Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has shown steady growth in operating performance, benefiting from the expansion of the composite materials market. In 2024, the company achieved operating revenue of 5.072 billion yuan, 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]. Summary by Relevant Sections Market Performance - As of March 14, 2025, the closing price was 25.96 yuan, with a year-to-date high of 29.27 yuan and a low of 17.17 yuan. The circulating A-shares total 1.393 billion, with a market capitalization of 36.164 billion yuan [2]. Financial Data - For the fiscal year ending December 31, 2024, the basic and diluted earnings per share were both 0.83 yuan, with a net asset value per share of 5.39 yuan. The return on equity was 15.58% [3]. Business Performance - The aerospace new materials business achieved revenue of 4.969 billion yuan in 2024, a 6.37% increase year-on-year, with a net profit of 1.220 billion yuan, up 11.22% year-on-year. The advanced manufacturing technology business saw revenue of 95.875 million yuan, a 44.87% increase year-on-year, although it reported a net loss of 19.5168 million yuan [4]. Profitability Metrics - The company's gross margin improved by 2.08 percentage points to 38.83%, and the net margin increased by 1.35 percentage points to 23.06% in 2024. Research and development expenses grew by 12.74% [4]. Future Outlook - The company is expected to benefit from the strong recovery of commercial aviation and the booming low-altitude economy. The composite materials market is projected to continue expanding, with the company positioned as a leader in the domestic aerospace composite materials sector [5]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96, 1.13, and 1.33 yuan, respectively. The corresponding price-to-earnings (PE) ratios are 27.0, 23.1, and 19.5 based on the closing price of 25.96 yuan on March 14, 2025 [6][8].

Investment Rating - The report maintains a "Buy" rating for AVIC High-Tech (中航高科) [1] Core Views - 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 attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year [1] - The aviation composite materials business, as the main segment, generated 4.969 billion yuan in revenue, a growth of 6.37%, driven by increased sales of composite material raw products and brake products [8] - The company has made significant progress in independent innovation and R&D, with total R&D investment reaching 197 million yuan and 37 patents applied for, of which 11 were authorized [8] - The aviation composite materials industry is experiencing positive changes, with increasing demand driven by the manufacturing power strategy and the rise of low-altitude economy [8] - The report forecasts net profits of 1.371 billion yuan for 2025 and 1.625 billion yuan for 2026, with a new estimate of 1.761 billion yuan for 2027, corresponding to P/E ratios of 26, 22, and 20 times respectively [8] Financial Summary - The total revenue forecast for 2024 is 5.072 billion yuan, with a projected growth rate of 17.28% for 2025 and 17.65% for 2026 [9] - The net profit attributable to shareholders is expected to reach 1.371 billion yuan in 2025 and 1.625 billion yuan in 2026, with a net profit growth rate of 18.93% and 18.52% respectively [9] - The company’s operating cash flow for 2024 is projected at 496 million yuan, with a significant increase expected in subsequent years [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.072 billion yuan in 2024, representing 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 [1] - The aerospace composite materials business, as the main segment, generated 4.969 billion yuan in revenue, a growth of 6.37%, driven by increased sales of composite material raw products and brake products [8] - The company has made significant progress in independent innovation and R&D, with total R&D investment reaching 197 million yuan and 37 patents applied for, of which 11 were granted [8] - The aerospace composite materials industry is experiencing positive changes, with the company holding a competitive advantage in this field due to its comprehensive R&D and production capabilities [8] - The company maintains a positive long-term outlook, with net profit forecasts for 2025 and 2026 at 1.371 billion yuan and 1.625 billion yuan respectively, and a new forecast for 2027 at 1.761 billion yuan [8] Financial Summary - The company reported total revenue of 5.072 billion yuan for 2024, with a net profit of 1.153 billion yuan, reflecting strong financial performance [1][8] - The company's operating expenses have been effectively managed, with sales and management expenses decreasing by 12.63% and increasing by 4.59% respectively [8] - The projected earnings per share (EPS) for 2024 is 0.83 yuan, with a price-to-earnings (P/E) ratio of 31.37 [1][9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 5.07 billion yuan in 2024, representing a year-over-year growth of 6.1%. The net profit attributable to shareholders was 1.15 billion yuan, up 11.8% year-over-year [3]. - The company focuses on the industrialization of advanced manufacturing technologies and new materials for aviation, leading to steady operational performance and growth [3]. - The company expects a 32% increase in related transactions in 2025, with projected sales and services amounting to 4.65 billion yuan [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.25 billion yuan, a year-over-year increase of 8.1%, and a net profit of 240 million yuan, up 28.7% year-over-year, marking historical highs for the quarter [3]. - The gross margin for 2024 improved by 2.1 percentage points to 38.8%, while the net margin increased by 1.3 percentage points to 23.1% [3]. - The company’s operating cash flow for 2024 was 500 million yuan, reflecting a year-over-year increase of 16.7% [5]. Business Development - The company exceeded its raw material delivery targets in 2024, achieving a revenue of 4.765 billion yuan from composite materials, which grew by 5.55% year-over-year [4]. - The company is actively expanding into the low-altitude economy and has established a joint venture in Shenzhen focused on composite materials for low-altitude applications [4]. Future Projections - The company aims for a revenue target of 5.8 billion yuan in 2025, representing a year-over-year growth of 14.3%, with a total profit target of 1.363 billion yuan [5]. - Forecasts for net profit attributable to shareholders for 2025, 2026, and 2027 are 1.3 billion yuan, 1.529 billion yuan, and 1.78 billion yuan, respectively, with corresponding PE ratios of 28x, 24x, and 20x [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 5.07 billion yuan in 2024, representing a year-over-year growth of 6.1%. The net profit attributable to shareholders was 1.15 billion yuan, up 11.8% year-over-year, and the net profit excluding non-recurring items was 1.14 billion yuan, reflecting a 13.0% increase [3]. - The company is focusing on the industrialization of advanced manufacturing technologies and new materials for aviation, which has led to steady operational performance and growth [3]. - The company expects a 32% increase in related transactions in 2025, with projected sales and labor transactions with subsidiaries of AVIC reaching 4.65 billion yuan [3]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.25 billion yuan, a year-over-year increase of 8.1%, and a net profit of 240 million yuan, up 28.7% year-over-year, marking historical highs for the quarter [3]. - The gross margin for 2024 improved by 2.1 percentage points to 38.8%, while the net margin increased by 1.3 percentage points to 23.1% [3]. - The company’s contract liabilities surged by 202% compared to the beginning of the year, reaching 170 million yuan, the highest since Q3 2023 [5]. Business Expansion and Strategy - The company has exceeded its material delivery targets and is actively expanding into the low-altitude economy sector. In December 2024, it established a joint venture in Shenzhen focused on composite materials for low-altitude applications [4]. - The company is also advancing its civil aircraft business and exploring international markets to create new growth points [4]. Future Projections - The company aims for a revenue target of 5.8 billion yuan in 2025, representing a year-over-year growth of 14.3%, with a total profit target of 1.36 billion yuan, a slight increase of 0.42% [5]. - Forecasts for net profit attributable to shareholders are 1.3 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.78 billion yuan in 2027, with corresponding PE ratios of 28x, 24x, and 20x respectively [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 5.07 billion yuan in 2024, representing a year-over-year growth of 6.1%. The net profit attributable to shareholders was 1.15 billion yuan, up 11.8% year-over-year [3]. - The company focuses on the industrialization of advanced manufacturing technologies and new materials for aviation, leading to steady operational performance and growth [3]. - The company expects a 32% increase in related transactions in 2025, with projected sales and services amounting to 4.65 billion yuan [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.25 billion yuan, a year-over-year increase of 8.1%, and a net profit of 240 million yuan, up 28.7% year-over-year, marking historical highs for the quarter [3]. - The gross margin for 2024 improved by 2.1 percentage points to 38.8%, while the net margin increased by 1.3 percentage points to 23.1% [3]. Business Development - The company exceeded its raw material delivery targets in 2024, achieving a revenue of 4.765 billion yuan from composite materials, a year-over-year increase of 5.55% [4]. - The company is actively expanding into the low-altitude economy and has established a joint venture in Shenzhen focused on composite materials for low-altitude applications [4]. Cash Flow and Liabilities - As of the end of 2024, the company reported a 201.6% increase in contract liabilities compared to the beginning of the year, reaching 170 million yuan [5]. - The net cash flow from operating activities for 2024 was 500 million yuan, reflecting a year-over-year increase of 16.7% [5]. Future Projections - The company aims for a revenue target of 5.8 billion yuan in 2025, representing a year-over-year growth of 14.3%, with a total profit target of 1.363 billion yuan [5]. - Forecasts for net profit attributable to shareholders for 2025, 2026, and 2027 are 1.3 billion yuan, 1.529 billion yuan, and 1.78 billion yuan, respectively [6][7].

一、中航工业集团财务有限责任公司基本情况 中航工业集团财务有限责任公司（以下简称"中航工业财务"） 是经国家金融监督管理总局批准，在国家市场监督管理总局登记注册， 具有企业法人地位的非银行金融机构。 中航工业财务是在原西安飞机工业集团财务有限责任公司和原 贵州航空工业集团财务有限责任公司重组基础上，由中国航空工业集 团有限公司及所属成员单位共 12 家共同出资组建，于 2007 年 4 月 正式成立。后经四次增资及股权变更，现有注册资金 395,138 万元人 民币，股东单位 4 家，其中，中国航空工业集团有限公司出资额 262,938 万元，占注册资本的 66.54%；中航投资控股有限公司出资额 111,250 万元，占注册资本的 28.16%；中航西安飞机工业集团股份有 限公司出资额 14,400 万元，占注册资本的 3.64%；贵州贵航汽车零 部件股份有限公司出资额 6,550 万元，占注册资本 1.66%。 金融许可证机构编码：L0081H211000001 法定代表人：周春华 注册地址：北京市朝阳区东三环中路乙 10 号 中航工业财务的经营范围为下列全部本外币业务：吸收成员单位 1 关于与中航工业集 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025-004 号 中航航空高科技股份有限公司 关于 2025 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 2025 年度日常关联交易系基于日常经营活动所 需，相关交易严格遵循公平、合理的定价原则，不存在损害公司及非 关联股东合法权益的情形，不会对公司的独立性构成不利影响。 ●本事项尚需提交公司 2024 年年度股东大会审议批准。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 中航航空高科技股份有限公司（以下简称"公司"）的 日常关联交易主要为公司总部及相关下属子公司与中国航 空工业集团有限公司（以下简称"中航工业"）相关下属单 位（以下简称"中航工业下属单位"）之间的商品购销、劳 务提供、资产租赁、存贷款业务等。其中，关联存贷款业务 主要由中航工业下属单位中航工业集团财务有限责任公司 （以下简称"中航工业财务"）提供。 2025 年 3 月 13 日，公司召开了第十一届董事会 2025 ...

Core Viewpoint - The company, AVIC High-Tech (中航高科), reported a revenue of 5.072 billion yuan for the year 2024, reflecting a year-on-year growth of 6.12% and a net profit of 1.153 billion yuan, which is an increase of 11.75% compared to the previous year [1] Financial Performance - The company achieved an operating income of 5.072 billion yuan, marking a 6.12% increase year-on-year [1] - The net profit for the year was reported at 1.153 billion yuan, showing an 11.75% growth compared to the previous year [1] - Basic earnings per share were recorded at 0.83 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 2.49 yuan (including tax) for every 10 shares to all shareholders [1] Business Segments - Sales of aviation composite material raw products and brake products experienced growth during the reporting period [1] - The aviation parts and specialized equipment business also saw a year-on-year increase [1]

中航航空高科技股份有限公司 内控审计报告 利安达审字[2025]第 0134 号 利安达会计师事务所（特殊普通合伙） REANDA CERTIFIED PUBLIC ACCOUNTANTS LLP. 利安达会计师事务所(特殊普通合伙) 内部控制审计报告 利安达审字[2025]第 0134 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）2024 年 12 月 31 日的财务报告内部控制的 有效性。 一、企业对内部控制的责任 - 1 - REANDA 利安达会计师事务所(特殊普通合伙) 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，并评价其有效性是中航高科董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能 ...