中航航空高科技股份有限公司 2023 年度独立董事述职报告 （陈恳） 作为中航航空高科技股份有限公司（以下简称"公司"） 的独立董事，本人严格按照《公司法》《上市公司独立董事 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》等法律法规及《公司章程》的有关规定，坚 持客观、公正、独立的原则，勤勉尽责、独立履职，积极出 席相关会议，认真审议董事会各项议案，对公司重大事项发 表了独立意见，充分发挥独立董事及各专门委员会的作用， 促进公司规范运作，切实维护公司和全体股东的合法权益。 现将本人 2023 年度履职情况报告如下： 一、独立董事的基本情况 (一)独立董事简介 陈恳:男，1954 年 11 月生，博士研究生，清华大学教授 /机器人学科首席研究员，国务院特殊津贴专家。历任清华 大学制造工程所所长，机械学位委员会主席，航空先进制造 装备及自动化联合研究中心主任，清华天津高端装备院专业 委员会主席和机器人工程所所长。现任清华大学机械工程系 教授，成都立航科技股份有限公司独立董事，苏州绿的谐波 传动科技股份有限公司独立董事，中航航空高科技股份有限 公司独立董事。 (二)关于独立性的说明 2.出 ...

[Table_MainInfo] 公司研究/机械工业/航空航天与国防 证券研究报告 中航高科（600862）公司年报点评 2024年03月19日 [Table_InvestInfo] 航空复材销售持续增长，2023 年公司归 投资评级 优于大市 维持 母净利+34.90% 股票数据 0[3Ta月b1le9_日S收to盘ck价（In元fo）] 21.01 [Table_Summary] 52周股价波动（元） 15.36-26.37 投资要点： 总股本/流通A股（百万股） 1393/1393 事件：公司发布2023年报，2023年公司实现营业收入47.80亿元，同比增 总市值/流通市值（百万元） 29268/29268  相关研究 长7.50%，实现归母净利润10.31亿元，同比增长34.90%。 [《Ta公b司le 2_ 3R He 1p经o营rtI工nf作o]目 标完成过半，子公司 多个型号任务顺利交付，市场持续开拓。2023年公司持续聚焦主业，提升产 研制工作进展顺利》2023.08.31  品交付质量，航空复合材料原材料产品和刹车制品销售持续增长。航空新材 《23 年经营计划目标维持高增，子公司国改 ...

其他军工Ⅲ 中航高科（600862.SH） 增持-A(维持) 盈利能力显著提升，持续受益行业高景气度 2024年3月19日 公司研究/公司快报 公司近一年市场表现 事件描述  中航高科公司发布2023年报。2023年公司营业收入为47.80亿元，同 比增长7.50%；归母净利润为10.31亿元，同比上升34.90%；扣非后归母净 利润为10.06亿元，同比上升33.63%；负债合计22.01亿元，同比增长10.71%； 货币资金 15.89 亿元，同比减少 2.55%；应收账款 21.97 亿元，同比增长 29.33%；存货12.01亿元，同比减少4.89%。 事件点评  航空新材料业务保持稳定增长，盈利能力显著提升。子公司航空工业复 市场数据：2024年3月18日 材2023年实现营收45.15亿元，同比增长6.01%，实现净利润10.88亿元， 收盘价（元）： 20.75 同比增长30.20%。子公司优材百慕2023年实现营收1.53亿元，同比增长 年内最高/最低（元）： 26.37/15.36 95.76%，实现净利润1374.29万元，同比增长2861.83%。2023年公司毛利 流通A股/总股本 ...

[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% ...

Investment Rating - The report maintains a "Buy" rating for the company, considering its strong position in the domestic aerospace composite materials sector and the potential for performance improvement due to new military aircraft production and the trend of domestic material substitution [3]. Core Insights - The company reported a revenue of 4.78 billion yuan in 2023, a year-on-year increase of 7.50%, and a total profit of 1.213 billion yuan, reflecting a growth of 35.75% compared to the previous year [2]. - The aerospace composite materials business saw a revenue increase of 7.20% to 4.671 billion yuan, driven by sales growth in raw materials and brake products [2]. - The company achieved 97.54% of its revenue target and exceeded its profit target by 3.15% in 2023 [2]. - The fourth quarter of 2023 showed a revenue of 1.157 billion yuan, up 6.90% year-on-year, with a net profit of 187 million yuan, marking a significant increase of 98.39% [2]. Summary by Sections Revenue and Profit Performance - The company achieved a total revenue of 4.78 billion yuan in 2023, with a profit of 1.213 billion yuan, indicating a strong performance in its core business [2][3]. - The revenue growth rate for 2023 was 7.50%, while the profit growth rate was 35.75% [4]. Business Segments - The aerospace new materials segment generated 4.671 billion yuan in revenue, a 7.20% increase, and a net profit of 1.097 billion yuan, up 33.20% [2]. - The equipment business reported a revenue of 66.18 million yuan, down 21.52%, but reduced its net loss significantly by 285.08 million yuan [2]. Innovation and Market Demand - The company is increasing investment in independent innovation and technology to enhance research and development in new materials and high-end equipment [2]. - The domestic aerospace market is rapidly growing, with significant demand for composite materials, especially following the delivery of multiple C919 large passenger aircraft by COMAC [2]. Financial Forecasts - The forecast for the company's net profit for 2024 and 2025 has been adjusted downwards by 12.43% and 12.48% to 1.095 billion yuan and 1.316 billion yuan, respectively [3]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.79 yuan, 0.94 yuan, and 1.12 yuan, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 4.78 billion yuan in 2023, representing a year-on-year growth of 7.50%, driven by increased sales of aerospace composite materials and brake products. The net profit attributable to shareholders reached 1.03 billion yuan, a year-on-year increase of 34.90% due to product structure changes, cost reduction, and efficiency improvements [3][2] - The company focuses on its core business and enhances technological transformation, with increased R&D investment and the addition of 46 new patent applications in 2023, strengthening its market position and technological advantages [3] - The company is a leading domestic supplier of aerospace composite materials, benefiting from the push for domestic production of key raw materials and opportunities for international supply chain integration [3] Summary by Sections Financial Performance - Total revenue for 2023 was 4,780 million yuan, with a year-on-year growth of 7.50% - Net profit attributable to shareholders was 1,031.46 million yuan, reflecting a year-on-year increase of 34.90% - The latest diluted EPS was 0.74 yuan, with a P/E ratio of 26.65 [2][3] Profitability and Margins - The gross margin for new material products reached 36.79%, an increase of 5.92 percentage points, while the gross margin for machine tool products was 7.75%, up by 14.81 percentage points [3] Future Projections - The company is expected to achieve net profits of 1.29 billion yuan, 1.57 billion yuan, and 1.88 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 21, 18, and 15 [3][2]

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].

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]

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 ...

关于本报告 本报告是中航高科发布的首份环境、社会及治理（ESG）报告，本着客观、规范、透明和全面的原则，详细披露了中航高科2023年在积 极承担社会责任、有效管理ESG风险与机遇等方面的具体举措、重点实践、亮点案例和关键绩效，旨在回应利益相关方的期望，未来更 好地履行社会责任。 时间范畴 本报告为年度报告，报告期间为2023年1月1日至2023年12 月31日，部分内容可能超出此时间范围。 释义 报告范围 本报告以中航航空高科技股份有限公司为主体，并包含其所 属子公司。 中铁检验认证中心有限公司(CHINA RAILWAY TEST & CERTIFICATION CENTER LIMITED） 美国质量评审协会（Performance Review Insistute） 数据来源及可靠性保障 本报告引用的全部信息数据均来自于中航高科内部文件或有 关公开资料，除另做说明外，统计口径与年报保持一致。本 报告已经公司保密审查，并经董事会审议通过，公司保证本 报告内容不存在虚假记载、误导性陈述或重大遗漏。 货币单位 | 公司简称 | | 公司全称 | | --- | --- | --- | | 中航高科/本公司/公 ...