Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 25.956 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.33%, and a net profit attributable to shareholders of 726 million yuan, down 29.56% year-on-year [1] - Financial and sales expenses have increased, putting pressure on the company's performance, with financial expenses rising by 125.36% year-on-year to 299 million yuan and sales expenses increasing by 18.62% year-on-year to 439 million yuan [1][2] - Despite the pressure on performance in the third quarter, downstream demand remains strong, driven by both military and civilian markets, with a stable growth trend observed [3] Financial Performance - The company’s total revenue for 2022 was 37.097 billion yuan, with projections of 43.734 billion yuan for 2023, 48.524 billion yuan for 2024, 56.624 billion yuan for 2025, and 64.724 billion yuan for 2026, reflecting a compound annual growth rate [1] - The net profit attributable to shareholders is projected to grow from 1.267 billion yuan in 2022 to 2.554 billion yuan in 2026, indicating a robust growth trajectory [1] - The earnings per share (EPS) is expected to increase from 0.48 yuan in 2022 to 0.96 yuan in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 91.50 to 45.41 over the same period [1] Market Demand and Growth Potential - The company has seen a significant increase in inventory, reaching a historical high of 40.227 billion yuan, indicating a strong production backlog and sustained demand from downstream customers [3] - The growth in contract liabilities, inventory, and prepayments suggests robust demand for the company's products, with expectations of steady revenue growth as production ramps up [3] - The company is expected to benefit from the maturation of special aviation engine production models and the transition of research models into mass production, which will support performance growth [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its industry position and growth potential [2][4]. Core Views - The company reported a revenue of 25.956 billion yuan for the first three quarters of 2024, a year-over-year decrease of 1.3%, and a net profit attributable to shareholders of 726 million yuan, down 29.6% year-over-year. The decline in net profit is attributed to reduced investment income, increased financial expenses, and higher sales costs [2]. - The company's profitability remains stable despite the challenges, with a gross margin of 12.0% and a net margin of 3.1% for the first three quarters of 2024. The gross margin improved to 13.9% in Q3 2024, while the net margin decreased to 2.1% [2]. - The company has reached historical highs in accounts receivable and inventory, with accounts receivable at 33.4 billion yuan and inventory at 40.2 billion yuan as of Q3 2024. The net cash flow from operating activities was -17.276 billion yuan, reflecting challenges in cash collection and increased procurement [2][3]. - The company is positioned as a leading player in the aviation engine sector, benefiting from high industry demand and aiming to develop high-quality, energy-efficient products. The revenue grew from 28.6 billion yuan in 2020 to 43.7 billion yuan in 2023, with a compound annual growth rate (CAGR) of 15.2% [2][3]. - Future profit projections estimate net profits of 1.51 billion yuan, 1.895 billion yuan, and 2.366 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 77x, 61x, and 49x [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 25.956 billion yuan, with a net profit of 726 million yuan, reflecting a year-over-year decline of 29.6% [2]. - The Q3 2024 revenue was 7.409 billion yuan, down 13.2% year-over-year, with a net profit of 131 million yuan, a decrease of 57.0% [2]. - The gross margin for the first three quarters was 12.0%, while the net margin was 3.1%, with Q3 margins showing a gross margin of 13.9% and a net margin of 2.1% [2]. Balance Sheet Highlights - As of Q3 2024, accounts receivable reached 33.4 billion yuan, and inventory was at 40.2 billion yuan, both historical highs since 2004 [2][3]. - The company’s total assets are projected to grow from 99.796 billion yuan in 2023 to 123.228 billion yuan by 2026 [6]. Future Outlook - The company is expected to benefit from the high demand in the aviation engine sector, with a focus on developing a full range of aviation engines [2]. - The projected net profits for 2024 to 2026 indicate a positive growth trajectory, with significant increases expected in profitability metrics [3][5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥7,408,547,984.64, a decrease of 13.18% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥131,424,468.85, down 57.01% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥135,947,555.72, a decrease of 54.25% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.05, a decrease of 58.33% compared to the same period last year[2]. - The net profit for the third quarter of 2024 was approximately ¥817.19 million, a decrease of 26.7% compared to ¥1.11 billion in the same period of 2023[17]. - The total revenue for the first nine months of 2024 was ¥15.24 billion, down from ¥16.79 billion in the same period of 2023, reflecting a decline of 9.2%[18]. - The net profit for the first three quarters of 2024 was ¥489,244,584.49, slightly down from ¥492,358,625.30 in the previous year, reflecting a decrease of 0.4%[24]. Assets and Liabilities - Total assets at the end of Q3 2024 reached ¥113,044,418,802.10, an increase of 13.28% from the end of the previous year[3]. - Total assets increased to CNY 113,044,418,802.10 in Q3 2024 from CNY 99,795,552,106.78 in Q3 2023, representing a growth of 13.00%[14]. - Current liabilities rose to CNY 72,855,313,674.12 in Q3 2024, up from CNY 58,166,485,358.52 in Q3 2023, an increase of 25.24%[14]. - The company's total liabilities increased to ¥18,347,227,450.10 from ¥13,888,566,863.57, representing a rise of 32.3%[21]. - The company's total equity reached CNY 45,035,569,613.31 in Q3 2024, compared to CNY 43,855,653,459.66 in Q3 2023, an increase of 2.68%[14]. - The total equity of the company as of September 30, 2024, was ¥35,982,853,798.66, up from ¥35,753,485,453.85, indicating a growth of 0.6%[22]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥17,275,991,163.86, a decrease of 29.06% compared to the same period last year[5]. - The cash flow from operating activities showed a net outflow of approximately ¥17.28 billion for the first nine months of 2024, compared to a net outflow of ¥13.39 billion in the same period of 2023[18]. - Cash flow from operating activities for the first nine months of 2024 was CNY 3.01 billion, down from CNY 8.77 billion in the same period of 2023, indicating a decline of approximately 65.6%[26]. - Net cash flow from operating activities was negative CNY 6.58 billion, compared to negative CNY 1.58 billion in the previous year, reflecting a significant increase in cash outflow[26]. - Cash flow from financing activities showed a net inflow of CNY 5.67 billion, a recovery from a net outflow of CNY 515.41 million in the previous year[27]. Expenses - Total operating costs for the first three quarters of 2024 were CNY 25,158,929,850.53, down from CNY 25,321,727,098.48 in 2023, reflecting a reduction of 0.64%[16]. - Research and development expenses decreased to CNY 336,414,994.85 in 2024 from CNY 402,835,510.60 in 2023, a decline of 16.43%[16]. - The company reported a financial expense of CNY 299,251,919.55 in 2024, significantly higher than CNY 132,789,913.11 in 2023, marking an increase of 125.00%[16]. - The company's R&D expenses for the first three quarters of 2024 were ¥31,460,636.96, down from ¥44,114,134.27 in the same period last year, a decrease of 28.7%[24]. - The financial expenses increased significantly to ¥60,752,122.70 from ¥18,628,720.81, an increase of 225.5%[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 130,070[8]. - The largest shareholder, China Aviation Engine Group Co., Ltd., holds 1,220,558,027 shares, accounting for 45.79% of the total shares[8]. - The company has no pledged, marked, or frozen shares among the top shareholders[9]. - The report indicates no significant changes in the participation of major shareholders in margin trading and securities lending[10]. Inventory and Receivables - The company's inventory increased by 35.61%, attributed to an increase in orders and production投入[5]. - Accounts receivable increased significantly to 30,311,559,279.39 RMB from 20,939,404,653.05 RMB[12]. - Inventory rose to 40,226,842,465.82 RMB, up from 29,662,902,307.41 RMB[12]. - Accounts receivable rose sharply to ¥11,919,637,183.12, compared to ¥5,240,844,235.21, marking an increase of 127.5%[20]. - Inventory levels increased slightly to ¥7,812,034,538.00 from ¥7,683,674,265.27, reflecting a growth of 1.7%[20].

中国航发动力股份有限公司 关于聘任董事会秘书的公告 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。 2024 年 10 月 30 日，中国航发动力股份有限公司（以下简称公司）第十一 届董事会第三次会议审议通过了《关于聘任公司董事会秘书的议案》。为保证公 司董事会的日常运作和相关工作开展，董事会同意聘任任立新先生为公司董事会 秘书，聘期自本次董事会审议通过之日起至第十一届董事会届满（任立新先生简 历详见附件）。 任立新先生已参加最近一期上海证券交易所主板上市公司董事会秘书任前 培训，暂未取得上海证券交易所主板《董事会秘书任前培训证明》，待取得并经 上海证券交易所资格备案通过后，正式履行董事会秘书职责。 任立新先生的任职资格已经公司提名委员会审查通过并发表审查意见。公司 董事会秘书任立新先生的任职资格、提名程序符合《中华人民共和国公司法》《中 国航发动力股份有限公司章程》等规定。 特此公告。 中国航发动力股份有限公司 董事会 2024 年 10 月 31 日 股票代码：600893 股票简称：航发动力 公告编号：2024-3 ...

中国航发动力股份有限公司 证券代码：600893 证券简称：航发动力 公告编号：2024-36 关于召开 2024 年第三季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。 会议召开时间：2024 年 11 月 11 日(星期一)16:00-17:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （一） 会议召开时间：2024 年 11 月 11 日 16:00-17:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 公司董事长、独立董事、董事会秘书、总会计师及有关部门人员（根据实际 出席情况确定）。 四、 投资者参加方式 重要内容提示： 投资者可于 2024 年 11 月 1 日(星期五) 至 11 月 8 日(星期五)登录上证路 演中心网站首页点击"提问预征集"栏目向公司提问，或通过公司邮箱 hkdl2008@XAE.AECC.CN 进行提问，公 ...

股票代码：600893 股票简称：航发动力 公告编号：2024-33 中国航发动力股份有限公司 第十一届董事会第三次会议决议公告 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。 中国航发动力股份有限公司（以下简称公司）第十一届董事会第三次会议（以 下简称本次会议）通知于 2024 年 10 月 25 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 10 月 30 日以现场结合视频方式召开。本次会议 应出席董事 11 人，亲自出席 10 人，董事孙洪伟先生委托董事长杨森先生代为出 席并表决，本次会议合计可履行董事权利义务 11 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： 本议案在提交董事会前已经审计委员会审议通过。 二、审议通过《关于新增 2024 年度融资额度的议案》 为防范阶段性资金收款不确定性带来的资金风险，结合 2 ...

中国航发动力股份有限公司 第十一届监事会第三次会议决议公告 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）第十一届监事会第三次会议（以 下简称本次会议）通知于 2024 年 10 月 25 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 10 月 30 日以现场方式召开。本次会议应出席监 事 3 人，亲自出席 2 人，监事王录堂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。 证券代码：600893 股票简称：航发动力 公告编号：2024-34 为防范阶段性资金收款不确定性带来的资金风险，结合 2024 年 11-12 月资 金收支预测情况，根据经营发展需要，同意公司本部申请增加 2024 年融资额度 200,000 万元，其中：借款额度 50,000 万元，银行承兑汇票和票据贴现额度 150,000 万元。 表决结果：赞成票 ...

Group 1: Market Outlook - The commercial aviation engine market in China is projected to deliver approximately 18,000 units over the next 20 years, with a delivery value exceeding $300 billion and an aftermarket expected to reach over $16 billion annually [1]. Group 2: Company Performance - In the first half of 2024, the company achieved operating revenue of 18.5 billion yuan, representing a year-on-year growth of 4.35% [2]. - The parent company's revenue increased by 17.15% compared to the same period last year, but profitability remained relatively stable due to significant financing needs to meet production tasks [2]. Group 3: Supply Chain Management - The company is enhancing its supply chain by developing supplier cultivation plans, expanding the selection of core suppliers, and implementing quality improvement programs to boost delivery quality [2]. Group 4: Subsidiary Operations - The subsidiary, Lite Company, focuses on international and domestic civil aircraft markets, primarily engaging in foreign trade contracting and domestic civil aviation engine component production [3]. - Lite Company is a key supplier in the global aviation engine supply chain and is expected to gain a significant position in the domestic civil aviation engine market as the development of domestic large aircraft engines progresses [3].

2024 年第二次临时股东大会决议公告 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： 证券代码：600893 证券简称：航发动力 公告编号：2024-32 中国航发动力股份有限公司 席夏逢春先生、监事王录堂先生因工作原因未出席本次股东大会。 本次会议是否有否决议案：无 一、 会议召开和出席情况 况： | 1、出席会议的股东和代理人人数 | 725 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,426,362,606 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 53.5101 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 董事长杨森先生主持本次会议。大会采用现场投票和网络投票相结合的方式 进行表决，会议的召开和表决程序符合《公司法》和《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 1.公司在任董事 10 人，出席 4 人，董事长杨森先生出席并主持会议，副董 事 ...

航发动力 2024 年第二次临时股东大会 法律意见书 源 IA YUAN LAW OFFICES 致:中国航发动力股份有限公司 北京市嘉源律师事务所 关于中国航发动力股份有限公司 2024 年第二次临时股东大会的法律意见书 嘉源(2024)-04-700 受中国航发动力股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派律师现场出席了公司 2024 年第二次临时股东 大会(以下简称"本次股东大会"),并依据《中华人民共和国公司法》(以下 简称"《公司法》")、《上市公司股东大会规则》(以下简称"《股东大会规 则》"）及《中国航发动力股份有限公司章程》（以下简称"《公司章程》"） 的相关规定,就本次股东大会的召集与召开程序、召集人及出席会议人员的资格、 表决程序、表决结果等事项出具律师见证意见如下: 一、本次股东大会的召集与召开程序 本次股东大会由公司董事会召集。本次股东大会会议通知已于 2024 年 8 月 31 日在中国证券监督管理委员会指定网站公告。上述公告载明了本次股东大会 召开的日期、地点、表决方式、提交会议审议的事项、出席会议的对象及登记办 法、联系人等。 本次股东大 ...