证券代码：600765 证券简称：中航重机 公告编号：2024-018 中航重机股份有限公司 关于召开 2023 年年度股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 4 月 10 日 9 点 30 分 召开地点：贵州省贵阳市双龙航空港经济区多彩航空总部 1 号楼 5 层公司会 股东大会召开日期：2024年4月10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 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 2024 年 4 月 10 日 至 2024 年 4 月 10 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时间 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中航重机（ ） 600765.SH [高Ta研b发le_投T入itle业] 绩稳健增长，大锻造布局元年值得 期待 报告要点 [2T0a2b3le年_S公um司m在ary2]1-22 年高基数背景下营收增速出现阶段性放缓，库存商品增长明显或反映受 下游交付节奏变化，同时公司降本增效毛利率提升显著，研发费用大幅度提升新产品的布局亟 待转化，23年四季度合同负债重回高位反映下游需求景气 。2024年，公司预计营业收入同比 增长12.51%达到119亿，利润总额同比增长15.86%达到18.6亿元。我们认为，23年公司顺 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 27.37 CNY per share, indicating an expected performance that exceeds the market by 5% to 15% over the next 12 months [4][10]. Core Insights - The company announced its 2023 annual report, achieving a revenue of 10.577 billion CNY, a slight increase of 0.07% year-on-year, and a net profit attributable to shareholders of 1.329 billion CNY, representing a year-on-year growth of 10.70% [2][3]. - Excluding the impact of subsidiary consolidation and VAT policy changes, the revenue growth for 2023 was 12.77% year-on-year. The net profit margin reached a historical high of 13.21% for the year [2][3]. - The company has made significant progress in its aviation business, with a steady increase in market share and the initial establishment of large forging production capabilities. It has initiated 50 large forging projects, with 6 successfully completing process validation trials [2][3]. - The company has set ambitious revenue and profit targets for 2024, forecasting revenues of 11.9 billion CNY and total profits of 1.86 billion CNY, representing year-on-year growth of 12.51% and 15.86%, respectively [2][3]. Financial Summary - For 2023, the company reported a revenue of 10.577 billion CNY, with a year-on-year growth rate of 0.1%. The EBITDA was 1.974 billion CNY, and the net profit attributable to shareholders was 1.329 billion CNY, reflecting a growth rate of 10.7% [3][6]. - The earnings per share (EPS) for 2023 was 0.90 CNY, with projections for 2024, 2025, and 2026 to be 1.07 CNY, 1.29 CNY, and 1.59 CNY, respectively [3][6]. - The company’s return on equity (ROE) for 2023 was 11.6%, with expectations to rise to 12.4% in 2024 [3][7].

公司报告 | 年报点评报告 中航重机（600765） 证券研究报告 2024年03月17日 投资评级 2023 业绩稳定增长，静待毛利率拐点 行业 国防军工/航空装备Ⅱ 6个月评级 买入（维持评级） 当前价格 16.59元 事件：公司发布2023年年度报告以及2024关联交易预告。 ⚫ 2023业绩稳定增长，毛利率与净利率均有提升 目标价格 元 公司2023年实现营收105.77亿元（同比+0.07%），考虑卓越出表、增值税政策变化影响同期 可比口径增长12.77%。实现归母净利润13.29亿（同比+10.70%）；实现扣非归母净利润12.89 基本数据 亿元（同比+8.81%）。从生产交付看，公司23年生产锻铸产品37,245.16吨，同比+30.97%， A股总股本(百万股) 1,481.55 实现销售33,586.33吨，同比+22.22%，库存量16,221.13吨，同比+29.13%，产量与库存商品 流通A股股本(百万股) 1,468.68 维持高增长。利润表端：毛利率 31.28%，同比+2.04pcts；净利率 13.21%，同比+0.62pcts； A股总市值(百万元) 24,578.85 主 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations with a slight revenue increase of 0.07% year-on-year in 2023, achieving total revenue of 10.577 billion yuan and a net profit attributable to shareholders of 1.329 billion yuan, reflecting a year-on-year growth of 10.70% [2][3] - The implementation of a second phase of the equity incentive plan and acquisitions of stakes in related companies are expected to enhance the company's competitive edge in the forging and additive manufacturing sectors [3] - The domestic downstream demand remains stable, while the international market is showing gradual growth, with a 38% increase in international orders and over 80% growth in sales revenue [3] Financial Performance and Forecast - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Net profit attributable to shareholders is projected to be 1.539 billion yuan in 2024, 1.889 billion yuan in 2025, and 2.172 billion yuan in 2026, with corresponding P/E ratios of 16, 13, and 11 times respectively [3] - The gross profit margin for the forging business reached 29.76%, an increase of 1.57 percentage points, while the hydraulic ring control business gross profit margin reached 35.70%, an increase of 3.18 percentage points [2][3] Market Position and Strategy - The company is part of the Aviation Industry Corporation of China and focuses on high-end aviation forging and hydraulic control, covering nearly all domestic aircraft and engine models, thus holding a dominant market position [3] - The company has signed management agreements and acquisition deals to enhance its overall forging technology and product quality, including acquiring 80% of Shandong Hongshan Aviation Forging Co., which will significantly expand its large forging capacity [3]

事件 2024 年 3月 15日，公司发布 2023 年年报，全年实现营收105.8 亿（同比+0.1%，同口径+12.8%），归母 13.3 亿（同比+10.6%）； 其中Q4 实现营收26.1 亿（同比-8.5%），归母 3.0 亿（同比+5.2%）。 点评 公司23 年锻铸业务实现营收85.6 亿，同口径下同比+6.2%；液压 环控业务实现营收 20.2 亿，同比+1.5%。公司机身、航发业务基 本盘稳固，国内市场份额稳步增长。 公司23 年毛利率31.3%，同比+2.0pct，大锻件和高附加值产品占 人民币(元) 成交金额(百万元) 比提升，规模效应持续释放，产线精细化管理，盈利能力稳定提 31.00 1,800 升。公司 23 年归母净利率12.6%，同比+1.2pct，全年信用减值计 1,600 28.00 1,400 提8549 万，较去年计提减少1.5 亿。 25.00 1,200 1,000 公司23 年研发投入6.6 亿，同比+52.5%。公司加大研发投入实现 22.00 800 19.00 600 新产品和新市场开拓。新产品方面全年新品交付5837 项、8.9 万 400 16.00 2 ...

业绩稳定增长，产能优化及一体化降本成效可期 中航重机(600765.SH)/国防 证券研究报告/公司点评 2024年3月15日 军工 [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：16.36 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10,570 10,577 11,845 13,802 15,450 分析师：陈鼎如 增长率yoy% 20% 0% 12% 17% 12% 执业证书编号：S0740521080001 净利润（百万元） 1,202 1,329 1,606 1,881 2,185 Email：chendr01@zts.com.cn 增长率yoy% 35% 11% 21% 17% 16% 每股收益（元） 0.81 0.90 1.08 1.27 1.47 每股现金流量 0.52 0.40 0.88 2.55 0.24 分析师：马梦泽 净资产收益率 11% 11% 12% 12% 13% 执业证书编号：S0740523060003 P/E 20.2 18.2 15.1 12.9 11.1 P/B 2 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 10,577,133,501.84, representing a slight increase of 0.07% compared to the previous year[20]. - Net profit attributable to shareholders of the listed company was CNY 1,328,586,898.38, an increase of 10.70% year-on-year[20]. - The net profit attributable to the parent company was CNY 1,289,110,605.65, reflecting an 8.81% increase compared to the previous year[20]. - The company's total revenue for the reporting period reached CNY 1,057,713.35 million, an increase of 0.07%, with a comparable growth of 12.77% considering the impact of the VAT policy change and other factors[24]. - The net profit attributable to shareholders for the period was CNY 132,858.69 million, up 10.70%, while the net profit after deducting non-recurring gains and losses was CNY 128,911.06 million, an increase of 8.81%[24]. - The total profit amounted to CNY 1.605 billion, reflecting a year-on-year increase of 4.62%, while the net profit attributable to shareholders reached CNY 1.329 billion, up by 10.7%[47]. - The company's total assets at the end of 2023 were CNY 25,429,355.53 million, a 20.52% increase from CNY 21,100,029.48 million at the end of 2022[24]. - The net assets attributable to shareholders increased to CNY 11,488,100.58 million, reflecting a growth of 10.56% compared to CNY 10,390,552.41 million in 2022[24]. - The company reported a total of CNY 39,476,292.73 million in non-recurring gains and losses for 2023, compared to CNY 15,441,809.34 million in 2022[26]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.71 per 10 shares, totaling CNY 398,576,069.51 based on 1,470,825,812 shares outstanding as of the end of 2023[5]. - The remaining distributable profit of CNY 385,668,836.09 will be allocated for future profit distributions[5]. - The company has not implemented any capital reserve transfers to increase share capital in this profit distribution plan[5]. - For the year 2024, the company intends to distribute a cash dividend of 2.71 CNY per 10 shares, amounting to 398,576,069.51 CNY, which represents 30% of the net profit attributable to shareholders[169]. Research and Development - The company’s R&D investment significantly increased in 2023, resulting in 302 patent applications, including 173 invention patents[40]. - The company invested CNY 661 million in R&D, which is a 52.3% increase compared to the previous year, indicating a strong commitment to innovation[50]. - The number of R&D personnel is 747, accounting for 10.57% of the total workforce[64]. - The company is focusing on the development of new materials and processes, particularly high-strength titanium alloys and high-temperature resistant materials[106]. - The company has established a "large aircraft forging and casting joint innovation platform" to enhance collaboration with partners[29]. Market Expansion and Strategy - The company is actively expanding into overseas markets and high-end domestic markets, maintaining a positive growth trend[31]. - The company aims to leverage opportunities from national policies promoting the aerospace industry as a strategic emerging sector[32]. - The company is pursuing a transformation towards a specialized supplier of aviation general infrastructure, driven by technological innovation[118]. - The company plans to enhance its market presence by entering three new regions in 2024, aiming for a 20% increase in market share[141]. - The company aims for a revenue target of 11.9 billion yuan in 2024, representing a 12.51% increase from 10.577 billion yuan in 2023[113]. Operational Efficiency - The company is focused on improving lean production levels and cost reduction efforts, which have positively impacted the gross profit margin of its products[24]. - The gross profit margin for the forging and casting industry was 29.76%, showing an increase despite a 1.34% decline in revenue for this segment[52]. - The company is enhancing its competitive edge through technological innovation and improving production efficiency[40]. - The company is implementing intelligent manufacturing initiatives to optimize production capacity and reduce energy consumption[119]. Governance and Compliance - The board of directors and management have confirmed the authenticity and completeness of the annual report[4]. - The company emphasized the importance of maintaining stakeholder rights and balancing interests among shareholders, employees, and society[132]. - The company completed its internal control self-assessment, confirming that no major defects were found in its control system during the reporting period[133]. - The company has established several specialized committees, including the Audit and Risk Control Committee and the Strategic Investment and ESG Committee, to oversee various aspects of governance[153]. Environmental and Social Responsibility - The company invested 1,229.39 million CNY in environmental protection during the reporting period[181]. - The company implemented significant energy-saving and emission reduction projects, including boiler upgrades and rooftop solar power generation, contributing to a reduction of 28,300 tons of CO2 equivalent emissions[191][192]. - The company has developed and implemented a carbon peak and carbon neutrality action plan for 2023[192]. - The company has made donations totaling 22.92 million CNY for public welfare projects, benefiting 1,000 people[194]. - The company has been recognized as an "Advanced Collective" for rural revitalization efforts in Guizhou Province for the year 2022[195].

中航重机股份有限公司 2023年度环境、 社会及管治报告 目 录 CONTENTS 报告前言 报告编制说明 01 01 03 05 董事长致辞 关于中航重机 第一篇 发展战略 发展战略 11 09 服务国家战略 12 第二篇 党建引领 深入学习贯彻落实党的二十大精神 15 13 贯彻落实 "1122"工作体系 16 联学联建强化政治理论学习 16 纵深推进党风廉政建设 17 | 第三篇 公司治理 | 19 | | --- | --- | | ESG管理 | 21 | | 责任管理 | 27 | | 合规经营 | 31 | | 风险防控 | 34 | | 股东权益 | 37 | | 保密管理 | 39 | 第四篇 产业发展 41 报告说明 本报告是中航重机股份有限公司（以下简称 "中航重机 ""公司 ""我们 ")发布的第 2份环境、社会及管治 (ESG)报告； 此前， 公司已连续 12年发布独立社会责任报告。 本报告旨在客观、 规范、 透明和全面地披露中航重机 2023年在治理、 经济、 环境与社会领域的实践与绩效 ； 利益相 关方可通过本报告了解公司在可持续发展各方面的情况， 共同落实 ESG目标。 报告周 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-016 中航重机股份有限公司 2023年度对会计师事务所履职情况评估报告 二、执业记录 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（以下简称"公司"）聘请大华会计师事务所（特殊普通 合伙）（以下简称"大华"）作为公司2023年年度审计会计师事务所。根据财政 部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司对大华在近一年审计中的履职情况进行了评估。经评估，公司认为近一年大 华资质等方面合规有效，履职能够保持独立性，勤勉尽责，公允表达意见。具体 情况如下： 一、资质条件 大华会计师事务所(特殊普通合伙)于 2000 年 10 月 27 日成立。2006 年 10 月经北京市工商行政管理局核准变更为北京立信会计师事务所有限公司。2009 年 11 月 3 日，经北京市工商行政管理局核准，变更为立信大华会计师事务所有限 公司。2011 年 8 月经北京市工商行政管理局核准，更名为大华会计师事务所有 限公司。201 ...