证券代码：600862 证券简称：中航高科 中航航空高科技股份有限公司 投资者关系活动记录表 □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 动类别 □现场参观 □投资者来访 □其他 兴业证券，国联证券，广发证券，民生证券，天风证券，长江 参与单位 证券等，共92位投资者参会（排名不分先后） 时间 2024年4月29日上午10:00-11:00 副总经理、董事会秘书 刘向兵 上市公司接待 总会计师 孟龙 人员姓名 副总会计师 朱清海 ...

[Table_Page] 季报点评|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 18.79元 航空复材交付稳增，归母净利润环比改善明显 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 2024-04-26  事件：公司发布24年一季报，实现营收13.17亿元（YoY+5.22%）， [相Tab对le_P市icQ场uote表] 现 归母净利润 3.51 亿元（YoY+4.95%），扣非归母净利润 3.51 亿元 （YoY+7.76%），毛利率 41.21%（YoY+0.70pps），净利率 26.87% 22% 13% （YoY+0.39pps）。 4%  航空复合材料产品交付增长，单季度归母净利润环比改善明显。营收 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 端，24Q1实现营收13.17亿元，同比增长5.22%，环比增长13.86%。 -13% 其中，航空新材料业务实现营业收入13.05亿元（YoY+5.05% ...

中航高科（600862.SH）2024年一季报点评 发挥行业龙头引领作用；航空新材料业务稳健增长 2024年04月26日 ➢ 事件：4月25日，公司发布2024年一季报，1Q24实现营收13.2亿元， 推荐 维持评级 YoY +5.2%；归母净利润 3.5 亿元，YoY +4.9%；扣非净利润 3.5 亿元，YoY 当前价格： 18.79元 +7.8%。业绩表现符合市场预期。公司航空新材料业务稳健增长。 ➢ 航空新材料稳健增长；盈利能力稳中有升。1Q24，分业务看：1）航空新 [Table_Author] 材料：营收13.1亿元，YoY +5.05%；归母净利润3.6亿元，YoY +4.95%，系 航空复合材料产品交付增长所致。2）装备：营收368.11万元，YoY -46.88%， 主要系机床业务同比减少所致；归母净利润-875.51 万元，1Q23 为-823.43 万 元，同比增亏52.08万元，主要系营收规模减少所致。1Q24公司毛利率同比增 加0.7ppt至41.2%；净利率同比增加0.4ppt至26.9%，盈利能力稳中有升。 ➢ 期间费用率同比减少；经营性现金流同比增长。1Q24期间费用率同比减少 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,317,318,462.93, representing a year-on-year increase of 5.22%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 351,024,378.20, reflecting a growth of 4.95% compared to the same period last year[4] - The basic earnings per share for Q1 2024 was CNY 0.252, which is a 5.00% increase from the previous year[5] - The net profit for Q1 2024 was CNY 354,000,329.38, an increase of 6.5% compared to CNY 331,540,483.53 in Q1 2023[20] - The total comprehensive income for Q1 2024 was CNY 354,000,329.38, compared to CNY 331,540,483.53 in Q1 2023, indicating a year-over-year increase of 6.5%[20] Cash Flow - The net cash flow from operating activities reached CNY 245,094,355.89, marking a significant increase of 23.92% year-on-year[4] - The net cash flow from operating activities increased to CNY 245,094,355.89, compared to CNY 197,792,060.28 in Q1 2023, reflecting a growth of 23.8%[22] - The cash outflow from investing activities was CNY 417,894,665.90, compared to CNY 27,760,963.46 in Q1 2023, indicating a significant increase in investment expenditures[22] - The net cash flow from financing activities was -CNY 3,039,266.18, worsening from -CNY 2,452,044.21 in Q1 2023[23] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 9,517,354,567.59, up 10.07% from the end of the previous year[5] - Current assets totaled ¥7,199,929,686.69 as of March 31, 2024, compared to ¥6,295,699,276.98 at the end of 2023, indicating a growth of 14.4%[15] - Total liabilities increased to ¥2,716,836,772.62 from ¥2,200,820,819.22, reflecting a growth of 23.4%[16] - Shareholders' equity rose to ¥6,800,517,794.97 from ¥6,445,735,821.69, indicating an increase of 5.5%[17] Revenue Breakdown - The revenue from the aviation new materials business was CNY 130,530.91 million, a 5.05% increase year-on-year, driven by increased product deliveries[5] - The equipment business reported a revenue of CNY 368.11 million, down 46.88% year-on-year, primarily due to a decrease in machine tool business[5] - The total revenue from operating activities was CNY 681,504,436.91, down 14.4% from CNY 796,304,860.59 in the same period last year[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 68,210[9] - The largest shareholder, China Aviation Industry Group, holds 583,151,381 shares, accounting for 41.86% of the total shares[9] Operational Highlights - The company reported a non-operating loss of CNY 56,338.59 million, mainly due to the impact of minority interests from a subsidiary[7] - The company has completed the business registration work for the manufacturing of resin-based composite materials for aviation engine fan blades and casings[12] Changes in Financial Metrics - The weighted average return on equity for Q1 2024 was 5.30%, a decrease of 0.46 percentage points compared to the previous year[5] - Accounts receivable decreased by RMB 445.83 million compared to the beginning of the year, mainly due to the collection of matured notes from the subsidiary Aviation Industry Composite Materials[8] - Accounts payable increased by RMB 444.30 million compared to the beginning of the year, primarily due to increased procurement of materials by the subsidiary Aviation Industry Composite Materials[8] - Tax payable increased by RMB 69.77 million compared to the beginning of the year, mainly due to the increase in VAT and income tax of the subsidiary Aviation Industry Composite Materials[8] - Financial expenses decreased by RMB 25.40 million compared to the same period last year, mainly due to an increase in interest income of the parent company[8] - Other income decreased by RMB 59.89 million compared to the same period last year, primarily due to the absence of incremental contribution awards received by the subsidiary Aviation Industry Composite Materials in the previous period[8] - Investment income decreased by RMB 18.20 million compared to the same period last year, mainly due to reduced investment income from associated companies Hongtu Innovation Investment and Hongtu Innovation Management[8]

[Table_Main] 公司研究|国防军工 证券研究报告 中航高科(600862)公司首次覆盖 2024年04月11日 报告 [Table净_Ti利tle] 润保持快速增长，复材主业成长可期 [Table_ 增Inve 持st] |首次推荐 ——中航高科(600862)首次覆盖报告 [报Ta告ble要_S点um：m ary] [当Ta前b价le：_T argetP1r7ic.8e5] 元  聚焦“航空新材料”和“高端智能装备”，公司业绩保持快速增长 公司采取“集团管控型”经营管理模式，总部是成果转化统筹规划和资本 [基Ta本bl数e_据Ba se] 运作的平台，各业务板块以子公司形式独立经营。公司主营业务分为“航空 52周最高/最低价（元）： 26.01 / 16.25 新材料”和“高端智能装备”两大板块，业务范围涵盖航空新材料、高端 A股流通股（百万股）： 1393.05 智能装备、轨道交通零部件等应用领域，拥有航空工业复材、优材百慕、航 A股总股本（百万股）： 1393.05 智装备、万通新材四家全资或控股子公司。2019-2023 年公司营业收入年 流通市值（百万元）： 24865.93 均复合增速 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates steady growth and continues to enhance its core business competitiveness [1] - The company's 2023 revenue reached 4,780 million yuan, a 7.50% year-on-year increase, with net profit attributable to shareholders of 1,031 million yuan, up 34.90% year-on-year [1] - The company's 2024 revenue is expected to reach 5,291 million yuan, a 10.7% year-on-year increase, with net profit attributable to shareholders projected at 1,143 million yuan, up 10.8% year-on-year [1] Financial Performance - The company's ROE increased from 13.6% in 2022 to 16.1% in 2023, and is expected to remain stable around 16% in the coming years [1] - The company's EPS increased from 0.55 yuan in 2022 to 0.74 yuan in 2023, and is expected to reach 0.82 yuan in 2024 [1] - The company's P/E ratio decreased from 35.6x in 2022 to 26.4x in 2023, and is expected to further decline to 23.8x in 2024 [1] Business Segments - The aerospace new materials business achieved revenue of 4,671 million yuan in 2023, a 7.20% year-on-year increase, driven by growth in aerospace composite materials and brake products [2] - The equipment business achieved revenue of 661.80 million yuan in 2023, primarily due to a decline in machine tool products [2] - The aerospace new materials business contributed 1,097 million yuan to net profit, a 33.20% year-on-year increase, while the equipment business reduced losses by 28.51 million yuan [2] Profitability and R&D - The company's gross profit margin increased by 5.81 percentage points to 36.75% in 2023, and the net profit margin increased by 4.45 percentage points to 21.71% [2] - R&D expenses reached 176 million yuan in 2023, a 7.46% year-on-year increase, with significant progress in aerospace composite materials and new material industrialization [2] Future Outlook - The company aims to achieve 5,000 million yuan in revenue and 1,282 million yuan in total profit for 2024 [3] - The aerospace new materials business is targeting 4,912 million yuan in revenue and 1,370 million yuan in total profit for 2024 [5] - The equipment business is targeting 730 million yuan in revenue and a loss of 15 million yuan in total profit for 2024 [5] Investment Recommendation - The company is a leader in the aerospace composite materials sector and is expected to benefit from the development of domestic large aircraft and low-altitude economy [5] - The company's net profit attributable to shareholders is projected to grow steadily, reaching 1,143 million yuan in 2024, 1,356 million yuan in 2025, and 1,616 million yuan in 2026 [5]

证券代码：600862 证券简称：中航高科 中航航空高科技股份有限公司 投资者关系活动记录表 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活 □新闻发布会 □路演活动 动类别 □现场参观 ☑投资者来访 □其他 参与单位 申万宏源、硕腾投资、上海证券（排名不分先后） 时间 2024年3月27日 副总经理、董事会秘书 刘向兵 上市公司接待 投资与证券事务部部长 刘旭东 人员姓名 投资与证券事务部副部长、证券事务代表 丁凯 投资者关系 问题1：进军低空经济领域的公司，有哪些使用贵公司的 ...

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 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 3 月 29 日下午 14:00-15:00 在上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com）以"图文展示+中小投资者网络文字 互动"方式召开了"公司 2023 年度网上业绩说明会"。关于本次说明 会的召开事项，公司已于 2024 年 3 月 16 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 2023 年度业绩说明会的公告》。 2024 年 3 月 29 日，公司在北京朝阳区八里庄西里 98 号—住邦 2000 三号楼大会议室召开了 2023 年度业绩说明会。公司董事兼总经 理王健先生、独立董事徐樑华先生、独立董事潘立新女士（视频参会）、 副总经理兼董事会秘书刘向兵先生，总会计师孟龙先生，副总会计师 兼计财部部长朱清海先生及投资与证券事务部有关人员出席了本次 业 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2023, the company focused on its core business of aviation composite materials, benefiting from product structure upgrades, cost reduction, efficiency improvements, and scale effects, leading to a significant enhancement in profitability and achieving a high-speed growth in performance [5][6]. - For 2024, the company's growth target is relatively low, potentially impacted by the rhythm of equipment deliveries; however, historically, the company has often exceeded its profit targets [5][6]. - The company is proactively expanding production capacity to ensure equipment delivery and is continuously exploring the civil aviation composite materials market, indicating a promising long-term growth outlook based on its technological strength and business layout [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 4.78 billion, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 1.031 billion, up 34.9% year-on-year [5][6]. - The fourth quarter of 2023 saw revenue of 1.157 billion, a year-on-year increase of 6.9%, while net profit reached 187 million, a remarkable year-on-year growth of 99.8% [5][6]. - The company's gross profit margin for 2023 was 36.75%, an increase of 5.81 percentage points year-on-year, and the net profit margin was 21.71%, up 4.45 percentage points year-on-year [6]. Business Segments - The aviation new materials segment generated revenue of 4.671 billion in 2023, with a year-on-year growth of 7.18%, and a net profit of 1.097 billion, up 32.97% year-on-year [5][6]. - The military aircraft composite materials demand experienced slight deceleration due to planning adjustments, but overall performance remained strong due to improved profitability [5][6]. - The company’s new material business saw a material cost reduction of 3.64% year-on-year, contributing to enhanced profitability [6]. Future Outlook - The company has set a revenue target of 5 billion for 2024, reflecting a growth of 2.04% compared to 2023, and a profit target of 1.282 billion, which is a 9.01% increase [6]. - The growth targets for 2024 are conservative, primarily due to the current delivery pace of key aircraft models, which is expected to slow down [6]. - Profitability is expected to remain resilient, with projected net profits for 2024-2026 of 1.12 billion, 1.42 billion, and 1.84 billion respectively, indicating year-on-year growth rates of 9%, 27%, and 30% [6].

上 市 公 司 国防军工 2024 年03月 24 日 中航高科 (600862) 公 司 研 究 ——产品结构优化叠加盈利能力提升，2023 业绩符合预 / 公 司 期 点 评 报告原因：有业绩公布需要点评 买入 事件： （维持） 证  公司公布2023年年度报告。根据公司公告，公司2023年实现营收47.80亿元，同比增 券 长7.50%，实现归母净利润10.31亿元，同比增长34.90%。2023Q4实现营收11.57亿 研 市场数据： 2024年03月22日 元，同比增长6.90%，实现归母净利润1.87亿元，同比增长99.80%。公司2023年业绩 究 收盘价（元） 21.2 报 一年内最高/最低（元） 26.37/15.36 符合市场预期。 告 市净率 4.7 息率（分红/股价） - 点评： 流通A股市值（百万元） 29533 上证指数/深证成指 3048.03/9565.56  航空新材料主业需求加速释放，推动营收稳步增长。根据公司公告，公司 2023年实现营 注：“息率”以最近一年已公布分红计算 业收入47.80亿元（yoy+7.50%）。分产品看，航空新材料业务实现营收46.71亿元，同 ...