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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4]. Core Views - The company reported a net profit attributable to shareholders of 912 million yuan for the first three quarters of 2024, representing an 8% year-on-year increase. Revenue for the same period was 3.821 billion yuan, up 5.48% year-on-year [1]. - The company is positioned as a core player in the domestic aerospace fiber prepreg market, with expectations for long-term stable growth driven by increasing demand in military aircraft and new opportunities in civil aviation, commercial aerospace, and low-altitude economy sectors [2]. Financial Summary - **Income Statement**: For Q3 2024, the company achieved revenue 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. The gross margin for the first three quarters was 38.52%, an increase of 1.08 percentage points year-on-year [1]. - **Balance Sheet**: As of Q3 2024, the company's prepayments increased by 99% compared to the beginning of the year, indicating a proactive approach to meet rising downstream demand [1]. - **Future Projections**: The company expects net profits of 1.14 billion yuan, 1.28 billion yuan, and 1.38 billion yuan for 2024, 2025, and 2026, respectively, with corresponding valuations of 28X, 25X, and 23X [2]. Investment Strategy - The establishment of a new subsidiary focused on eVTOL and drone composite materials is anticipated to contribute to the low-altitude economy, enhancing the company's growth prospects [2].

中航高科（600862.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 经营稳中向好；新设子公司布局低空经济 2024 年 10 月 20 日 ➢ 事件：10 月 18 日，公司发布 2024 年三季报，2024 年前三季度实现营收 38.21 亿元，YOY +5.5%；归母净利润 9.12 亿元，YOY +8.0%；扣非净利润 8.98 亿元，YOY +12.1%。业绩表现符合预期。公司经营稳中向好，2024 年前 三季度营收/利润总额的年度经营计划完成度为 76%/84%。我们综合点评如下： ➢ 3Q24 营收/利润同比增长；1~3Q24 盈利能力保持稳定。1）单季度角度： 公司 3Q24 实现营收 12.74 亿元，YOY +5.3%；归母净利润 3.08 亿元，YOY +5.2%；扣非净利润 3.04 亿元，YOY +16.9%，主要系非经常性损益同比减少 68.2%所致。2）利润率方面：公司 3Q24 毛利率同比提升 4.1ppt 至 41.1%；净 利率同比下滑 0.3ppt 至 24.4%。1~3Q24 毛利率同比提升 1.1ppt 至 38.5%； 净利率同比 ...

中航高科（600862.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 经营稳中向好；新设子公司布局低空经济 2024 年 10 月 20 日 ➢ 事件：10 月 18 日，公司发布 2024 年三季报，2024 年前三季度实现营收 38.21 亿元，YOY +5.5%；归母净利润 9.12 亿元，YOY +8.0%；扣非净利润 8.98 亿元，YOY +12.1%。业绩表现符合预期。公司经营稳中向好，2024 年前 三季度营收/利润总额的年度经营计划完成度为 76%/84%。我们综合点评如下： ➢ 3Q24 营收/利润同比增长；1~3Q24 盈利能力保持稳定。1）单季度角度： 公司 3Q24 实现营收 12.74 亿元，YOY +5.3%；归母净利润 3.08 亿元，YOY +5.2%；扣非净利润 3.04 亿元，YOY +16.9%，主要系非经常性损益同比减少 68.2%所致。2）利润率方面：公司 3Q24 毛利率同比提升 4.1ppt 至 41.1%；净 利率同比下滑 0.3ppt 至 24.4%。1~3Q24 毛利率同比提升 1.1ppt 至 38.5%； 净利率同比 ...

交易内容：中航航空高科技股份有限公司（以下简称"中航高 科""公司"）拟出资 10,200 万元与股东方中国航空制造技术研究院（以 下简称"制造院"）全资子公司北京中航航空制造技术研究院有限公司 （以下简称"中航制造"）、长盛（廊坊）科技有限公司（以下简称"长 盛科技"）共同在深圳设立子公司。 证券代码：600862 证券简称：中航高科 公告编号：临 2024-029 号 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 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： 本次交易构成关联交易，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。 本次交易已经公司董事会审议通过，无需提交股东大会审议。 过去 12 个月，除本次交易外，公司及子公司与本次交易的关 联方中航制造不存在其他关联交易，与其他关联方不存在相同交易类 别下标的相关的关联交易。 风险提示：本次投资新设子公司是基于战略规划及产业链拓展 考虑所做出的谨慎决定。新设立子公司可能面临经济环境、宏观政策、 行业环境、市场变化等因素的影 ...

2024年10月15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年第四次会议（临时会议）以电子邮件或书面方 式通知，并于2024年10月18日下午3:30在北京市顺义区航空产业园中 国航空工业集团复材一号科研楼一层大厅东侧1102会议室召开。应到 董事9人，实到董事7人，董事肖世宏先生和董事张建先生因公务分别 委托董事长姜波先生和独立董事徐樑华先生代为表决，授权其对会议 审议的所有事项投赞成票。公司监事和高管列席会议，符合《公司法》 和《公司章程》的有关规定。会议由董事长姜波先生主持。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《关于拟聘任朱清海先生担任公司董事会秘书的 议案》。因工作分工调整，刘向兵先生不再担任公司董事会秘书职务。 同意聘任朱清海先生担任公司董事会秘书职务，该任职事前已经提名 委员会审议通过，并同意提交董事会审议。详见同日披露的028号公 告。 表决情况：9 票同意，0 票反对，0 票弃权。 证券代码：600862 证券简称：中航高科 公告编号：临 2024-026 号 中航航空高科技股份有限公司 第十一届董事会 2024 年第四次 ...