Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company demonstrates sufficient operational resilience, with long-term prospects remaining positive [5]. - In Q1 2024, the company achieved revenue of 1.317 billion, a year-on-year increase of 5.22% and a quarter-on-quarter increase of 13.86% [5]. - The net profit attributable to the parent company for Q1 2024 was 351 million, reflecting a year-on-year growth of 4.95% and a quarter-on-quarter growth of 87.64% [5]. - The company is actively preparing for future equipment deliveries and business expansion, with ongoing construction projects at historical highs [5]. Summary by Sections Financial Performance - Q1 2024 revenue from the aerospace new materials business was 1.305 billion, up 5.05% year-on-year, while the equipment business revenue was 3.6811 million, down 46.88% year-on-year [5]. - The gross profit margin for Q1 2024 was 41.21%, an increase of 0.7 percentage points year-on-year and 6.64 percentage points quarter-on-quarter [5]. - The company set a revenue target of 5 billion for 2024, representing a 4.60% increase from the previous year, and a profit target of 1.282 billion, a 5.69% increase [6]. Strategic Initiatives - The company has established a joint venture with China Aviation Engine Corporation to manufacture composite materials for aircraft engines, indicating a strategic move into high-end civilian composite materials [6]. - The company is leveraging its core technology in composite materials to expand into emerging fields such as drones and electric aircraft [6].

投资者关系活 动类别 □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 □新闻发布会 ☑路演活动/策略会 □现场参观 □投资者来访 □其他 组织单位 招商证券 时间 2024 年 5 月 9 日上午 11:00-12:00 公司参加人员 副总经理、董事会秘书 刘向兵 投资者关系 活动主要问题 问题 1：主机厂增长的爬坡期过去之后，公司会面临负增长 的压力吗？ 答：公司产品涉及的种类较多，未来会不断提升材料的性 能和品种，持续拓展更多的应用场景，以保持公司业绩稳定增 长。 问题 2：在无人机等低空经济领域，公司预浸料产品是否具 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 1 | 有垄断性？ | | --- | | 答：垄断性的关键在于核心能力，行业的发展必然会导致 | | 竞争者的出现。公司的技术体系经过了很长时间的数据、经验方 | | 面的积累，公司在核心技术体系方面有竞争优势，但谈不上垄 | | 断。竞争有利于促进公司技术水平及产品性能不断的提升。 | | 问题 3：航空工业集团对公司的定位是否变化？ | | 答：航空工业集团对公司的定位更 ...

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% ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 1.32 billion yuan in Q1 2024, representing a year-over-year increase of 5.2%. The net profit attributable to shareholders was 350 million yuan, up 4.9% year-over-year, and the net profit excluding non-recurring items was also 350 million yuan, reflecting a 7.8% increase year-over-year. The performance aligns with market expectations [2]. - The aviation new materials business showed steady growth, with revenue of 1.31 billion yuan in Q1 2024, a year-over-year increase of 5.05%. The net profit attributable to shareholders from this segment was 360 million yuan, up 4.95%, driven by increased deliveries of aviation composite materials [2]. - The company’s gross margin increased by 0.7 percentage points to 41.2%, and the net profit margin rose by 0.4 percentage points to 26.9%, indicating stable profitability [2]. - Operating cash flow improved, with a net cash flow from operating activities of 250 million yuan, a year-over-year increase of 23.9% [2]. - The company plays a leading role in the aviation composite materials industry, being the only specialized supplier in China engaged in the research and engineering of composite materials for aviation [2]. - The report forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 1.185 billion yuan, 1.435 billion yuan, and 1.736 billion yuan, respectively, with corresponding price-to-earnings ratios of 22x, 18x, and 15x [2]. Summary by Sections Financial Performance - Q1 2024 revenue was 1.32 billion yuan, up 5.2% YoY; net profit was 350 million yuan, up 4.9% YoY; net profit excluding non-recurring items was also 350 million yuan, up 7.8% YoY [2]. - The gross margin increased to 41.2%, and the net profit margin rose to 26.9% [2]. - Operating cash flow was 250 million yuan, reflecting a 23.9% increase YoY [2]. Business Segments - Aviation new materials segment revenue was 1.31 billion yuan, up 5.05% YoY; net profit was 360 million yuan, up 4.95% YoY [2]. - Equipment segment revenue decreased to 368.11 thousand yuan, down 46.88% YoY, with a net loss of 875.51 thousand yuan [2]. Industry Position - The company is recognized as a leader in the aviation composite materials sector, contributing to significant projects like AG600 and C929 [2]. - The report highlights the company's strategic position in the supply chain of aviation carbon fiber prepreg materials, benefiting from the growth of the domestic aviation market [2].

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 ...