授予对象符合《管理办法》等有关法律、法规、规章、规范性 文件规定的激励对象条件,符合《激励计划》规定的激励对象范围,其作为本次 激励计划预 ...

证券时报e公司讯，记者从中航重机旗下永红换热获悉，永红换热2024年度针对低空经济领域，探索新 材料使用和先进热交换技术，持续开发符合低空经济需求的高性能换热产品，目前已取得一定突破。 其中，在低空载人飞行应用场景，针对某型电子器件散热需求，开发均热板散热器，采用相变换热技 术，解决高热流密度电子器件散热技术难题。 相对传统强制单相流散热器，电子器件表面温度降低20℃，换热性能提升20%。 目前，产品已通过客户验收，进入小批量生产阶段。 另外，在低空物资运输场景，针对某型装备上的发动机动冷却需求，开发了发动机水冷却器及中冷器。 目前，该项目已通过相关性能试验验证，获得批量订单。 该项目的送样成功，进一步帮助公司开发低空经济领域2家新客户，为3款发动机配套冷却系统，目前均 已完成产品送样。 ...

Investment Rating - The investment rating for AVIC Heavy Machinery is "Buy" (maintained) [4][7] Core Views - The company is focusing on the development of low-altitude industries and enhancing its aviation manufacturing capabilities [5][6] - The company aims to improve its core competitiveness and strengthen its position in technological innovation [6] - AVIC Heavy Machinery is expected to benefit from the high growth potential in low-altitude logistics, manned flight, and commercial aerospace sectors [6] Summary by Sections Company Overview - AVIC Heavy Machinery (600765.SH) is actively pursuing high-quality development and value creation [5][6] Business Analysis - The company is leveraging its advantages in low-altitude economic product development and application scenarios [6] - Key achievements include: 1. Successful development of a complex hydraulic lock system for Xiaopeng Motors' flying car by Liyuan Company [6] 2. Expansion into the market for precision castings for unmanned cargo aircraft and engines by Anji Company [6] 3. Development of high-performance heat exchange products for low-altitude transportation by Yonghong Company [6] - The company is transforming into a major player in the aviation infrastructure sector, focusing on integrated industrial chain development [6] Profit Forecast and Valuation - Expected net profits for 2024-2026 are projected at 1.568 billion, 1.885 billion, and 2.268 billion RMB, representing year-on-year growth of 18.0%, 20.2%, and 20.3% respectively [7][10] - Corresponding P/E ratios are forecasted to be 20, 16, and 14 times [7][10]

证券简称：中航重机 证券代码：600765 中航重机股份有限公司 （贵州省贵阳市双龙航空港经济区航空总部基地 1 号楼 5 层） 2023年度向特定对象发行A股股票 募集说明书 （注册稿） 联合保荐机构（主承销商） 二〇二四年十一月 中航重机向特定对象发行股票申请文件 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 中航重机向特定对象 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-091 中航重机股份有限公司 关于向特定对象发行A股股票申请获得中国证监会 同意注册批复的公告 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个别及连带责任。 中航重机股份有限公司董事会 2024 年 12 月 5 日 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起12个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。" 公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象发行股票的相关事宜，并及时履行信息 披露义务。敬请广大投资者注意投资风险。 特此公告。 中航重机股份有限公司（以下简称"公司"）于近日收到中国证券监督管理 委员会（以下简称"中国证监会"）出具的《关于同意中航重机股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2024〕1738号），主要内容如下： "一、同意你公司向特定对象发 ...

Investment Rating - The report maintains a "Buy" rating for AVIC Heavy Machinery [4][6] Core Views - AVIC Heavy Machinery has become the largest shareholder of Anji Precision Casting, acquiring a 24.77% stake, which enhances its position in the aviation casting market [5][6] - The company aims to leverage synergies from this acquisition to strengthen its casting capabilities and focus on becoming a leader in the forging and casting industry [6] - The report highlights the significant growth potential in the aviation casting market, referencing Howmet's 2023 revenue of $6.6 billion and net profit of $765 million [6] Financial Projections - The projected net profit for AVIC Heavy Machinery from 2024 to 2026 is estimated at 1.568 billion, 1.885 billion, and 2.268 billion RMB, representing year-on-year growth rates of 18.0%, 20.2%, and 20.3% respectively [6][9] - The report anticipates a revenue increase from 10.577 billion RMB in 2023 to 12.233 billion RMB in 2024, reflecting a growth rate of 15.66% [9] Business Strategy - The company is transitioning from a forging leader to a key player in aviation infrastructure, aiming to create an integrated supply chain from material research to precision component delivery [6] - AVIC Heavy Machinery is actively investing in upstream and downstream operations to enhance its production capabilities and market reach [6] Market Position - Anji Precision Casting is noted as the only specialized casting enterprise in the national defense system, expected to benefit from new aircraft engine production [6] - The report emphasizes the company's strategic moves to consolidate its position in the aviation industry and capitalize on high demand [6]

证券代码：600765 证券简称：中航重机 公告编号：2024-090 中航重机股份有限公司 关于竞拍取得股权的自愿性公告 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个别及连带责任。 重要内容提示： 本次参与司法拍卖所竞买的资产为安顺市工业投资股份有限公司（以下 简称"安顺工投"）持有贵州安吉航空精密铸造有限责任公司（以下简称 "安吉精铸"）3.472%的股权。评估值：人民币 5,721.32 万元；此次为第 1 次拍卖，起拍价人民币 4,004.924 万元，成交价人民币 4,984.924 万元。 根据《上海证券交易所股票上市规则》和公司章程规定，本次交易不构 成关联交易和重大资产重组。且本次交易无需提请公司董事会和股东大会 审议批准。 本次竞拍以及受让中航产投持有安吉精铸7.81%股权完成后，具体详见公 司2024年10月31日在上海证券交易所网站披露的《中航重机关于受让参股 公司部分股权暨关联交易的公告》（2024-083），公司最终将持有安吉精铸 24.77%股权，成为安吉精铸第一大股东，本次交易不会导致公司合并报表 范围 ...

Investment Rating - The report maintains a "Buy" rating for AVIC Heavy Machinery [4][5] Core Views - AVIC Heavy Machinery is accelerating its integration within the industry chain by managing its subsidiary, Anhong Company, which will enhance its precision processing capabilities and overall functional component capabilities [5] - The management agreement with Anhong Company includes performance incentives and management fees, which are expected to expedite Anhong's development [5] - The company is transitioning from a forging leader to a key player in aviation infrastructure, benefiting from the high demand in the aviation industry [5] Summary by Sections Company Overview - AVIC Heavy Machinery's main business includes the research, design, and manufacturing of aerospace forgings and castings, as well as mechanical processing and manufacturing [5] - The company is establishing a new ecosystem that integrates material research, forging, precision processing, and overall functional components [5] Financial Forecasts - The projected net profit for 2024-2026 is estimated at 1.568 billion, 1.885 billion, and 2.268 billion RMB, representing year-on-year growth rates of 18.0%, 20.2%, and 20.3% respectively [5] - The corresponding price-to-earnings (P/E) ratios are expected to be 19, 16, and 13 times for the years 2024, 2025, and 2026 [5] Performance Metrics - The company's revenue for 2024 is projected to be 12.233 billion RMB, with a growth rate of 15.66% [9] - The return on equity (ROE) is expected to increase from 11.56% in 2023 to 13.68% by 2026 [9]

证券代码：600765 证券简称：中航重机 公告编号：2024-089 中航重机股份有限公司 关于所属子公司签订《委托经营管理协议》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个别及连带责任。 一、 概述 中航重机股份有限公司（以下简称"中航重机"或"公司"）所属子公司贵 州安飞精密制造有限公司（以下简称"安飞公司"）于 2024 年 11 月 22 日与贵 州航空产业城集团股份有限公司（以下简称"贵州航空产业城"）和贵州安虹航 空机械有限公司（以下简称"安虹公司"）签订《委托经营管理协议》，安飞公 司为公司的控股子公司，安虹公司为贵州航空产业城的全资子公司，贵州航空 产业城将安虹公司委托给安飞公司经营管理。现将有关情况公告如下： 安飞公司本次签订的《委托经营管理协议》不构成关联交易，不构成《上 市公司重大资产重组管理办法》规定的重大资产重组。 二、 贵州航空产业城、安飞公司及安虹公司的基本情况 （一）贵州航空产业城 注册地址：贵州省安顺市经济技术开发区双新路 42 号 2-Y 栋 2 层 法定代表人：宋晟锟 注册资本：200 ...

Investment Rating - The report maintains a "Buy" rating for AVIC Heavy Machinery (600765.SH) [1] Core Views - AVIC Heavy Machinery is a leading player in China's aviation forging industry, focusing on its core business and promoting integrated supply chain development, transforming from a forging leader to a key player in aviation structural components [2][3] - The company has shown steady growth from 2019 to 2023, with revenue increasing from 5.985 billion to 10.577 billion RMB, representing a CAGR of 15.3%, and net profit rising from 275 million to 1.329 billion RMB, with a CAGR of 48.3% [1][2] Summary by Sections Company Overview - AVIC Heavy Machinery is recognized as the "first stock of AVIC Industry" and has been focusing on streamlining operations while advancing its integrated supply chain layout [1] - The company has established a new ecosystem for material research and regeneration, forging, precision machining, and overall functional components [2] Investment Logic - The company is strategically acquiring stakes in upstream and midstream businesses to enhance its supply chain, including a 7.81% stake in Anji Precision Casting, which specializes in complex precision castings for defense and aerospace [2] - The report draws parallels with the international giant PCC, which grew from a casting factory to a major player in the aerospace parts industry through strategic acquisitions and vertical integration [2] Financial Forecast and Valuation - The forecast for 2024, 2025, and 2026 projects revenues of 12.233 billion, 14.337 billion, and 16.882 billion RMB, respectively, with year-on-year growth rates of 15.66%, 17.20%, and 17.75% [3] - Net profit is expected to reach 1.568 billion, 1.885 billion, and 2.268 billion RMB for the same years, with corresponding EPS of 1.06, 1.27, and 1.53 RMB [3] - The target price is set at 31.81 RMB, based on a 25x PE ratio for 2025, reflecting the company's comprehensive business layout and future growth potential [3]