证券代码：600765 证券简称：中航重机 公告编号：2024-088 2024 年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,225 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 509,442,630 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 34.3883 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 参加会议的股东及股东代表（包括网络和非网络方式）计 1,225 人，代表股 (一) 股东大会召开的时间：2024 年 11 月 13 日 (二) 股东大会召开的地点：贵州省贵阳市贵州双龙航空港经济区航空总部基 地 1 号楼 5 层公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 中航重机股份有限公司 | 股东类型 | ...

北京市嘉源律师事务所 关于中航重机股份有限公司 2024年第四次临时股东大会的 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 源律师事务所 A YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中航重机股份有限公司 北京市嘉源律师事务所 关于中航重机股份有限公司 2024年第四次临时股东大会的法律意见书 嘉源(2024)-04-824 北京市嘉源律师事务所(以下简称"本所")接受中航重机股份有限公司(以 下简称"公司"）的委托,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《中航重机股份 有限公司章程》(以下简称"《公司章程》")的有关规定,指派本所律师对公司 2024年第四次临时股东大会(以下简称"本次股东大会")进行见证,并依法出具 本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-085 中航重机股份有限公司 关于向特定对象发行股票申请获得上海证券交易所 审核通过的公告 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。 2024年11月11日，中航重机股份有限公司（以下简称"公司"）收到上海证 券交易所上市审核中心出具的《关于中航重机股份有限公司向特定对象发行股票 审核意见的通知》（以下简称"《通知》"）。《通知》主要内容如下： 中航重机股份有限公司向特定对象发行股票申请符合发行条件、上市条件和 信息披露要求。 公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会作出 同意注册的决定，最终能否获得中国证券监督管理委员会同意注册的决定及时间 尚存在不确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广 大投资者谨慎决策，注意投资风险。 特此公告 中航重机股份有限公司董事会 2024 年 11 月 11 日 ...

关于中航重机股份有限公司 向特定对象发行股票申请文件的 审核中心意见落实函的回复 大信备字[2024]第 29-00006 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 关于中航重机股份有限公司向特定对象发行股票申请文件的审核中心意见落实函有关财务事项的回复 关于中航重机股份有限公司 向特定对象发行股票申请文件的 审核中心意见落实函的回复 大信备字[2024]第 29-00006 号 上海证券交易所; 贵所《关于中航重机股份有限公司向特定对象发行股票的审核中心意见落实 函》(上证上审(再融资)(2024)217号)(以下简称"审核中心落实函")已收悉。 作为中航重机股份有限公司(以下简称"发行人"或"公司")的审计机构,大信会 计师事务所(特殊普通合伙)(以下简称"我们")就审核中心落实函提及的要求会 计师核查的问题进行了审慎核查,现将核查情况具体说明如下。 | 格式 | 说明 | | --- | --- | | 黒体(加粗) | 审核中心落实函所列问题 | | 宋体(不加粗) | 对审核中心落实函所列问题的回复 | | 楷体（加粗） ...

证券简称：中航重机 证券代码：600765 关于中航重机股份有限公司 向特定对象发行股票申请文件的 审核中心意见落实函的回复 联合保荐机构（主承销商） 二〇二四年十月 中航重机向特定对象发行股票申请文件 审核中心意见落实函的回复 上海证券交易所： 贵所于 2024 年 9 月 13 日出具的《关于中航重机股份有限公司向特定对象发 行股票的审核中心意见落实函》（上证上审（再融资）〔2024〕217 号）（以下简 称"审核中心落实函"）已收悉。中航重机股份有限公司（以下简称"中航重机""发 行人""公司"）与联合保荐机构招商证券股份有限公司（以下简称"招商证券"）、 中航证券有限公司（以下简称"中航证券"）、大信会计师事务所（特殊普通合伙） （以下简称"申报会计师"）等相关方，本着勤勉尽责、诚实守信的原则，就审核 中心落实函所提问题逐条进行了认真讨论、核查和落实，现回复如下，请予审核。 如无特别说明，本回复中的简称与《中航重机股份有限公司 2023 年度向特 定对象发行 A 股股票募集说明书》中简称具有相同含义。 | 格式 | 说明 | | --- | --- | | 黑体（加粗） | 审核中心落实函所列问题 | ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][3][9] Core Views - The company's Q3 2024 revenue was RMB 2.05 billion, down 17% YoY and 27% QoQ, while net profit attributable to shareholders increased 16% YoY to RMB 290 million [1][4] - Excluding the impact of Hongshan's consolidation, the adjusted net profit attributable to shareholders was RMB 310 million, up 22.4% YoY [1][4] - The gross margin in Q3 2024 improved to 33.7%, up 2.7 percentage points YoY, driven by the growth in commercial aviation and civil engineering businesses [1][4] - The company's commercial aviation and civil engineering businesses showed strong growth, with civil aviation revenue up 88.6% YoY and civil product revenue up 34.2% YoY in the first three quarters of 2024 [1][4] Business Development - The acquisition of Hongshan Forging in August 2023 enhanced the company's high-value-added large forging capacity, with Hongshan securing long-term contracts worth RMB 70 million annually and R&D cooperation with Boeing for titanium alloy structural parts, expected to add RMB 20 million in annual orders [1][8][9] - The company plans to acquire an additional 7.81% stake in Anji Precision Casting for up to RMB 130 million, increasing its total stake to 21.3%, to strengthen its casting and forging business layout [1][9] Financial Performance - For the first three quarters of 2024, the company's revenue was RMB 7.52 billion, down 6% YoY, while net profit attributable to shareholders was RMB 1.01 billion, down 1% YoY [1][4] - The gross margin for the first three quarters of 2024 was 31.5%, down 1.9 percentage points YoY [1][4] - The company's debt-to-asset ratio was 51.6% at the end of Q3 2024, down 0.2 percentage points from the end of the previous year [4] Profit Forecast - The report maintains the 2024-2026 profit forecasts at RMB 1.58 billion, RMB 1.90 billion, and RMB 2.31 billion, representing YoY growth of 18.9%, 20.2%, and 21.4%, respectively [1][9][10] - The current stock price corresponds to a PE ratio of 21.5x, 17.9x, and 14.7x for 2024-2026 [1][9][10]

中航重机股份有限公司 2024 年第四次临时股东大会 会 议 文 件 中航重机股份有限公司 2024 年 11 月 8 日 目 录 | 中航重机股份有限公司 | 2024 | 年第四次临时股东大会会议议程 1 | | --- | --- | --- | | 关于聘请 2024 | 年度审计机构的议案 | 2 | 2 中航重机股份有限公司 2024 年第四次临时股东大会会议议程 （3）公司董事会聘请的律师。 四、会议议程： | 时间 | 内 容 | | --- | --- | | 9:00～9:05 | 一、主持人介绍会议议程，宣读监票人、计票人名单,提请大会通过 | | | （举手表决） | | | 二、全体股东逐项审议上午的会议议案 | | 9:05～9:35 | 1. 《关于聘请 2024 年度审计机构的议案》（20min） | | | 全体股东逐项审议上述议案（10min） | | 9:35～9:50 | 三、全体股东对各项议案进行表决 | | | 1．以书面方式对上述议案逐项进行表决； | | | 2．统计现场投票结果； | | | 3．监票人代表宣读表决结果； | | | 4．宣读 2024 年第四 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has shown strong growth in commercial and civil engineering, with the Hongshan model expected to turn profitable [1][3] - The company reported a decrease in revenue for the first three quarters of 2024, but a positive net profit growth when excluding the impact of Hongshan [2][4] - The company is focusing on optimizing its main product capacity and enhancing its integrated cost reduction capabilities [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.524 billion yuan, a year-on-year decrease of 5.56%, and a net profit of 1.013 billion yuan, a year-on-year decrease of 1.42% [1] - In Q3 2024, the company reported revenue of 2.052 billion yuan, a year-on-year decrease of 16.69%, while net profit increased by 15.97% to 290 million yuan [2] - The company completed 63% of its annual revenue target and 66% of its net profit target for the year by the end of Q3 2024 [2] Profitability and Cost Management - The gross profit margin for the first three quarters of 2024 was 31.48%, a decrease of 1.91 percentage points year-on-year, while the net profit margin improved by 0.55 percentage points to 14.17% [2] - The company has seen a continuous decline in expense ratios, with inventory increasing by 23% since the beginning of the year [2] - The company is focusing on high-value-added materials and large forging capacity to improve its product structure and profitability [4] Market and Order Developments - The company has entered a rapid development phase in commercial and civil engineering, with civil aviation and civil product revenues increasing by 89% and 35% respectively [3] - The company has secured long-term orders with major clients, including a total of approximately 70 million yuan in new orders from Hongshan and Boeing [3] - The company is enhancing its overall component delivery capabilities through the establishment of a new company focused on precision processing [4] Future Earnings Forecast - The company is expected to achieve revenues of 11.956 billion yuan, 13.798 billion yuan, and 15.649 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 1.541 billion yuan, 1.779 billion yuan, and 2.095 billion yuan [4][5]

Investment Rating - The investment rating for AVIC Heavy Machinery is "Buy" (maintained) [3] Core Views - The acquisition of a 7.81% stake in Anji Precision Casting marks a significant step in the integration of the industrial chain for AVIC Heavy Machinery [3] - Anji Precision Casting has substantial growth potential, with revenues increasing from 410 million to 1 billion RMB from 2018 to 2023, representing a CAGR of 19.7% [3] - The company aims to transform from a leading aviation forging enterprise to a key player in aviation infrastructure, enhancing its casting capabilities and focusing on the core forging business [3] Summary by Sections Company Overview - AVIC Heavy Machinery plans to invest up to 130 million RMB to acquire a stake in Anji Precision Casting, increasing its ownership to 21.3% [3] - The company is positioning itself as a leader in the forging and casting industry, aiming to create a comprehensive ecosystem from material research to precision component delivery [3] Financial Forecasts - Projected net profits for AVIC Heavy Machinery from 2024 to 2026 are 1.568 billion, 1.885 billion, and 2.268 billion RMB, with year-on-year growth rates of 18.0%, 20.2%, and 20.3% respectively [3] - The expected P/E ratios for the same period are 22, 18, and 15 times [3] Market Positioning - The company is expected to benefit from the high demand in the aviation industry, particularly with the acceleration of military and commercial aircraft production [3] - AVIC Heavy Machinery is enhancing its operational synergy through strategic acquisitions and investments in upstream and downstream operations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong adaptability amidst external challenges, with a slight decline in revenue but stable net profit. Excluding the impact of Hongshan Company, net profit increased by 4.77% year-on-year [2] - The company's civil aviation revenue grew significantly by 88.55%, and the civil products business revenue increased by 34.18%, enhancing overall profitability [2] - Hongshan Company has made significant progress in its transformation and upgrade projects, leading to increased production capacity and improved market competitiveness [4] - The company is expected to enter a new growth cycle as capital expenditures begin to yield benefits, enhancing market share and profitability [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 7.524 billion yuan, a year-on-year decrease of 5.56%, while net profit attributable to shareholders was 1.013 billion yuan, a decrease of 1.42% [1][2] - The third quarter net profit reached 290 million yuan, a year-on-year increase of 15.97%, and 306 million yuan when excluding the impact of Hongshan Company, reflecting a growth of 22.4% [2] - The company's total revenue projections for 2024-2026 are 12.139 billion yuan, 14.713 billion yuan, and 16.118 billion yuan, respectively, with corresponding net profits of 1.539 billion yuan, 1.889 billion yuan, and 2.172 billion yuan [4][10]