北京市嘉源律师事务所 关于中航重机股份有限公司 2024年第三次临时股东大会的 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 A YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 嘉源(2024)-04-691 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年第三次临时股东大会(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 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-068 中航重机股份有限公司 2024 年第三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： | 1、出席会议的股东和代理人人数 | 442 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 442 | | 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（%） | 32.7019 | (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 442 人，代表股份 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 9 月 18 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： 484,493,901 股，占公司有表决权 ...

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 ...

投资者可于 2024 年 09 月 13 日(星期五) 至 09 月 23 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhzjgk@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中航重机股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公 司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年上半年 经营成果、财务状况，公司计划于 2024 年 09 月 24 日 上午 09:00-10:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 证券代码：600765 证券简称：中航重机 公告编号：2024-067 中航重机股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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法律责任。 重要内容提示： （一）投资者可在 2024 年 09 月 24 日 上午 09:00-10:00，通过互联网登录 上证路演中心（https://roadshow. ...

2 中航重机股份有限公司 中航重机股份有限公司 2024 年第三次临时股东大会 会 议 文 件 中航重机股份有限公司 2024 年 9 月 11 日 目 录 | 中航重机股份有限公司 2024 年第三次临时股东大会会议议程 | 1 | | --- | --- | | 中航重机关于前次募集资金使用情况的专项报告 | 2 | （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） | | 9:05～9:35 | 二、全体股东逐项审议上午的会议议案 | | | 1.《中航重机关于前次募集资金使用情况的专项报告》（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 年第三次临时股东大会决议； | | | 5．北京市嘉源律师事 ...

%% %% 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance remains stable, with a slight decline in revenue and net profit in the first half of 2024, attributed to cyclical price fluctuations of certain products. However, the company has maintained steady order volumes and product deliveries, with strong growth in civil aviation and civilian product sectors [3][4] - The company is actively engaged in new product development, having launched over 2,300 new products in the first half of 2024. It is also increasing its market presence and enhancing product quality while reducing delivery times [3] - The company holds a leading technological position in the aviation infrastructure sector, supported by strong technical innovation capabilities and partnerships with renowned domestic universities and research institutes [3] Financial Performance and Forecast - The company's total revenue for 2024 is projected to be 121.39 billion yuan, with a year-on-year growth of 14.76%. The net profit attributable to shareholders is expected to reach 15.39 billion yuan, reflecting a growth of 15.86% [2][4] - The earnings per share (EPS) for 2024 is estimated at 1.04 yuan, with a price-to-earnings (P/E) ratio of 16.58 [2][4] - The company’s total assets are expected to grow to 26.94 billion yuan by 2024, with a debt-to-asset ratio of 48.35% [8][9] Market Data - The closing price of the company's stock is 17.23 yuan, with a market capitalization of approximately 25.53 billion yuan [5] - The company has a price-to-book (P/B) ratio of 2.13, indicating its valuation relative to its book value [5] Research and Development - The company is focusing on enhancing its production capabilities and market competitiveness through significant investments in R&D and capacity expansion projects [3][4]

证券代码：600765 证券简称：中航重机 公告编号：2024-066 本次股份过户登记完成后，贵航集团成为公司第一大股东，公司控股股 东、实际控制人未发生变化。 一、本次控股股东权益变动的基本情况 公司已于 2024 年 4 月 29 日在上海证券交易所网站及《上海证券报》等媒体 上披露了《中航重机关于控股股东权益变动的提示性公告》（2024-030）。公司 控股股东贵航集团与公司第一大股东金江公司共同签署了《吸收合并协议》。贵 航集团拟吸收合并金江公司，金江公司注销，同时将其持有的 321,116,880 股公 司股票（占公司总股本的 21.67%）以非交易过户方式转让给贵航集团。 二、公司股权过户登记完成情况 2024 年 9 月 2 日，公司收到贵航集团提供的中国证券登记结算有限责任公 司出具的《证券过户登记确认书》。本次吸收合并涉及的公司股权变动事项已于 2024 年 8 月 29 日完成了过户登记，金江公司持有的 321,116,880 股公司股票已 全部过户至贵航集团。本次过户完成后，贵航集团直接持有公司 430,506,064 股 股份，占公司总股本比例的 29.06%（经四舍五入后），金江公 ...

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 17.23 [1][5]. Core Insights - The company is expected to see significant capacity release in the second half of the year, driven by the successful implementation of two large forging machines, which will enhance its commercial and civil engineering projects [3][4]. - Despite a slight decline in revenue and net profit in the first half of 2024, the company’s profitability metrics, such as gross margin and net margin, have shown improvement, indicating a positive trend in operational efficiency [3][4]. - The company has secured long-term contracts with major clients, including Safran and Boeing, which are expected to contribute to revenue growth in the civil aviation sector [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 5.472 billion yuan, a decrease of 0.59% year-on-year, and a net profit of 723 million yuan, down 7.02% year-on-year [3]. - The second quarter of 2024 saw revenue of 2.824 billion yuan, a decline of 10.75% year-on-year, with a net profit of 401 million yuan, down 20.81% year-on-year [3]. - The company achieved 46% of its annual revenue and profit targets in the first half of 2024 [3]. Capacity and Orders - The company is set to release capacity from two large forging machines in the second half of 2024, which will support its growth in commercial and civil engineering projects [3][4]. - The company has signed long-term contracts worth approximately 70 million yuan with Safran, Baker Hughes, and Rolls-Royce, and has also established collaborations with Boeing for titanium alloy components [3][4]. Business Segments - The hydraulic and control business has shown stable growth, with revenue of 1.076 billion yuan in the first half of 2024, an increase of 8.65% year-on-year [3]. - The company’s civil aviation revenue grew by 112.62% year-on-year, while its civil products business revenue increased by 26.25% year-on-year, indicating diversification in its business operations [3][4]. Future Outlook - The company’s revenue projections for 2024-2026 are adjusted to 11.956 billion yuan, 13.798 billion yuan, and 15.649 billion yuan, respectively, with net profits expected to be 1.541 billion yuan, 1.779 billion yuan, and 2.095 billion yuan [5]. - The expected earnings per share (EPS) for 2024-2026 are 1.04 yuan, 1.20 yuan, and 1.41 yuan, with corresponding price-to-earnings (P/E) ratios of 17X, 14X, and 12X [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.05 CNY, based on a projected EPS of 1.05, 1.25, and 1.50 CNY for 2024-2026 [2][4]. Core Insights - The company reported a slight revenue decline of 0.59% year-on-year for H1 2024, with total revenue of 5.472 billion CNY and a net profit of 0.723 billion CNY, down 7.02% [1]. - The civil aviation and civilian product sectors showed strong growth, with revenues increasing by 112.62% and 26.25% respectively, indicating a diversification in business operations [1]. - Excluding the impact of the consolidation of Hongshan, the company's performance remained stable, with a net profit margin of 13.92% and a gross margin of 30.65% [1]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 5.472 billion CNY, with a net profit of 0.723 billion CNY, reflecting a decline of 0.59% and 7.02% respectively [1]. - The Q2 2024 results showed a revenue of 2.824 billion CNY, down 10.75%, and a net profit of 0.401 billion CNY, down 20.81% compared to the previous year [1]. - The gross margin decreased by 3.81 percentage points to 30.65%, while the expense ratio improved slightly to 12.29% [1]. Business Development Insights - The company is positioned as a leader in aerospace forging, benefiting from military aircraft upgrades and domestic engine replacements, which are expected to drive rapid growth in the aerospace forging sector [1]. - The company is actively pursuing new projects and products in the domestic civil aircraft market, aiming for comprehensive coverage of forging products [1]. - The international competitiveness of the company is steadily improving, supported by rapid growth in foreign trade outsourcing [1].