Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has sufficient orders on hand and abundant production capacity, which supports long-term development. The transition from old to new models is expected to drive growth [6][12]. - In Q1 2025, the company achieved revenue of 2.306 billion, a year-on-year decrease of 21.15%, and a net profit attributable to shareholders of 198 million, down 38.97% year-on-year [2][6]. - The company reported a stable gross margin of 33.8% in Q1 2025, an increase of 4.1 percentage points year-on-year, while the net profit margin was 11.1%, a decrease of 1.1 percentage points year-on-year [12]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.306 billion, a quarter-on-quarter increase of 13.58%, and a total profit of 303 million, completing 20.05% of the annual budget target [12]. - The company’s gross profit margin was 33.8%, with a net profit margin of 11.1% [12]. Orders and Market Position - As of the end of March, the company had a robust order backlog, with commercial engineering orders increasing by 42.39% year-on-year. In April, the company secured additional orders worth 1.707 billion [12]. - The company is leveraging six regional coordination centers and seven IPT teams to enhance market development and transition from old to new models, focusing on high-value sectors [12]. Future Projections - The company is projected to achieve total revenue of 12.687 billion in 2025, with a gross profit of 3.513 billion, indicating a growth trajectory [17]. - The net profit attributable to shareholders is expected to reach 1.118 billion by 2025, with an EPS of 0.71 [17].

Core Viewpoint - The aviation engine concept sector has shown a positive performance, with a 2.86% increase, ranking 7th among various concept sectors, indicating strong investor interest and potential growth in this area [1][2]. Market Performance - As of May 8, the aviation engine concept saw 74 stocks rise, with notable gainers including Chenxi Aviation and Huarun Co., both reaching a 20% limit up. Other significant performers included Aileda, Rifa Precision Machinery, and Xiling Power, which rose by 9.76%, 7.75%, and 7.37% respectively [1]. - Conversely, stocks such as Maixinlin, Julun Intelligent, and Jizhi Co. experienced declines of 2.64%, 2.55%, and 1.27% respectively [1]. Capital Flow - The aviation engine concept sector experienced a net outflow of 678 million yuan from major funds, with 38 stocks receiving net inflows. Seven stocks saw net inflows exceeding 30 million yuan, led by Haoneng Co. with a net inflow of 136 million yuan [2][3]. - Other notable net inflows included Hangfa Power, Rifa Precision Machinery, and AVIC Heavy Machinery, with net inflows of 81.44 million yuan, 62.90 million yuan, and 56.73 million yuan respectively [2]. Fund Inflow Ratios - Haoneng Co. led the fund inflow ratio with 48.12%, followed by New Dazhou A and Antai Technology at 11.99% and 10.86% respectively [3].

中航重机股份有限公司 证券代码：600765 证券简称：中航重机 公告编号：2025-037 关于参加 2025 年贵州辖区上市公司投资者 集体接待日活动的公告 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： 会议问题征集：提问通道自本公告发出之日起开放至 2025 年 5 月 8 日截止， 通过微信关注"贵州资本市场"公众号，发送关键词"提问"即可进入专区提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 为加强上市公司与投资者的交流互动，便于投资者进一步了解公司 2024 年 度经营情况及其他关切的问题，在贵州证监局指导下，贵州证券业协会联合深圳 市全景网络有限公司举办 2025 年贵州辖区上市公司投资者集体接待日暨 2024 年度业绩说明会并征集相关问题，具体安排如下: 会议召开时间：2025 年 5 月 12 日(星期一)下午 15:40-17:40 会议召开地点：全景服务平台（网址：http://rs.p5w.net） 会议主题：2025 年贵州辖区上市公司投资者集体接待日暨 2024 年 ...

会议延期后的召开时间：2025 年 6 月 10 日 一、 原股东大会有关情况 1. 原股东大会的类型和届次 2025年第二次临时股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600765 | 中航重机 | 2025/5/9 | 证券代码：600765 证券简称：中航重机 公告编号：2025-036 中航重机股份有限公司 关于2025年第二次临时股东大会的延期公告 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： 召开的日期时间：2025 年 6 月 10 日 9 点 00 分 2. 延期后的网络投票起止日期和投票时间 网络投票的起止时间：自2025 年 6 月 10 日 至2025 年 6 月 10 日 二、 股东大会延期原因 中航重机股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日在上海证 券交易所网站（www.sse.com.cn）及指定披露媒体上披露了《中航重机关于召开 2025 年第二次临时股东 ...

Core Insights - The article discusses the development and current state of the aviation engine industry in China, highlighting the complete manufacturing system that has been established [1][2]. Industry Overview - The aviation engine industry includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [1]. - Key participants in research and design include major universities and research institutes, such as Beihang University and Nanjing University of Aeronautics and Astronautics [2]. - The complete machine manufacturing segment is primarily dominated by China Aviation Engine Group, while raw material processing involves companies like Fushun Special Steel and Baosteel [2][4]. Regional Distribution - The distribution of aviation engine manufacturing companies is mainly concentrated in inland regions of China, with titanium alloy material leaders located in Shaanxi and other material representatives in Jiangsu [4]. Company Performance - Aviation Power (航发动力) leads the industry with projected revenue of 44.994 billion yuan in 2024, with an average gross margin of around 25% across the industry [5][7]. - Other notable companies include: - AVIC Heavy Machinery (中航重机) with revenue of 8.108 billion yuan and a gross margin of 23.69% [7]. - AVIC Control (航发控制) with revenue of 4.882 billion yuan and a gross margin of 28.11% [7]. - AVIC Technology (航发科技) with revenue of 2.572 billion yuan and a gross margin of 16.09% [7]. - Yingliu Co. (应流股份) with revenue of 1.208 billion yuan and a gross margin of 34.24% [7]. Investment Trends - Recent investment trends in the aviation engine industry focus on enhancing the supply chain and improving technological capabilities [9]. - Aviation Power has invested in multiple subsidiaries to strengthen its industry chain, while AVIC Heavy Machinery has acquired stakes in precision casting companies to enhance its technical strength [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][16]. Core Views - The company experienced a revenue decline of 21.15% year-on-year in Q1 2025, with revenue reaching 2.31 billion yuan and a net profit of 200 million yuan, down 38.97% year-on-year. This decline is attributed to industry cyclicality and a slowdown in product delivery schedules [1]. - The company has a strong order backlog, with a total of 23.1 billion yuan in hand orders, which is expected to support its annual operational goals. The gross margin for Q1 2025 was 33.8%, an increase of 4.04 percentage points year-on-year [1]. - The company is shifting its product focus towards high-value sectors, with a significant increase in associated procurement amounts for 2025, indicating strong overall demand [2]. - A share buyback plan of 200 million to 400 million yuan has been announced, reflecting confidence in the company's future development and long-term value [3]. - The company is actively expanding into new markets such as civil aviation, commercial engines, aerospace, and deep-sea sectors, which are expected to enhance its long-term profitability [3]. Financial Summary - The company is projected to achieve net profits of 1.26 billion yuan, 1.48 billion yuan, and 1.75 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.70x, 15.94x, and 13.50x [4]. - Revenue is expected to grow from 10.58 billion yuan in 2023 to 15.29 billion yuan in 2027, with a compound annual growth rate of approximately 15.15% [5]. - The company’s gross margin is projected to stabilize around 29% by 2027, with a net margin of approximately 11.45% [11].

Core Viewpoint - Guizhou's listed companies have demonstrated strong resilience and potential, achieving significant growth in key financial metrics despite external pressures and complex market conditions, showcasing a positive outlook for the region's economic development [1][8]. Group 1: Revenue Growth - In 2024, the total operating revenue of 35 listed companies in Guizhou reached CNY 338.44 billion, marking a year-on-year increase of 5.01%, which is significantly higher than the average growth rate of 5402 A-share companies [2]. - A total of 31 listed companies in Guizhou reported operating revenues exceeding CNY 1 billion, with notable performances from Kweichow Moutai approaching CNY 200 billion and Zhongwei Co. surpassing CNY 40 billion [3]. - Companies such as Chuanheng Co. and Guizhou Sanli achieved revenue growth rates exceeding 30%, while eight companies have maintained positive revenue growth for three consecutive years, including Kweichow Moutai [5]. Group 2: Profit Growth - Guizhou's listed companies achieved a total profit of CNY 128.56 billion in 2024, reflecting a year-on-year increase of 9.21%, with the growth rate ranking fifth nationally and second in the western region [8]. - 25 listed companies reported profits, with 20 companies exceeding CNY 10 million in total profit, and several companies, including Kweichow Moutai and Guizhou Bank, leading in profit scale [13]. Group 3: R&D Investment - In 2024, Guizhou's listed companies increased their R&D spending to CNY 5.678 billion, a year-on-year increase of 3.89%, surpassing the national average by 0.8 percentage points [15]. - Among the 33 companies disclosing R&D data, 14 companies invested over CNY 100 million, with Zhongwei Co. leading at CNY 1.109 billion, ranking 12th among all listed companies in the western region [15]. Group 4: Cash Dividends - In 2024, Guizhou's listed companies announced a total cash dividend of CNY 68.361 billion, achieving a historical high in both scale and frequency, with 35 dividend distributions planned [16]. - The cash dividend scale ranked ninth nationally and first in the western region, indicating a strong trend of stability and predictability in dividend payments [16]. Group 5: Share Buybacks - Since 2024, 17 listed companies in Guizhou have actively engaged in share buybacks, with a total investment of CNY 3.244 billion, ranking second in the western region [17]. - Companies like Kweichow Moutai and Guizhou Tire have utilized various financing methods to support their buyback initiatives, reflecting confidence in their own and the broader capital market's future [17].

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,306,301,514.23, a decrease of 21.15% compared to ¥2,648,296,228.46 in the same period last year[5] - Net profit attributable to shareholders was ¥197,809,382.77, down 38.97% from ¥321,443,233.05 year-on-year[5] - The basic earnings per share decreased by 40.91% to ¥0.13 from ¥0.22 in the previous year[6] - The weighted average return on equity fell by 1.29 percentage points to 1.41%[6] - The company experienced a significant decline in net profit primarily due to a decrease in operating revenue and the impact of recent tax policy changes[10] - The company reported a net loss of CNY 495,169,629.35 in Q1 2025, compared to a net loss of CNY 377,549,972.64 in Q1 2024[27] - In Q1 2025, the company reported a net loss of ¥21,968,545.63, compared to a net profit of ¥2,662,115.66 in Q1 2024, indicating a significant decline in profitability[35] - The company’s total comprehensive income for Q1 2025 was -¥21,968,545.63, compared to ¥2,662,115.66 in Q1 2024, highlighting a drastic decline in overall financial performance[36] Revenue and Costs - Total operating revenue for Q1 2025 was ¥2,306,301,514.23, a decrease of 21.1% compared to ¥2,924,787,019.96 in Q1 2024[23] - Total operating costs for Q1 2025 were ¥1,903,118,965.98, down 22.7% from ¥2,459,245,709.42 in Q1 2024[23] - The company achieved operating revenue of 2.306 billion RMB, a quarter-on-quarter increase of 13.58%, and a total profit of 303 million RMB, completing 20.05% and 23.30% of the annual budget targets of 11.5 billion RMB and 1.3 billion RMB respectively[14] Assets and Liabilities - The total assets at the end of the reporting period were ¥30,811,556,183.94, reflecting a 1.60% increase from the previous year[6] - Total assets as of the end of the reporting period were ¥30,811,556,183.94, an increase from ¥30,324,946,996.08[20] - Total liabilities amounted to ¥14,653,560,990.54, slightly up from ¥14,435,104,832.31[20] - The company's equity increased to ¥16,157,995,193.40 from ¥15,889,842,163.77[20] - Total assets decreased to CNY 9,622,534,007.21 as of March 31, 2025, from CNY 10,069,836,471.53 at the end of 2024[30] - Total liabilities decreased to CNY 869,547,930.95 from CNY 1,298,946,331.23, indicating improved financial stability[32] - The company's total equity was CNY 8,752,986,076.26, slightly down from CNY 8,770,890,140.30 at the end of 2024[32] Cash Flow - The company reported a decrease in cash and cash equivalents to approximately 4.624 billion RMB from 5.465 billion RMB at the end of 2024[18] - The net cash flow from operating activities was -CNY 495,169,629.35, worsening from -CNY 377,549,972.64 in the same period last year[27] - In Q1 2025, the cash inflow from operating activities was CNY 1,609,875,824.19, a decrease of 7.5% compared to CNY 1,740,698,491.10 in Q1 2024[27] - The total cash outflow from investing activities was CNY 161,260,527.25, down from CNY 221,223,014.17 in Q1 2024, resulting in a net cash flow of -CNY 154,161,575.76[28] - Cash inflow from financing activities totaled CNY 313,291,010.50, compared to CNY 149,317,673.55 in Q1 2024, while the net cash flow was -CNY 175,837,367.58[28] - The ending cash and cash equivalents balance was CNY 4,598,302,920.68, down from CNY 5,021,464,612.91 at the end of 2024[28] Operational Strategy - The company has a sufficient backlog of orders, with commercial engineering orders increasing by 42.39% year-on-year, and signed new orders worth 1.707 billion RMB in April[15] - The company is actively promoting product structure adjustments and has established research institutes for precision forging and casting to maintain technological leadership[16] - The company aims to enhance production quality and efficiency through the integration of core technologies and equipment, as well as the establishment of intelligent manufacturing projects[16] - The company plans to continue optimizing its product structure and improving production capabilities to achieve its annual operational goals[15] - The company has successfully reduced procurement costs for high-temperature alloys and titanium alloys, contributing to overall cost savings[16] - The company is on track to meet its "2332" operational plan, which aims for quarterly revenue and profit targets of 20%, 30%, 30%, and 20% respectively[14] - The company has developed 1,768 new product markets, transitioning from old models to new models, which supports its long-term development strategy[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 97,811[11]

Core Insights - The company held its 2024 annual performance briefing on April 28, attended by key executives who interacted with investors [1][3] Business Expansion - The company is actively expanding its commercial and civil aviation sectors, aiming to increase market share in the aircraft and engine fields while seizing opportunities from the rapid development of domestic large aircraft [4] - In 2024, the company's commercial and civil business segments have increased their respective shares to 10% and 14% [4] - Future plans include accelerating the layout of commercial aviation, "national defense," and civil industry projects, with a goal of achieving a balance between key model business and commercial/civil business [4] Technological Advantages - The company possesses advanced equipment, including the world's largest 250MN isothermal forging press, a 500MN large forging press, and a 450MN large forging press, among others [4] - It also has the capability to produce the largest titanium alloy integral frame (3㎡) and ultra-large steel ring forgings with a diameter of 5 meters, which are core advantages for entering the civil forging market [4] Strategic Goals - The company aims to align with national strategic needs and global industrial chain transformation trends, with the overall goal of building an internationally leading forging and casting industry group [4] - The company is committed to advancing its strategy and delivering superior performance to shareholders and society [4]

一、 召开会议的基本情况 证券代码：600765 证券简称：中航重机 公告编号：2025-035 中航重机股份有限公司 关于召开2025年第二次临时股东大会的通知 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。 (一) 股东大会类型和届次 2025年第二次临时股东大会 召开的日期时间：2025 年 5 月 15 日 9 点 00 分 召开地点：贵州省贵阳市双龙航空港经济区机场路 16 号中航重机股份有限 重要内容提示： 股东大会召开日期：2025年5月15日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 15 日 至2025 年 5 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 ...