Investment Rating - The investment rating for the company is "Buy" with a target price set at 34.21 CNY, maintaining the rating for the next six months [2][5][8]. Core Views - The company's main business is showing stable profitability and is expected to benefit from the high demand in the aviation engine sector. The second quarter of 2024 saw significant increases in revenue and profit, indicating a strong market demand [2][3][5]. - The company is actively preparing for production and inventory buildup, with a stable delivery schedule expected to support annual performance [3][4]. - The military and civilian market demands are both on the rise, positioning the company as a leading player in the aviation engine industry, which is anticipated to yield substantial benefits [5][6]. Financial Data Summary - **Revenue Growth**: The company reported a revenue of 37,097.15 million CNY in 2022, projected to grow to 65,591.13 million CNY by 2026, with a growth rate of 8.78% in 2022 and an expected 14.10% in 2026 [2][7]. - **Net Profit**: The net profit attributable to the parent company was 1,267.78 million CNY in 2022, expected to reach 2,200.76 million CNY by 2026, with a growth rate of 6.75% in 2022 and 15.73% in 2026 [2][7]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.48 CNY in 2022 to 0.83 CNY by 2026 [2][7]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 73.46 in 2022 to 42.32 by 2026, indicating improving valuation over time [2][7]. Operational Insights - **Subsidy Performance**: The company's subsidiaries showed stable performance, with revenue from the main subsidiary, Limin Company, increasing by 4.98% year-on-year [4]. - **Cost Management**: The company is actively pursuing cost reduction and efficiency improvements, with a focus on new product development [4][5]. - **Market Position**: As the only domestic company capable of producing a full range of aviation engines, the company is well-positioned to capitalize on both military and civilian market growth [5][6].

中国航发动力股份有限公司 2024 年第二次临时股东大会会议资料 中国航发动力股份有限公司 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，特制订会议须知如 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 2024 年第二次临时股东大会会议资料 2024 年第二次临时股东大会 会 议 材 料 2024 年 9 月 19 日 中国航发动力股份有限公司 2024 年第二次临时股东大会会议资料 会议须知 会议议程 会议时间：2024 年 9 月 19 日下午 14 点 30 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 | | --- | --- | --- ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Views - The company is a leading domestic manufacturer of aviation engines, focusing on military and civilian aviation engines, gas turbines, and related products. It integrates the full spectrum of domestic military aviation engines and covers various fields including aviation engines, derived products, foreign trade outsourcing, and non-aviation products [1]. - The core investment logic is based on sustained demand and a highly scarce supply structure, positioning the company as a "big single product" type enterprise. The demand side is buoyed by military aircraft updates, the growing application of modified engines driven by clean energy needs, and a broad civil aviation market. The supply side is characterized by a global oligopoly in military and civilian aviation engines, with a clear trend towards domestic production in China [1]. - The company has a competitive advantage as one of the few international firms capable of independently developing aviation engine products. Its existing mature processes and application experience can further consolidate its market position through product diversification [1]. Financial Summary - The company’s revenue for 2022 was 37,097 million yuan, with a projected growth rate of 17.9% for 2023, reaching 43,734 million yuan. The expected revenue for 2024 is 51,825 million yuan, with a growth rate of 18.5% [2]. - The net profit attributable to the parent company for 2022 was 1,267 million yuan, with a projected increase to 1,421 million yuan in 2023, and further growth to 1,621 million yuan in 2024 [2]. - The earnings per share (EPS) are expected to be 0.61 yuan in 2024, 0.80 yuan in 2025, and 1.09 yuan in 2026, with a price-to-earnings (P/E) ratio of 70 times for 2024, leading to a reasonable value of 42.57 yuan per share [1][2]. Business Structure - In the first half of 2024, the company generated 171.60 billion yuan from aviation engines and derived products, accounting for 92.52% of total revenue. Foreign trade outsourcing contributed 10.04 billion yuan (5.41%), while non-aviation products and other businesses accounted for 3.60 billion yuan (1.94%) and 2.84 billion yuan (1.53%) respectively [9][10]. - The company has a history of over 20 years and is primarily owned by the China Aviation Engine Group, which holds 45.79% of the shares [11][12]. Growth Outlook - The company is expected to benefit from the increasing demand for its products and services, with a projected revenue of 497.6 billion yuan and a net profit of 15.12 billion yuan for 2024, reflecting year-on-year growth of 13.79% and 6.48% respectively [19][20]. - The company has shown a stable increase in revenue and net profit over the years, with a compound annual growth rate (CAGR) of 14.77% for revenue and 7.18% for net profit from 2019 to 2023 [14].

证券代码：600893 证券简称：航发动力 公告编号：2024-31 中国航发动力股份有限公司 关于董事会秘书辞职的公告 根据有关规定，宁辉先生的辞职报告自送达董事会之日起生效。董事会秘书 空缺期间，由公司董事长杨森先生代行董事会秘书职责，公司将按照相关规定， 尽快完成董事会秘书的选聘工作。 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）董事会近日收到宁辉先生的书 面辞职报告。宁辉先生因工作变动原因辞去公司副总经理、董事会秘书职务，辞 职后将不再担任公司任何职务。 宁辉先生在担任公司董事会秘书期间，恪尽职守、勤勉尽责，在公司治理、 规范运作等方面发挥了积极作用。在此，公司及公司董事会对宁辉先生在任职期 间为公司发展所做的贡献表示衷心感谢！ 中国航发动力股份有限公司 董事会 2024 年 9 月 7 日 特此公告。 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has experienced steady revenue growth, benefiting from the rapid development of the aviation and propulsion industry [3] - The company's revenue for the first half of 2024 was CNY 18.548 billion, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to CNY 0.595 billion [2][3] - The company is positioned as a leader in the domestic aviation engine market, actively participating in the development of domestic commercial engines, which is expected to benefit from strong demand in the aviation propulsion industry [3] Financial Performance Summary - Revenue projections for 2024-2026 are CNY 48.306 billion, CNY 55.171 billion, and CNY 62.925 billion, respectively, with year-on-year growth rates of 10.5%, 14.2%, and 14.1% [4] - The projected earnings per share (EPS) for 2024-2026 are CNY 0.56, CNY 0.67, and CNY 0.81, respectively [4] - The company reported a gross profit margin of 11.1% for 2024, with a net profit margin of 3.1% [5] Market Position and Industry Outlook - The domestic aviation engine industry is accelerating, with significant growth expected in both military and civilian sectors [3] - The company is the only domestic enterprise mastering the full spectrum of aviation engine manufacturing technology, which positions it favorably in the market [3] - According to forecasts, by 2041, China's aviation market is expected to become the largest single aviation market globally, further enhancing the company's growth prospects [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 18.548 billion yuan in the first half of 2024, representing a year-on-year growth of 4.35%, while the net profit attributable to the parent company decreased by 17.99% due to a significant reduction in investment income [2][3] - The company is the only domestic entity capable of developing a full range of military aviation engines, thus holding a unique position in the domestic military aviation market [2][3] - Continuous optimization of management efficiency has led to stable profitability, although there is a need for further improvement in profit margins [2][3] Financial Forecast and Valuation - The company is expected to achieve net profits of 1.615 billion yuan, 1.998 billion yuan, and 2.554 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 59, 47, and 37 times [3][6] - The total revenue forecast for the company is projected to be 48.524 billion yuan, 56.624 billion yuan, and 64.724 billion yuan for the years 2024, 2025, and 2026 respectively, with growth rates of 10.95%, 16.69%, and 14.30% [6] Operational Insights - The company has maintained stable profitability across its subsidiaries, with some experiencing significant fluctuations, such as a 72.11% decline in profits for one subsidiary and a 317.56% increase for another, indicating potential performance turning points [2][3] - The company has applied for 213 invention patents and has been granted 154 patents, with 152 being invention patents, showcasing its commitment to technological innovation [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 18.55 billion yuan in 1H24, a year-on-year increase of 4.3%, while the net profit attributable to shareholders decreased by 18.0% to 590 million yuan due to a reduction in investment income [1] - The main business of the company is steadily developing, with significant revenue growth from its subsidiary, Xihang Company, which saw a 17.1% increase in revenue [1] - The company is expected to benefit from the high demand in China's aviation engine market, with projected net profits of 1.51 billion, 1.91 billion, and 2.38 billion yuan for 2024 to 2026 [1] Financial Performance Summary - For 2023A, the total revenue is 43.734 billion yuan, with an expected growth rate of 17.9% [5] - The net profit attributable to shareholders for 2023A is 1.421 billion yuan, with a growth rate of 12.2% [5] - The company’s gross margin for 1H24 decreased to 11.3%, while the net margin fell to 3.6% [1] - Investment income for 1H24 decreased by 240 million yuan compared to the previous year, impacting overall profit [1] Business Segment Performance - The revenue from aviation products and derivatives reached 171.6 billion yuan in 1H24, with a year-on-year growth of 4.0% [1] - The foreign trade subcontracting business generated 1 billion yuan in revenue, up 11.0% year-on-year [1] - Non-aviation product revenue was 360 million yuan, reflecting a 1.1% increase [1] Cost and Expense Analysis - The company’s expense ratio for 1H24 decreased by 0.2 percentage points to 7.1% [1] - Sales expenses increased by 15.6% to 290 million yuan due to increased after-sales support tasks [1] - Financial expenses surged by 190% to 150 million yuan, primarily due to increased financing and reduced exchange gains [1] Investment Outlook - The company is positioned as a leading enterprise in the aviation engine industry in China, expected to benefit from the long-term growth of the sector [1] - The projected PE ratios for 2024 to 2026 are 63x, 50x, and 40x respectively, indicating a favorable valuation outlook [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - In H1 2024, the company achieved revenue of 18.548 billion yuan, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to 0.595 billion yuan [2] - The company expects to achieve a revenue of 49.762 billion yuan in 2024, representing a year-on-year growth of 13.68%, and a net profit of 1.512 billion yuan, up 7.08% [3][6] Revenue Summary - H1 2024 revenue breakdown: - Aerospace engines and related products: 17.16 billion yuan, up 4.02% YoY - Foreign trade outsourcing: 1.004 billion yuan, up 11.02% YoY - Non-aerospace products and other businesses: 0.1 billion yuan, down 11.87% YoY [2] - Subsidiary performance: - Li Ming Company: Revenue of 11.755 billion yuan, up 4.98% YoY - Southern Company: Revenue of 2.114 billion yuan, down 16.8% YoY - Li Yang Power: Revenue of 1.38 billion yuan, up 3.01% YoY - Headquarters: Revenue of 7.231 billion yuan, up 17.15% YoY [2] Profitability Summary - H1 2024 gross profit margin was 11.27%, down 0.63 percentage points YoY, and net profit margin was 3.56%, down 0.81 percentage points YoY [2] - The decline in net profit was primarily due to a decrease in investment income by 0.242 billion yuan [2] Expense Summary - H1 2024 total expenses were 1.32 billion yuan, up 1.67% YoY, with sales expenses increasing by 15.63% due to increased after-sales service tasks [3] - R&D expenses decreased by 24.95% to 0.187 billion yuan, mainly due to reduced project expenditures [3] Balance Sheet Summary - H1 2024 inventory increased by 22.12% to 36.225 billion yuan, indicating growth in orders [3] - Accounts payable rose by 54.82% to 27.834 billion yuan, reflecting increased production tasks and procurement [3] Future Outlook - The company aims to complete 37.27% of its annual revenue target in H1 2024, with expectations for H2 2024 revenue to reach 31.214 billion yuan, a 20.06% YoY increase [3]

证券代码：600893 股票简称：航发动力 公告编号：2024-27 中国航发动力股份有限公司 第十一届监事会第二次会议决议公告 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）第十一届监事会第二次会议（以 下简称本次会议）通知于 2024 年 8 月 20 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 8 月 30 日以现场会议结合视频会议方式召开。本次 会议应出席监事 3 人，亲自出席 2 人，职工监事唐宏伟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。 本次会议由监事会主席夏逢春先生主持。经与会监事认真审议，表决并通过 了以下议案： 一、审议通过《关于 2024 年半年度报告及摘要的议案》 监事会认为：公司编制和审议的《2024 年半年度报告》及其摘要的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、 ...

证券代码：600893 证券简称：航发动力 公告编号：2024-28 中国航发动力股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 9 月 19 日 14 点 30 分 召开地点：西安市天鼎酒店 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 19 日 至 2024 年 9 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 股东大会召开日期：2024年9月19日 本 ...