中航高科 2024 年第二次临时股东大会 会议材料 二零二四年十一月二十六日 中航航空高科技股份有限公司 2024 年第二次临时股东大会 会议材料 中航高科 2024 年第二次临时股东大会 会议材料 中航航空高科技股份有限公司 2024 年第二次临时股东大会材料目录 ※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※※ | 2024 | 年第二次临时股东大会议程 | 2 | | --- | --- | --- | | 关于变更公司 | 2024 年度财务和内控审计机构的议案 | 4 | 1 中航高科 2024 年第二次临时股东大会 会议材料 中航航空高科技股份有限公司 2024 年第二次临时股东大会议程 时间：2024年11月26日下午14时50分 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 主持人：姜波 中航高科董事长 议程： 5. 现场投票； 2 1. 主持人宣布股东登记情况及出席本次股东大会的股东及 代理人持股情况； 2. 主持人宣布会议开始； 3. 审议《关于变更公司2024年度财务和内控审计机构的议 案》； 4. 就上述议案进行表决，表决前由主持人宣 ...

中航航空高科技股份有限公司监事会 证券代码：600862 证券简称：中航高科 公告编号：临 2024－034 号 2024 年 11 月 9 日 中航航空高科技股份有限公司 第十一届监事会 2024 年第四次会议决议公告 表决情况：3 票同意，0 票反对，0 票弃权。 特此公告。 本公司监事会及全体监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。 2024 年 11 月 4 日，中航航空高科技股份有限公司（简称"公司"） 第十一届监事会 2024 年第四次会议（临时会议）以电子邮件或书面 方式通知，并于 2024 年 11 月 8 日以通讯表决方式召开。应到监事 3 人，实到监事 3 人。与会监事认真审议了上会议案，经书面投票表决， 形成了如下决议： 审议通过了《关于公司全资子公司中国航空工业集团复材签订技 术实施许可协议暨关联交易的议案》。 ...

证券代码：600862 证券简称：中航高科 公告编号：临2024-036号 中航航空高科技股份有限公司关于 全资子公司签订技术实施许可协议暨关联交易的公告 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： 1.公司全资子公司中航复合材料有限责任公司（以下简称"中国 航空工业集团复材"）拟与股东方中国航空制造技术研究院（以下简 称"中国航空工业集团制造院"）签署技术实施许可协议，中国航空 工业集团复材可在中国航空工业集团制造院许可期限内利用许可技 术制造及销售许可产品，协议约定技术实施许可费不超过 1.80 亿元。 2.本次交易构成关联交易，但不构成《上市公司重大资产重组管 理办法》规定的重大资产重组。 3.除日常关联交易外，过去 12 个月中国航空工业集团复材与中 国航空工业集团制造院签署了《先进航空复合材料 A、B、C、D 等四 个系列树脂及预浸料技术实施许可协议》（许可期限为 2023 年度）。 除此之外，公司与其他关联方未发生过相同交易类别下标的相关的关 联交易。 一、关联交易概述 为促进科技成果产业 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2024-032 号 中航航空高科技股份有限公司 关于 2024 年三季度业绩说明会召开情况的公告 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。 中航航空高科技股份有限公司（以下简称"公司"）于 2024 年 11 月 6 日上午 10:00-11:00 在价值在线（网址：www.ir-online.cn）以 "网络文字互动"方式召开了"公司 2024 年第三季度业绩说明会"。 关于本次说明会的召开事项，公司已于 2024 年 10 月 29 日在《中国 证券报》《上海证券报》《证券时报》及上海证券交易所网站披露了《公 司关于召开 2024 年第三季度业绩说明会的公告》。 现将网上业绩说明会召开情况公告如下： 一、说明会召开情况 2024 年 11 月 6 日，公司董事、总经理王健先生，独立董事徐樑 华先生，独立董事王建新，董事会秘书兼副总会计师朱清海先生，投 资与证券事务部有关人员出席了本次网上业绩说明会，与投资者进行 了互动交流和沟通，在信息披露允许的范围内 ...

Group 1: Company Overview and Market Position - The contribution of materials supplied for the C919 aircraft is currently low but expected to increase as orders are released, enhancing the company's revenue share [2] - The company focuses on composite materials, including resins and prepregs, primarily for the aerospace industry, with plans to develop materials for civil aircraft and commercial engines [3] - The company maintains a strong competitive position in the aerospace composite materials sector, despite increasing competition from private enterprises and state-owned companies entering the civil aviation market [6] Group 2: Cost Management and Production Capacity - The company is continuously optimizing manufacturing and labor costs, with a stable cost structure and ongoing investments in new technologies and automation [4] - Future production capacity enhancements will focus on advanced prepreg materials to meet market demand, with a new smart production base expected to significantly increase output [5] - The impact of upstream supplier price reductions on the company's cost structure will vary by material type, with ongoing development of high-end new products [3] Group 3: Strategic Initiatives and Future Outlook - The company is actively exploring opportunities in the low-altitude economy, having already signed some orders for composite materials for electric flying vehicles [5] - The company is considering the implementation of an equity incentive plan to attract and retain talent, which is crucial for long-term development [6] - The company aims to balance cost management with market demand, ensuring sustainable development through technological advancements and product iterations [6]

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].