证券代码：600893 证券简称：航发动力 公告编号：2024-17 中国航发动力股份有限公司 关于 2023 年年度股东大会增加临时提案的公告 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法律责任。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2023 年年度股东大会 2. 股东大会召开日期：2024 年 4 月 29 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600893 | 航发动力 | 2024/4/22 | 二、 增加临时提案的情况说明 1. 提案人：中国航空发动机集团有限公司 2. 提案程序说明 公司已于 2024 年 3 月 30 日公告了股东大会召开通知，单独持有 45.79%股 份的股东中国航空发动机集团有限公司，在 2024 年 4 月 18 日提出临时提案并书 面提交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规 定，现予以公告。 3. 临时提案的具体内容 2024 年 4 月 ...

证券代码：600893 股票简称：航发动力 公告编号：2024-16 中国航发动力股份有限公司 第十届监事会第二十八次会议决议公告 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）第十届监事会第二十八次会议 （以下简称本次会议）于 2024 年 4 月 18 日以通讯方式召开。本次会议通知于 2024 年 4 月 16 日分别以传真和邮件形式向公司全体监事发出，全体监事一致同 意豁免本次会议的通知时限。本次会议应出席监事 3 人，亲自出席 3 人，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。 经与会监事认真审议，表决并通过了以下议案： 审议通过《关于变更第十一届监事会非职工监事部分候选人暨补选非职工 监事候选人的议案》 2024 年 3 月 29 日，公司召开第十届监事会第二十七次会议审议通过了《关 于公司监事会换届选举暨提名第十一届监事会非职工监事的议案》，同意将第十 一届监事会非职工监 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on strong demand in the aviation sector and the company's core position in the domestic aerospace engine market [8][14]. Core Views - The company achieved a revenue of 43.734 billion yuan in 2023, representing a year-on-year growth of 17.89%, with a net profit of 1.421 billion yuan, up 12.17% from the previous year [8]. - The aviation market remains robust, with expectations for continued revenue growth driven by increasing military aircraft procurement and the company's core role in domestic aerospace engine production [8][10]. - The company's gross margin improved to 11.08% in 2023, attributed to mature product processes and enhanced economies of scale, despite a slight decrease in net margin due to rising financial costs [8][10]. - High levels of inventory and contract liabilities, amounting to 30.667 billion yuan and 11.876 billion yuan respectively, indicate strong downstream demand and industry prosperity, supporting stable revenue growth [8][10]. - The company is expected to benefit from strong downstream demand for military aircraft and accelerated domestic substitution, with revenue projected to continue growing rapidly over the next three years [8][10]. Financial Summary - The company reported total revenue of 43.734 billion yuan in 2023, with projections of 52.578 billion yuan in 2024 and 63.310 billion yuan in 2025, reflecting a compound annual growth rate [10]. - The net profit for 2023 was 1.421 billion yuan, with forecasts of 1.634 billion yuan in 2024 and 1.912 billion yuan in 2025, indicating a steady increase in profitability [10]. - Earnings per share are expected to rise from 0.53 yuan in 2023 to 0.61 yuan in 2024 and 0.72 yuan in 2025, showcasing the company's growth potential [10].

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]

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].