Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][2]. Core Views - The company has shown stable growth in its aviation new materials business, benefiting from the high demand in the industry. The revenue for the first three quarters of 2024 reached 3.821 billion yuan, a year-on-year increase of 5.48%, with net profit rising by 8.00% to 912 million yuan [2][3]. - The gross margin improved by 1.08 percentage points to 38.52%, and the net margin increased by 0.69 percentage points to 24.12%, indicating a continuous enhancement in profitability [3]. - The company is positioned as a leader in the domestic aviation composite materials sector, with increasing applications in aircraft components, which is expected to drive further growth as the global aviation industry recovers [3]. Financial Data Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 5.379 billion yuan, with a year-on-year growth of 12.6%. The net profit is expected to be 1.192 billion yuan, reflecting a growth of 15.6% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 0.86 yuan, with corresponding price-to-earnings (P/E) ratios of 28.3, 23.8, and 19.7 for the years 2024, 2025, and 2026 respectively [1][5]. - The return on equity (ROE) is projected to be 16.4% in 2024, increasing to 17.4% by 2026 [5][7].

Group 1: Investment and Strategic Partnerships - The company invested CNY 342 million to acquire a 20% stake in Changsheng Technology, aiming to enhance collaboration in the industrial chain [1] - A subsidiary was established in Shenzhen to leverage resources from the parent company for market-oriented product development [2] Group 2: Low-altitude Economy Development - The company is focusing on low-altitude economy demands, utilizing technological innovations from the parent company to enhance product development [2] - Current collaborations with leading enterprises have resulted in some orders, although revenue from the low-altitude economy remains low [3] Group 3: Financial Performance and Projections - As of Q3 2024, the company's gross profit margin was 38.52%, showing an increase compared to previous years [5] - The company anticipates stable gross profit margins between 38% and 41% in the near future, with no significant fluctuations expected [5] Group 4: Inventory and Production Capacity - The company's inventory has been decreasing, indicating improved internal management and positive cash flow effects [6] - As of Q3 2024, the company has CNY 97 million in construction projects, a 64.37% decrease from the beginning of the year, primarily due to fixed asset transfers [3] Group 5: Future Investment Plans - The company has ongoing investment plans for 2024, including advanced prepreg capacity enhancement projects, which are nearing completion [3] - The 2025 investment strategy will align with the overall business plan [3] Group 6: Market Outlook and Competitive Position - The domestic large aircraft market is expected to grow significantly, providing ample opportunities for the company [4] - The company is preparing to meet increasing market demands in the civil aviation sector, with many initiatives currently in the early stages [4]

证券代码：600862 证券简称：中航高科 公告编号：临2024-031号 中航航空高科技股份有限公司 关于召开2024年第三季度业绩说明会的公告 会议召开时间：2024 年 11 月 6 日（星期三）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 三、参加人员 董事兼总经理：王健（代行总会计师职责） 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 中航航空高科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 19 日在上海证券交易所网站（www.sse.com.cn）披露了《公司 2024 年第三季度报告》。为便于广大投资者更加全面深入地了解公司 经营业绩、发展战略等情况，公司定于 2024 年 11 月 6 日（星期三） 会议召开时间：2024 年 11 月 6 日（星期三）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 20 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.81 yuan, based on an adjusted EPS forecast for 2024 and 2025 [2][4]. Core Insights - The company reported a revenue of 3.821 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.48%, and a net profit attributable to shareholders of 912 million yuan, up 8.00% [1]. - The third quarter of 2024 saw a significant quarter-on-quarter profit growth, with a revenue of 1.274 billion yuan, a 5.29% increase, and a net profit of 308 million yuan, reflecting a 22.09% quarter-on-quarter growth [1]. - The company is actively preparing for production and inventory, indicated by substantial increases in prepayments and accounts payable, suggesting a proactive approach to meet downstream demand [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 38.52%, an increase of 1.08 percentage points year-on-year, and a net profit margin of 24.12%, up 0.69 percentage points [1]. - The company’s revenue and net profit forecasts for 2024 and 2025 have been adjusted to 5.056 billion yuan and 1.306 billion yuan, respectively, with an EPS of 0.79 yuan for 2024 and 0.94 yuan for 2025 [2][4]. Business Development - The company plans to invest 102 million yuan to establish a subsidiary focused on the low-altitude economy, which is expected to create new growth opportunities [1]. - The new subsidiary will target the low-altitude economy, including eVTOL and drone sectors, providing competitive standardized products [1]. Market Position - The company is positioned as a leader in the composite materials sector, with steady growth in its core business and a commitment to research and innovation for future development [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 25.51 CNY per share, reflecting a 30x PE for 2024 [3][6]. Core Insights - The company reported a revenue of 1.274 billion CNY for Q3 2024, representing a year-on-year growth of 5.29% and a quarter-on-quarter growth of 3.61%. The net profit attributable to shareholders was 308 million CNY, with a year-on-year increase of 5.25% and a quarter-on-quarter increase of 22.09% [1][2]. - The company has a strong operational stability and is strategically positioned in the composite materials sector through its stake in Changsheng Technology, which is crucial for the supply chain [1]. - The establishment of a new subsidiary aims to accelerate the company's involvement in the low-altitude economy, enhancing its control over the aerospace composite materials industry [1][2]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 3.821 billion CNY, a year-on-year increase of 5.48%, and a net profit of 912 million CNY, reflecting an 8.00% year-on-year growth [1]. - The company's gross margin for Q3 2024 was 41.07%, up by 4.12 percentage points year-on-year, while the net margin was 24.41%, down by 0.31 percentage points year-on-year [1]. - The earnings per share (EPS) for 2024 is projected to be 0.85 CNY, with estimates of 1.07 CNY for 2025 and 1.31 CNY for 2026 [2][6]. Business Segmentation - Revenue and net profit from the aerospace new materials segment grew by 6.19% and 10.74% year-on-year, respectively, driven by increased deliveries of prepreg and carbon brake products [1]. - The advanced manufacturing technology segment saw a revenue growth of 4.64% year-on-year, with a reduction in net loss due to decreased labor costs and fewer low-margin product deliveries [1].

Investment Rating - The report maintains a "Buy" rating for AVIC High-Tech (中航高科) [1] Core Views - The company achieved stable revenue and profit growth, with total operating income reaching 3.821 billion yuan, a year-on-year increase of 5.48%, and net profit attributable to shareholders of 912 million yuan, up 8.00% year-on-year [2][1] - The growth is primarily driven by the aerospace new materials business, particularly the delivery increase of prepreg and carbon brake products [2] - The company has enhanced its product delivery capabilities and was selected as the sole supplier for the front fuselage work package of the CR929 aircraft by COMAC [2] - AVIC High-Tech's strategic investment in Changsheng Technology, a carbon fiber company, aims to strengthen its position in the aerospace supply chain and enhance its competitiveness [2] Summary by Sections Financial Performance - For Q3 2024, the company reported operating income of 1.274 billion yuan, a 5.29% increase year-on-year, and a net profit of 308 million yuan, up 5.25% year-on-year [2] - The total operating income for the first three quarters was 3.821 billion yuan, with a net profit of 912 million yuan, reflecting growth rates of 5.48% and 8.00% respectively [2] - The company’s R&D expenses were 100 million yuan, despite a 12.31% decrease from the previous year, indicating ongoing investment in innovation [2] Market Position and Strategy - The company is focusing on technological innovation and market expansion to maintain its leading position in the competitive aerospace industry [2] - The investment in Changsheng Technology for 341.6 million yuan to acquire a 20% stake is expected to enhance its role in the aerospace materials sector [2] Earnings Forecast - The report forecasts net profits for 2024, 2025, and 2026 to be 1.135 billion yuan, 1.379 billion yuan, and 1.630 billion yuan respectively, with corresponding P/E ratios of 28, 23, and 19 [2]

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a revenue of 3.821 billion yuan for the first three quarters of 2024, an increase of 5.5% year-on-year, and a net profit attributable to shareholders of 912 million yuan, up 8.0% year-on-year [1] - The Q3 performance met expectations, with revenue of 1.274 billion yuan (YoY +5.3%, QoQ +3.6%) and a net profit of 308 million yuan (YoY +5.3%, QoQ +22.1%), indicating strong operational performance due to rising gross margins [1] - The company aims for a revenue target of 5 billion yuan and a total profit of 1.282 billion yuan for 2024, having completed 76.4% and 83.4% of these targets respectively [1] Financial Performance Summary - The company's gross margin for the first three quarters was 38.5%, up 1.1 percentage points year-on-year, with Q3 gross margin at 41.1%, a significant increase of 4.12 percentage points [1] - The company’s accounts receivable reached 4.511 billion yuan, a 105.3% increase from the beginning of the period, indicating steady business expansion [1] - The company invested 340 million yuan to acquire a 20% stake in Changsheng Technology, enhancing its position in the aerospace supply chain [1] Business Segment Performance - The aerospace new materials segment generated revenue of 1.254 billion yuan in Q3 2024, a year-on-year increase of 6.3%, driven by growth in prepreg and carbon brake products [1] - The advanced manufacturing segment is undergoing adjustments, with Q3 revenue of 29 million yuan, a year-on-year increase of 60.5%, and a reduction in losses [1] Future Outlook - The company is expected to achieve net profits of 1.130 billion yuan, 1.334 billion yuan, and 1.608 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.81 yuan, 0.96 yuan, and 1.15 yuan [6][8] - The current stock price corresponds to PE ratios of 29, 25, and 21 for the years 2024, 2025, and 2026 respectively, indicating a stable growth outlook [1][6]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook on its stock performance relative to the benchmark index [2] Core Views - The company achieved revenue of 3.821 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.5%, and net profit attributable to the parent company of 912 million yuan, up 8.0% year-on-year [1] - Q3 2024 revenue reached 1.274 billion yuan (YoY +5.3%, QoQ +3.6%), with net profit attributable to the parent company of 308 million yuan (YoY +5.3%, QoQ +22.1%) [1] - The company has completed 76.4% of its 2024 revenue target (5 billion yuan) and 83.4% of its profit target (1.282 billion yuan) [1] - The company's gross margin improved to 38.5% in the first three quarters, with Q3 gross margin reaching 41.1%, a significant increase of 4.12 percentage points year-on-year [1] Business Performance - The aerospace new materials business achieved revenue of 1.254 billion yuan in Q3 2024 (YoY +6.3%) and net profit of 321 million yuan (YoY +11.5%) [1] - The aerospace advanced manufacturing industrialization business is undergoing adjustment and transformation, with Q3 revenue of 29 million yuan (YoY +60.5%) and a net loss of 2 million yuan, showing a year-on-year reduction in losses [1] Financial Health - Accounts receivable increased to 4.511 billion yuan, up 105.3% from the beginning of the period, while accounts payable increased to 2.219 billion yuan, up 1.161 billion yuan from the beginning of the period [1] - The company's period expense ratio decreased to 9.3%, down 1.0 percentage point year-on-year, with management and R&D expense ratios decreasing by 0.4 and 0.5 percentage points respectively [1] Strategic Developments - The company invested 340 million yuan to acquire a 20% stake in Changsheng Technology, a carbon fiber enterprise, to strengthen its position in the aerospace industry chain [1] - The company plans to establish a joint venture with a 60% stake, investing 102 million yuan to develop low-altitude economy general aviation equipment, focusing on pre-impregnated materials and structural components [1] Financial Projections - The company is expected to achieve net profit attributable to the parent company of 1.13 billion yuan in 2024, 1.334 billion yuan in 2025, and 1.608 billion yuan in 2026 [1] - EPS is projected to be 0.81 yuan in 2024, 0.96 yuan in 2025, and 1.15 yuan in 2026, with corresponding P/E ratios of 29x, 25x, and 21x [1] Industry Position - The company is the only professional unit in China's aerospace industry dedicated to composite material R&D and engineering, with a clear core competitive advantage [1] - The company is actively developing new quality productivity and deeply participating in the development of general aviation composite materials, with a gradually clear second growth curve [1]

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。 中航航空高科技股份有限公司（以下简称"公司"）董事会 于近日收到公司总会计师孟龙先生的书面辞职报告，因到龄退 休，孟龙先生申请辞去公司总会计师职务。根据有关规定，孟龙 先生不再担任公司总会计师职务。为保证公司财务工作的正常开 展，公司董事会决定在聘任新的总会计师之前，由公司董事、总 经理王健先生代行总会计师职责。公司董事会将按照《公司法》 及《公司章程》等有关规定，尽快完成总会计师选聘工作。 证券代码：600862 证券简称：中航高科 公告编号：临 2024-030 号 中航航空高科技股份有限公司 关于由公司总经理代行总会计师职责的公告 孟龙先生在担任公司总会计师期间，勤勉尽责、恪尽职守， 为促进公司的发展发挥了重要作用。公司及董事会对孟龙先生在 任职期间的辛勤工作和卓越贡献表示衷心感谢！ 2024 年 10 月 22 日 1 特此公告。 中航航空高科技股份有限公司董事会 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's main business in aviation composite materials is operating steadily, and it plans to establish a new subsidiary to expand into the low-altitude sector [2] - The company has shown robust growth in its new materials business, with overall profitability continuing to improve [2] - The company aims to leverage its technological advantages in aviation composite materials to strengthen its position in the low-altitude economy sector [2] Financial Performance Summary - **Revenue (in million CNY)**: - 2022A: 4,446 - 2023A: 4,780 (7% growth YoY) - 2024E: 5,168 (8% growth YoY) - 2025E: 6,094 (18% growth YoY) - 2026E: 7,023 (15% growth YoY) [2] - **Net Profit (in million CNY)**: - 2022A: 765 - 2023A: 1,031 (35% growth YoY) - 2024E: 1,137 (10% growth YoY) - 2025E: 1,359 (20% growth YoY) - 2026E: 1,656 (22% growth YoY) [2] - **Earnings Per Share (in CNY)**: - 2022A: 0.55 - 2023A: 0.74 - 2024E: 0.82 - 2025E: 0.98 - 2026E: 1.19 [2] - **P/E and P/B Ratios**: - 2023A: P/E 30.5, P/B 5.0 - 2024E: P/E 27.7, P/B 4.4 - 2025E: P/E 23.1, P/B 3.8 - 2026E: P/E 19.0, P/B 3.2 [2] Business Segments - The aviation composite materials segment achieved revenue of 3,772 million CNY, a YoY increase of 6.19%, primarily due to the growth in deliveries of prepreg and carbon brake products [2] - The advanced manufacturing technology segment generated revenue of 454.69 million CNY, with a YoY growth of 4.64% [2] - The overall gross profit margin for the first three quarters of 2024 was 24.41%, reflecting effective cost control [2] Strategic Initiatives - The company plans to invest in a new subsidiary focused on the low-altitude economy, including eVTOL and drone technologies, to enhance its competitive edge [2] - This investment is expected to facilitate the company's integration into the low-altitude economic industry cluster and capitalize on its technological strengths [2]