中航高科（600862.SH） 航空装备Ⅱ 证券研究报告/公司点评报告 2024 年 10 月 20 日 航空复材主业经营稳健，拟新设子公司布局低空领域 ——2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,274,103,226.01, representing a year-on-year increase of 5.29%[4] - Net profit attributable to shareholders for Q3 2024 was ¥308,370,400.92, reflecting a growth of 5.25% compared to the same period last year[4] - The net profit excluding non-recurring gains and losses for Q3 2024 was ¥303,725,765.32, which is an increase of 16.88% year-on-year[4] - The company achieved a total operating revenue of ¥3,821,116,880.91 for the year-to-date, which is a 5.48% increase compared to the same period last year[4] - The company reported a net profit of ¥91,196.92 million for the year-to-date, an 8% increase from the previous year[5] - Total operating revenue for the first three quarters of 2024 reached ¥3,821,116,880.91, an increase of 5.5% compared to ¥3,622,570,931.35 in the same period of 2023[22] - Net profit for the first three quarters of 2024 was ¥921,758,816.13, compared to ¥848,699,551.78 in 2023, representing a growth of 8.6%[23] - Earnings per share for the first three quarters of 2024 were ¥0.655, an increase from ¥0.606 in the same period of 2023[24] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥10,065,310,294.98, showing a year-on-year growth of 16.41%[5] - As of September 30, 2024, total assets reached approximately RMB 10.07 billion, an increase from RMB 8.65 billion at the end of 2023, reflecting a growth of about 16.3%[18] - Current assets totaled RMB 7.71 billion, up from RMB 6.30 billion at the end of 2023, indicating a growth of approximately 22.4%[18] - The total liabilities increased to RMB 7.71 billion from RMB 5.83 billion, reflecting a growth of about 32.3%[19] - The total liabilities increased to ¥2,845,087,978.91 in Q3 2024 from ¥2,200,820,819.22 in Q3 2023, marking a rise of 29.3%[22] - The total equity attributable to shareholders reached ¥6,840,444,947.98 in Q3 2024, up from ¥6,235,883,302.27 in Q3 2023, indicating a growth of 9.7%[22] Cash Flow - The cash flow from operating activities for Q3 2024 was negative at -¥201,332,798.50, indicating a significant decline of 61.51% year-to-date[4] - In the first three quarters of 2024, the net cash flow from operating activities was ¥141,539,019.85, a decrease of 61.5% compared to ¥367,775,430.43 in the same period of 2023[25] - Total cash inflow from operating activities was ¥1,565,769,197.90, down 20.6% from ¥1,971,063,471.52 in the previous year[25] - Cash outflow from operating activities totaled ¥1,424,230,178.05, a decrease of 11.2% compared to ¥1,603,288,041.09 in 2023[25] - The cash flow from investment activities showed a net outflow of ¥47,207,397.54, improving from a net outflow of ¥369,259,429.08 in the same period last year[26] - Cash inflow from financing activities was ¥162,895,685.00, significantly higher than ¥32,714,884.50 in the previous year[26] - The net cash flow from financing activities was -¥173,682,685.13, an improvement compared to -¥223,425,337.56 in 2023[26] Receivables and Payables - Accounts receivable increased by 105.27%, amounting to an increase of 231,323 thousand yuan, primarily due to the recovery of revenue from the subsidiary Aviation Industry Composite Materials in the fourth quarter[9] - Prepayments increased by 99.09%, with an increase of 1,669 thousand yuan, mainly due to increased prepayments for materials by the subsidiary Aviation Industry Composite Materials[9] - Other receivables increased by 62.32%, amounting to an increase of 1,418 thousand yuan, primarily due to increased inter-company transactions[9] - Payables increased by 86.89%, with an increase of 87,821 thousand yuan, mainly due to increased material purchases by the subsidiary Aviation Industry Composite Materials[9] - The company reported a significant increase in accounts payable, which rose to RMB 1.89 billion from RMB 1.01 billion, a growth of approximately 86.5%[19] Government Support and Other Income - The company received government subsidies amounting to ¥5,324,236.95 during the reporting period, contributing to its financial performance[6] - Other income increased by 84.59%, with an increase of 901 thousand yuan, primarily due to the subsidiary Aviation Industry Composite Materials benefiting from value-added tax deductions[10] Research and Development - Research and development expenses for the first three quarters of 2024 were ¥100,262,079.68, down from ¥114,338,321.93 in 2023, a decrease of 12.3%[22] Taxation - Tax expenses increased to ¥44,724,410.95 in 2024 from ¥23,856,100.47 in 2023, reflecting an increase of 87.5%[22] - Tax and additional charges increased by 87.48%, amounting to an increase of 2,087 thousand yuan, mainly due to growth in value-added tax and property tax[10]

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 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2024－027 号 中航航空高科技股份有限公司 第十一届监事会 2024 年第三次会议决议公告 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。 2024 年 10 月 15 日，中航航空高科技股份有限公司（简称"公 司"）第十一届监事会 2024 年第三次会议（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 5:00 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。应到监事 3 人，实到监事 2 人，监事钟志刚先生因公务委托 监事刘俊超先生代为表决，授权其对会议审议的所有事项投赞成票。 公司董秘朱清海先生列席会议，符合《公司法》和《公司章程》的有 关规定。会议由监事会主席孙菲女士主持。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 年第三季度报告》。监事会认为该报 告的编制和审议程序符合国家法律、法规和《公司章程》的有关规定 ...

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 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2024-028 号 中航航空高科技股份有限公司 关于变更董事会秘书的公告 通讯地址：江苏省南通市崇川区永和路 1 号 联系电话：0513-81110523 联系邮箱：zhuqh002@avic.com 特此公告。 中航航空高科技股份有限公司董事会 2024 年 10 月 19 日 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"）董事会秘书 刘向兵先生因工作分工调整，不再担任公司董事会秘书职务。刘向兵 先生辞任公司董事会秘书后，将继续担任公司副总经理职务。 刘向兵先生在担任公司董事会秘书期间恪尽职守、勤勉尽责。公 司董事会对刘向兵先生任职期间在公司治理、规范运作及信息披露等 方面作出的努力和贡献给予充分肯定并表示衷心感谢。 2024 年 10 月 18 日，公司召开第十一届董事会 2024 年第四次会 议，审议并通过《关于拟聘任朱清海先生担任公司董事会秘书的议案》， 经董事长提名，董事会提名委员会审核，董事会同意聘任朱清海先 ...

证券代码：600862 证券简称：中航高科 公告编号：2024-024 号 中航航空高科技股份有限公司 2024 年第一次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 483 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 808,283,509 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.0226 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长姜波主持。会议采用现 场投票和网络投票相结合的表决方式。会议的通知及召开符合《公司法》、《公司 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | ...