2024年3月18日 公司研究 复材主业快速增长，年度利润总额同比增长 36% ——中航高科（600862.SH）2023 年年度报告点评 要点 买入（维持） 当 前价：19.73元 事件：公司发布2023年年度报告，23年公司实现营业收入47.80亿元，同比增 长7.50%；实现利润总额12.13亿元，同比增长35.75%。公司2023年经营目 标为营业收入49亿元，利润总额11.76亿元；全年完成营业收入目标的97.54%， 作者 完成利润总额目标的103.15%。23Q4实现营业收入11.57亿元，同比增长 分析师：刘宇辰 6.90%；实现归母净利润1.87亿元，同比增长98.39%。 执业证书编号：S0930522090001 021-52523865 点评： liuyuchen0@ebscn.com 航空新材料业务营收、利润同比增长；装备业务同比减亏：2023年航空新材料 分析师：王凯 业务实现营业收入46.71亿元，同比增长7.20%，主要因为航空复合材料原材料 执业证书编号：S0930522070003 产品和刹车制品销售增长；实现归母净利润10.97亿元，同比增长33.20%，主要 021-5 ...

证券研究报告·公司点评报告·航空装备Ⅱ 中航高科（600862） 2023 年年报点评：年度归母净利润同比增长 2024 年 03月 17日 34.90%，产业地位牢固 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 执业证书：S0600523060002 营业总收入（百万元） 4,446 4,780 5,509 6,519 7,472 xumu@dwzq.com.cn 同比 16.77% 7.50% 15.26% 18.33% 14.63% 研究助理 高正泰 归母净利润（百万元） 764.64 1,031.46 1,285.53 1,566.91 1,884.37 执业证书：S0600123060018 同比 29.29% 34.90% 24.63% 21.89% 20.26% gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 0.55 0.74 0.92 1.12 1.35 P/E（现价&最新摊薄） 35 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 4.78 billion yuan in 2023, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 1.03 billion yuan, up 34.9% year-on-year [1][2]. - The company is positioned as a leader in aviation carbon fiber prepreg materials and is expected to benefit from the rapid development of the industry, particularly with the commercialization of domestic large aircraft and the government's focus on "low-altitude economy" [1][2]. - The forecasted net profits for 2024, 2025, and 2026 are 1.185 billion yuan, 1.435 billion yuan, and 1.735 billion yuan respectively, with corresponding PE ratios of 23x, 19x, and 16x [1][2]. Financial Performance - In Q4 2023, the company achieved a revenue of 1.16 billion yuan, a year-on-year increase of 6.9%, and a net profit of 190 million yuan, up 99.8% year-on-year [1]. - The gross margin for Q4 2023 increased by 10.0 percentage points to 34.6%, while the net margin rose by 7.2 percentage points to 16.3% [1]. - The company's new materials business generated 4.62 billion yuan in revenue, accounting for 97% of total revenue, with a gross margin increase of 5.92 percentage points to 36.8% [1]. Cost Management and R&D - The company maintained a low expense ratio, with a total operating expense ratio of 11.2%, an increase of 1.0 percentage points year-on-year [1]. - R&D expenses increased by 7.5% to 180 million yuan, while the R&D expense ratio decreased by 0.2 percentage points to 3.7% [1]. Market Outlook - The report highlights the growth potential in the aviation new materials sector, driven by increased demand from the domestic large aircraft market and government initiatives [1][2]. - The company is expected to leverage its position in the supply chain to capture more market opportunities as the industry evolves [1].

Financial Performance - The total revenue for 2023 reached CNY 4,779,569,930, representing an increase of 7.50% compared to the previous year[16] - The net profit attributable to shareholders was CNY 1,031,463,199.96, with a profit distribution plan proposing a cash dividend of CNY 2.23 per 10 shares, totaling CNY 310,649,950.86, which is 30.12% of the net profit[4] - The company achieved a net profit attributable to shareholders of 1,031,463,199.96, a 34.90% increase from the previous year's 764,638,685.45[18] - The net profit after deducting non-recurring gains and losses was 1,005,835,339.10, reflecting a 33.63% increase compared to 752,685,123.72 last year[18] - The company reported a revenue of 477,956.99 million, a 7.50% increase from 444,611.27 million in the previous year[21] - The total profit reached 1,213.05 million RMB, with a year-on-year increase of 35.75%[28] - The revenue from the main business segment, aviation materials, was 4,514.60 million RMB, up 6.01% year-on-year, while total profit was 1,266.80 million RMB, increasing by 31.25%[29] - The company achieved operating revenue of CNY 477,956.99 million, representing a year-on-year growth of 7.50%[54] - The net profit attributable to shareholders increased to CNY 103,146.32 million, reflecting a year-on-year growth of 34.90%[54] Operational Efficiency - The company reported a significant increase in operating profit margin, rising to 9.39% from 0.24% in the previous year[16] - The company's net cash flow from operating activities was 424,958,856.35, a slight increase of 1.24% from 419,761,991.22[18] - Operating costs decreased by 1.54% year-on-year, amounting to CNY 302,325.89 million[56] - The gross margin for new materials products was 36.79%, with a year-on-year increase of 5.92%[58] - The company’s net cash flow from operating activities increased by 1.24% to 424,958,856.35 RMB compared to the previous year[70] Research and Development - The company invested 181 million RMB in R&D, applying for 46 patents and obtaining 26 patents during the year[31] - Research and development expenses rose by 7.46% to CNY 175,515.30 million, driven by increased investment in new materials[55] - The company has emphasized talent development and has a stable and experienced R&D team focused on advanced composite materials[52] - The company plans to strengthen key core technology R&D, focusing on thermoplastic composite materials and high-performance carbon fiber prepregs[99] Market Expansion and Strategy - The company plans to continue focusing on product structure changes and cost reduction to enhance profitability in the aerospace materials segment[21] - The company is focusing on the development of new materials and advanced manufacturing technologies as part of its strategic planning for the "14th Five-Year Plan"[34] - The company aims to strengthen its market position in aerospace composite materials and advanced manufacturing technology, targeting high-quality development and becoming a leading enterprise in these sectors[49] - The company is actively enhancing its production capacity for advanced prepreg materials, with new automated production lines expected to significantly boost delivery capabilities[51] - The company plans to expand its capital through a capital increase and share expansion for its subsidiary, Jinghang Biotechnology[133] Compliance and Governance - The audit report issued by Da Xin Accounting Firm confirmed the accuracy and completeness of the financial statements[3] - The company has established a comprehensive compliance management system to mitigate risks and ensure high-quality development[36] - The company received an A-level rating for information disclosure from the Shanghai Stock Exchange for five consecutive years, indicating excellent compliance with disclosure regulations[118] - The company has implemented regular checks and monitoring mechanisms for related party transactions to prevent conflicts of interest[114] - The company has committed to improving its corporate governance structure as part of its long-term development strategy[118] Environmental Responsibility - The company invested CNY 17,158,800 in environmental protection during the reporting period[157] - The company has not faced any administrative penalties related to environmental issues during the reporting period[159] - The company emitted 0.014 tons of sulfur dioxide, 0.6514 tons of nitrogen oxides, and 0.0204 tons of dust in 2023, all meeting the DB11/501-2017 emission standards[160] - The company processed 166,775.20 tons of domestic wastewater in compliance with GB8978 standards, ensuring proper treatment before discharge[160] - The company conducted environmental impact assessments for 2 major investment projects, achieving a 100% compliance rate with simultaneous execution requirements[162] Future Outlook - The company aims for a total revenue of 5 billion CNY and a net profit of 1.282 billion CNY for 2024[98] - The aviation new materials business is expected to achieve a revenue of 4.912 billion CNY and a net profit of 1.37 billion CNY in 2024[98] - The equipment business is projected to generate a revenue of 0.73 billion CNY with a net loss of 0.15 billion CNY in 2024[98] - The company anticipates a 3.9% annual growth in global passenger turnover over the next 20 years, with over 41,429 new aircraft expected to be delivered, valued at approximately USD 6.1 trillion[86] Employee and Management - The company has a total of 1,123 employees, with 296 in the parent company and 491 in major subsidiaries[143] - The total pre-tax remuneration for senior management during the reporting period amounted to 593.38 million yuan, with individual remuneration for key executives such as the Deputy General Manager reaching 108.80 million yuan[121] - The company conducted 37 training programs in 2023, with approximately 2,738 participants and a total of 8,452 minutes of training[145] - The company emphasizes talent acquisition and optimization to improve competitiveness in new materials and advanced manufacturing[104] Risk Management - The company has not reported any significant risks affecting its operations during the reporting period[6] - The company plans to strengthen its risk management mechanisms, focusing on product quality, safety production, and compliance management to mitigate operational risks[111] - The company recognizes the risks associated with international market expansion due to geopolitical conflicts and trade frictions, which may hinder its international competitiveness[109]

中航航空高科技股份 有限公司 审 计 报 告 大信审字[2024]第 1-00126 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.eov.cn/ 路1号 度 72 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F Xuevuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone: +86 (10) 82330558 传直 Fax · +86 (10) 82327668 网 tit Internet. www.daxincna.com.cn 审计报告 大信审字[2024]第 1-00126 号 中航航空高科技股份有限公司全体股东: 一、审计意见 我们审计了中航航空高科技股份有限公司(以下简称"中航高科")的财务报表,包括 2023 年 12 月 31 目的合 ...

关于本报告 本报告是中航高科发布的首份环境、社会及治理（ESG）报告，本着客观、规范、透明和全面的原则，详细披露了中航高科2023年在积 极承担社会责任、有效管理ESG风险与机遇等方面的具体举措、重点实践、亮点案例和关键绩效，旨在回应利益相关方的期望，未来更 好地履行社会责任。 时间范畴 本报告为年度报告，报告期间为2023年1月1日至2023年12 月31日，部分内容可能超出此时间范围。 释义 报告范围 本报告以中航航空高科技股份有限公司为主体，并包含其所 属子公司。 中铁检验认证中心有限公司(CHINA RAILWAY TEST & CERTIFICATION CENTER LIMITED） 美国质量评审协会（Performance Review Insistute） 数据来源及可靠性保障 本报告引用的全部信息数据均来自于中航高科内部文件或有 关公开资料，除另做说明外，统计口径与年报保持一致。本 报告已经公司保密审查，并经董事会审议通过，公司保证本 报告内容不存在虚假记载、误导性陈述或重大遗漏。 货币单位 | 公司简称 | | 公司全称 | | --- | --- | --- | | 中航高科/本公司/公 ...

中航航空高科技股份有限公司 涉及财务公司关联交易的存款、 贷款等金融业务的专项说明 大信专审字[2024]第 1-00184 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 涉及财务公司关联交易的存款、贷款等金融业务的 专项说明 大信专审字[2024]第 1-00184 号 中航航空高科技股份有限公司全体股东: 我们接受委托,审计了中航航空高科技股份有限公司(以下简称"中航高科")的财务 报表,包括 2023年12月31日合并及母公司资产负债表、2023年度合并及母公司利润表、 股东权益变动表、现金流量表以及财务报表附注,并于2024年3月14日出具大信审字[2024] 第 1-00126 号审计报告。在对上述财务报表审计基础上,我们审核了中航高科编制的《2023 年度涉及财务公司关联交易的存款、贷款等金融业务情况汇总表》(以下简称"与财务公司 业务汇总表")。 一、管理层和治理层的责任 按照《上海证券交易所上市公司自律监管指引第 5 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2024－007 号 中航航空高科技股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： ●拟续聘的会计师事务所名称：大信会计师事务所（特殊普通合 伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 大信会计师事务所（特殊普通合伙）（以下简称"大信事务所"） 成立于 1985 年，2012 年 3 月转制为特殊普通合伙制事务所，注册地 址为北京市海淀区知春路 1 号 22 层 2206。大信事务所在全国设有 32 家分支机构，在香港设立了分所，并于 2017 年发起设立了大信国际 会计网络，目前拥有美国、加拿大、澳大利亚、德国、法国、英国、 新加坡等 38 家网络成员所。大信事务所拥有财政部颁发的会计师事 务所执业证书，是我国最早从事证券业务的会计师事务所之一，以及 首批获得 H 股企业审计资格的事务所，具有近 30 年的证券业务从业 经验。首席合伙人为谢泽敏先生。截至 2023 年 12 月 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2024-005 号 中航航空高科技股份有限公司 关于 2024 年度日常关联交易预计的公告 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。 重要内容提示： ●公司预计的 2024 年度日常关联交易为日常经营需要，遵循了 公平合理的定价原则，不存在损害公司和非关联方股东利益的情形， 不影响公司独立性。 ●本事项尚需提交公司 2023 年度股东大会审议批准。 一、日常关联交易基本情况 | 序 | | | 2023 年 | 2023 年 | | | --- | --- | --- | --- | --- | --- | | 号 | 关联交易类别 | 关联交易对方 | 度预计 | 度完成 | 差异原因 | | | | | 额 | 额 | | | 一 | 关联购销 | | | | | | 1 | 向关联方销售商品 | 航空工业集团下属 | 450,000 | 323,070 | 关联方需求 计划的调整 | | | | 单位 | | | | | | | | | | 使收入减 ...

公司董事会审计委员会 2023 年度 对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司治理准则》《国有企业、上市公司选聘会计 师事务所管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》和《公司章程》等规定和要求，董 事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将董事会审计委员会对会计师事务所 2023 年度履行监督 职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 大信会计师事务所（特殊普通合伙）（以下简称"大信 事务所"）成立于 1985 年，2012 年 3 月转制为特殊普通合 伙制事务所，总部位于北京，注册地址为北京市海淀区知春 路 1 号 22 层 2206，首席合伙人为谢泽敏先生。截至 2023 年 12 月 31 日，大信从业人员总数 4001 人，其中合伙人 160 人， 注册会计师 971 人。注册会计师中，超过 500 人签署过证券 服务业务审计报告。 （二）聘任会计师事务所履行的程序 公司于 2023 年 3 月 15 日、2023 年 6 月 7 日分别召开第 ...