Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company's revenue for 2023 was 10.577 billion yuan, a slight increase of 0.07% year-on-year, while the net profit attributable to shareholders was 1.33 billion yuan, reflecting a year-on-year growth of 10.7% [2][5]. - The performance in 2023 was below market expectations due to fluctuations in product delivery schedules and downstream customer demand [5]. - The company has seen an improvement in profitability, with a gross margin of 31.28%, up 2.04 percentage points from the previous year, and a net margin of 13.21%, up 0.62 percentage points [5][6]. - The company is expected to benefit from a recovery in the aviation industry in 2024, which could accelerate overall revenue growth [5][6]. Financial Data Summary - For 2023, the company achieved total revenue of 10.577 billion yuan, with a year-on-year growth rate of 0.1% [7][8]. - The net profit for 2023 was 1.397 billion yuan, with a year-on-year growth rate of 5.2% [7][8]. - The projected revenues for 2024 and 2025 are 12.486 billion yuan and 14.830 billion yuan, respectively, with expected growth rates of 18.1% and 18.8% [7][8]. - The projected net profit for 2024 and 2025 is 1.725 billion yuan and 2.050 billion yuan, with growth rates of 20.1% and 19.0% [7][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.90 yuan, based on a projected EPS of 1.05 yuan for 2024 and 1.25 yuan for 2025 [2][4]. Core Views - The company reported a revenue of 10.577 billion yuan for 2023, a slight increase of 0.07%, while the net profit attributable to shareholders was 1.329 billion yuan, up 10.70% [1]. - The forging business grew by 6% year-on-year, with significant growth in overseas markets, which saw a 48% increase [1]. - The company aims for a revenue target of 11.9 billion yuan for 2024, representing a growth of 12.51%, and a profit target of 1.86 billion yuan, reflecting a 15.86% increase [1]. Financial Performance Summary - Revenue for 2023 was 10,577 million yuan, with a year-on-year growth of 0.1% and a projected revenue of 12,112 million yuan for 2024, indicating a growth of 14.5% [3]. - The net profit attributable to shareholders for 2023 was 1,329 million yuan, with a year-on-year growth of 10.7%, and is expected to reach 1,553 million yuan in 2024, reflecting a growth of 16.9% [3]. - The gross margin improved to 31.28% in 2023, up 2.04 percentage points from the previous year, while the net margin increased to 12.6% [3][4].

公 司 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 中yCo 航mp 重any＃机 （ 600765 ） investSug 增持 ( 维ges持tion ）Ch 000009 中航重机 2＃0t2it3le＃年 报点 评： ange＃ 可比口径营收稳步增长，精益生产盈利能力提升 ＃ createTime1＃ 2024年 3月 22日 公 ＃市场ma数rk据et Data＃ 投资要点 司 ＃⚫ sum2m0a2r3y＃年 ，公司实现营业收入105.77亿元，同比增长0.07%；归母净利润13.29亿元， 日期 2024-03-20 同比增长10.70%；扣非归母净利润12.89亿元，同比增长8.81%，主要是公司收入规 点 收盘价（元） 16.77 模持续提升，同时不断改进精益生产的水平、全力开展降本增效工作，产品的毛利水 评 总股本（百万股） 1,481.55 平得到提升；基本每股收益0.90元/股，同比增长9.76%。据2022年报，2023年公司 报 流通股本（百万股） 1,468.68 计划实现营业收入 110 亿元和利润总额 16 亿元。 ...

证券代码：600765 证券简称：中航重机 公告编号：2024-019 中航重机股份有限公司 关于召开 2023 年度业绩暨现金分红说明会的公告 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： 投资者可于 2024 年 03 月 21 日(星期四) 至 03 月 27 日(星期三)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 3 月 15 日发布公 司2023年度报告，为便于广大投资者更全面深入地了解公司2023年度经营成果、 财务状况，公司计划于 2024 年 03 月 28 日 下午 15:00-16:30 举行 2023 年度业 绩暨现金分红说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度经营成 会议召开时间：2024 年 03 月 28 日(星期四) ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In 2023, the company achieved revenue of 10.577 billion, a year-on-year increase of 0.07%, and a net profit attributable to shareholders of 1.329 billion, up 10.7% year-on-year [5][6] - The company is expected to see a revenue growth of 12.51% in 2024, reaching 11.9 billion, with a profit total growth of 15.86%, amounting to 1.86 billion [6][5] - The company has made significant investments in R&D, with R&D expenses increasing by 52.3% to 661 million, indicating a focus on new product development [5][6] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 2.609 billion, a decrease of 8.49% year-on-year but an increase of 5.91% quarter-on-quarter [5] - The gross profit margin for 2023 was 31.28%, an increase of 2.04 percentage points year-on-year, attributed to cost-saving measures and efficiency improvements [5][6] Business Segments - The forging and casting business generated revenue of 8.561 billion, up 6.22% year-on-year, while the hydraulic and environmental control business achieved revenue of 2.017 billion, a 1.54% increase [5] - The company successfully acquired 80% of Hongshan Company, enhancing its capacity with a 50,000-ton super-large forging press, which is expected to contribute significantly to revenue growth in 2024 [5][6] Inventory and Contracts - The company's inventory balance remained high at 3.721 billion, a year-on-year increase of 12.2%, with inventory products increasing by 27% [6] - Contract liabilities at the end of 2023 reached 710 million, a year-on-year increase of 17.8%, indicating strong downstream demand [6] Future Outlook - The company is focusing on expanding its production capacity and enhancing its integrated delivery capabilities, with capital expenditures increasing significantly in Q3 and Q4 of 2023 [6] - The strategic layout in material R&D and the management of Qinghai Juneng Titanium Industry Co., Ltd. are expected to bolster the company's market position [6]

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 ...