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 ...

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, ...

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 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-083 中航重机股份有限公司 关于受让参股公司部分股权暨关联交易的公告 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。 重要内容提示： 交易简要内容：贵州安吉航空精密铸造有限责任公司（以下简称"安吉 精铸"）是中航重机股份有限公司（以下简称"公司"或"中航重机"）的参股 公司，为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， 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"）持有安吉精铸7.81%的股权，本次受让完成后，公司持有安吉精铸21.30% 的股权。本次交易金额不超过12,987.25万元，资金来源为公司自有资金。 中航重机与航空投资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，根据上交所《股票上市规则》有关规定，航空投资为 本公司的关联方，本次交易构成关联交易，但不构成重大资产重组。 本次关联交易无需提请公司股东大会批准。 本次受让完成后，安吉精铸未来财务状况和经营成果将取决于企业自 ...

Investment Rating - Buy (Maintained Rating) [3] Core Views - The company's large forging machine is expected to enter a harvest period, and Hongshan Company is accelerating its development [4] - The company's actual performance growth is better than the apparent growth, demonstrating the resilience of the forging industry leader [4] - Commercial and civil engineering sectors maintain strong growth, with continuous improvement in profitability [4] - Hongshan Company's development is entering a fast track, driving overall profitability improvement [4] - Inventory increased by 19.24% compared to 24Q2, possibly due to delayed delivery of some products [4] - Fixed assets increased, and some capital expenditures are expected to enter the harvest period [4] Financial Performance - 24Q1-Q3 revenue: 7.524 billion (-5.6% YoY), net profit attributable to shareholders: 1.013 billion (-1.4% YoY) [4] - 24Q3 revenue: 2.052 billion (-16.7% YoY, -27.3% QoQ), net profit attributable to shareholders: 290 million (+16% YoY, -27.7% QoQ) [4] - 24Q1-Q3 civil aviation revenue increased by 88.55%, and civil product revenue increased by 34.18% [4] - 24Q3 gross margin: 33.7% (+2.7pct YoY, +2.2pct QoQ), net margin: 14.1% (+4.0pct YoY, -0.1pct QoQ) [4] - 24Q3 Hongshan forging loss narrowed to 19.81 million, compared to 59.53 million in 24H1 [4] Future Projections - Expected net profit attributable to shareholders for 2024-2026: 1.568/1.885/2.268 billion, with YoY growth of 18.0%/20.2%/20.3% [4] - Corresponding PE ratios: 21/18/15 times [4] Industry Analysis - The company is a leader in the aviation forging industry, with the release of high-end capacity expected to further enhance market share and profitability [4] - The domestic large aircraft industry is experiencing an upward trend, potentially opening up new market opportunities [4]

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,052,420,890.10, a decrease of 16.69% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥290,093,334.40, an increase of 15.97% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥270,242,129.46, reflecting a year-on-year increase of 10.37%[2]. - For the first three quarters of 2024, the company achieved an operating revenue of ¥7,524,451,837.51, down 5.56% year-on-year[4]. - The net profit attributable to shareholders for the first three quarters was ¥1,012,842,937.58, which is approximately flat compared to the previous year, but increased by 4.77% after excluding the impact of the Hongshan company consolidation[4]. - The company reported a basic earnings per share of ¥0.19 for Q3 2024, an increase of 11.76% year-on-year[3]. - Total operating revenue for the first nine months of 2024 was CNY 7,524,451,837.51, a decrease of 5.58% compared to CNY 7,967,849,138.36 in the same period of 2023[17]. - Operating profit for the first nine months of 2024 was CNY 1,224,633,507.80, compared to CNY 1,278,540,038.97 in the same period of 2023, indicating a decline of 4.23%[17]. - Net profit attributable to shareholders for the first nine months of 2024 increased to CNY 5,908,771,110.12, up from CNY 5,294,368,271.26 in the previous year, representing an increase of 11.59%[15]. - Net profit for Q3 2024 was CNY 1,066,184,628.42, a slight decrease from CNY 1,085,115,496.14 in Q3 2023, representing a decline of approximately 1.1%[18]. - Earnings per share (EPS) for Q3 2024 was CNY 0.68, down from CNY 0.70 in the same period last year, indicating a decrease of about 2.9%[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥27,072,334,127.69, representing a 6.46% increase from the end of the previous year[3]. - Total assets as of the end of Q3 2024 reached CNY 27,072,334,127.69, an increase of 6.45% from CNY 25,429,355,533.72 at the end of Q3 2023[15]. - Total liabilities amounted to CNY 13,972,316,188.60, up from CNY 13,174,266,514.03, reflecting an increase of 6.05%[15]. - Long-term borrowings increased significantly to CNY 2,593,457,420.13, compared to CNY 1,919,839,999.99 in the previous year, marking an increase of 35.05%[15]. - The total equity attributable to shareholders increased to CNY 12,315,329,127.38, up from CNY 11,488,100,575.59, reflecting an increase of 7.23%[15]. Cash Flow - The company’s cash flow from operating activities for the year-to-date was negative at ¥-520,292,825.91[2]. - Cash flow from operating activities for the first three quarters of 2024 was CNY -520,292,825.91, compared to CNY -459,205,833.99 in the same period of 2023, reflecting a worsening cash flow situation[20]. - Cash flow from investing activities for the first three quarters of 2024 was CNY -879,996,218.18, slightly improved from CNY -896,339,597.40 in the same period of 2023[21]. - The company’s financing activities generated a net cash flow of CNY 226,962,294.21 in Q3 2024, a significant improvement compared to a net outflow of CNY -216,989,265.93 in Q3 2023[21]. - The company’s total cash inflow from financing activities for the first three quarters of 2024 was CNY 1,527,071,127.96, down from CNY 2,312,423,990.55 in the same period of 2023[21]. Current Assets - As of September 30, 2024, the company's total current assets amounted to approximately CNY 19.24 billion, an increase from CNY 17.84 billion at the end of 2023, representing a growth of about 7.8%[13]. - The company's cash and cash equivalents decreased to approximately CNY 4.00 billion from CNY 5.19 billion, reflecting a decline of about 23%[13]. - Accounts receivable increased significantly to approximately CNY 8.79 billion, up from CNY 5.65 billion, indicating a growth of approximately 55%[13]. - Inventory levels rose to approximately CNY 4.58 billion, compared to CNY 3.72 billion, marking an increase of about 23%[13]. - The company's long-term equity investments slightly increased to approximately CNY 893.78 million from CNY 892.47 million, showing a marginal growth of about 0.15%[13]. Shareholder Information - The top ten shareholders include state-owned entities, with the largest shareholder holding approximately 430.51 million shares, representing a significant portion of the total shares[9]. - The company reported no changes in the participation of major shareholders in margin trading and securities lending activities during the reporting period[10]. Research and Development - Research and development expenses for the first nine months of 2024 were CNY 353,414,858.70, down from CNY 545,693,729.53 in the same period of 2023, a decrease of 35.24%[17]. Other Information - The company has not disclosed any new products or technologies in the current earnings report[12]. - There are no significant mergers or acquisitions reported in the current quarter[12]. - The company has not provided specific future guidance or outlook in the earnings report[12]. - The company reported a decrease in contract liabilities to CNY 185,087,899.75 from CNY 713,326,870.13, a reduction of 74.00%[15]. - The company reported a total comprehensive income of CNY 1,066,251,144.66 for Q3 2024, compared to CNY 1,084,176,298.26 in Q3 2023, indicating a decline of approximately 1.7%[18]. - The company received CNY 30,498,875.72 in tax refunds during the first three quarters of 2024, an increase from CNY 22,405,159.39 in the same period of 2023[20].

证券代码：600765 证券简称：中航重机 公告编号：2024-077 中航重机股份有限公司 第七届董事会第九次会议决议公告 表决结果：通过。 二、审议通过了《关于聘请2024年度审计机构的议案》 经审议，董事会同意聘请大信会计师事务所（普通特殊合伙）为公司 2024 年 度审计机构。 会议以书面表决方式审议通过如下事项： 一、审议通过了《中航重机2024年第三季度报告》 该议案已经审计与风险控制委员会审议通过。 表决情况：9 票同意、0 票反对、0 票弃权。 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"）第七届董事会第九次会议于 2024年10月28日以现场方式召开。会议由董事长冉兴主持，应到董事9名，董事 现场出席8名，董事褚林塘委托董事张育松参加会议。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。 表决情况：9 票同意、0 票反对、0 票弃权。 该议案已经审计与风险控制委员会审议通过。 表决情况：9 票同意、0 票反对、0 票弃权。 ...