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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company reported a 45.85% year-on-year growth in net profit attributable to the parent company for 2023, indicating enhanced product profitability [2][4] - The company achieved a revenue of 437.34 billion yuan in 2023, representing a year-on-year increase of 17.89% [2] - The company is expected to enter a phase of steady revenue growth and accelerated profit growth, with projected net profits of 17.87 billion yuan, 22.61 billion yuan, and 28.73 billion yuan for 2024, 2025, and 2026 respectively [7] Revenue Summary - In 2023, the company generated revenue of 437.34 billion yuan, with the aerospace engine and derivatives contributing 408.93 billion yuan (up 18.17% year-on-year) [2] - The foreign trade export subcontracting business achieved revenue of 19.48 billion yuan (up 18.04% year-on-year) [2] - Non-aerospace products and other businesses reported revenue of 2.62 billion yuan (down 16.9% year-on-year) [2] Profitability Summary - The net profit attributable to the parent company for 2023 was 14.21 billion yuan, a year-on-year increase of 12.17% [2][4] - The overall gross margin for the company was 11.08%, reflecting a slight increase of 0.26 percentage points year-on-year [2] - The company’s sales net profit margin was 3.47%, a decrease of 0.17 percentage points year-on-year, primarily due to impairment provisions totaling 4.81 billion yuan [2] Subsidiary Performance - Subsidiary "Dawn Company" achieved revenue of 262.35 billion yuan (up 19.16% year-on-year) [3] - Subsidiary "Southern Company" reported revenue of 77.75 billion yuan (down 0.86% year-on-year) [3] - Subsidiary "Liyang Company" generated revenue of 49.08 billion yuan (up 45.07% year-on-year) [3] - The company headquarters achieved revenue of 129.74 billion yuan (up 21.12% year-on-year) [3] Financial Projections - The company aims to achieve total revenue of 497.62 billion yuan in 2024, a year-on-year increase of 13.78% [3] - The projected net profit for 2024 is 15.12 billion yuan, reflecting a year-on-year growth of 6.4% [3] - The company’s gross margin is expected to improve to 12.1% by 2024 [7] Balance Sheet Insights - As of the end of 2023, the company had contract liabilities of 118.76 billion yuan, indicating strong mid-term demand [4] - Accounts payable increased by 38.54% year-on-year to 179.78 billion yuan, driven by increased production tasks [4] - Inventory reached 296.63 billion yuan, up 15.27% year-on-year, with significant increases in raw materials and finished goods [4]

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]

中信建投证券股份有限公司 关于中国航发动力股份有限公司 2023年度募集资金存放与实际使用情况的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"）作为中国航发动 力股份有限公司（以下简称"航发动力"、"公司"）发行股票购买资产并配套融 资的独立财务顾问和主承销商，根据中国证券监督管理委员会《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》（证监 会公告〔2022〕15 号）、《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等的相关规定要求，对航发动力 2023 年度募集资金存放与实际使用情 况进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 根据公司 2013 年度第三次临时股东大会决议并经中国证券监督管理委员会 《关于核准西安航空动力股份有限公司向中国航空工业集团公司等发行股份购 买资产并募集配套资金的批复》（证监许可［2014］476 号）批准，公司非公开发 行人民币普通股（A股）17,168.00万股，共募集资金总额为人民币3,189,834,875.16 元，扣除募集资金发生的各项费用 ...

独立董事提名人声明与承诺 提名人中国航发动力股份有限公司董事会，现提名李金林为中国 航发动力股份有限公司第十一届董事会独立董事候选人，并已充分了 解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重 大失信等不良记录等情况。被提名人已同意出任中国航发动力股份有 限公司第十一届董事会独立董事候选人（参见该独立董事候选人声 明）。提名人认为，被提名人具备独立董事任职资格，与中国航发动 力股份有限公司之间不存在任何影响其独立性的关系，具体声明并承 诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求： （一）《中华人民共和国公司法》关于董事任职资格的规定； 三、被提名人具备独立性，不属于下列情形： （一）在上市公司或者其附属企业任职的人员及其配偶、父母、 子女、主要社会关系（主要社会关系是指兄弟姐妹、兄弟姐妹的配偶、 配偶的父母、配偶的兄弟姐妹、子女的 ...

地址：陕西省西安市未央区凤城十路 邮编：710021 电话：029-86152009 传真：029-86614019 电子邮件：hkdl2008@xae.aecc.cn 公司网站：http://hfdl.aecc.cn/ ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT IN 2023 中国航发动力股份有限公司 股票简称：航发动力 股票代码：600893 （上海证券交易所发行上市） 环境、社会及治理 (ESG) 报告 2023 年度 关于 本报告 本报告是中国航发动力股份有限公司发布的环境、社会及治理（ESG）报告，本着客观、规范、透明 和全面的原则，详细披露了公司 2023 年在积极承担社会责任、有效管理 ESG 风险与机遇等方面的 具体举措、重点实践、亮点案例和关键绩效，旨在回应利益相关方的期望，未来更好地履行社会责任。 报告范围 本报告以中国航 发动力股份有限 公司为主体，并包 含其所属子公司。 数据来源及可靠性保障 报告获取途径 本报告引用的全部信息数据均来自于航发动力有 关资料，除另做说明外，统计口径与年报保持一致。 本报告已经公司保密审查，并经董事会审议通过， ...

中国航发动力股份有限公司 内部控制审计报告 | . L. 1/. | 1. 3. 16 | A 25 | | HTT | | | --- | --- | --- | --- | --- | --- | | | 45 | કૃત્ર | str. 1-1 | in | △ | | | | ਵਾਂ CAPACE ALL PRODUCT PRESENT PRESEN | 15 | | 能 | 您可使用手机"扫一扫" 此码用于证明该审计报告是否由具有执业许可的会计师事 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 报告编码 · 沪24G1 SDNNF re 中国航发动力股份有限公司 内部控制审计报告 (2023 年 1 月 1 日至 2023 年 12 月 31 日止) 页次 目录 1-2 审计报告 Í 11 事务所执业资质证明 内部控制审计报告 信会师报字[2024]第 ZA90143 号 2023 年度 四、财务报告内部控制审计意见 我们认为,航发动力于 2023年 12月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告 ...