公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 中yCo 航mp 高any＃科 （ 600862 ） investSug 增持 ( 维ges持tion ）Ch 0000 超09 标＃ ，title＃ 额 完 成利润目 盈 利能 力提升显著 ange＃ ＃ createTime1＃ 2024年 03月 24日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公ma司ry发＃布 2023年年报：营收47.80亿元，同比增长7.50%，完成全年计划的97.54%； 司 利润总额12.13亿元，完成全年计划的103.15%；归母净利润10.31亿元，同比增长 日期 2024-03-22 34.90%；扣非后归母净利润10.06亿元，同比增长33.63%；基本每股收益0.74元， 点 收盘价（元） 21.20 同比增长34.55%。 评 总股本（百万股） 1,393.05 ⚫ 毛利率、净利率同比显著增加。2023年，公司整体毛利率为36.75%，同比增加5.81pct； 报 流通股本（百万股） 1,393.05 归母 ...

中航航空高科技股份有限公司 2023 年度独立董事述职报告 （潘立新） 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 潘立新:女，1968 年 2 月生，博士研究生学历，教授。 历任中南工学院管理系教师。现任北京航空航天大学经济管 理学院会计系教授，中国注册会计师协会非执业会员，全国 MBA 教指委管理案例共享中心评审专家，中欧国际商学院案 例中心"中国工商管理国际案例库"学科编辑，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 作为公司独立董事，本人未在公司担任除独立董事以外 本人为公司董事会审计委员会主任委员，并兼任薪酬与 ...

中航航空高科技股份有限公司 2023 年度独立董事述职报告 （徐樑华） 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 徐樑华:男，1960 年 5 月生，硕士研究生，教授，博士 生导师。历任北京化工大学材料科学与工程学院副院长。现 任国家碳纤维工程技术研究中心主任，北京化工大学碳纤维 及复合材料研究所所长，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 作为公司独立董事，本人未在公司担任除独立董事以外 的任何职务，没有为公司及下属子公司提供财务、管理、技 术等咨询服务，亦未在公司主要股东单位担任职务;除独立 董事津贴外，没有从 ...

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 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][5] Core Views - The company's profitability has significantly improved and continues to benefit from the high prosperity of the industry [2][4] - The company is a leader in the aerospace composite materials industry and is expected to benefit from the increasing demand for new aerospace materials [4] Financial Performance - In 2023, the company reported revenue of 4.78 billion yuan, a year-on-year increase of 7.5% [3] - The net profit attributable to shareholders was 1.03 billion yuan, up 34.9% year-on-year [3] - The gross margin improved by 5.81 percentage points to 36.75%, and the net margin increased by 4.45 percentage points to 21.71% [4] - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.85, 1.02, and 1.22 yuan, respectively [5][6] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 5.38 billion yuan, 6.37 billion yuan, and 7.56 billion yuan, representing year-on-year growth rates of 12.6%, 18.5%, and 18.6% respectively [5][8] - Net profit forecasts for the same period are 1.18 billion yuan, 1.43 billion yuan, and 1.70 billion yuan, with year-on-year growth rates of 14.3%, 21.0%, and 19.2% respectively [5][8] Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2024-2026 are 23.3, 19.3, and 16.2 respectively [5][6] - The projected return on equity (ROE) for 2024-2026 is expected to be 16.3%, 17.0%, and 17.3% respectively [6][9]

[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].