证券代码：600862 证券简称：中航高科 公告编号：临 2025－003 号 中航航空高科技股份有限公司 2024 年度利润分配预案公告 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： ●本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确； ●在实施权益分派的股权登记日前若公司总股本发生变动的，维 持分配总额不变，相应调整每股分配比例，并将另行公告具体调整情 况； ●公司不触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示 的情形。 一、2024 年度利润分配预案内容 经利安达会计师事务所（特殊普通合伙）审计，2024 年 度 公 司 实 现 归 属 于 上 市 公 司 普 通 股 股 东 的 净 利 润 1,152,682,648.58 元，母公司实现净利润 470,337,103.36 元。母公司年初可供分配利润 619,804.54 元，扣除提取盈 余公积 47,033,710.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [9]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to mitigate short-term losses. This may lead to changes in the carbon fiber prepreg market structure, presenting growth opportunities for the company as a leading domestic player in the aerospace sector [1]. - The company is enhancing its upstream supply chain by acquiring a 20% stake in Changsheng Technology for 342 million yuan, which is expected to stabilize profit margins amid declining prepreg prices due to short-term demand fluctuations [2]. - The trend towards unmanned military equipment is expected to expand the market for carbon fiber, with the U.S. aiming for a fully unmanned fleet by 2033. This shift is anticipated to increase the carbon fiber usage in military drones by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is projected to grow, with a forecasted 3.8% increase in global passenger turnover and significant aircraft deliveries from Airbus and Boeing. The domestic C919 aircraft is expected to accelerate growth in carbon fiber demand as its delivery numbers increase [4][5]. - The low-altitude economy is emerging as a new growth engine, with a market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber, is anticipated to drive significant demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, down from previous estimates. Net profits are expected to be 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan for the same period [6]. - The report indicates a decrease in the company's price-to-earnings (P/E) ratio from 28.62 in 2024 to 21.09 in 2026, reflecting anticipated growth in profitability [6][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [9][21]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to address short-term operational losses. This shift may lead to changes in the market structure for carbon fiber prepregs, positioning the company as a leading domestic player in the aerospace sector for potential growth [1]. - The company has strategically invested 342 million yuan to acquire a 20% stake in Changsheng Technology, enhancing its position in the upstream supply chain. This move is expected to mitigate profit fluctuations in the downstream segment due to declining prepreg prices and strengthen its market leadership [2]. - The trend towards unmanned military equipment is gaining momentum, with the U.S. government increasing its air force budget and focusing on next-generation aircraft. This shift is anticipated to boost the demand for carbon fiber in unmanned systems, with usage expected to increase by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is robust, with global passenger turnover projected to grow at 3.8% annually. The domestic C919 aircraft is expected to significantly contribute to the carbon fiber market as its delivery ramps up, marking a transition from military to civilian applications [4][5]. - The low-altitude economy is emerging as a new growth engine, with its market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber for lightweight structures, is projected to drive substantial demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, reflecting a downward revision due to military delivery schedules. The expected net profits for the same period are projected at 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan, with corresponding P/E ratios of 28.62, 25.00, and 21.09 [6][8].

Summary of the Conference Call for 中航高科 Company Overview - 中航高科 is a comprehensive holding company under the Aviation Industry Corporation of China, primarily engaged in two main business segments: aerospace new materials and machine tool manufacturing. Over 90% of the company's revenue and profit come from the new materials business, while the machine tool segment is in a transformation phase towards profitability [3][8]. Key Points and Arguments - **Strategic Focus**: The company has undergone multiple rounds of asset restructuring to focus on the new materials sector, divesting from real estate and low-efficiency machine tool businesses [3][4]. - **Market Position**: 中航高科 holds a dominant position in the military prepreg market with over 90% market share, collaborating closely with its controlling shareholder's subsidiary for R&D and production [3][6]. - **Financial Performance**: For the first three quarters of 2024, the company reported a revenue increase of 5.48%, with the new materials segment growing by 6.19%. Profit also saw a year-on-year increase of approximately 5%, aligning with the company's operational goals [8][10]. - **Growth Drivers**: The demand for composite materials is expected to rise significantly due to the increase in military aircraft numbers and the introduction of new fourth-generation aircraft, with a projected annual growth rate of 26% for the domestic auxiliary materials market over the next decade [10][11]. - **Civil Aviation Market Potential**: The civil aviation sector is anticipated to require 8,000 to 9,000 new commercial aircraft over the next 20 years, with a market size for carbon fiber prepreg materials expected to reach 300 billion yuan. The domestic production of large aircraft like C919 and C929 will further stimulate demand [11][12]. - **Technological Advantages**: The company possesses a robust resin matrix system and has developed a proprietary composite materials database, enhancing its supply chain capabilities and reinforcing its competitive edge [15][19]. - **Cost Management**: The focus on reducing costs in the manufacturing and assembly stages, rather than just material prices, is crucial for maintaining competitiveness. Automation technologies are expected to significantly lower costs in these areas [18][22]. Additional Important Insights - **Future Development**: 中航高科 aims to enhance processing efficiency and reduce manufacturing costs through advanced processing techniques and a comprehensive data system. The company is positioned to maintain a strong market presence and achieve sustainable growth [19][23]. - **National Reform Impact**: The company has implemented various reforms to improve asset turnover rates and incentivize R&D personnel, which are expected to support long-term growth [22][23]. - **Competitive Landscape**: The barriers to entry in the aerospace materials industry are significant, with established companies benefiting from accumulated experience and data systems that facilitate quicker product development [16][20]. This summary encapsulates the essential aspects of 中航高科's business, market position, financial performance, and future outlook as discussed in the conference call.

公司已签署投资协议，并于近日完成深圳轻快世界科技 有限公司（即新设子公司）相关工商注册登记手续，已取得 了深圳市市场监督管理局颁发的《营业执照》。 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。 一、对外投资概述 中航航空高科技股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日召开第十一届董事会 2024 年第四次会议 审议通过了《关于公司拟与中航制造、长盛科技共同设立子 公司暨关联交易的议案》，详见公司于 2024 年 10 月 19 日 披露的《中航航空高科技股份有限公司关于投资新设子公司 暨关联交易的公告》（临 2024-029 号）。 二、对外投资进展 证券代码：600862 证券简称：中航高科 公告编号：临 2024-039 号 中航航空高科技股份有限公司 关于对外投资的进展公告 特此公告。 中航航空高科技股份有限公司董事会 2024 年 12 月 16 日 1 ...

Summary of the Conference Call for AVIC High-Tech Industry Overview - The aerospace auxiliary materials sector is characterized by high urgency due to significant increases in application ratios in new aircraft models, such as the G35, which enhance performance in military and drone applications [2][3] - The demand for military aviation composite materials in China is projected to reach approximately 18,000 tons over the next decade, with further increases anticipated due to drone requirements [4][5] - In the civil aviation sector, the usage ratio of composite materials in advanced foreign aircraft has reached 50%, while domestic models like the C919 currently utilize about 12%, with the CR929 expected to reach 50% [2][6][8] - The potential demand for auxiliary materials in China's civil aviation market over the next 20 years is estimated at around 110,000 tons, with general aviation and drones contributing an additional 20,000 tons and over 2,500 tons, respectively [2][9][10] Key Insights and Arguments - The demand for composite materials in drones is particularly stringent due to weight reduction requirements, with composites making up 50%-80% of their structure [7][11] - AVIC High-Tech holds a monopolistic position in the prepreg market, benefiting from the ramp-up of new aircraft models and expansion into the civil market, although it faces pressure on profit margins [2][26] - The company’s performance this year has been subpar, primarily due to the transition between old and new aircraft models, but it is expected to recover to mid-to-high growth rates in the coming years [32][33] Investment and Market Dynamics - Investment in the aerospace supply chain should focus on the carbon fiber segment, where military applications are concentrated and competition in the civil sector is intense, leading to price pressures [12][20] - Prepregs are identified as a critical intermediate product with significant cost-saving potential, although the downstream forming processes are highly concentrated and influenced by aircraft design complexities [13][14] - The breakthrough in high-performance carbon fiber technology is crucial for promoting the application of composite materials, with domestic production of T800 grade carbon fiber already achieved [15][16] Company-Specific Developments - AVIC High-Tech has made significant strides in expanding its civil aviation market presence, including the establishment of joint ventures for producing components and materials [28][29] - The company’s competitive advantage in the high-end civil aviation market stems from its stable product quality and safety, leveraging its military aviation experience [29] - The overall gross margin for AVIC High-Tech was reported at 36.75%, which is relatively low compared to upstream and downstream players, indicating room for improvement through efficiency and supply chain management [31] Future Outlook - The company is expected to see a gradual increase in new model production and civil market expansion, with initiatives aimed at cost reduction and efficiency improvements to enhance profitability [33][34] - AVIC High-Tech is positioned as a key player in the aerospace materials sector, with potential for growth driven by both military and civil aviation demands [30][33]

Summary of Conference Call Notes Industry Overview - The conference discusses the aerospace composite materials industry, highlighting its growth potential and the increasing application of composite materials in both military and civilian aviation sectors [1][10]. - The introduction of new aircraft models, such as JMS and the 919, is expected to drive a new phase of rapid development in the composite materials sector [1]. Key Insights and Arguments - Composite materials significantly enhance aircraft performance by reducing weight and improving stealth capabilities, which is crucial for military applications [2]. - The use of composite materials in military drones has reached 50% to 80% of their structural weight, indicating a strong trend towards increased utilization in unmanned aerial vehicles [3]. - The application of composite materials in civilian aviation has historically been low in China, but recent advancements in technology and production capacity are expected to boost their usage [4][5]. - The 919 aircraft is projected to use up to 50% composite materials, marking a significant shift in the industry [6]. Market Dynamics - The civilian aviation market is anticipated to become a larger segment for composite materials, with a notable increase in demand for general aviation and electric vertical takeoff and landing (eVTOL) aircraft [8][9]. - The global eVTOL market is expected to see annual production exceeding 10,000 units by 2030, further driving demand for composite materials [9]. Competitive Landscape - The competitive landscape in the carbon fiber segment differs between military and civilian applications, with domestic players gaining ground in the civilian market [10][11]. - The production of prepreg (pre-impregnated composite materials) is highlighted as a critical intermediary step in the composite manufacturing process, with significant barriers to entry due to the need for specialized design and manufacturing capabilities [12][13]. Cost and Efficiency Considerations - The industry faces pressure for cost reduction, particularly in military applications, which may impact revenue and profit margins [18]. - Scale effects in carbon fiber production are crucial, as high manufacturing costs necessitate larger production volumes to maintain profitability [19]. - Technological advancements in manufacturing processes are essential for reducing costs in composite material production [20][22]. Company-Specific Insights - The company, referred to as "高科," is positioned as a leader in the aerospace composite materials sector, with a strong focus on both military and civilian applications [23][24]. - 高科 has established a dominant position in the prepreg market, leveraging its collaboration with aviation manufacturing institutes [25]. - The company is expanding its presence in the civilian market, particularly in high-end applications, and is expected to benefit from increased demand in this segment [27][28]. - Despite current lower profit margins compared to competitors, there is potential for improvement through operational efficiencies and scale [30]. Future Outlook - The company is expected to experience growth in both military and civilian sectors, with new aircraft models contributing to increased production volumes [31]. - The long-term outlook for 高科 is positive, with anticipated improvements in profitability and market position as the industry evolves [32]. Conclusion - The aerospace composite materials industry is poised for significant growth, driven by advancements in technology and increasing applications in both military and civilian aviation. The company 高科 is well-positioned to capitalize on these trends, making it a noteworthy investment opportunity.

证券代码：600862 证券简称：中航高科 公告编号：2024-038 号 中航航空高科技股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,118 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 820,508,197 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.9001 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长姜波主持。会议采用现 (一) 股东大会召开的时间：2024 年 11 月 26 日 (二) 股东大会召开的地点：北京市朝阳区东三环中路乙 10 号北京艾维克酒店 四层第一会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 场投票和网络投票相结合的表 ...

北京市嘉源律师事务所 北京市嘉源律师事务所 关于中航航空高科技股份有限公司 2024 年第二次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二四年十一月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中航航空高科技股份有限公司 关于中航航空高科技股份有限公司 2024 年第二次临时股东大会的法律意见书 嘉源(2024)-04-859 北京市嘉源律师事务所（以下简称"本所"）受中航航空高科技股份有限公 司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《中 航航空高科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 指派本所律师对公司 2024 年第二次临时股东大会（以下简称"本次股东大会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 ...

Investment Rating - The investment rating for the company is "Add" [1][20][23] Core Views - The company reported a steady growth in revenue and profit for the first three quarters of 2024, achieving an operating income of 3.821 billion yuan, a year-on-year increase of 5.48%, and a net profit attributable to shareholders of 912 million yuan, up 8.00% year-on-year [2][5][6] - The gross margin and net margin have increased, with the gross margin for the first three quarters of 2024 at 38.52%, up 1.08 percentage points year-on-year [13][15] - The company is enhancing its control over the industrial chain by investing in Longsheng Technology and establishing a new subsidiary focused on the low-altitude economy [19][20] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved an operating income of 3.821 billion yuan, completing 76.42% of its annual operating plan, and a total profit of 1.074 billion yuan, completing 83.80% of its annual plan [5][6] - The net profit attributable to shareholders for Q3 2024 was 308 million yuan, a year-on-year increase of 5.25% [6][10] Revenue and Profitability - The revenue from the aerospace new materials business reached 3.772 billion yuan, a year-on-year increase of 6.19%, while the advanced manufacturing technology business reported revenue of 45.468 million yuan, up 4.64% year-on-year [10][11] - The company maintained a gross margin of 38.52% for the first three quarters of 2024, with a net margin of 23.87% [13][15] Cash Flow and Receivables - The net cash flow from operating activities for the first three quarters of 2024 was 142 million yuan, a decrease of 61.51% year-on-year, primarily due to reduced sales receipts [16][18] - Accounts receivable increased significantly, reaching 4.511 billion yuan, up 105.27% from the beginning of the year [18] Strategic Initiatives - The company invested 342 million yuan to acquire a 20% stake in Longsheng Technology to enhance its industrial chain control capabilities [19] - A new subsidiary, Shenzhen AVIC Aviation Manufacturing Technology Innovation Center Co., Ltd., is being established to focus on low-altitude economy projects [19][20] Earnings Forecast - The company maintains its profit forecast, expecting net profits attributable to shareholders of 1.146 billion yuan, 1.322 billion yuan, and 1.521 billion yuan for 2024, 2025, and 2026 respectively [20]