Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 10.355 billion, a year-on-year decrease of 10.55%, and a net profit attributable to shareholders of 640 million, down 52.19% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 2.831 billion, a year-on-year decrease of 21.56%, while the net profit was -373 million, a year-on-year decrease of 220.08% [2][6] - The company is facing short-term pressure on revenue and profit due to price adjustments from key customers, but its diversified business layout is expected to perform well in the long term [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.355 billion, with a net profit of 640 million and a non-recurring net profit of 574 million, reflecting decreases of 52.19% and 55.45% year-on-year respectively [2][6] - The fourth quarter results showed a significant decline in profitability, with a net profit of -373 million, marking a year-on-year decrease of 220.08% [2][6] Business Segments - The company’s forging products generated 8.111 billion in revenue, down 12.3% year-on-year, while hydraulic products and radiators saw slight increases and decreases respectively [6] - The company’s sales gross margin for 2024 was 23.69%, a decrease of 7.59 percentage points year-on-year, with a net margin of 7.37%, down 5.84 percentage points [6] Market Opportunities - The company is expanding its commercial engineering projects and has made significant progress in civil engineering, with a 71% year-on-year increase in civil aviation revenue [6] - The company is also exploring new markets, including electronic components for Huawei's supercharging stations and the wind power sector, which saw a 50% increase in orders [6] Capacity and Infrastructure - By the end of 2024, the company had fixed assets of 6.05 billion, an increase of 1.41 billion from the beginning of the year, and ongoing projects valued at 670 million [6] - The company’s new forging facility has reached full production capacity, generating 1.15 billion in revenue [6] Profit Forecast and Valuation - The company’s net profit is projected to reach 1.12 billion, 1.44 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 75%, 29%, and 29% [6]

Financial Performance - The company's operating revenue for 2024 was CNY 10,355,175,973.63, a decrease of 10.55% compared to CNY 11,576,493,778.30 in 2023[23] - The net profit attributable to shareholders of the listed company was CNY 639,730,786.39, down 52.19% from CNY 1,338,175,885.80 in the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 574,300,176.20, a decline of 55.45% compared to CNY 1,289,110,605.65 in 2023[23] - The net cash flow from operating activities was negative at CNY -78,694,784.09, contrasting with a positive CNY 700,474,948.36 in the previous year[23] - The company's total revenue for 2024 reached 10.355 billion RMB, a decrease of 10.55% compared to the previous year, primarily due to price adjustments by key customers[25] - Net profit for the period was 764 million RMB, a decline of 48.03% year-over-year, with net profit attributable to shareholders at 640 million RMB, down 52.19%[26] - The cash flow from operating activities was -79 million RMB, a decrease of 777 million RMB compared to the previous year, reflecting increased difficulties in sales collections[26] - Total profit amounted to 865 million RMB, down 48.71% year-on-year[46] - The main business revenue for the reporting period was 10.11 billion RMB, a decrease of 10.74% year-on-year[48] Assets and Liabilities - The total assets at the end of 2024 reached CNY 30,324,946,996.08, an increase of 10.93% from CNY 27,337,820,559.07 in 2023[24] - The net assets attributable to shareholders of the listed company increased by 20.82% to CNY 13,976,306,046.93 from CNY 11,567,830,679.46 in 2023[24] - The accounts receivable increased by 35.08% to CNY 8,347,681,739.72, primarily due to a decline in cash collection exceeding the decrease in operating revenue[63] - Inventory rose by 24.63% to CNY 4,977,216,121.20, mainly due to increased pre-production and material preparation[63] Research and Development - The company completed 48 research projects during the year, enhancing its technological innovation and industrial upgrade capabilities[35] - R&D investment reached 680 million CNY, with 275 patents filed, including 171 invention patents[42] - The total R&D investment for the reporting period reached CNY 679,643,236.69, accounting for 6.56% of the operating revenue[57] - The company achieved significant technological breakthroughs, filing 275 patents and completing 39 industry-university-research projects[60] Market Performance - The company achieved a significant increase in its market share in the aviation sector, with key model revenue accounting for 76% of total revenue[35] - Commercial aviation revenue exceeded 1 billion CNY, representing a 71% year-on-year growth[39] - The company secured a 50% increase in wind power market orders and achieved the largest domestic order for 72-inch nuclear power blades[40] Corporate Governance - The company held a total of 5 shareholder meetings during the reporting period, including 4 extraordinary meetings and 1 regular meeting, ensuring equal rights for all shareholders, especially minority shareholders[96] - The company convened 11 board meetings, adhering to legal and regulatory requirements, and established specialized committees to enhance governance and decision-making efficiency[99] - The supervisory board held 10 meetings, with members fulfilling their responsibilities to oversee financial and compliance matters[100] - The company revised several internal governance documents, including the Independent Director Work System and Debt Financing Management Measures, to strengthen corporate governance[101] Executive Compensation - Chairman Ran Xing's shareholding increased from 369,880 to 545,880 shares, a change of 176,000 shares due to stock incentive grants and market purchases, with a total pre-tax remuneration of 1,500,000 RMB[108] - General Manager Hu Linghong's shareholding rose from 80,360 to 256,860 shares, also a change of 176,000 shares, with a total pre-tax remuneration of 887,500 RMB[108] - The total pre-tax remuneration for executives reflects their increased responsibilities and contributions to the company's strategic direction[108][109] Environmental and Social Responsibility - The company invested 13.54 million yuan in environmental protection during the reporting period[154] - The company conducted 90 audit projects, covering assets worth 12.546 billion yuan, and identified 414 issues with a rectification completion rate of 41%[151] - The company has set up a three-tier analysis mechanism for performance monitoring, enhancing risk prevention and early warning capabilities[152] - The company invested a total of 4.8041 million yuan in poverty alleviation and rural revitalization projects, benefiting approximately 1,000 people[166] Future Outlook - The company expects to achieve a revenue of 11.5 billion in 2025, representing an increase of 11.06% compared to 2024[91] - The projected total profit for 2025 is 1.3 billion, which is a growth of 50.27% from 2024[91] - The company aims to optimize supply chain management and accelerate the domestic substitution of imported materials to mitigate risks from global economic uncertainties[91] - The company is exploring potential mergers and acquisitions to enhance its market position and diversify its product offerings[200]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 revenue was 10.355 billion yuan, a decrease of 10.55% year-on-year, and the net profit attributable to shareholders was 640 million yuan, down 52.19% year-on-year, indicating performance below market expectations [5] - The decline in revenue is attributed to demand fluctuations and price adjustments from key customers, particularly in the forging and casting product segments [5] - The company is focusing on an integrated industrial chain development, which is expected to open up growth opportunities [5] - The company has seen stable growth in commercial aviation and civilian products, with commercial aviation revenue reaching 1.06 billion yuan, up 71% year-on-year [5] - The report anticipates a recovery in the aviation market in 2025, which could lead to stable revenue growth for the company [5] Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected at 10.355 billion yuan, with a forecasted increase to 11.707 billion yuan in 2025, representing a year-on-year growth rate of 13.1% [5][7] - The net profit for 2024 is expected to be 640 million yuan, with a significant recovery to 1.171 billion yuan in 2025, reflecting an 83% year-on-year increase [5][7] - The gross margin for 2024 is reported at 23.7%, down from 31.3% in 2023, while the return on equity (ROE) is projected to improve from 4.6% in 2024 to 7.8% in 2025 [5][7] Market Data - The closing price of the stock is 15.94 yuan, with a market capitalization of 23.443 billion yuan [2] - The price-to-earnings (PE) ratio is projected to be 39 for 2024, decreasing to 21 in 2025 and further to 19 in 2026 [5][7] - The company’s net asset per share is 8.87 yuan, with a debt-to-asset ratio of 47.6% [2]

中航重机股份有限公司 2024 年年度报告 公司代码：600765 公司简称：中航重机 中航重机股份有限公司 2024 年年度报告 1 / 256 中航重机股份有限公司 2024 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 大信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人冉兴、主管会计工作负责人宋贵奇及会计机构负责人（会计主管人员）李宇声明： 保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025 年 3 月 28 日，公司召开第七届董事会第十次会议，审议通过了《2024 年度利润分配 预案》，经董事审议的报告期利润分配预案或公积金转增股本预案：公司拟向全体股东每 10 股 派发现金红利 1.2180 元（含税），以 2024 年 12 月 31 日公司的总股本 1,575,492,153 股为基 数，共计分配利润 191,8 ...

Group 1 - The core viewpoint of the news is that Huashuo New Power recently conducted research on a listed company, AVIC Heavy Machinery, highlighting its financial outlook and operational stability for 2024 and 2025 [1] - AVIC Heavy Machinery's credit impairment in 2024 is primarily due to historical price adjustments for engine sector clients, which will be fully absorbed in 2024 and will not significantly impact performance in 2025 and beyond [1] - The company's revenue target for 2025 is set at 11.5 billion yuan, with a total profit of 1.3 billion yuan, indicating stable demand and normal production organization in the first quarter [1] - The revenue from domestic large aircraft and international outsourcing business is expected to exceed 1 billion yuan in 2024, with the C919 forging component supply ratio reaching 40% [1] - AVIC Heavy Machinery aims to increase the proportion of commercial aviation and civil industries by 2025, and the integration of Anji Company is expected to strengthen its leading position and core competitiveness in the aviation forging sector [1] Group 2 - Huashuo New Power Asset Management Co., Ltd. is a well-known private equity firm with a registered capital of 60 million yuan, headquartered in Beijing [2] - The company is a joint initiative between a team and Jinling Huashuo Investment Group, which is the controlling shareholder of the listed company Tianma Chemical [2] - Huashuo New Power focuses on becoming a leading multi-asset and multi-strategy asset management institution in China's trading financial market, employing a robust configuration of fund products to provide low-risk and attractive investment returns [2]

Group 1: Maiwei Biotech - Maiwei Biotech has made significant progress in its ADC and TCE innovation platforms for cancer treatment, including the development of the new generation camptothecin toxin MF6 and drugs targeting AML and rrMM [1] - The company collaborates with Insilico Medicine to enhance ADC research efficiency using AI technology, aiming to discover new targets and improve the druggability of large molecules [1] - MW19, the first anti-ST2 monoclonal antibody to enter clinical research in China, has shown preliminary efficacy in COPD patients, with plans to expand its market presence and increase commercial sales revenue [1] Group 2: AVIC Heavy Machinery - AVIC Heavy Machinery's credit impairment in 2024 is primarily due to historical price adjustments in the engine sector, which will be fully absorbed in 2024 and will not significantly impact future performance [2] - The company targets a revenue of 11.5 billion yuan and a profit of 1.3 billion yuan for 2025, with stable demand and normal production in the first quarter [2] - The integration of Anji Company is expected to strengthen AVIC Heavy Machinery's leading position and core competitiveness in the aviation forging sector [2] Group 3: Semir Apparel - Semir Apparel achieved a total revenue of 14.626 billion yuan in 2024, a year-on-year increase of 7.06%, with a net profit of 1.137 billion yuan, up 1.42% [3] - Children's apparel accounted for 70.21% of revenue, growing by 9.55%, while online sales reached 6.672 billion yuan, increasing by 7.14% [3] - The company plans to distribute a cash dividend of 3.50 yuan per 10 shares, totaling 943 million yuan, which represents 82.9% of its net profit [3]

Group 1 - The company announced a correction regarding the execution of daily related transactions for 2024 and the expected transactions for 2025, indicating that some items were incorrectly listed in the previous announcement [2] - The company emphasized that the corrections will not impact its financial status or operating results, and the revised announcement is available on the Shanghai Stock Exchange website [2] - The company expressed its commitment to enhancing the quality of information disclosure and apologized for any inconvenience caused to investors [2] Group 2 - The company provided a supplementary announcement regarding changes in accounting policies and estimates, clarifying the impact of these changes on future profits and losses [3] - The accounting estimate changes will be applied prospectively and will not affect prior financial statements, as they are due to changes in the scope of consolidation [4] - The company confirmed that the supplementary content does not alter any other information in the previous announcement regarding accounting policy changes [4]

证券代码：600765 证券简称：中航重机 公告编号：2025-017 中航重机股份有限公司 2024年日常关联交易执行情况及2025年日常 关联交易预计情况的公告 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。 一、关联方介绍及关联关系 1.母公司 | | | | | | | | 母公司 | 母公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 母公司名 | 企业 | 注册 | 法人 | 业务 | | | 对本企 | 对本企 | | | | | | | 注册资本 | 组织机构代码 | 业的持 | 业的表 | | 称 | 类型 | 地 | 代表 | 性质 | | | | | | | | | | | | | 股比例 | 决权比 | | | | | | | | | （%） | 例（%） | | 中国贵州航 | | | | | | | | | | 空工业（集 | 国有 | 贵阳 | 马小 | 投资 | 167,087 | 91520000214405 ...

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"）于 2025 年 3 月 31 日在上海证券 交易所网站（www.sse.com.cn）披露了《2024 年日常关联交易执行情况及 2025 年日常关联交易预计情况的公告》（2025-017）。经核查，公司《2024 年日常关 联交易执行情况及 2025 年日常关联交易预计情况的公告》"四、2025 年度公司 日常关联交易的预测"中的部分项目列示有误，现修订如下： | 修订前： | | --- | | 关联交易内容 | 关联企业 | 2024 年预测数 (万元） | | --- | --- | --- | | 销售产品及提供劳务 | 航空工业所属公司及联营企业 | 550,000 | | 采购货物及接受劳务 | 航空工业所属公司及联营企业 | 270,000 | | 存款余额 | 中航工业集团财务有限责任公 司 | 550,000 | | 贷款余额 | 航空工业所属公司 | 310,000 | | 贷款利息支出 | 航空工业所属公司 ...

根据《企业会计准则第 28 号——会计政策、会计估计变更和差错更正》的 相关规定，本次会计估计变更采用未来适用法进行会计处理，不会对以前年度的 财务状况和经营成果产生影响，无需对已披露的财务报告进行追溯调整，本次会 计估计变更为合并范围发生变动导致的变更，不会对公司未来损益产生影响。 证券代码：600765 证券简称：中航重机 公告编号：2025-021 中航重机股份有限公司 关于会计政策和会计估计变更的补充公告 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"）于 2025 年 3 月 31 日在上海证券 交易所网站（www.sse.com.cn）披露了《中航重机会计政策和会计估计变更的公 告》（2025-017）。出于审慎的原则，公司对《中航重机会计政策和会计估计变 更的公告》"三、本次会计政策、会计估计变更对公司的影响"进行了关于会计 估计变更对于公司未来损益影响的补充，现补充如下： 除上述补充内容外，公司《中航重机会计政策和会计估计变更的公告》的其 他内容不变。 特此公告。 ...