2024 年 10 月 29 日 来源：公司年报、国金证券研究所 中航重机（600765.SH） 买入（维持评级） 公司点评 证券研究报告 中航重机：大锻机有望迈入收获期，宏 山公司发展进入快车道 业绩简评 公司发布 24 年三季报，24Q1-Q3 实现营收 75.24 亿（-5.6%），实 现归母净利润 10.13 亿（同比-1.4%）；其中 24Q3 单季实现营收 20.52 亿（同比-16.7%，环比-27.3%），实现归母净利润 2.9 亿（同 比+16%，环比-27.7%），整体符合预期。 经营分析 实际业绩增速优于表观，彰显锻造龙头发展韧性：24Q3 公司归母 净利润 2.9 亿（同比+16%，环比-27.7%），若剔除宏山公司并表影 响，公司实现归母净利润 3.06 亿，同比增长 22.4%。 商用、民用工程保持强劲增长，盈利能力持续提升：24Q1-Q3 公司 民用航空收入同比增长 88.55%，民品业务收入同比增长 34.18%。 商用航空、民用工程的发展提升了公司盈利能力：24Q3 公司毛利 率 33.7%（同比+2.7pct，环比+2.2pct）；归母净利率 14.1%（同 比+4.0pc ...

中航重机股份有限公司投资者关系管理制度 （2024 年 10 月修订） 第一章 总 则 第一条 为了加强和规范中航重机股份有限公司（以下简称"公司"）与投 资者、潜在投资者之间的信息沟通，促进投资者对公司的了解，进一步完善公司 法人治理结构，实现公司价值最大化和股东利益最大化，根据 中华人民共和国 公司法》、 中华人民共和国证券法》、 上市公司投资者关系管理工作指引》、 上 海证券交易所股票上市规则》（2024 年 4 月修订）及 上海证券交易所上市公司 自律监管指引第 1 号——规范运作（2023 年 12 月修订）》等有关法律法规、规 范性文件和 公司章程》的规定，结合公司的实际情况，特制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动 交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通， 增进投资者 对公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、 回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理的基本原则： （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自 ...

中航重机股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600765 证券简称：中航重机 中航重机股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告 中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|------------------|--------------------- ...

中航重机 20241007 摘要 • 中航重机作为国产大飞机锻件、铸件及液压环控主要供应商之一，受益于 国产大飞机赛道长期增长潜力和更高确定性。短期内，产业化提速，业绩 弹性较大；长期来看，C919 国产化替代和 C929 产品迭代将提供持续增长 保障。 • 中航重机近期经营情况受老型号价格调整、增值税问题以及新并表子公司 亏损影响，收入和利润同比有所下降。 • 国产大飞机赛道处于产业拐点，C919 商业运营逐步成熟，性能优势明显， 交付节奏加快，总装端产能提升。未来 5-10 年国内机队存量更新需求高 于新增需求，波音和空客交付能力不足将带来 C919 长期增量需求。 • 中航重机与商飞合作紧密，已获得 C919 项目供应资质，并深化合作推进 新支线飞机和大型客机项目。公司依托子公司布局大型模锻产能，并计划 打造专业化生产基地与研发基地，提升配套份额。 • 中航重机将通过深化合作、释放产能、加强研发等措施应对市场需求，提 升竞争力。随着 C919 产能释放和配套业务范围扩大，公司单机价值量预 计将进一步提升，到 2027 年，国产大飞机将为公司带来超过 10%的利润 弹性。 • 国际转包业务格局调整，国内企 ...

公司报告 | 半年报点评 大锻件产能即将落地，民品迎来新增长点 事件：公司发布 2024 年半年报，2024 H1 公司实现营业收入 54.72 亿元，同比 -0.59%，与 2023 年同期基本持平；归母净利润 7.23 亿元，同比-7.02%；扣非 归母净利润 6.93 亿元，同比-11.27%。二季度单季实现营收 28.24 亿元，同比 -10.75%，环比+6.62%，主要受部分产品价格周期性波动影响；归母净利润 4.01 亿元，同比-20.81%，环比+24.85%，主要受产品价格周期波动和宏山公司并表 影响。24H1 宏山公司亏损金额 5,953 万元，剔除宏山并表影响后公司归母净利润 同口径同比下降 0.89%，与 2023 年同期基本持平；扣非归母净利润 4.04 亿元， 同比-21%，环比+40.41%。其中民航和民品业务保持一季度强劲增长势头，民 航收入同比+112.62%；民品收入同比+26.25%，公司业务逐渐实现多元化发展。 我们认为，公司 2024 上半年业绩内受部分产品价格周期波动影响。全年来看，公 司大型锻压设备取证验收进展顺利，公司预计产能有望于 24 年下半年逐步释放， 公 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨中航重机（600765.SH） [Table_Title] 均衡交付下业绩平稳，大锻造盈利拐点可期 | --- | --- | |------------------------------------------------------------------------------|-------| | | | | 受价格波动和大锻造初期盈利能力偏弱影响，公司收入增速放缓但表观业绩仍具韧性， | | 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SFC：BUX462 请阅读最后评级说明和重要声明 中航重机（600765.SH） cjzqdt11111 2024-09-03 相关研究 [Table_Title2] 均衡交付下业绩平稳，大锻造盈利拐点可期公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 年半年报，24H1 实现营收 54.72 亿，同比减少 0.59%；归母净利润 7.23 亿， 同比减少 7.02%；扣非归母净 ...

证券研究报告·公司点评报告·航空装备Ⅱ 中航重机（600765） 2024 年中报点评：核心技术创新驱动，市场 全面布局 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 10570 | 10577 | 12139 | 14713 | 16118 | | 同比 | 20.25 | 0.07 | 14.76 | 21.21 | 9.55 | | 归母净利润（百万元） | 1200 | 1329 | 1539 | 1889 | 2172 | | 同比 | 34.76 | 10.70 | 15.86 | 22.70 | 15.02 | | EPS- 最新摊薄（元 / 股） | 0.81 | 0.90 | 1.04 | 1.27 | 1.47 | ...

民用商用工程推进顺利，H2 将迎大锻产能集中释放 中航重机(600765.SH)/国防军工 证券研究报告/公司点评 2024 年 9 月 2 日 [Table_Title] 评级：买入（维持） 市场价格：17.23 分析师：陈鼎如 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 分析师：马梦泽 执业证书编号：S0740523060003 Email：mamz@zts.com.cn | --- | --- | |---------------------------|--------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 1,482 | | 流通股本 ( 百万股 ) | 1,469 | | 市价 ( 元 ) | 17.23 | | 市值 ( 百万元 ) | 25,527 | | 流通市值 ( 百万元 ) | 25,305 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -50% -40% -30% -20% -10% 0% 10% 2023-092023-102023-11202 ...

剔除宏山并表因素上半年基本持平，民用 航空和民品业务快速增长 核心观点 事件：公司发布 2024 年半年报，24H1 实现营收 54.72 亿元（-0.59%），归母净利润 7.23 亿元（-7.02%）；单季度看，24Q2 实现营收 28.24 亿元（-10.75%），归母净利润 4.01 亿元（-20.81%）。 ⚫ 2024H1 营收略有下滑，民用航空和民品业务快速增长：2024H1 公司营收 54.72 亿 元（-0.59%），主要是由于部分产品价格周期性波动。分下游看，(1)防务：部分产 品价格周期性波动给公司业务规模增长带来一定影响，但公司批产产品市场份额稳 中有增；(2)，民品：民用航空和民品业务保持 Q1 强劲增长势头，民用航空和民品 收入分别同比增长 112.62%和 26.25%，公司业务逐渐实现多元化发展，商用、民用 工程逐步迈入快速发展快车道。同时，公司大型锻造设备产能有望逐步释放，预计 将按照年度经营计划顺利完成全年目标。 ⚫ 剔除宏山并表影响公司上半年业绩基本持平，毛利率略有下滑，期间费用率有所改 善。2024H1 实现归母净利润 7.23 亿元（-7.02%），单 Q2 实现归母 ...

Financial Performance - Revenue for the first half of 2024 was RMB 5.472 billion, a decrease of 0.59% compared to the same period last year[20] - Net profit attributable to shareholders was RMB 722.75 million, down 7.02% year-on-year[20] - Basic earnings per share (EPS) for the reporting period was RMB 0.49, a decrease of 7.55% compared to the same period last year[21] - Weighted average return on equity (ROE) was 6.07%, down 1.17 percentage points year-on-year[22] - Operating cash flow for the reporting period was negative RMB 513.35 million, compared to positive RMB 197.61 million in the same period last year[20] - Net profit attributable to shareholders of the listed company for the reporting period was 722.7496 million yuan, a year-on-year decrease of 7.02%, with Q2 net profit of 401.3064 million yuan, a quarter-on-quarter increase of 24.85%, mainly affected by product price cycle fluctuations and the consolidation of Hongshan Company[23] - Basic earnings per share and diluted earnings per share decreased by 7.55% and 11.32% year-on-year, respectively, mainly due to the implementation of the second phase of the restricted stock incentive plan, which increased the share capital by 10.72 million shares[23] - Weighted average return on equity and diluted return on equity decreased by 1.17 percentage points and 1.45 percentage points year-on-year, respectively, due to the consolidation of Hongshan Company[23] - The company's total revenue for the first half of 2024 was 5.472 billion yuan, a slight decrease of 0.59% compared to the same period last year[43] - Operating income slightly decreased from 5,504,280,185.37 yuan to 5,472,030,947.41 yuan, showing a minor decline in revenue[149] - Net profit attributable to the parent company increased from 5,294,368,271.26 yuan to 5,618,537,604.64 yuan, indicating improved profitability[144] - Net profit attributable to parent company shareholders decreased to 722,749,603.18 yuan from 777,321,783.66 yuan, a decline of 7.02%[151] - Total comprehensive income for the period was 762,078,435.37 yuan, compared to 827,685,984.08 yuan in the previous year, a decrease of 7.93%[151] - Basic earnings per share (EPS) decreased to 0.49 yuan from 0.53 yuan, a drop of 7.55%[151] - Operating profit declined to 852,916,369.62 yuan from 960,365,870.12 yuan, a decrease of 11.19%[150] - Total revenue for the period was 4,317,473.25 yuan, down from 4,719,021.11 yuan, a decrease of 8.51%[153] - Investment income increased to 620,189,756.03 yuan from 546,088,006.90 yuan, a growth of 13.57%[154] - Management expenses rose to 343,273,618.94 yuan from 339,012,459.48 yuan, an increase of 1.26%[150] - Financial expenses surged to 16,616,033.35 yuan from 3,543,557.35 yuan, a significant increase of 369.06%[150] - Credit impairment losses improved to -139,075,528.20 yuan from -173,911,942.52 yuan, a reduction of 20.03%[150] - Operating cash flow from sales of goods and services decreased to 3.153 billion RMB in H1 2024 from 4.039 billion RMB in H1 2023, a decline of 21.9%[156] - Net cash flow from operating activities turned negative at -513.3 million RMB in H1 2024 compared to positive 197.6 million RMB in H1 2023[157] - Cash outflow for employee compensation increased by 14% to 707.0 million RMB in H1 2024 from 620.4 million RMB in H1 2023[157] - Investment cash inflow decreased significantly to 8.26 million RMB in H1 2024 from 30.51 million RMB in H1 2023, a 72.9% drop[157] - Cash outflow for fixed assets and intangible assets increased by 24.5% to 363.2 million RMB in H1 2024[157] - Net cash flow from financing activities was -317.5 million RMB in H1 2024, compared to positive 28.7 million RMB in H1 2023[158] - Cash and cash equivalents decreased by 1.191 billion RMB in H1 2024, ending at 3.955 billion RMB[158] - Parent company's investment cash inflow increased to 373.9 million RMB in H1 2024 from 354.2 million RMB in H1 2023[161] - Parent company's net cash flow from investment activities decreased to 169.7 million RMB in H1 2024 from 221.6 million RMB in H1 2023[161] - Parent company's cash and cash equivalents decreased by 173.3 million RMB in H1 2024, ending at 1.357 billion RMB[161] - Total comprehensive income for the first half of 2024 reached RMB 722,859,878.32, with a net profit attributable to the parent company of RMB 722,749,603.18[166] - Owner's equity increased by RMB 493,837,760.19 during the period, driven by capital contributions and retained earnings[164] - The company allocated RMB 398,580,269.80 for profit distribution, including dividends to shareholders[166] - Capital reserves increased by RMB 141,030,607.33, primarily due to equity investments and share-based payments[164][166] - Minority shareholders' equity increased by RMB 3,340,824.80, reflecting their share of the company's profits[164] - Special reserves increased by 17,807,544.34, reaching a total of 18,000,286.79[169] - Total comprehensive income for the period amounted to 777,321,783.66[170] - Owner's equity increased by 15,895,473.08, with a net increase of 15,590,023.99 after adjustments[170] - Profit distribution to owners (or shareholders) amounted to -242,888,099.85[171] - Total owner's equity at the end of the period was 12,752,267,604.68[169] - Capital reserve increased by 14,523,441.90[170] - General risk provision decreased by 34,052,010.18[171] - Total assets at the end of the period were 11,981,938,335.78[169] - Net profit attributable to the parent company was 534,433,683.81[170] - Minority interest decreased by 305,449.09[170] - Total comprehensive income for the period amounted to 580,460,126.08 RMB[176] - Owner's equity at the end of the period was 6,936,992,947.64 RMB[179] - Capital reserve increased by 140,917,377.88 RMB during the period[176] - Special reserve usage for the period was -9,107,088.57 RMB[173] - Total owner's equity at the beginning of the period was 6,603,475,713.48 RMB[176] - Profit distribution to owners amounted to -398,580,269.80 RMB[177] - Owner's investment in ordinary shares increased by 10,720,000.00 RMB[176] - Share-based payment included in owner's equity was 9,811,777.88 RMB[177] - Retained earnings at the end of the period were 966,124,761.88 RMB[179] - Special reserve balance at the end of the period was 13,933,672.32 RMB[173] - Total comprehensive income for the period increased by 497,054,000.35 RMB[180] - Owner's equity increased by 1,372,031.18 RMB due to capital contributions[180] - Profit distribution decreased owner's equity by 242,888,099.85 RMB[181] - Total owner's equity at the end of the period reached 6,402,134,082.58 RMB[183] Business Segments and Revenue - Civil aviation revenue increased by 112.62% year-on-year, while civil product revenue grew by 26.25%[22] - The company's business is gradually diversifying, with commercial and civil engineering entering a rapid development phase[22] - The company's forging business covers various industries including aviation, aerospace, power, and automotive, with domestic products including aircraft structural forgings and engine components, and international products including engine forgings for GE, Rolls-Royce, and aircraft forgings for Boeing and Airbus[30] - The company's hydraulic and thermal management business includes high-pressure piston pumps and motors, widely used in aviation, aerospace, and engineering machinery, with some products exported to Europe and the US, and thermal exchangers used in various military and civilian fields[32] - The forging and casting business revenue for the first half of 2024 was 4.396 billion yuan, a decrease of 2.61% year-on-year[39] - The hydraulic and environmental control business revenue for the first half of 2024 was 1.076 billion yuan, an increase of 8.65% year-on-year, with non-aviation business growing by 12.32%[40] - The company developed over 2,300 new products in the forging and casting business, a year-on-year increase of approximately 15%[39] - Shaanxi Hongyuan Aviation Forging Co., Ltd. achieved a 115% growth in civil aviation business orders and revenue in the first half of the year[57] - Guizhou Anda Aviation Forging Co., Ltd. doubled its business revenue by focusing on civil aviation opportunities[58] - Jiangxi Jinghang Aviation Forging Co., Ltd. successfully developed a high-pressure turbine shaft forging and achieved breakthroughs with 2 major customers[58] - Zhonghang Liyuan Hydraulic Co., Ltd. secured 3 million RMB in R&D funding for a UAV hydraulic subsystem project[59] - Guizhou Yonghong Aviation Machinery Co., Ltd. secured future orders exceeding 150 million RMB through strategic cooperation[59] Investments and Capital Expenditures - Two large forging equipment certifications are progressing smoothly, with capacity expected to be gradually released in the second half of 2024[22] - Hongshan Company completed the on-site inspection for production qualification in June 2024 and is expected to achieve production and delivery of related products in the second half of 2024[27] - Hongshan Company signed long-term agreements with Safran, Baker Hughes, and Rolls-Royce, adding approximately 70 million yuan in annual orders, and reached multiple R&D cooperation agreements with Boeing for titanium alloy structural parts, potentially adding 20 million yuan in annual orders upon mass production[27] - The company plans to invest 365.6 million yuan in cash to increase the capital of its wholly-owned subsidiary, Heavy Machinery Aerospace Materials Engineering (Guizhou) Co., Ltd., for capacity enhancement projects[47] - The investment price for the capital increase is 1.10 yuan per registered capital, with 332.36 million yuan added to registered capital and 33.24 million yuan as capital surplus[47] - The company invested 1.432 billion yuan in the construction of the Xi'an New District Advanced Forging Industry Base, with 68.05 million yuan from its own funds, and the project has been fully put into use[51] - The civil aviation ring forging production line project in Guizhou, with a total investment of 450 million yuan, has been completed and put into use[51] - The national key equipment hydraulic basic parts supporting production capacity construction project in Guiyang, with a total investment of 303.64 million yuan, has been completed and put into use[51] - The military-civilian dual-use aviation high-efficiency heat exchanger and integrated production capacity construction project in Guiyang, with a total investment of 69.8 million yuan, has been completed and put into use[51] - The aviation precision forging industry transformation and upgrading project in Xi'an, with a total investment of 805 million yuan, has seen the main equipment 450MN precision forging machine installed and put into use[52] - The special material isothermal forging production line project in Anshun, with a total investment of 640.45 million yuan, is facing delays due to import procurement issues and is exploring domestic alternatives[53] - The company's total raised funds amount to RMB 3,237,273,458.96, with a net amount of RMB 3,171,503,458.96 after deducting issuance costs. The cumulative investment in raised funds as of the reporting period is RMB 2,149,969,118.88[113] - The total amount of funds raised for specific projects is 317,150.35 million yuan, with 214,996.91 million yuan already invested, achieving an investment progress of 67.8%[118] - The advanced forging industrial base construction project in Xi'an New District has completed 100.05% of its planned investment, with a total investment of 75,154.35 million yuan[116] - The civil aviation ring forging production line construction project has completed 100% of its planned investment, with a total investment of 40,000 million yuan[116] - The national key equipment hydraulic foundation supporting production capacity construction project has completed 100.06% of its planned investment, with a total investment of 10,000 million yuan[118] - The military and civilian dual-use aviation high-efficiency heat exchanger and integrated production capacity construction project has completed 100% of its planned investment, with a total investment of 5,000 million yuan[118] - The aviation precision forging industry transformation and upgrading project has completed 52.60% of its planned investment, with a total investment of 80,500 million yuan[118] - The special material isothermal forging production line construction project has not started due to import procurement issues, with a planned investment of 64,044.92 million yuan[118] Shareholder and Equity Information - The company issued 10,720,000 restricted shares to 306 incentive objects as part of the A-share restricted stock incentive plan (second phase)[123] - Total number of ordinary shareholders at the end of the reporting period: 76,030[126] - Top shareholder: Guizhou Jinjiang Aviation Hydraulic Co., Ltd., holding 321,116,880 shares, accounting for 21.67% of total shares[128] - Second largest shareholder: China Guizhou Aviation Industry (Group) Co., Ltd., holding 90,354,320 shares, accounting for 6.1% of total shares[128] - Third largest shareholder: AVIC Industrial Financial Holdings Co., Ltd., holding 75,563,636 shares, accounting for 5.1% of total shares[128] - Central Enterprise Rural Industry Investment Fund Co., Ltd. holds 28,707,997 shares, accounting for 1.94% of total shares[128] - AVIC General Aircraft Co., Ltd. holds 24,618,992 shares, accounting for 1.66% of total shares[128] - Guizhou Gaike Aviation Electromechanical Co., Ltd. holds 19,034,864 shares, accounting for 1.28% of total shares[128] - National Social Security Fund 418 Portfolio holds 18,815,259 shares, accounting for 1.27% of total shares[128] - AVIC Aviation Technology Co., Ltd. holds 16,412,661 shares, accounting for 1.11% of total shares[128] - Hong Kong Securities Clearing Company Ltd. holds 14,255,364 shares, accounting for 0.96% of total shares[128] - The company's A-share restricted stock incentive plan (Phase II) granted a total of 690,000 restricted shares to directors and senior management on January 22, 2024[134] - Directors and senior management collectively increased their holdings by 110,400 shares through a share purchase plan implemented on February 2, 2024[135] - The company was established in 1996 with an initial total share capital of 51.10 million shares[186] - The company implemented a share reform in 2006, resulting in a total share capital of 108.543 million shares[187] - In 2007, the company issued additional shares, increasing the registered capital by 70.7914 million RMB[188] - The company's total share capital reached 358,668,800 shares after a capital reserve transfer in 2008[189] - The company changed its name to "AVIC Heavy Machinery Co., Ltd." and established a subsidiary "AVIC Liyuan Hydraulics Co., Ltd." with a 99.95% stake[190] - In 2009, the company issued 160 million new shares at RMB 10.50 per share, raising a total of RMB 1.68 billion, with net proceeds of RMB 1.607 billion[190] - In 2010, the company increased its share capital by 259.33 million shares through a capital reserve transfer, bringing the total share capital to 778 million shares[191] - In 2019, the company issued 155.6 million new shares at RMB 8.53 per share, raising RMB 1.327 billion, with net proceeds of RMB 1.302 billion[192] - As of 2019, the company's total share capital was 778 million shares, all of which were tradable[193] - In 2020, the company granted 7.77 million restricted shares to 115 incentive recipients at RMB 6.89 per share[195] - As of 2020, the company's total share capital was 939.68 million shares, with 161.68 million shares being restricted[196] - In 2021, the company issued 111.96 million new shares at RMB 17.06 per share, raising RMB 1.91 billion, with net proceeds of RMB 1.872 billion[197] - As of 2021, the company's total share capital was 1.052 billion shares, with 194.24 million shares being restricted[198] - In 2022, the company increased its share capital by 420.66 million shares through a capital reserve transfer, bringing the total share capital to 1.472 billion shares[200] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 25.979 billion, an increase of 2.