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]

中航重机股份有限公司 第七届监事会第九次临时会议决议公告 本公司监事会及全体监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（以下简称"公司"）第七届监事会第九次临时会议 于2024年10月30日以通讯方式召开。会议应到监事3人，实到监事3人。会议的召 开符合《公司法》和《公司章程》的有关规定。 证券代码：600765 证券简称：中航重机 公告编号：2024-082 表决情况：3票同意、0票反对、0票弃权。 表决结果：通过。 特此公告。 中航重机股份有限公司监事会 2024 年 10 月 30 日 会议审议通过了如下决议： 一、审议通过了《关于中航重机拟受让航空投资所持安吉精铸部分股权的 议案》 经审议，监事会认为：本次关联交易有利于公司进一步聚焦主责主业，发挥 业务的协同效应，增强上市公司综合能力，未改变公司合并范围，不会对公司财 务状况、经营成果产生不利影响，因此监事会一致同意上述事项。 ...

杨科思同志在担任公司证券事务代表期间恪尽职守、勤勉尽责，公司对于杨 科思同志在任期间为公司所作出的贡献表示衷心的感谢。 公司于 2024 年 10 月 30 日召开第七届董事会第十六次临时会议，审议通过 了《关于证券事务代表辞职并聘任证券事务代表的议案》，同意聘任陈应发同志 为公司证券事务代表，任期自董事会审议通过之日起至第七届董事会届满之日止。 陈应发同志已取得上海证券交易所颁发的董事会秘书任职培训证明，具备担 任证券事务代表所需的专业知识、工作经验和相关素养，其任职资格符合《中华 人民共和国公司法》《上海证券交易所股票上市规则》等相关法律法规和规范性 文件的规定。陈应发同志简历详见附件。 公司证券事务代表联系方式如下： 证券代码：600765 证券简称：中航重机 公告编号：2024-084 中航重机股份有限公司 关于变更证券事务代表的公告 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（以下简称"公司"）证券事务代表杨科思同志因 工作变动原因，于2024年10月30日向公司董事会提交了书面辞职报 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-081 中航重机股份有限公司 第七届董事会第十六次临时会议决议公告 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个别及连带责任。 表决情况：9 票同意、0 票反对、0 票弃权。 表决结果：通过。 三、审议通过了《关于修订<中航重机"三重一大决策"制度实施办法>的 议案》 中航重机股份有限公司（以下简称"公司"）第七届董事会第十六次临时 会议于2024年10月30日以通讯方式召开。会议由董事长冉兴主持，应到董事9 名，董事出席9名。公司监事、高级管理人员列席会议。本次会议的召开符合 《公司法》和《公司章程》等有关规定。 会议以书面表决方式审议通过如下事项： 一、审议通过了《关于中航重机拟受让航空投资所持安吉精铸部分股权的 议案》 该议案已经独立董事专门会议、审计与风险控制委员会审议通过。 表决情况：6 票同意、0 票反对、0 票弃权，关联董事张育松、褚林塘、曾洁 回避表决。 表决结果：通过。 二、审议通过了《关于证券事务代表辞职并聘任证券事务代表的议案》 经审议，董事会同意 ...

中航重机股份有限公司第七届董事会 独立董事专门会议第七次会议决议 中航重机股份有限公司第七届董事会独立董事专门会议第七次会议于2024 年10月30日以通讯方式召开。应参加会议独立董事3人,实际参加会议独立董事3 人。本次会议的召集、召开及表决符合《公司法》《公司章程》《上市公司独立 董事管理办法》及《独立董事工作制度》等相关规定。 会议审议并通过了如下议案: 一、审议《关于中航重机拟受让航空投资所持安吉精铸部分股权的议案》 独立董事专门会议认为: 本次交易方案为公司拟以非公开协议方式受让中航航空产业投资有限公司 (以下简称"航空投资") 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"）7.81%的股权。 航空投资与公司同属中国航空工业集团有限公司〈以下简称"航空工业集 团"）控制的公司，航空投资为公司的关联方，本次交易构成关联交易，但不构 成《上市公司重大资产重组管理办法》规定的重大资产重组。本次交易在董事会 审批权限范围内，无需提交股东大会审议。 本次交易的价格以评估结果为依据,交易定价公允,程序合规,不存在损害 公司及股东利益的情形。本次交易的方案符合相关法律、法规和规范性文件的规 定, ...