Investment Rating - The report maintains a "Buy" rating for the company [4][33][36] Core Insights - In 2023, the company achieved operating revenue of 437.34 billion yuan, a year-on-year increase of 17.89%, driven by increased customer demand and product deliveries [4][8] - The net profit attributable to shareholders was 14.21 billion yuan, up 12.17% year-on-year, while the non-recurring net profit surged by 45.85% to 12.22 billion yuan [4][8] - The company exceeded its annual budget for both revenue and net profit, achieving 103.48% and 104.64% of the respective targets [4][8] - For 2024, the company aims for operating revenue of 497.62 billion yuan, a 17.74% increase from the budgeted 2023 figure, and a net profit of 15.12 billion yuan, reflecting an 11.34% increase from the 2023 budget [4][8] Financial Performance Summary - **Revenue and Profit Growth**: - 2023 operating revenue: 437.34 billion yuan, 17.89% YoY growth - 2023 net profit: 14.21 billion yuan, 12.17% YoY growth - 2023 basic EPS: 0.53 yuan, 10.42% YoY growth [2][4][8] - **Future Projections**: - Expected net profit for 2024: 16.78 billion yuan, with EPS of 0.63 yuan [4][33] - Revenue projections for 2024-2026 show steady growth, with 2025 expected at 588.89 billion yuan and 2026 at 676.75 billion yuan [2][33] Segment Analysis - **Product Revenue Breakdown**: - In 2023, revenue from aviation engines and related products was 408.93 billion yuan, accounting for 93.50% of total revenue, with a gross margin of 10.54% [4][14] - Foreign trade outsourcing generated 19.48 billion yuan, with a gross margin of 14.42% [4][14] - **Investment Plans**: - The company plans a total investment of 35.17 billion yuan for 2024, a 322.90% increase from 2023, with significant allocations to various subsidiaries [4][32] Cash Flow and Financial Health - **Cash Flow Improvement**: - The net cash flow from operating activities improved to -67.39 billion yuan, a 45.02 billion yuan increase from the previous year [4][23] - **Balance Sheet Strength**: - Total assets as of the end of 2023 were 99,795.55 million yuan, with net assets of 39,455.04 million yuan [1][35]

上 市 公 司 国防军工 2024 年04月 08 日 航发动力 (600893) 公 司 研 究 ——航空需求旺盛叠加产品工艺成熟及规模效应增强， / 公 司 2023 年业绩符合预期 点 评 报告原因：有业绩公布需要点评 事件： 买入 （维持）  公司公布2023年年度报告。根据公司公告，公司2023年实现营收437.34亿元，同比增长 证 17.89%，归母净利润14.21亿元，同比增长12.17%；2023Q4实现营收174.26亿元，同 券 比增长18.67%，归母净利润3.91亿元，同比增长30.66%。公司业绩符合市场预期。 研 市场数据： 2024年04月03日 点评： 究 收盘价（元） 33.23  航发市场持续高景气，公司营收稳步增长。根据公司公告，公司2023年实现营业收入437.34 报 一年内最高/最低（元） 44.99/28.29 亿元（yoy+17.89%）。分产品看，航空发动机及衍生产品业务实现收入 408.93 亿元，同 告 市净率 2.3 息率（分红/股价） - 比增长 18.17%；外贸出口转包业务实现收入 19.48 亿元，同比增长 18.04%；非航空产品 及其他 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company reported a revenue of 43.73 billion yuan in 2023, representing a year-on-year growth of 17.9%, with a net profit of 1.42 billion yuan, up 12.1% year-on-year. The non-recurring net profit reached 1.22 billion yuan, showing a significant increase of 45.9% due to improved product profitability [2][4] - The company's three main business segments showed stable growth, with the aviation engine and related products generating revenue of 40.89 billion yuan, up 18.2% year-on-year, and a gross margin of 10.54%, an increase of 0.38 percentage points [3] - The report highlights a decrease in the expense ratio to 6.5%, down 0.31 percentage points year-on-year, indicating effective cost control [3] Summary by Relevant Sections Financial Performance - Revenue for 2022 was 37.1 billion yuan, projected to grow to 49.84 billion yuan in 2024E, with a compound annual growth rate (CAGR) of 13.96% [8] - Net profit for 2022 was 1.27 billion yuan, expected to reach 1.62 billion yuan in 2024E, reflecting a growth rate of 13.75% [8] - The company's earnings per share (EPS) is projected to increase from 0.53 yuan in 2023 to 0.61 yuan in 2024E [8] Valuation Metrics - The price-to-earnings (P/E) ratio is expected to decrease from 64 in 2023 to 56 in 2024E, indicating a more attractive valuation over time [4][8] - The price-to-book (P/B) ratio is projected to decline from 2.3 in 2023 to 2.2 in 2024E, suggesting a potential increase in shareholder value [4][8] Business Segments - The aviation engine segment is the primary revenue driver, with significant growth observed in 2023, while the non-aviation products segment experienced a decline [3] - The report notes a divergence in performance among the company's main subsidiaries, with some showing substantial revenue growth while others lagged [3]

Investment Rating - The report maintains an "Accumulate - A" rating for the company [1][4]. Core Views - The company has shown steady revenue growth, with a 2023 revenue of 437.34 billion, representing a year-on-year increase of 17.89%. The net profit attributable to the parent company was 14.21 billion, up 12.17% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 45.85% to 12.22 billion [2][3]. - The company is positioned to benefit from the accelerating development of the aviation industry, driven by national defense needs and the recovery of the civil aviation market. The domestic market for commercial engines is expected to grow significantly, especially with the C919 entering commercial operation [3][4]. Financial Performance Summary - In 2023, the company's revenue from aviation engines and related products reached 408.93 billion, a growth of 18.17%, while foreign trade export outsourcing business revenue was 19.48 billion, up 18.04%. Non-aviation products and other businesses saw a decline of 16.90% to 2.62 billion [3]. - The company achieved 103.48% of its annual budget in 2023 and expects to generate revenue of 497.62 billion in 2024, reflecting a year-on-year growth of 13.78%. The projected net profit for 2024 is 15.12 billion, a year-on-year increase of 6.40% [3][4]. Financial Metrics and Projections - The company’s projected EPS for 2024-2026 are 0.60, 0.71, and 0.85 respectively, with corresponding PE ratios of 56.8, 47.8, and 40.0 based on the closing price of 34.06 on April 1 [4][6]. - The financial ratios indicate a stable growth trajectory, with revenue growth rates projected at 15.8% for 2024 and 14.2% for 2025, while net profit growth rates are expected to be 12.0% and 18.8% for the same periods [6][7].

产品获利能力增强毛利率回升，航发主业成长确定性高 航发动力(600893.SH)/国防 证券研究报告/公司点评 2024年4月1日 军工 [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：33.96 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 37,097 43,734 50,242 57,155 64,810 分析师：陈鼎如 增长率yoy% 9% 18% 15% 14% 13% 执业证书编号：S0740521080001 净利润（百万元） 1,268 1,421 1,648 1,926 2,239 Email：chendr01@zts.com.cn 增长率yoy% 7% 12% 16% 17% 16% 每股收益（元） 0.48 0.53 0.62 0.72 0.84 每股现金流量 -4.22 -2.53 3.37 -0.45 -2.31 分析师：马梦泽 净资产收益率 3% 3% 4% 4% 5% 执业证书编号：S0740523060003 P/E 71.4 63.7 54.9 47.0 40.4 P/B 2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2][8] Core Views - The company achieved a revenue of 43.73 billion yuan in 2023, representing a year-on-year growth of 17.9%, with a net profit attributable to shareholders of 1.42 billion yuan, up 12.1% year-on-year [2][6] - The company exceeded its operational budget for 2023, achieving 103.5% of its revenue target and 104.6% of its net profit target [2] - The company is expected to continue its growth trajectory, with projected revenues of 50.91 billion yuan in 2024, a 13.8% increase from 2023, and a net profit of 1.51 billion yuan, a 6.4% increase [2][6] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue 43,734 million yuan, Net Profit 1,421 million yuan - 2024E: Revenue 50,911 million yuan, Net Profit 1,607 million yuan - 2025E: Revenue 58,397 million yuan, Net Profit 1,978 million yuan - 2026E: Revenue 65,804 million yuan, Net Profit 2,555 million yuan [1][6] - Growth Rates: - Revenue growth rates are projected at 17.9% for 2023, 16.4% for 2024, 14.7% for 2025, and 12.7% for 2026 [1][6] - Net profit growth rates are projected at 12.2% for 2023, 13.0% for 2024, 23.1% for 2025, and 29.2% for 2026 [1][6] - Earnings Per Share (EPS): - EPS is projected to be 0.53 yuan for 2023, increasing to 0.60 yuan in 2024, 0.74 yuan in 2025, and 0.96 yuan in 2026 [1][6] Market Position and Outlook - The company is positioned as a leading enterprise in the aviation engine industry in China, benefiting from the high demand in the market during the "14th Five-Year Plan" period [2] - The company is expected to maintain a strong growth outlook, with net profits projected to reach 2.56 billion yuan by 2026, corresponding to a PE ratio of 35x [2][6]

证券研究报告|年报点评报告 2024年03月31日 航发动力（600893.SH） 2023 年扣非归母净利润同比增长 45.85%，产品获利能力增强 事件：公司发布2023年年报。实现营收437.34亿元，同比+17.89%； 买入（维持） 归母净利润14.21亿元，同比+12.17%；扣非归母净利润12.22亿元，同 股票信息 比+45.85%。单季度看，2023Q4营收174.26亿元，同比+18.67%；归 母净利润 3.91 亿元，同比+30.66%；扣非归母净利润 3.73 亿元，同比 行业 航空装备 +87.52%。 前次评级 买入 3月29日收盘价(元) 33.96 1、营收层面：2023公司实现营收437.34亿元，同比增长17.89%。 航空发动机及衍生品实现营收（408.93 亿元，同比+18.17%），毛利率 总市值(百万元) 90,523.58 （10.54%，+0.38pct）；外贸出口转包业务实现营收（19.48亿元，同比 总股本(百万股) 2,665.59 +18.04%），毛利率（14.42%，+1.49pct），主要是出口订单增长带动 其中自由流通股(%) 99.98 毛利 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [2][4]. Core Views - The company has exceeded its annual revenue and profit budget for 2023, achieving a revenue of 437.34 billion yuan, a year-on-year increase of 17.89%, and a net profit attributable to shareholders of 14.21 billion yuan, up 12.17% year-on-year [3][4]. - The company is positioned as a leading supplier of engines for China's main combat aircraft, benefiting from increased product deliveries and a growing demand for existing models [4][3]. - The financial metrics indicate a stable performance with a slight increase in gross profit margin to 11.08% and a net profit margin of 3.47% [3][4]. Financial Data Summary - **Revenue and Profit Forecasts**: - 2023 revenue: 437.34 billion yuan, 2024E: 502.94 billion yuan, 2025E: 574.36 billion yuan, 2026E: 655.34 billion yuan [6][7]. - Net profit attributable to shareholders: 2023: 14.21 billion yuan, 2024E: 17.21 billion yuan, 2025E: 20.93 billion yuan, 2026E: 26.03 billion yuan [6][7]. - **Key Financial Ratios**: - Gross margin: 11.08% in 2023, expected to rise to 11.80% by 2026 [7]. - Net profit margin: 3.25% in 2023, projected to reach 3.97% by 2026 [7]. - Return on equity (ROE): 3.60% in 2023, expected to increase to 5.93% by 2026 [7]. Operational Insights - The company has maintained a high inventory level of 29.66 billion yuan, reflecting increased customer demand and product deliveries [4][3]. - The company’s total assets reached 99.80 billion yuan in 2023, with a debt ratio of 56.05% [7][4]. - The company’s operating expenses have remained stable, with a total expense ratio of 6.50% in 2023 [4][3].

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company achieved a total revenue of 43.734 billion yuan in 2023, representing a year-on-year growth of 17.89%, and a net profit attributable to shareholders of 1.421 billion yuan, up 12.17% year-on-year [2][3] - The growth in performance is driven by increased demand in the aviation engine and gas turbine markets, with the aviation engine and derivatives business generating revenue of 40.893 billion yuan, a year-on-year increase of 18.17% [2][3] - The completion of investment projects has enhanced the company's aviation engine repair capabilities, contributing positively to the overall service capacity in the aviation engine sector [2][3] Financial Forecasts - The company’s projected total revenue for 2024 is 48.524 billion yuan, with a net profit forecast of 1.615 billion yuan, and for 2025, the revenue is expected to reach 56.624 billion yuan with a net profit of 1.998 billion yuan [1][6] - The earnings per share (EPS) are projected to be 0.61 yuan for 2024 and 0.75 yuan for 2025, with a price-to-earnings (P/E) ratio of 56.05 and 45.31 respectively [1][6] - The company’s net profit for 2026 is estimated at 2.554 billion yuan, corresponding to a P/E ratio of 35.45 [1][3] Market Position and Strategy - The company is positioned as a leader in the domestic aviation engine sector, benefiting from both military and civilian demand, as well as the ongoing push for domestic production capabilities [2][3] - The expansion of the downstream market is supported by the increasing number of military aircraft and the growing orders for domestic commercial aircraft, such as the C919 [2][3]

Financial Performance - The net profit attributable to the parent company for 2023 is CNY 1,421,421,585.27, with a statutory surplus reserve of CNY 60,375,399.14 deducted, resulting in a distributable profit of CNY 1,361,046,186.13[4] - The parent company achieved a net profit of CNY 603,753,991.35 for 2023, leading to a year-end distributable profit of CNY 2,225,132,802.32 after accounting for statutory reserves and dividends[4] - The proposed dividend distribution is CNY 1.60 per 10 shares (including tax), totaling CNY 426,495,078.08, which represents 30.00% of the net profit attributable to the parent company for the year[4] - The company's operating revenue for 2023 reached ¥43.73 billion, representing a year-on-year increase of 17.89% compared to ¥37.10 billion in 2022[18] - Net profit attributable to shareholders for 2023 was ¥1.42 billion, up 12.17% from ¥1.27 billion in 2022[18] - The net profit after deducting non-recurring gains and losses increased by 45.85% to ¥1.22 billion in 2023, compared to ¥837.57 million in 2022[19] - Basic earnings per share for 2023 were ¥0.53, a 10.42% increase from ¥0.48 in 2022[19] - The weighted average return on net assets rose to 3.66% in 2023, an increase of 0.32 percentage points from 3.34% in 2022[19] - Total assets at the end of 2023 were ¥99.80 billion, reflecting a 10.92% increase from ¥89.97 billion at the end of 2022[18] - The net assets attributable to shareholders increased by 2.74% to ¥39.46 billion at the end of 2023, compared to ¥38.40 billion at the end of 2022[18] Revenue and Sales - The company achieved operating revenue of 43,733.88 million RMB, a year-on-year increase of 17.89%, with main business revenue of 43,103.14 million RMB, up 17.86%[30] - The revenue from the aviation engine and derivative products business reached 40,892.86 million RMB, reflecting an 18.17% year-on-year growth[30] - The company’s foreign trade export subcontracting business generated revenue of 1,948.05 million RMB, an 18.04% increase year-on-year[30] - Domestic sales revenue reached ¥41,155,095,099.95, up 17.86% year-on-year, while overseas sales increased by 18.04% to ¥1,948,046,516.11[34] Research and Development - The company applied for 709 patents during the reporting period, all of which were invention patents, and received 329 authorized patents[29] - The company focuses on enhancing its technological innovation capabilities and has been recognized as a national-level enterprise technology center with an "excellent" rating[28] - The company aims to enhance its R&D capabilities in welding technology, composite material processing, and laser drilling in 2024[67] - Total R&D investment amounted to 611,617,209.41 RMB, representing 1.40% of operating revenue, with 9.51% of R&D costs capitalized[44] - The company employed 1,663 R&D personnel, accounting for 5.29% of the total workforce[45] Financial Management and Cash Flow - The net cash flow from operating activities improved by 40.05%, amounting to -¥6.74 billion in 2023, compared to -¥11.24 billion in 2022[18] - Cash received from sales and services increased by 35.67% to 36,235,697,493.98 RMB, mainly due to higher customer prepayments and sales collections[47] - Cash received from tax refunds rose by 120.35% to 325,007,168.05 RMB, primarily from VAT refunds[47] - The company reported a significant increase in financing cash flow, totaling ¥8,598,863,755.80, a rise of 872.79%[31] Environmental and Social Responsibility - The company invested approximately 72.89 million yuan in environmental protection during the reporting period[107] - The company has established a dedicated environmental management department to ensure compliance with national and local environmental laws[108] - The company achieved a 100% compliance rate for environmental impact assessments and completion acceptance for new projects[115] - The company invested CNY 6.5518 million in poverty alleviation and rural revitalization projects, reaching 14,184 individuals[137] - The company emphasized its commitment to environmental performance and social responsibility, with a focus on green development in its 2023 ESG report[135] Governance and Compliance - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with legal requirements[73] - The company has established a robust independent financial management system, with no instances of fund occupation or illegal guarantees by the controlling shareholder[73] - The company is committed to timely and accurate information disclosure, maintaining a stable cash dividend policy to align long-term development with shareholder interests[73] - The company has not faced any penalties from securities regulatory agencies in the past three years, indicating compliance with regulatory standards[86] Litigation and Legal Matters - The company faced significant litigation involving a total claim amount of 18,359.89 million RMB related to a sales contract dispute with Shanghai Shansheng, which was resolved in April 2023[145] - Another litigation case with a claim amount of 8,446.02 million RMB against Shanghai Shansheng was also settled in April 2023[145] - A construction contract dispute involving a claim of 16,913 million RMB against Tengyuan Company and the government of Tumushuke is ongoing, with a first-instance judgment rejecting the plaintiff's claims in September 2023[146] Shareholder Information - The total number of shareholders at the end of the reporting period is 146,018, an increase from 142,665 at the end of the previous period[182] - The largest shareholder, China Aviation Engine Group, holds 1,220,558,027 shares, representing 45.79% of total shares[183] - The total number of shares after the recent changes is 2,665,594,238, with 99.98% being unrestricted shares[179] - There were no new shares issued or changes in the shareholding structure during the reporting period[181] Debt and Financing - The company has secured a total of 10,000,000 CNY in project-specific loans from China Aviation Development at an interest rate of 2.56%, significantly lower than the market rate of 4.20%[159] - The company has a repayment plan in place for all loans, with scheduled repayments and interest payments[159] - The company has a diversified funding strategy, including both project-specific loans and short-term loans from affiliates[159] - The company has consistently disclosed its financial arrangements at shareholder meetings[62] Risk Management - The company has provided a detailed risk description in the annual report, highlighting potential risks for investors to consider[6] - The company is actively expanding its domestic civil aircraft power market in response to the risks associated with the international aviation industry downturn[27] - The company is enhancing its international cooperation and risk management in response to global macroeconomic developments[70]