Group 1 - The company will hold a performance briefing on April 25, 2025, from 13:30 to 17:00 [3][9] - The meeting will be conducted in a hybrid format, combining both online and on-site participation, with on-site interaction from 13:30 to 16:00 and online voice broadcast from 16:00 to 17:00 [4][9] - The event will feature key personnel including the chairman, general manager, independent directors, board secretary, and financial director, although attendance may vary due to special circumstances [4][9] Group 2 - The company is inviting investors to submit questions in advance to enhance communication efficiency, with a deadline for submissions set for April 24, 2025 [7] - Investors can participate in the online session via the Value Online platform (www.ir-online.cn) [5][9] - The on-site meeting will take place at Chengdu Haiwan Hotel, located at 255 Tianfu Avenue South, High-tech Zone, Chengdu, Sichuan Province [6][9]

证券代码：600893 证券简称：航发动力 公告编号：2025-010 中国航发动力股份有限公司 关于参加中国航空发动机集团有限公司 所属上市公司 2024 年度集体业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 4 月 25 日（星期五）14:30-17:00 会议召开地点：网络会议地点为上海证券交易所上证路演中心（网址： http: //roadshow.sseinfo.com/）；现场会议地点为成都市海湾酒店（四川省成 都市高新区天府大道南段 255 号远大购物广场） 会议召开方式：本次业绩说明会将采用视频网络互动与现场相结合的方 式举行 中国航发动力股份有限公司（以下简称公司）已于 2025 年 4 月 2 日在上 海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》。为方便广大 投资者更全面、深入地了解公司 2024 年度经营成果、财务状况，充分展示公司 的经营业绩、发展前景等情况，公司拟于 2025 年 4 月 25 日（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 39.48% to 860.29 million yuan [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and a focus on military and civilian aviation engine development [8] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 48.52 billion yuan in 2025, 54.62 billion yuan in 2026, and 62.72 billion yuan in 2027, with respective growth rates of 1.35%, 12.57%, and 14.83% [1][9] - The forecasted net profit for 2025 and 2026 is 894.14 million yuan and 978.30 million yuan, respectively, with a new projection for 2027 at 1.15 billion yuan [1][9] - The company's earnings per share (EPS) is expected to be 0.34 yuan in 2025, 0.37 yuan in 2026, and 0.43 yuan in 2027 [1][9] Market Expansion and Strategic Initiatives - The company has signed long-term agreements with major international players, including Safran Group and Rolls-Royce, amounting to over 1.5 billion yuan, enhancing its position in the global aviation supply chain [8] - The establishment of a new division for general aviation products and the successful launch of several small and medium-sized aircraft engines demonstrate the company's commitment to diversifying its product offerings [8] - The company is actively responding to national military-civilian integration strategies by raising 1 billion yuan for the construction of intelligent production lines for aircraft engines [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders was 860.29 million yuan, a decline of 39.48% year-on-year [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and an increase in maintenance service revenue by 18% [8] Financial Summary - Total revenue forecast for 2024 is 47.88 billion yuan, with a projected net profit of 860.29 million yuan [1] - The earnings per share (EPS) for 2024 is estimated at 0.32 yuan, with a price-to-earnings (P/E) ratio of 113.93 [1] - The company expects net profits of 894.14 million yuan in 2025 and 978.30 million yuan in 2026, with corresponding P/E ratios of 109.62 and 100.19 [1][9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 47.88 billion, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million [6][12]. - The fourth quarter saw a significant revenue increase of 25.81% year-on-year, but the net profit dropped by 65.65% compared to the same quarter last year [6][12]. - The company is actively expanding its civilian product business, focusing on low-altitude, general aviation, and commercial aviation engines, which are expected to be key growth areas in the future [12]. Summary by Sections Revenue and Profitability - In 2024, the company reported total revenue of 47.88 billion, with a 10.03% increase in the aviation engine and derivative products segment, while the foreign trade export business grew by 6.45% [12]. - The overall gross profit margin for the year was 10.06%, a decrease of 1.03 percentage points year-on-year, with a notable drop in the fourth quarter gross margin to 7.72% [12]. Business Segments - The company’s subsidiaries showed varied performance, with the main subsidiary achieving a revenue of 16.03 billion (up 24% year-on-year) and another subsidiary reaching 27.37 billion (up 4% year-on-year) [12]. - The company is a key supplier of core components for domestic commercial aircraft engines and is expanding into the low-altitude economy and general aviation markets [12]. Future Outlook - The projected net profit for 2025-2027 is expected to be 970 million, 1.63 billion, and 2.30 billion respectively, with growth rates of 12%, 69%, and 41% [12]. - The company is preparing for a new round of demand release by actively laying out new production capacities [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced short-term performance pressure but is expected to see long-term growth in both military and civil aviation sectors [1][4]. - The company's 2024 revenue was 47.88 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to shareholders was 860 million yuan, a decrease of 39.5% [1][5]. - The fourth quarter of 2024 saw the highest quarterly revenue at 21.92 billion yuan, a year-on-year increase of 25.8%, but net profit dropped by 65.7% [2][3]. Financial Performance Summary - The overall gross margin for 2024 was 10.1%, down 1.03 percentage points year-on-year, with a net profit margin of 2.1%, down 1.42 percentage points [2][3]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, a year-on-year increase of 10.0%, but the gross margin decreased to 9.5% [3][4]. - The company’s subsidiaries showed varied performance, with significant profit decline in the Southern Company, which reported a net profit of only 1.57 million yuan, down 96.5% year-on-year [3][4]. Future Outlook - The company is deeply involved in the development of domestic commercial engines and is expected to benefit from the growth of the domestic large aircraft industry [3][4]. - The company has signed a significant contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3][4]. - Revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit estimates of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a revenue of 47.88 billion yuan in 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders was 860 million yuan, down 39.5% year-on-year, primarily due to increased R&D and financial expenses, as well as reduced investment income [1][4]. - The company is expected to benefit from the long-term development of military and civil aviation businesses, despite short-term performance pressures [3][4]. Financial Performance Summary - In Q4 2024, the company recorded its highest quarterly revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 130 million yuan [2]. - The overall gross margin for 2024 was 10.1%, a decrease of 1.03 percentage points year-on-year, with a net margin of 2.1%, down 1.42 percentage points year-on-year [2]. - The revenue from the main product line, aviation engines and related products, was 44.99 billion yuan, up 10.0% year-on-year, while the gross margin for this segment was 9.5%, down 0.48 percentage points [3]. Business Development Insights - The company is deeply involved in the development of domestic commercial engines and is a key supplier of core components, which positions it to benefit from the growth of the domestic large aircraft industry [3]. - The company has signed a significant procurement contract for 1,500 general aviation power products, valued at over 10 billion yuan, indicating strong market demand [3]. Earnings Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 47.69 billion yuan, 53.32 billion yuan, and 58.97 billion yuan respectively, with net profit forecasts of 690 million yuan, 888 million yuan, and 1.17 billion yuan [4][5]. - The projected price-to-earnings ratios for 2025-2027 are 126.21x, 98.12x, and 74.46x respectively, reflecting the company's valuation outlook [4][5].

Market Overview - The Shanghai Composite Index rose by 0.05% to 3350 points, with a total trading volume of 992.7 billion yuan, marking a drop below 1 trillion yuan for the first time in 50 trading days [1] - Over 2700 stocks in the market increased, with 48 stocks hitting the daily limit up and 19 stocks hitting the limit down [1] - Sectors such as outdoor camping, robotics, decoration, jewelry, beauty care, and wind power equipment saw significant gains [1] Stock Performance - Key stocks with notable increases include: - Kai Mei Te Qi (002549) up by 10.01% to 10.11 yuan, achieving a five-day limit up streak [2] - Run Du Jiao Ye (002923) up by 10.02% to 17.78 yuan, with four limit ups in seven days [2] - Xin Ya Da (600571) up by 10.01% to 18.24 yuan, marking three limit ups in six days [2] - Heng Run Co., Ltd. (603985) up by 10.01% to 17.04 yuan, with three consecutive limit ups [2] Trading Dynamics - The top three net buying stocks on the Dragon and Tiger list were: - Dong Tu Ke Ji (300353) with a net buy of 215 million yuan [3] - Dian Tou Chan Rong (000958) with a net buy of 195 million yuan [3] - Qin Chuan Ji Chuang (000837) with a net buy of 180 million yuan [3] - Conversely, the top three net selling stocks were: - Hang Fa Dong Li (600893) with a net sell of 1.447 billion yuan [6] - Xue Ren Gong Si (002639) with a net sell of 126 million yuan [6] - Hong Bao Li (002165) with a net sell of 124 million yuan [6] Sector Highlights - The electric investment and financing sector is gaining attention due to its proposed acquisition of 100% equity in Electric Investment Nuclear Power, enhancing its position in the nuclear power sector [9][13] - Run Du Jiao Ye is focusing on new tobacco and synthetic biology, with a significant increase in trading volume and price [14][17] Institutional Activity - Institutions showed strong interest in Dong Tu Ke Ji, with a net buy of 794 million yuan [7] - Conversely, institutions sold off Hang Fa Dong Li significantly, with a net sell of 1.478 billion yuan [8] Summary of Key Stocks - Kai Mei Te Qi (002549) and Run Du Jiao Ye (002923) are leading in terms of price increases and trading activity, indicating strong market interest [2][14] - The performance of Dong Tu Ke Ji and Hang Fa Dong Li reflects contrasting investor sentiment, with one attracting significant buying and the other facing heavy selling pressure [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Viewpoints - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is putting pressure on the company's performance, with expectations for 2025 showing a slight decline in revenue and net profit [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan, a year-on-year increase of 72.1%, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][4]. - The company expects to achieve a revenue of 47.66 billion yuan in 2025, which is nearly flat compared to 2024, with a projected net profit of 5.92 billion yuan, down 31.2% year-on-year [3][4]. Product Segmentation - Revenue from aviation products and derivatives grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company forecasts net profits of 5.97 billion yuan, 10.66 billion yuan, and 15.72 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 164x, 92x, and 62x [3][4]. - The report emphasizes the company's leading position in the aviation engine industry and its comprehensive research and development capabilities across the entire spectrum of aviation engines [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is expected to pressure short-term performance, with a projected revenue of 47.66 billion yuan for 2025, remaining stable compared to 2024, but with a forecasted net profit decline of 31.2% [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan in 2024, a 72.1% increase year-on-year, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][2]. - The company’s financial expenses increased by 84.3% to 460 million yuan, primarily due to a rise in debt levels [1]. Product Segmentation - Revenue from aviation engines and related products grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company is expected to see net profits of 597 million yuan in 2025, 1.066 billion yuan in 2026, and 1.572 billion yuan in 2027, with corresponding PE ratios of 164x, 92x, and 62x respectively [4][3]. - The projected revenue growth rates for the next few years are expected to be -0.4% in 2025, 10.8% in 2026, and 9.8% in 2027 [4][10].