Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 18.548 billion yuan in the first half of 2024, representing a year-on-year growth of 4.35%, while the net profit attributable to the parent company decreased by 17.99% due to a significant reduction in investment income [2][3] - The company is the only domestic entity capable of developing a full range of military aviation engines, thus holding a unique position in the domestic military aviation market [2][3] - Continuous optimization of management efficiency has led to stable profitability, although there is a need for further improvement in profit margins [2][3] Financial Forecast and Valuation - The company is expected to achieve net profits of 1.615 billion yuan, 1.998 billion yuan, and 2.554 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 59, 47, and 37 times [3][6] - The total revenue forecast for the company is projected to be 48.524 billion yuan, 56.624 billion yuan, and 64.724 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 10.95%, 16.69%, and 14.30% [6] Operational Insights - The company has maintained stable profitability across its subsidiaries, with some experiencing significant fluctuations, such as a 72.11% decline in profits for one subsidiary and a 317.56% increase for another, indicating potential performance turning points [2][3] - The company has applied for 213 invention patents and has been granted 154 patents, with 152 being invention patents, showcasing its commitment to technological innovation [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 18.55 billion yuan in 1H24, a year-on-year increase of 4.3%, while the net profit attributable to shareholders decreased by 18.0% to 590 million yuan due to a reduction in investment income [1] - The main business of the company is steadily developing, with significant revenue growth from its subsidiary, Xihang Company, which saw a 17.1% increase in revenue [1] - The company is expected to benefit from the high demand in China's aviation engine market, with projected net profits of 1.51 billion, 1.91 billion, and 2.38 billion yuan for 2024 to 2026 [1] Financial Performance Summary - For 2023A, the total revenue is 43.734 billion yuan, with an expected growth rate of 17.9% [5] - The net profit attributable to shareholders for 2023A is 1.421 billion yuan, with a growth rate of 12.2% [5] - The company’s gross margin for 1H24 decreased to 11.3%, while the net margin fell to 3.6% [1] - Investment income for 1H24 decreased by 240 million yuan compared to the previous year, impacting overall profit [1] Business Segment Performance - The revenue from aviation products and derivatives reached 171.6 billion yuan in 1H24, with a year-on-year growth of 4.0% [1] - The foreign trade subcontracting business generated 1 billion yuan in revenue, up 11.0% year-on-year [1] - Non-aviation product revenue was 360 million yuan, reflecting a 1.1% increase [1] Cost and Expense Analysis - The company’s expense ratio for 1H24 decreased by 0.2 percentage points to 7.1% [1] - Sales expenses increased by 15.6% to 290 million yuan due to increased after-sales support tasks [1] - Financial expenses surged by 190% to 150 million yuan, primarily due to increased financing and reduced exchange gains [1] Investment Outlook - The company is positioned as a leading enterprise in the aviation engine industry in China, expected to benefit from the long-term growth of the sector [1] - The projected PE ratios for 2024 to 2026 are 63x, 50x, and 40x respectively, indicating a favorable valuation outlook [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - In H1 2024, the company achieved revenue of 18.548 billion yuan, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to 0.595 billion yuan [2] - The company expects to achieve a revenue of 49.762 billion yuan in 2024, representing a year-on-year growth of 13.68%, and a net profit of 1.512 billion yuan, up 7.08% [3][6] Revenue Summary - H1 2024 revenue breakdown: - Aerospace engines and related products: 17.16 billion yuan, up 4.02% YoY - Foreign trade outsourcing: 1.004 billion yuan, up 11.02% YoY - Non-aerospace products and other businesses: 0.1 billion yuan, down 11.87% YoY [2] - Subsidiary performance: - Li Ming Company: Revenue of 11.755 billion yuan, up 4.98% YoY - Southern Company: Revenue of 2.114 billion yuan, down 16.8% YoY - Li Yang Power: Revenue of 1.38 billion yuan, up 3.01% YoY - Headquarters: Revenue of 7.231 billion yuan, up 17.15% YoY [2] Profitability Summary - H1 2024 gross profit margin was 11.27%, down 0.63 percentage points YoY, and net profit margin was 3.56%, down 0.81 percentage points YoY [2] - The decline in net profit was primarily due to a decrease in investment income by 0.242 billion yuan [2] Expense Summary - H1 2024 total expenses were 1.32 billion yuan, up 1.67% YoY, with sales expenses increasing by 15.63% due to increased after-sales service tasks [3] - R&D expenses decreased by 24.95% to 0.187 billion yuan, mainly due to reduced project expenditures [3] Balance Sheet Summary - H1 2024 inventory increased by 22.12% to 36.225 billion yuan, indicating growth in orders [3] - Accounts payable rose by 54.82% to 27.834 billion yuan, reflecting increased production tasks and procurement [3] Future Outlook - The company aims to complete 37.27% of its annual revenue target in H1 2024, with expectations for H2 2024 revenue to reach 31.214 billion yuan, a 20.06% YoY increase [3]

证券代码：600893 股票简称：航发动力 公告编号：2024-27 中国航发动力股份有限公司 第十一届监事会第二次会议决议公告 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。 中国航发动力股份有限公司（以下简称公司）第十一届监事会第二次会议（以 下简称本次会议）通知于 2024 年 8 月 20 日分别以传真和邮件形式向公司全体监 事发出。本次会议于 2024 年 8 月 30 日以现场会议结合视频会议方式召开。本次 会议应出席监事 3 人，亲自出席 2 人，职工监事唐宏伟先生委托监事会主席夏逢 春先生代为出席并表决，本次会议合计可履行监事权利义务 3 人。本次会议的召 集、召开程序符合《中华人民共和国公司法》和《中国航发动力股份有限公司章 程》的规定。 本次会议由监事会主席夏逢春先生主持。经与会监事认真审议，表决并通过 了以下议案： 一、审议通过《关于 2024 年半年度报告及摘要的议案》 监事会认为：公司编制和审议的《2024 年半年度报告》及其摘要的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、 ...

证券代码：600893 证券简称：航发动力 公告编号：2024-28 中国航发动力股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 19 日 14 点 30 分 召开地点：西安市天鼎酒店 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 19 日 至 2024 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 股东大会召开日期：2024年9月19日 本 ...

股票代码：600893 股票简称：航发动力 公告编号：2024-30 中国航发动力股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 为践行中央经济工作会议和中央金融工作会议精神，积极响应 上海证券交易所号召，落实"以投资者为本"的理念，推动上市公 司持续优化经营、规范治理和积极回报投资者，大力提高上市公司 质量，助力信心提振、资本市场稳定和经济高质量发展，中国航发 动力股份有限公司（以下简称公司）结合自身发展战略、经营情况 及财务状况，基于对公司未来发展前景的信心及价值的认可，特制 定了《2024 年度提质增效重回报行动方案》。具体举措如下： 公司通过市场开拓、创新驱动、开放融合、人才强企、数智化 转型等工作，全面推进新质生产力发展。 一、聚焦主营业务，提质增效 航空发动机代表了国家制造业的高端水平，是推动落实武器装 备现代化、高质量发展、综合国力提升、科教兴国具有重要意义的 产业。公司是国内唯一能够研制涡喷、涡扇、涡轴、涡桨、活塞等 全谱系军用航空发动机 ...

证券代码：600893 证券简称：航发动力 公告编号：2024-29 中国航发动力股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于 2024 年 9 月 23 日(星期一) 至 9 月 27 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 hkdl2008@XAE.AECC.CN 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 中国航发动力股份有限公司（以下简称公司）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地 了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 30 日 下午 15:00-16:00 举行 2024 年半年度业绩说明会，就投资 者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流 ...

Financial Performance - The company reported a total revenue of 1.2 billion CNY for the first half of 2024, representing a year-on-year increase of 15%[13]. - The net profit attributable to shareholders reached 200 million CNY, up 10% compared to the same period last year[13]. - The company's operating revenue for the first half of 2024 was ¥18,547,849,719.66, representing a 4.35% increase compared to ¥17,774,794,713.09 in the same period last year[18]. - The net profit attributable to shareholders decreased by 17.99% to ¥594,734,685.16 from ¥725,213,087.71 year-on-year[18]. - The company achieved operating revenue of 1,854,784.97 million RMB, a year-on-year increase of 4.35%, driven by increased customer demand and product deliveries[31]. - Net profit attributable to shareholders was 59,473.47 million RMB, a decrease of 17.99%, primarily due to a reduction in investment income by 24,206.43 million RMB[31]. - The company reported a significant increase in other income by 232.75% to 58,633,308.45 RMB, attributed to the implementation of VAT policies[35]. - The company reported a total of CNY 10,867.53 million in related party transactions, which is an increase from CNY 8,934.26 million in the previous period[89]. User Growth and Market Expansion - User data indicates a growth in active users by 25%, reaching 1.5 million users by the end of June 2024[13]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[13]. - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development efforts[120]. Research and Development - New product development includes the launch of a next-generation engine, projected to enhance fuel efficiency by 15%[13]. - The company is investing 100 million CNY in R&D for advanced technologies over the next two years[13]. - The company applied for 213 invention patents and was granted 154 patents, including 152 invention patents during the reporting period[25]. - The company is focused on innovation-driven strategies, continuously improving its R&D system and enhancing core competitiveness[25]. - R&D expenses decreased by 24.95% to 186,828,597.80 RMB, reflecting reduced project expenditures[35]. Financial Position and Assets - The total assets at the end of the reporting period were ¥108,153,738,144.81, an increase of 8.38% from ¥99,795,552,106.78 at the end of the previous year[18]. - The company’s total assets at the end of the first half of 2024 amount to CNY 44,708,570,442.29, up from CNY 41,285,566,108.10 at the end of the previous year[135]. - The company’s total liabilities at the end of the first half of 2024 are CNY 5,042,275,802.09, compared to CNY 2,881,991,213.91 at the end of the previous year, indicating an increase[135]. - The total equity attributable to shareholders was 39,666,294,640.20, compared to 39,455,041,956.23, showing a slight increase of approximately 0.5%[120]. Environmental Responsibility - The company invested approximately 38.60 million yuan in environmental protection during the reporting period[54]. - The company has established an environmental protection mechanism and is committed to fulfilling its corporate social responsibility[54]. - The actual emissions for the first half of 2024 included 15.62 tons of chemical oxygen demand and 3.04 tons of ammonia nitrogen, all meeting the discharge standards[55]. - The company has a 100% compliance rate for the "three simultaneous" environmental protection measures for new, modified, and expanded projects[63]. - The company has established self-monitoring plans for various pollutants, ensuring compliance with national discharge standards[66]. Governance and Management - The company appointed new board members and senior management, including Yang Sen as chairman and Shen Peng as general manager, during the annual general meeting[51]. - The company’s governance structure was updated with the election of new independent directors and supervisors during the annual general meeting[51]. - The company held its first extraordinary general meeting on January 22, 2024, where two proposals were approved, including the application for financing limits for 2024[48]. Risks and Challenges - The management highlighted potential risks including supply chain disruptions and regulatory changes that could impact future performance[5]. - The company faces risks related to product quality demands, requiring enhanced operational management and talent development[46]. Financial Transactions and Loans - The company has secured a total of 1,727 million yuan in project-specific loans with an actual interest rate of 2.50%[97]. - The company has a repayment plan in place for all loans, ensuring timely principal and interest payments[97]. - The company has consistently maintained lower interest rates on its loans compared to the market, reflecting favorable borrowing conditions[19]. - The company has disclosed all related party transactions in regular shareholder meetings, ensuring transparency[19]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥10,375,353,788.56, showing a slight improvement of 0.63% compared to -¥10,441,548,206.31 in the previous year[18]. - The total cash inflow from investment activities was 530,853,806.57 RMB, significantly lower than 7,710,448,256.14 RMB in the previous year[133]. - The cash flow from financing activities showed a net inflow of 165,364,159.98 RMB, contrasting with a net outflow of 816,907,911.08 RMB in the same period of 2023[133]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 133,980[112]. - The largest shareholder, China Aviation Engine Group Co., Ltd., holds 45.79% of the shares[114]. - No significant changes in share capital structure during the reporting period[112].

中国航发动力股份有限公司 注册资本：15 亿元人民币 股权结构：中国航空发动机集团有限公司（以下简称中国航发） 持有其 100%股权 《2024 年上半年中国航发集团财务有限公司 风险持续评估报告》 按照中国证劵监督管理委员会《关于规范上市公司与企业集团财 务公司业务往来的通知》（证监会发〔2022〕48 号）和上海证券交易 所《上市公司自律监管指引第 5 号——交易与关联交易》（上证发〔2023〕 6 号的规定，中国航发动力股份有限公司（以下简称公司）通过审查 中国航发集团财务有限公司（以下简称中国航发财务公司）《营业执 照》《金融许可证》等证照资料，审阅中国航发财务公司的财务报告 及风险指标等信息，对其经营资质、业务和风险状况进行评估，现将 有关风险评估情况报告如下： 一、中国航发财务公司基本情况 中国航发财务公司成立于 2018 年 12 月 10 日，是经金融监管机 构批准，在国家工商行政管理总局登记注册，具有企业法人地位的非 银行金融机构。 注册地址：北京市海淀区西三环北路甲 2 号院 7 号楼 7 层 法定代表人：管见礼 统一社会信用代码：91110108MA01G3070M 经营范围：许可项目： ...

股票代码：600893 股票简称：航发动力 公告编号：2024-26 中国航发动力股份有限公司 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。 中国航发动力股份有限公司（以下简称公司）第十一届董事会第二次会议（以 下简称本次会议）通知于 2024 年 8 月 20 日分别以传真和邮件形式向公司全体董 事发出。本次会议于 2024 年 8 月 30 日以现场会议方式召开。本次会议应出席董 事 10 人，亲自出席 6 人，董事孙洪伟先生委托董事长杨森先生代为出席并表决， 董事吴联合先生委托董事杨先锋先生代为出席并表决，独立董事刘志猛先生委托 独立董事李金林先生代为出席并表决，独立董事王占学先生委托独立董事杜剑先 生代为出席并表决。本次会议合计可履行董事权利义务 10 人。本次会议的召集、 召开程序符合《中华人民共和国公司法》（以下简称《公司法》）和《中国航发 动力股份有限公司章程》（以下简称《公司章程》）的规定。 本次会议由董事长杨森先生主持。经与会董事认真审议，表决并通过了以下 议案： 一、审议通过《关于 2024 年半年 ...