[Table_Page] 年报点评|航空装备Ⅱ 证券研究报告 [中Table_航Title] 高科（600862.SH） [公Tab司le_I评nves级t] 增持 当前价格 19.73元 聚焦航空复材主业，盈利能力稳步提升 合理价值 29.76元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-17  事件：公司公告2023年年度报告，实现营业收入47.80亿元，同比增 相[Ta对ble市_Pi场cQu表ote现] 长7.50%；实现归母净利润10.31亿元，同比增长34.90%；实现扣非 归母净利润10.06亿元，同比增长33.63%。 17%  点评：聚焦航空复材主业，生产能力与效率持续提升。营收端，2023 8% 年公司实现营业收入 47.80 亿元，同比增长 7.50%。分业务看，航空 0% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 新材料业务贡献当期营收97.74%，同比增长7.20%，主要系航空复合 -9% 材料原材料产品销售增长所致；机床装备业务贡献当期营收 1.38%， -18% 同比减少21.52% ...

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 ...

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]

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].

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 ...

投资者可于 2024 年 03 月 22 日(星期五) 至 03 月 28 日(星期 四)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 600862@avic.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。 中航航空高科技股份有限公司（以下简称"公司"）已于 2024 年 03 月 16 日发布公司 2023 年年度报告，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 29 日下午 14:00-15:00 举行 2023 年度业绩说明会，就投资者 关心的问题进行交流。 证券代码：600862 证券简称：中航高科 公告编号：临 2024－010 号 中航航空高科技股份有限公司 关于召开 2023 年度业绩说明会的公告 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： 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2023 年度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟 ...

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 ...

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 ...

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） 报告编码:京24 中航航空高科技股份 有限公司 内控审计报告 大信审字[2024]第 1-00127 号 22 星 2206 WUYIGE Certified Public Accountants. 15/F, Xueyuan International Towe No. 1 Zhichun Road, Haidian Dist Beijing,China,100083 内部控制审计报告 大信审字[2024]第 1-00127 号 中航航空高科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,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)2023年12月 31 目的财务报告内部控制的 有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评 ...

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） 中航航空高科技股份有限公司 控股股东及其他关联方占用 资金情况审核报告 大信专审字[2024]第 1-00185 号 大信会计师事务所(特殊普通合伙) 1表路1号 WUYIGE Certified Public Accountants Room 2206 22/F. Xuevuan International Tower No 1 Zhichun Road, Haidian Dist Beijing China, 100083 控股股东及其他关联方占用资金情况审核报告 大信专审字[2024]第 1-00185 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 1-00 ...