证券代码：600862 证券简称：中航高科 公告编号：临 2025－005 号 中航航空高科技股份有限公司 关于 2025 年度商业银行授信的公告 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 2025年3月13日召开了第十一届董事会2025年第一次会议， 审议通过了《关于 2025 年度商业银行授信的议案》。 2024 年度公司获得民生银行南通分行、招商银行南通分 行银行授信 1.5 亿元的综合授信（敞口），主要用于出具银 行承兑汇票、保函等银行业务。上述授信额度到期后，2025 年度公司（含控股子公司）拟继续向商业银行申请综合授信 额度（信用）10.5 亿元，综合授信金额可在商业银行之间调 剂。 上述授信主要用于出具银行承兑汇票、保函等银行业 务，将会对统筹公司现金支出、降低财务成本带来积极影响。 上述事项无需提交公司股东大会审议批准。 特此公告。 中航航空高科技股份有限公司董事会 2025 年 3 月 15 日 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－006 号 中航航空高科技股份有限公司 关于续聘会计师事务所的公告 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： ●拟续聘的会计师事务所名称：利安达会计师事务所（特殊普通 合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 利安达会计师事务所（特殊普通合伙）（以下简称"利 安达事务所"）成立于 2013 年，注册地址为北京市朝阳区慈 云寺北里 210 号楼 1101 室，首席合伙人为黄锦辉先生。截 至 2024 年 12 月 31 日，利安达事务所从业人员总数 1,540 人，其中合伙人 64 人，注册会计师 406 人。注册会计师中 132 人签署过证券服务业务审计报告。2024 年度经审计的收 入总额：48,482.02 万元，审计业务收入：39,912.90 万元， 证券业务收入：15,728.70 万元。2024 年度上市公司审计客 户家数：24 家，上年度上市公司主要行业（前五大主要行业）： 制造业（19 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025-004 号 中航航空高科技股份有限公司 关于 2025 年度日常关联交易预计的公告 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： ●公司预计的 2025 年度日常关联交易系基于日常经营活动所 需，相关交易严格遵循公平、合理的定价原则，不存在损害公司及非 关联股东合法权益的情形，不会对公司的独立性构成不利影响。 ●本事项尚需提交公司 2024 年年度股东大会审议批准。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 中航航空高科技股份有限公司（以下简称"公司"）的 日常关联交易主要为公司总部及相关下属子公司与中国航 空工业集团有限公司（以下简称"中航工业"）相关下属单 位（以下简称"中航工业下属单位"）之间的商品购销、劳 务提供、资产租赁、存贷款业务等。其中，关联存贷款业务 主要由中航工业下属单位中航工业集团财务有限责任公司 （以下简称"中航工业财务"）提供。 2025 年 3 月 13 日，公司召开了第十一届董事会 2025 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－002 号 中航航空高科技股份有限公司 第十一届监事会 2025 年第一次会议决议公告 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。 2025 年 3 月 3 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 2025 年第一次会议以电子邮件或 书面方式通知，并于 2025 年 3 月 13 日 16:00 在江苏省南通 市崇川区青年中路 59 号文峰饭店召开。应到监事 3 名,实到 3 名，监事会主席孙菲以视频方式参会。公司董事会秘书兼 副总会计师朱清海应邀列席会议，会议由监事会主席孙菲主 持。本次监事会的召集、召开和表决程序符合《公司法》及 《公司章程》的相关规定。与会监事认真审议了所有议案， 并以举手表决的方式一致通过，形成了如下决议： 一、审议通过了《公司 2024 年年度报告》及摘要； 公司监事会根据上海证券交易所有关规定，对《公司 2024 年年度报告》及其摘要进行了认真严格的审核，并提出 了如下的书面审核意见，与会监事一致认 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025－001 号 四、审议通过了《公司 2024 年度 ESG 报告》，该报告已 经战略委员会事前认可，并同意提交董事会审议，报告全文 详见上交所网站（http://www.sse.com.cn）； 中航航空高科技股份有限公司 第十一届董事会 2025 年第一次会议决议公告 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。 2025 年 3 月 3 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 2025 年第一次会议以电子邮件或 书面方式通知，并于 2025 年 3 月 13 日 14:00 在江苏省南通 市崇川区青年中路 59 号文峰饭店召开。应到董事 9 人，实 到 9 人，董事长姜波、董事肖世宏、独立董事王建新以视频 方式参会。公司监事和高管列席会议，公司纪委书记卢圣学 应邀参加本次会议，符合《公司法》和《公司章程》的有关 规定。在会议正式召开前，审计委员会委员陈恳向董事会通 报了审计委员会对利安达会计师事务 2024 年度履职情况的 评 ...

Financial Performance - The company's total revenue for 2024 reached ¥5,072,201,796.71, representing a year-on-year increase of 6.12% compared to ¥4,779,569,939.39 in 2023[22] - The net profit attributable to shareholders for 2024 was ¥1,152,682,648.58, an increase of 11.75% from ¥1,031,463,199.96 in 2023[22] - The total profit for 2024 was CNY 1,357.30 million, reflecting a year-on-year growth of 11.89%[34] - The company achieved a net profit attributable to shareholders of 1,152.68 million RMB, a year-on-year increase of 11.75% from 1,031.46 million RMB[27] - The total operating revenue for the period was 5,072.20 million RMB, reflecting a growth of 6.12% compared to 4,779.57 million RMB in the previous year[26] - Basic earnings per share rose to 0.83 RMB, marking a 12.16% increase from 0.74 RMB in the previous year[25] - The weighted average return on equity was 17.21%, slightly down from 17.68% in the previous year[25] - The net cash flow from operating activities was 496.11 million RMB, an increase of 16.74% from 424.96 million RMB[30] Dividend Distribution - The company plans to distribute a cash dividend of ¥2.49 per 10 shares, totaling ¥346,869,227.64, which accounts for 30.09% of the net profit attributable to shareholders[7] - The board of directors has approved the profit distribution plan, pending shareholder meeting approval[7] - The cumulative cash dividend over the last three accounting years amounts to 887,372,281.16 RMB, with an average net profit of 982,928,178.00 RMB, resulting in a cash dividend ratio of 90.28%[186] - The company has maintained a cash dividend payout ratio exceeding 30% for six consecutive years[180] Research and Development - R&D investment for the year reached CNY 197 million, with 37 patent applications filed and 11 patents granted[39] - Research and development expenses rose to CNY 197,872,620.64, marking an increase of 12.74% compared to the previous year[74] - The number of R&D personnel is 338, making up 31.94% of the total workforce[88] - The company has filed 37 new patents and received 11 authorized patents during the reporting period, totaling 322 valid patents[66] Market Expansion and Strategic Initiatives - The company maintains a strong focus on market expansion and strategic acquisitions to drive future growth[8] - The company is committed to ongoing research and development of new products and technologies to enhance market competitiveness[8] - The company is actively promoting the localization of aviation brake components and has completed certification for certain models[40] - The company aims to deepen institutional reforms and accelerate loss reduction efforts to ensure effective implementation of reform measures[56] - The company is focused on optimizing production strategies and enhancing customer satisfaction, leading to improved operational efficiency[35] Risk Management and Compliance - The company has not reported any significant risks affecting its production and operations during the reporting period[9] - The company has not experienced any major cybersecurity incidents or data loss throughout the year, demonstrating effective risk management practices[45] - The company emphasizes the importance of compliance management to mitigate risks associated with regulatory pressures in both domestic and international markets[140] - The company is committed to strengthening its risk management mechanisms and enhancing its supply chain capabilities to ensure production stability[141] Environmental and Governance Practices - The company invested 937.30 million RMB in environmental protection during the reporting period[193] - The internal control audit report received a standard unqualified opinion, indicating no significant issues were found[191] - The company has established a comprehensive emergency response plan system for environmental incidents, regularly conducting emergency drills[199] - The company has maintained a high level of information disclosure, receiving an A-level rating from the Shanghai Stock Exchange for six consecutive years[147] Future Outlook - The company aims for a total revenue of 5.8 billion RMB and a profit of 1.363 billion RMB for the year 2025[125] - The aviation new materials business is expected to achieve a revenue of 5.71 billion RMB and a profit of 1.432 billion RMB in 2025[125] - The company plans to enhance its core competitiveness and play a significant role in the industrialization of aviation new materials and advanced manufacturing technology by 2035[123] - The company aims to achieve carbon neutrality in its operations by 2025, aligning with industry sustainability trends[157]

证券代码：600862 证券简称：中航高科 公告编号：临 2025－003 号 中航航空高科技股份有限公司 2024 年度利润分配预案公告 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： ●本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确； ●在实施权益分派的股权登记日前若公司总股本发生变动的，维 持分配总额不变，相应调整每股分配比例，并将另行公告具体调整情 况； ●公司不触及《上海证券交易所股票上市规则（2024 年 4 月修 订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示 的情形。 一、2024 年度利润分配预案内容 经利安达会计师事务所（特殊普通合伙）审计，2024 年 度 公 司 实 现 归 属 于 上 市 公 司 普 通 股 股 东 的 净 利 润 1,152,682,648.58 元，母公司实现净利润 470,337,103.36 元。母公司年初可供分配利润 619,804.54 元，扣除提取盈 余公积 47,033,710.3 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [9]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to mitigate short-term losses. This may lead to changes in the carbon fiber prepreg market structure, presenting growth opportunities for the company as a leading domestic player in the aerospace sector [1]. - The company is enhancing its upstream supply chain by acquiring a 20% stake in Changsheng Technology for 342 million yuan, which is expected to stabilize profit margins amid declining prepreg prices due to short-term demand fluctuations [2]. - The trend towards unmanned military equipment is expected to expand the market for carbon fiber, with the U.S. aiming for a fully unmanned fleet by 2033. This shift is anticipated to increase the carbon fiber usage in military drones by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is projected to grow, with a forecasted 3.8% increase in global passenger turnover and significant aircraft deliveries from Airbus and Boeing. The domestic C919 aircraft is expected to accelerate growth in carbon fiber demand as its delivery numbers increase [4][5]. - The low-altitude economy is emerging as a new growth engine, with a market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber, is anticipated to drive significant demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, down from previous estimates. Net profits are expected to be 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan for the same period [6]. - The report indicates a decrease in the company's price-to-earnings (P/E) ratio from 28.62 in 2024 to 21.09 in 2026, reflecting anticipated growth in profitability [6][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [9][21]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to address short-term operational losses. This shift may lead to changes in the market structure for carbon fiber prepregs, positioning the company as a leading domestic player in the aerospace sector for potential growth [1]. - The company has strategically invested 342 million yuan to acquire a 20% stake in Changsheng Technology, enhancing its position in the upstream supply chain. This move is expected to mitigate profit fluctuations in the downstream segment due to declining prepreg prices and strengthen its market leadership [2]. - The trend towards unmanned military equipment is gaining momentum, with the U.S. government increasing its air force budget and focusing on next-generation aircraft. This shift is anticipated to boost the demand for carbon fiber in unmanned systems, with usage expected to increase by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is robust, with global passenger turnover projected to grow at 3.8% annually. The domestic C919 aircraft is expected to significantly contribute to the carbon fiber market as its delivery ramps up, marking a transition from military to civilian applications [4][5]. - The low-altitude economy is emerging as a new growth engine, with its market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber for lightweight structures, is projected to drive substantial demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, reflecting a downward revision due to military delivery schedules. The expected net profits for the same period are projected at 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan, with corresponding P/E ratios of 28.62, 25.00, and 21.09 [6][8].

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 中航高科 摘要 请介绍一下中航高科的基本情况及基业务构成。 中航高科是航空工业旗下的综合性控股企业,业务主要分为两大块:航空新材 料业务和机床工业务。航空新材料业务包括博云新材的机车片零件和中航复材标准 属的航空或授权。航空新材料业务包括博云新材的利车片零件和中航复材运输水、shuinu9870 制"新"等 属的航空硕浸料。机床业务主要由子公司航制装备承担,负责相关智能装备的 制造。目前,公司 90%以上的收入和利润来自于新材料业务。而机床业务还在 转型升级过程中,处于扭亏为盈阶段。 更多一手调研组 中航高科的发展历程和股权结构是怎样的? 中航高科通过多轮资产重组,将航空工业旗下的新材料资产注入上市平台,同 时剥离了地产及低效机床等其他业务,实现了聚焦新材料主业的发展策略。公 司的控股股东是航空工业,其持有 41.86%的股份委托给航空制造院管理,加上 亚报数据加V：shuinu9870 E报数据加V：shuinu9870 手调研纪 中航高科通过资产重组聚焦新材料主业,控股股东航空工业通过委托管理 对于手调研究手和"实现控股权和管理权统一，确保了公司战 ...