证券代码：600862 证券简称：中航高科 公告编号：临 2024-025 号 中航航空高科技股份有限公司 第十一届董事会 2024 年第三次会议决议公告 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。 2024年9月8日，中航航空高科技股份有限公司（简称"公司"） 第十一届董事会2024年第三次会议以电子邮件或书面方式通知，并于 2024年9月18日在北京市朝阳区东三环中路乙10号艾维克酒店四层第 一会议室召开。应到董事9人，实到董事8人，独立董事徐樑华因公务 特委托独立董事陈恳代为表决，授权其对会议审议的所有事项投赞成 票。与会董事认真审议了所有议案，经书面投票表决，形成了如下决 议： 一、审议通过了《中航高科"十四五"及2035年中长期发展规划 （中期调整版）》（修订版）。该规划事前已经战略委员会审议通过， 并同意提交董事会审议。 表决情况：9 票同意，0 票反对，0 票弃权。 二、审议通过了《关于选举代表公司执行公司事务的董事（法定 代表人）的议案》。会议选举董事兼总经理王健（简历详见2024-016 号公告）作为代表 ...

章 程 中航航空高科技股份有限公司 二〇二四年九月十八日 | | | 公司英文名称：Avic Aviation High-Technology Co., Ltd. 目 录 | 第一章 | 总则 | | P 4-4 | | --- | --- | --- | --- | | 第二章 | 经营宗旨和范围 | | P 5-5 | | 第三章 | 股份 | | | | | 第一节 | 股份发行 | P 5-5 | | | 第二节 | 股份增减和回购 | P 5-6 | | | 第三节 | 股份转让 | P 6-6 | | 第四章 | 股东和股东大会 | | | | | 第一节 | 股东 | P 7-9 | | | 第二节 | 股东大会的一般规定 | P 9-11 | | | 第三节 | 股东大会的召集 | P11-12 | | | 第四节 | 股东大会的提案与通知 | P12-12 | | | 第五节 | 股东大会的召开 | P12-14 | | | 第六节 | 股东大会的表决和决议 | P14-16 | | 第五章 | 董事会 | | | | | 第一节 | 董事 | P16-18 | | | 第二节 | 董事会 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 18.30 yuan [4] Core Views - The company achieved revenue of 2.547 billion yuan in the first half of 2024, a year-on-year increase of 5.58%, and net profit attributable to the parent company of 604 million yuan, a year-on-year increase of 9.47% [1] - The aviation new materials business contributed 2.518 billion yuan in revenue, a year-on-year increase of 6.12%, driven by increased deliveries of prepreg and carbon brake products [1] - The company's gross margin and net margin improved to 37.25% and 23.98% respectively in the first half of 2024, reflecting enhanced profitability [3] Business Performance - The aviation advanced manufacturing technology industrialization business experienced a 37.6% decline in revenue to 15.7349 million yuan, mainly due to decreased sales of ordinary machine tools and special equipment [1] - The aviation industrial composite materials subsidiary achieved revenue of 2.401 billion yuan, a year-on-year increase of 3.82%, and net profit of 618 million yuan, a year-on-year increase of 6.04% [2] - Youcai Baimu, a subsidiary, saw a significant increase in revenue and net profit, with revenue reaching 117 million yuan, a year-on-year increase of 105.68%, and net profit of 14.5038 million yuan, a year-on-year increase of 17.9438 million yuan [2] Financial Metrics - The company's period expense ratio decreased to 8.56% in the first half of 2024, down by 1.48 percentage points year-on-year, with reductions in management, financial, and R&D expense ratios [3] - The company's ROE improved to 16.70% in 2024E, with a projected increase to 18.15% by 2026E [7] - The company's P/E ratio is expected to decrease from 21.78 in 2024E to 15.03 in 2026E, indicating potential undervaluation [7] Future Outlook - The company is constructing a new advanced prepreg production line, which is expected to significantly increase prepreg production capacity upon completion [4] - The company's revenue is projected to grow from 52.1374 billion yuan in 2024E to 73.7019 billion yuan in 2026E, with net profit attributable to the parent company expected to increase from 1.18811 billion yuan in 2024E to 1.72188 billion yuan in 2026E [7] - The company's EPS is forecasted to rise from 0.85 yuan in 2024E to 1.24 yuan in 2026E, reflecting strong growth potential [7]

证券代码：600862 证券简称：中航高科 | --- | --- | --- | |--------------|-------------------------------------------|----------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | | □媒体采访 ☑业绩说明会/电话解读会 | | 投资者关系活 | | □新闻发布会 □路演活动/策略会 | | 动类别 | □ 现场参观 □投资者来访 | | | | □其他 | | | 参与单位 | | 长江证券、兴业证券、华泰证券、南方基金、中银基金等 | | 时间 | 2024 年 8 月 23 | 日 | | | | | | 上市公司接待 | 副总经理兼董事会秘书 刘向兵 总会计师 孟龙 | | | 人员姓名 | | 副总会计师兼计划财务部部长 朱清海 | | 投资者关系 | 问题 1 | ：对比国外先进复材应用提升历程，如何展望 | | 活动主要问题 | | 未来产业链附加值分布？公司有哪些布局？ | | | | 答：从 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 22.41 CNY over the next six months [1][7]. Core Insights - The company has shown steady growth, with a 5.6% year-on-year increase in revenue to 2.547 billion CNY and a 9.5% increase in net profit to 600 million CNY in the first half of 2024, aligning with expectations [2]. - The aerospace new materials business has experienced a 6.1% increase in revenue, reaching 2.52 billion CNY, and a 10.3% increase in net profit to 630 million CNY [2]. - The company maintains a strong position in the industry, being a leading supplier of prepreg materials for the aviation industry, backed by the Aviation Industry Corporation of China [2][10]. Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 37.3%, with a net profit margin increase of 0.8 percentage points to 23.7% [2]. - The company’s revenue and profit targets for 2024 are set at 5 billion CNY and 1.282 billion CNY, respectively, reflecting a year-on-year growth of 4.6% and 5.7% [18]. Business Segments - The aerospace new materials segment is the primary revenue driver, contributing 94.3% of total revenue in H1 2024 [12]. - The company has established a joint venture with China Aviation Engine Corporation to develop composite materials for aircraft engines, indicating a strategic expansion into high-potential areas [3][13]. Market Outlook - The demand for composite materials in military aircraft is expected to rise as the usage rate of composites in new generation military aircraft increases [21]. - The C919 aircraft program is projected to significantly boost domestic demand for composite materials, with an estimated annual requirement of 430 tons as production ramps up [30][34]. Earnings Forecast - The company forecasts EPS of 0.83 CNY, 0.97 CNY, and 1.13 CNY for 2024, 2025, and 2026, respectively, with corresponding dynamic PE ratios of 22x, 19x, and 16x [7][40]. - The expected revenue growth rates for 2024-2026 are 7.8%, 19.4%, and 19.5%, respectively, driven by the aerospace new materials segment [40].

公司近一年市场表现 | --- | --- | |-----------------------|-------------| | 市场数据：2024年8月 | 日 | | 收盘价（元）： | 18.50 | | 年内最高/最低（元）： | 26.37/15.36 | | 流通A股/总股本（亿 | 13.93/13.93 | | 股）： | | | 流通A股市值（亿元）： | 257.71 | | 总市值（亿元）： | 257.71 | | 基础数据：2024年6月 | 日 | | 基本每股收益(元)： | 0.43 | | 摊薄每股收益(元)： | 0.43 | | 每股净资产(元)： | 4.96 | | 净资产收益率(%)： | 8.85 | | 资料来源：最闻 | | 分析师： 骆志伟 电话：010-83496308 其他军工Ⅲ 中航高科（600862.SH） 增持-A(维持) 盈利能力持续提升，把握航空装备跨代发展机遇 2024 年 8 月 26 日 公司研究/公司快报 事件描述 中航高科公司发布了 2024 年中报。2024 年上半年公司营业收入为 25.47 亿元，同比增长 5.58%；归母净利 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 27 年 月 日 中航高科（600862.SH） 2024H1 实现归母净利润 6.04 亿元，同比+9.47% 事件：公司发布 2024 年中报，2024H1 营收 25.47 亿元，同比+5.58%； 归母净利润 6.04 亿元，同比+9.47%；扣非归母净利润 5.94 亿元，同比 +9.84%。单季度来看，2024Q2 公司营收 12.30 亿元，同比+5.97%，环 比-6.65%；归母净利润 2.53 亿元，同比+16.44%，环比-28.05%；扣非 归母净利润 2.43 亿元，同比+12.99%，环比-30.68%。 利润表：2024H1 中航复材营收 24.01 亿元，同比+3.82%，净利润 6.18 亿元，同比+6.04%，主要系下游军机需求稳定增长；优材百慕受益于国 内外市场订单增加，2024H1 营收 1.17 亿元，同比+105.68%，净利润 0.15 亿元，同比+0.18 亿元；航空先进制造技术产业化业务（含高端智能装备） 目前正在改革转型时期，2024H1 营收 0.16 亿元，同比-37.59%，净利润 ...

证券研究报告·公司点评报告·航空装备Ⅱ 中航高科（600862） 2024 年中报点评：内贸外需赋能营收，低空 带来长期景气 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4446 | 4780 | 5209 | 6119 | 7272 | | 同比 | 16.77 | 7.50 | 8.98 | 17.47 | 18.85 | | 归母净利润（百万元） | 764.64 | 1,031.46 | 1,135.17 | 1,378.80 | 1,629.62 | | 同比 | 29.29 | 34.90 | 10.05 | 21.46 | 18.19 | | EPS-最新摊薄（元/股） | 0.55 | 0.74 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company reported a revenue of 2.547 billion yuan for 1H24, representing a year-over-year increase of 5.6%, and a net profit of 604 million yuan, up 9.5% year-over-year, indicating stable operational performance [2]. - The company is advancing its production capacity for aviation prepreg materials, with a significant increase in domestic and international orders for its subsidiary, Youcai Bermuda [2]. - The company is positioned as a leading player in China's aviation carbon fiber prepreg market, benefiting from the accelerated commercialization of domestic civil aircraft represented by the C919 and the development of new production capabilities in the "low-altitude economy" [2]. Financial Performance Summary - For 1H24, the company achieved a gross margin of 37.3%, with a net profit margin of 24.0%, reflecting a year-over-year increase of 1.2 percentage points [2]. - The company’s revenue from aviation new materials reached 2.518 billion yuan, a 6.12% increase year-over-year, primarily due to growth in prepreg and carbon brake deliveries [2]. - The company’s operating expenses decreased, with a total expense ratio of 8.6%, down 1.5 percentage points year-over-year [2]. Future Earnings Forecast - The projected net profits for the company are 1.185 billion yuan in 2024, 1.436 billion yuan in 2025, and 1.736 billion yuan in 2026, with corresponding price-to-earnings ratios of 22x, 18x, and 15x respectively [3][7].