丨证券研究报告丨 公司研究丨点评报告丨中航高科（600862.SH） [Table_Title] 全年超额收官，新一轮景气在即 报告要点 [Table_Summary] 2024 年公司超额完成年初经营目标，子公司航空工业复材稳健运行，优材百慕表现亮眼，深入 推进精益生产管理运行效率稳步提升，各业务板块均实现盈利能力改善。公司合同负债显著增 长指引未来需求景气，经营计划指引 25 年营收增长提速前瞻新一轮景气周期，公司积极备货 扩产以保障交付与业务拓展。此外，公司加快拓展复材产业链上下游强链补链，开拓民机、商 发及低空方向完善产业布局。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 中航高科（600862.SH） cjzqdt11111 [Table_Title2] 全年超额收官，新一轮景气在即 [Table_Summary2] 事件描述 王贺嘉 张晨晨 SAC：S0490520110004 SAC：S0490524080007 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% 2025-04-08 公司研究丨点评报告 公司发布 2024 年 ...

中航航空高科技股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 证券代码：600862 证券简称：中航高科 编号：临 2025-009 号 中航航空高科技股份有限公司（以下简称：本公司或公司）于 2025 年 4 月 8 日收到公司董事长姜波先生（以下简称提议人）《关 于提议中航航空高科技股份有限公司回购公司部分股份的函》，具体 内容如下： 一、提议人的基本情况及提议时间 1.提议人：公司董事长姜波先生 2.提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司 价值，基于对公司未来发展的信心，公司董事长姜波先生提议公司通 过集中竞价交易方式回购部分公司股份，回购的股份将用于股权激励 或减少注册资本，优化公司资本结构，提升公司股东价值。 三、提议内容 1.回购股份的种类：公司发行的人民币普通股（A 股）。 2.回购股份的用途：本次回购的股份将用于股权激励或减少注册 资本。 3.回购股份的方式：通过 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Views - The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year, aligning with market expectations [6]. - The demand for aerospace new materials is expected to drive steady revenue growth, with the company achieving a revenue of 4.765 billion yuan from aerospace composite materials, reflecting a 5.55% increase year-on-year [6]. - The company is focusing on optimizing product structure and cost reduction, resulting in an overall gross margin of 38.83%, an increase of 2.08 percentage points year-on-year [6]. - The company plans to achieve a revenue target of 5.8 billion yuan in 2025, with a net profit target of 1.363 billion yuan [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 4.78 billion yuan in 2023 to 7.197 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [2][8]. - Net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 1.553 billion yuan in 2027, reflecting a CAGR of about 9.7% [2][8]. - The earnings per share (EPS) is forecasted to rise from 0.74 yuan in 2023 to 1.11 yuan in 2027 [2][8]. - The company's gross margin is expected to remain stable, with slight fluctuations projected over the years [2][8]. Market Data - As of April 2, 2025, the closing price of the company's stock was 23.97 yuan, with a market capitalization of 33.391 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 32 in 2023 to 22 in 2027, indicating a potentially attractive valuation compared to peers [2][3].

Summary of the Conference Call for AVIC High-Tech (中航高科) Industry Overview - The military industry has experienced investment lows and highs over the past five years, with rapid growth from 2020 to 2022, followed by a relative downturn in 2023 and 2024. A structural recovery is expected in 2025, particularly in the missile supply chain and guided equipment sectors, driven by concentrated procurement and downstream inventory stocking, leading to increased orders for upstream electronic component companies. This recovery is reflected in stock prices, indicating sustained growth in the military industry over the next three to ten years [3][4]. Company Position and Strategy - AVIC High-Tech is one of the few companies in the military industry capable of responding to the trend of equipment cost reduction while improving profit margins. The company focuses on aviation auxiliary materials, particularly carbon fiber prepreg, and is expanding into new business areas such as commercial aircraft engines and low-altitude vehicles [4][5]. - The company has undertaken significant measures, including asset restructuring, divesting non-core businesses, implementing equity incentives, and establishing new companies to concentrate on its core business of aviation auxiliary materials and actively explore emerging fields [4][6]. Financial Performance - Despite price pressures in the carbon fiber industry, AVIC High-Tech has achieved a gross margin increase from 30% to 38.8% and a net margin increase from 14.8% to 23.1%. This improvement is attributed to the performance of its wholly-owned subsidiary, AVIC Composite Materials, and effective cost control measures that transmit price pressures upstream in the supply chain. The company's return on equity (ROE) has shown a consistent upward trend [6][7]. - The company's market capitalization exceeds 30 billion, with a free float market value of approximately 20 billion, accounting for over 60%, indicating broad market appeal [6]. Future Growth Potential - During the 14th Five-Year Plan period, AVIC High-Tech is expected to see significant growth potential. The robust production plan for domestic large aircraft supports a promising outlook for its commercial aircraft engine supply business. The company is also expanding into new business areas such as low-altitude vehicles and composite materials, preparing adequately for future growth [7][8]. - The demand for aviation new materials is vast, with the penetration rate of auxiliary materials in military and civilian aircraft continuously increasing. The auxiliary materials business is projected to reach 10 billion RMB during the 14th Five-Year Plan period, with substantial growth potential [4][8]. Order and Transaction Insights - The annual report discloses that the actual amount of related transactions for 2024 is 3.22 billion, with an expected increase to 4.25 billion in 2025, representing a 32% year-on-year growth. The main customers are concentrated in AVIC Industry, indicating a good proportion of internal growth [10]. - The company has shown excellent performance in new orders over the past two years, achieving steady growth even when the overall industry has not improved. The aviation new materials business is expected to grow by 16.2% year-on-year in 2025, which is a considerable growth rate compared to other downstream manufacturers [10]. Research and Development Progress - In 2024, AVIC High-Tech achieved several breakthroughs in research and development, including the successful delivery of the AG600 task, progress in composite materials for the C919, and completion of certain military aircraft development tasks. The company has also been selected as a national "specialized, refined, and innovative" small giant and actively participates in domestic and international exhibitions to expand new markets [11]. Profit Forecast - Based on the company's operational guidance, the forecasted net profit attributable to shareholders for 2025 is approximately 1.3 billion RMB, with projections of 1.53 billion and 1.78 billion for 2026 and 2027, respectively. The current market capitalization is around 34 billion, corresponding to a PE ratio of approximately 25-26 for 2025, 21-22 for 2026, and 18-19 for 2027. The valuation indicates that AVIC High-Tech is an attractive investment with significant growth potential expected to manifest over the next three to fifteen years [12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has demonstrated steady growth in its main business of aviation composite materials, with a strong operational plan reflecting confidence in future performance [2][4] - The company achieved a revenue of 5.072 billion yuan in 2024, representing a year-on-year growth of 6.12%, and a net profit of 1.153 billion yuan, up 11.75% year-on-year [4] - The company is expected to continue its growth trajectory, with projected revenues of 6.094 billion yuan in 2025 and 7.023 billion yuan in 2026, alongside net profits of 1.359 billion yuan and 1.656 billion yuan respectively [2][4] Financial Performance Summary - In 2024, the company’s revenue from aviation new materials reached 4.915 billion yuan, a year-on-year increase of 6.46%, with a gross margin of 39.00% [4] - The company’s overall sales gross margin improved to 38.83%, up 2.08 percentage points year-on-year, while the net profit margin increased to 23.06%, up 1.35 percentage points [4] - The company’s R&D expenses for 2024 were 198 million yuan, a 12.74% increase year-on-year, indicating a commitment to technological advancement [4] Future Outlook - The company aims for a revenue target of 5.8 billion yuan in 2025, with a total profit target of 1.363 billion yuan, reflecting a growth of 14.4% from 2024 [4] - The company is positioned to enter a new product release cycle in its aviation composite materials sector, supported by a significant increase in contract liabilities [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.98 yuan, 1.19 yuan, and 1.37 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26X, 21X, and 18X [2][4]

中航航空高科技股份有限公司 关于 2024 年度业绩说明会召开情况的公告 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。 中航航空高科技股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日上午 10:00-11:30 在价值在线（网址：www.ir-online.cn） 以"网络文字互动"方式召开了"公司 2024 年度业绩说明会"。关于 本次说明会的召开事项，公司已于 2025 年 3 月 15 日在《中国证券 报》《上海证券报》《证券时报》及上海证券交易所网站披露了《公司 关于召开 2024 年度业绩说明会的公告》。 证券代码：600862 证券简称：中航高科 公告编号：临 2025-008 号 现将网上业绩说明会召开情况公告如下： 一、说明会召开情况 2025 年 3 月 21 日，公司董事兼总经理王健先生，独立董事徐樑 华先生，董事会秘书兼副总会计师朱清海先生，投资与证券事务部有 关人员出席了本次网上业绩说明会，与投资者进行了互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行了回复。 ...

Investment Rating - The report maintains a "Buy" rating for AVIC High-Tech (600862) with a target price of 30.00, compared to the last closing price of 25.46 [1][3] Core Insights - The company's main materials business continues to grow, with significant improvements in technological innovation [1][4] - In 2024, the company achieved a revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.75% from the previous year [3][4] - The comprehensive gross profit margin reached 38.83%, an increase of 2.08 percentage points year-on-year, indicating a steady improvement in overall profitability [4] Summary by Sections Financial Performance - In 2024, the revenue from the aviation new materials business was 4.969 billion yuan, a growth of 6.37% year-on-year, with the profit totaling 1.374 billion yuan, up 8.44% [4] - The company expects net profits for 2025-2027 to be 1.203 billion yuan, 1.398 billion yuan, and 1.605 billion yuan respectively, with corresponding EPS of 0.86 yuan, 1.00 yuan, and 1.15 yuan [5][7] Research and Development - The company increased its R&D investment to 197 million yuan in 2024, a growth of 12.74% year-on-year, and filed 37 patent applications, with 11 patents granted [5] - Significant advancements were made in the development of carbon fiber and resin interface matching technology, as well as breakthroughs in materials for the C919 civil aircraft [5] Market Outlook - The report anticipates a revenue growth rate of 17.50% in 2025, followed by 16.50% in 2026 and 15.00% in 2027 [7] - The expected PE ratios for the next three years are 29 times, 25 times, and 22 times, respectively, indicating a favorable valuation outlook [5][7]

Summary of the Conference Call for AVIC High-Tech (中航高科) Company Overview - **Company**: AVIC High-Tech (中航高科) - **Fiscal Year**: 2024 - **Industry**: Aerospace and Advanced Materials Key Financial Performance - **Revenue**: 5.072 billion CNY, up 6.12% year-on-year [3] - **Net Profit**: 357 million CNY, up 11.89% year-on-year [3] - **Contract Liabilities**: Approximately 167 million CNY at the end of 2024, up 200% year-on-year, indicating business growth [30] Research and Development - **R&D Investment**: 200 million CNY in 2024, focusing on resolving critical technology issues and promoting technology transfer [4][6] - **Total Investment in Technology Transfer**: 167 million CNY [4] - **Participation in Industry Standards**: Actively involved in setting industry standards and exploring new paths for industrial development [4] Strategic Investments and Industry Positioning - **Geographic Expansion**: Investments in the Beijing-Tianjin-Hebei region, Yangtze River Delta, and Greater Bay Area to enhance the composite materials supply chain [4][5] - **Partnerships**: Equity investment in Changchang Technology to promote the development of emerging materials [4][5] Future Financial Goals - **2025 Revenue Target**: 5.8 billion CNY, a 14% increase year-on-year [8] - **2025 Profit Target**: 1.363 billion CNY, slight growth expected [8] - **Revenue Growth Sources**: Primarily from expansion in the mainframe and civil sectors, although product price changes may affect profit growth [9] Product Pricing and Market Strategy - **Price Stability**: Product prices expected to remain stable or slightly adjusted based on supplier agreements [11] - **Sales Strategy**: Sales strategies will be tailored based on customer demand and annual volume [12] Profitability and Efficiency - **Net Profit Margin Improvement**: Driven by product structure changes, cost reduction, and scale effects in the aerospace new materials sector [13] - **Advanced Medical Production Line**: Entered trial operation and digital transformation, expected to enhance gross and net profit margins [13] Project Updates - **AG600 Project**: Completed all pre-certification flight tests and is entering the market release phase, with expected demand [17][18] - **C919 Project**: Stable self-controlled technology with positive market demand growth anticipated in 2025 [19] - **C929 Project**: Steady progress with key breakthroughs recognized by customers [20] Competitive Landscape - **C919 and C929 Competition**: C919 has fewer participants due to earlier development, while C929 is in the early stages with various manufacturers interested [21] Operational Capacity and Supply Chain Management - **Production Capacity**: Significant increase in composite material capacity, expected to meet customer demand [26] - **Inventory Management**: Improved raw material turnover rates, with inventory levels aligned with company scale [27] Future Outlook - **2026 Performance Expectations**: Focus on aviation manufacturing technology and sustainable low-cost strategies to meet customer needs [33] - **Equity Incentive Plans**: Plans for equity incentives are in place to enhance employee motivation and align interests [34] Additional Insights - **Emerging Material Profitability**: New materials are contributing positively to overall profit margins, although initial production volumes are still ramping up [14] - **Technological Licensing**: Increased payments for technology licensing indicate rapid growth in new products, contributing positively to revenue [15] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic initiatives, project updates, and future outlook in the aerospace and advanced materials industry.

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has shown steady growth in its aviation new materials business, with revenue reaching 4.969 billion yuan in 2024, a year-on-year increase of 6.37%, and a net profit of 1.220 billion yuan, up 11.22% [4][5]. - The company is positioned to benefit from the strong recovery of commercial aviation and the booming low-altitude economy, with a focus on expanding its market in civil aviation and low-altitude industries [5]. Financial Performance Summary - For the year 2024, the company reported total revenue of 5.072 billion yuan, a 6.12% increase year-on-year, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% [3][8]. - The company's gross margin improved by 2.08 percentage points to 38.83%, and the net profit margin increased by 1.35 percentage points to 23.06% in 2024 [4][10]. - The company has maintained a strong balance sheet, with total liabilities decreasing by 14.19% to 1.889 billion yuan and cash and cash equivalents increasing by 3.34% to 1.642 billion yuan [3][4]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.13 yuan, and 1.33 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 27.0, 23.1, and 19.5 based on the closing price of 25.96 yuan on March 14 [6][10].

Investment Rating - The report maintains an "Accumulate-A" rating for AVIC High-Tech (600862.SH) [1] Core Views - AVIC High-Tech has shown steady growth in operating performance, benefiting from the expansion of the composite materials market. The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year [3][4] - The aerospace composite materials business continues to grow steadily, with revenue reaching 4.969 billion yuan in 2024, a 6.37% increase year-on-year, and a net profit of 1.220 billion yuan, up 11.22% year-on-year. The advanced manufacturing technology business also saw significant improvement, with a revenue increase of 44.87% [4][5] - The company is expected to benefit from the strong recovery of commercial aviation and the booming low-altitude economy, with a promising market outlook for composite materials in civil aviation and low-altitude economic sectors [5] Financial Performance - For 2024, the company reported total liabilities of 1.889 billion yuan, a decrease of 14.19% year-on-year, and cash and cash equivalents of 1.642 billion yuan, an increase of 3.34% year-on-year. Accounts receivable decreased slightly to 2.196 billion yuan, while inventory increased by 6.11% to 1.275 billion yuan [3][4] - The gross margin improved by 2.08 percentage points to 38.83%, and the net profit margin increased by 1.35 percentage points to 23.06% in 2024, indicating enhanced profitability [4][10] - The report forecasts earnings per share (EPS) of 0.96, 1.13, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 27.0, 23.1, and 19.5 based on the closing price of 25.96 yuan on March 14 [6][8]