股票简称：航发动力 股票代码：600893 中国航发动力股份有限公司 投资者活动记录表 资者关系活动 √特定对象调研 □分析师会议□媒体采访 □业绩说明会□新闻发布会 类别 □路演活动□现场参观□其他 广发证券孟祥杰、邱净博，交银投资刘鹏，银华基金杜宇，易方达基金张一 哲，国联证券吴爽，长江证券杨继虎，西部证券杨雨南，华泰自营刘新宇， 参与单位名称 鑫元基金费凡，国新投资王千，富国基金徐鸿博，天弘基金张磊，华安基金 金拓，兴业证券董昕瑞，大成基金鄂智博，永赢基金曹永毅，开源资管时维 佳等 时间 2024年5月17日 地点 西安市天鼎酒店第三会议 上市公司参与 副总经理、董事会秘书 宁辉先生；财务部副部长 杨宁峰女士， ...

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网址：http://rs.p5w.net。 股票代码：600893 股票简称：航发动力 公告编号：2024-24 中国航发动力股份有限公司 关于参加"2024 年陕西辖区上市公司投资者集体接待日 暨 2023 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个别及连带责任。 为促进上市公司规范运作、健康发展，增强上市公司信息透明 度，加强与广大投资者沟通交流，进一步提升投资者关系管理水平, 陕西上市公司协会根据中国证券监督管理委员会陕西监管局工作部 署，联合深圳市全景网络有限公司举办"2024 年陕西辖区上市公司 投资者集体接待日暨 2023 年度业绩说明会"。届时，公司主要负责 人及相关高管将通过互动平台与投资者进行网络沟通和交流，欢迎 广大投资者踊跃参加。 活动时间：2024 年 5 月 22 日（星期三）15:00-17:00。 活动地址："全景路演"。 为充分尊重投资者、提升交流的针对性，公司现就 2023 年度业 绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建 议。投资者可提前访问网址 htt ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨航发动力（ ） 600893.SH [销Ta售b毛le_利T率itle维] 持向上企稳，业绩大幅增长彰显盈 利韧性 报告要点 [公Ta司ble2_4SQu1m销m售ar毛y]利率维持向上企稳，公司业绩增长显著高于收入增长彰显盈利韧性。税改政 策对公司业绩边际影响减弱，资本开支聚焦高附加值领域牵引公司资产效率有望持续提升。公 司合同负债阶段性消化反映下游交付顺利, 持续进行高额资本支出扩充产能，下游需求景气释 放下公司供给能力有望提升。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [1][3]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 6.272 billion yuan, a year-on-year increase of 1.98%, and a net profit attributable to the parent company of 155 million yuan, up 76.04% year-on-year [2]. - The company is the only domestic enterprise capable of developing and producing a full range of military aircraft engines, benefiting from the increasing demand in both military and civilian markets [2][3]. - The company has set a revenue target of 49.762 billion yuan for 2024, representing a year-on-year growth of 13.78%, with a net profit target of 1.512 billion yuan, up 6.36% year-on-year [3]. Financial Data and Valuation Summary - Revenue projections for the company are as follows: - 2022: 37.097 billion yuan - 2023: 43.734 billion yuan - 2024E: 50.338 billion yuan - 2025E: 57.486 billion yuan - 2026E: 65.591 billion yuan - The expected growth rates for revenue are 8.78% in 2022, 17.89% in 2023, and around 14% in the following years [1][7]. - The projected net profit attributable to the parent company is expected to grow from 1.268 billion yuan in 2022 to 2.567 billion yuan in 2026, with a significant increase of 31.58% in 2026 [1][7]. - The company's P/E ratio is projected to decrease from 78.95 in 2022 to 38.99 in 2026, indicating improving valuation metrics over time [1][7].

[Table_Page] 季报点评|航空装备Ⅱ 证券研究报告 [航Table_发Title] 动力（600893.SH） [公Tab司le_I评nves级t] 增持 当前价格 35.73元 扣非归母净利润高增长，看好航发龙头盈利能力提升 合理价值 45.31元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-08 ⚫ 事件：公司公告2024年一季报，实现营收62.72亿元，yoy+1.98%； [相Tab对le_P市icQ场uote表] 现 实现归母和扣非归母净利润1.55、1.06亿元，yoy+76.04%、+444.82%； 毛利率11.64%，yoy-0.34pct，净利率2.96%，yoy+1.21pct。 0% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -6% ⚫ 点评：扣非归母净利润高增长，净利率达近五年同期最高水平，看好 -12% 航发龙头盈利能力提升。公司2024年一季度盈利能力提升明显，实现 -18% 归母净利润 1.55 亿元，yoy+76.04%，主要因公允价值变动收益增加 -25% -31% （yo ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company achieved a significant year-on-year increase in net profit of 76% in Q1 2024, driven by increased fair value gains, reduced operating expenses, and lower taxes [1] - The company is positioned to benefit from the high demand in the aviation engine and gas turbine market during the "14th Five-Year Plan" period in China [1] - The company is expected to achieve revenue growth of 13.8% in 2024 compared to 2023, with projected net profits of 1.61 billion, 1.98 billion, and 2.56 billion for 2024 to 2026 respectively [1] Financial Performance Summary - In Q1 2024, the company reported revenue of 6.27 billion yuan, a 2.0% increase year-on-year, and a net profit of 155 million yuan, a 76.0% increase year-on-year [1] - The gross margin decreased by 0.3 percentage points to 11.6%, while the net margin increased by 1.2 percentage points to 3.0% [1] - The company’s subsidiary, Xihang, reported a revenue increase of 95.8% year-on-year in Q1 2024, with net profit growth of 712% [1] Cost Management and Inventory - The company has optimized its operating expenses, reducing the expense ratio by 1.6 percentage points to 9.4% in Q1 2024 [1] - Inventory increased by 22.4% to 36.31 billion yuan, driven by increased orders and production input [1] - Accounts payable rose by 30.6% to 23.48 billion yuan, reflecting increased production tasks and procurement of raw materials [1] Future Outlook - The company is expected to maintain stable growth, with projected revenues of 49.76 billion yuan in 2024 [1] - The company’s leading position in the aviation engine industry is expected to support its long-term growth prospects [1]

Financial Performance - The company's net profit attributable to shareholders reached ¥154,854,528.80, representing a 76.03% increase compared to the same period last year[3]. - Basic and diluted earnings per share both increased by 100% to ¥0.06[1]. - Net profit for Q1 2024 reached CNY 185,796,641.69, up 72.67% from CNY 107,498,966.05 in Q1 2023[21]. - Earnings per share for Q1 2024 were CNY 0.06, compared to CNY 0.03 in Q1 2023[21]. - The company reported a total comprehensive income of CNY 184,521,526.74 for Q1 2024, compared to CNY 123,418,459.56 in Q1 2023[21]. - The company reported a total comprehensive income of ¥54,422,775.93 for Q1 2024, which is an increase from ¥6,714,018.41 in Q1 2023[32]. Assets and Liabilities - Total assets at the end of the reporting period were ¥101,295,664,727.83, reflecting a 1.50% increase from the previous year[1]. - The total assets of the company as of March 31, 2024, were ¥101,295,664,727.83, compared to ¥99,795,552,106.78 as of December 31, 2023, representing an increase of about 1.51%[14]. - The company's total current assets amounted to ¥70,220,041,057.01, an increase from ¥68,943,739,435.44 as of December 31, 2023, reflecting a growth of approximately 1.85%[9]. - Total liabilities decreased to ¥70,220,041,057.01 from ¥68,943,739,435.44, reflecting a reduction of about 1.85%[9]. - Total liabilities as of Q1 2024 amounted to CNY 56,928,810,969.29, an increase from CNY 55,939,898,647.12 in Q1 2023[21]. - The total liabilities decreased to 13,783,825,442.07 RMB from 13,888,566,863.57 RMB, reflecting a reduction of about 0.8%[28]. Cash Flow - The net cash flow from operating activities was negative at ¥-3,009,892,150.92, a decrease of 392.33% year-on-year[5]. - In Q1 2024, the company's operating cash flow was negative at -3,009,892,150.92 RMB, compared to a positive cash flow of 1,029,604,984.50 RMB in Q1 2023, indicating a significant decline in operational performance[22]. - Total cash inflow from operating activities was 6,764,319,733.42 RMB, down from 10,687,051,964.55 RMB in the same period last year, reflecting a decrease of approximately 36.5%[22]. - The company's cash and cash equivalents decreased to ¥3,287,160,400.88 from ¥8,382,080,501.83, representing a decline of about 60.8%[9]. - The company's cash and cash equivalents at the end of Q1 2024 were ¥211,445,769.38, down from ¥1,256,179,851.53 at the end of Q1 2023[34]. Inventory and Receivables - The company's inventory increased by 22.40%, attributed to a rise in orders and product input[4]. - Inventory rose significantly to ¥36,306,687,818.59 from ¥29,662,902,307.41, indicating an increase of around 22.4%[9]. - Accounts receivable increased to ¥22,121,556,523.26 from ¥20,939,404,653.05, showing a growth of approximately 5.65%[9]. - Accounts receivable increased to 7,632,548,986.26 RMB in Q1 2024, up from 5,240,844,235.21 RMB in Q4 2023, indicating a rise of approximately 45.5%[24]. Operating Revenue and Costs - Total operating revenue for Q1 2024 was CNY 6,272,295,886.18, an increase of 1.98% compared to CNY 6,150,433,326.47 in Q1 2023[16]. - Total operating costs for Q1 2024 were CNY 6,176,487,331.86, a decrease of 0.57% from CNY 6,211,957,749.02 in Q1 2023[17]. - Operating revenue for Q1 2024 reached ¥3,584,153,486.36, a significant increase of 96.1% compared to ¥1,829,917,384.46 in Q1 2023[31]. Investment and Expenses - The company reported a significant increase in other income by 189.67%, mainly due to the implementation of VAT deduction policies[4]. - Investment income for Q1 2024 was CNY 38,597,564.55, a significant decrease from CNY 259,570,924.91 in Q1 2023[19]. - Research and development expenses for Q1 2024 totaled CNY 45,129,453.71, down from CNY 68,113,252.39 in Q1 2023[20]. - Research and development expenses for Q1 2024 were ¥17,853,967.40, reflecting the company's commitment to innovation[31]. - The company's financial expenses included interest expenses of ¥7,850,524.18 for Q1 2024, compared to ¥6,874,151.78 in Q1 2023[31].

中国航发动力股份有限公司 2023 年年度股东大会会议资料 中国航发动力股份有限公司 2023 年年度股东大会 会 议 材 料 2024 年 4 月 29 日 中国航发动力股份有限公司 2023 年年度股东大会会议资料 会议须知 根据中国证监会《上市公司股东大会规则》和《公司章程》 等有关规定，为确保公司股东大会顺利召开，特制订大会须知如 下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不得侵 犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法利益、 确保大会正常秩序和议事效率为原则，认真履行法定职责； 三、出席大会的股东依法享有发言权、咨询权、表决权等各 项权利，但需由公司统一安排发言和解答； 四、任何人不得扰乱会议的正常秩序和会议程序；会议期间 请关闭手机或将其调整至静音状态。 中国航发动力股份有限公司 2023 年年度股东大会会议资料 会议议程 会议时间：2024 年 4 月 29 日上午 9 点 00 分 会议地点：西安市天鼎酒店多媒体会议室 具体议程： | | 序号 | | 内容 | | --- | --- | --- | --- | | 第 | ...

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。 证券代码：600893 股票简称：航发动力 公告编号：2024-18 中国航发动力股份有限公司 关于高级管理人员辞职的公告 中国航发动力股份有限公司（以下简称公司）董事会于近日收到公司副总经 理黄江先生的书面辞职报告。因工作变动，黄江先生申请辞去公司副总经理职务。 根据《公司法》和《公司章程》的有关规定，其辞职报告自送达公司董事会之日 起生效。 截至本公告日，黄江先生未持有公司股份，亦不存在应当履行而未履行的承 诺事项。黄江先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司及公司董 事会对黄江先生任职期间为公司发展做出的重要贡献表示衷心感谢。 中国航发动力股份有限公司 董事会 2024 年 4 月 23 日 1 ...