证券代码：603698 证券简称：航天工程 公告编号：2025-014 航天长征化学工程股份有限公司 关于参加中国航天科技集团有限公司 控股上市公司 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法律责任。 重要内容提示： 网 络 直 播 地 址 ： 深 圳 证 券 交 易 所 " 互 动 易 " 平 台 （ https://irm.cninfo.com.cn/ ） ； 上 海 证 券 交 易 所 上 证 路 演 中 心 平 台 （https://roadshow.sseinfo.com/） 投资者可以在 2025 年 6 月 4 日（星期三）下午 16:00 前通过发送邮件的 方式进行提问，公司将在说明会上对投资者普遍关注的问题进行回复 航天长征化学工程股份有限公司（以下简称公司或航天工程）已于 2025 年 4 月 1 日在上海证券交易所网站披露了《2024 年年度报告》。为加强与投资者的 互动交流和沟通，使投资者更加全面、深入地了解公司 2024 年度经营成果、财 务状况，推进公司高质量发展，根 ...

证券代码：603698 证券简称：航天工程 公告编号：2025-013 航天长征化学工程股份有限公司2024年年度权益分派 实施公告 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： ? 每股分配比例 A 股每股现金红利0.108元（含税） 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称中国结算上海分公司）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 535,990,000 股为基数，每股派发现金红利 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | | （1）对于持有公司无限售条件流通股的自然人股东及证券投资基金，根据《 ...

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： 每股分配比例 A 股每股现金红利0.108元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/28 | － | 2025/5/29 | 2025/5/29 | 证券代码：603698 证券简称：航天工程 公告编号：2025-013 航天长征化学工程股份有限公司2024年年度权益分派 实施公告 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称中国结算上海分公司）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本535,990,000股为基数，每股派发现金红利 0.108元（含税），共计派发现金红利57,886,920.00元（含税）。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | - ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% [4]. Core Insights - In 2024, the company achieved total revenue of 3.41 billion yuan, a year-on-year increase of 21.46%, and a total profit of 266 million yuan, up 37.7%. The net profit attributable to shareholders was 189 million yuan, reflecting a modest growth of 1.09%. The significant growth in revenue and total profit is primarily attributed to the consolidation of the gas operation business in Q2 2024, while traditional coal chemical equipment and engineering businesses performed steadily. The gross margin for core equipment is expected to remain stable [1][2]. - The company is strategically positioning itself in the green hydrogen and green alcohol industry chain, focusing on core equipment such as electrolyzers, gasifiers, and purification devices. This transition from coal chemical to green chemical is anticipated to create a second growth curve for the company's profits as the penetration rate of green hydrogen and hydrogen-based products increases [1][3][12]. Summary by Sections Coal Chemical Main Business - In 2024, revenue from coal efficient utilization reached 1.82 billion yuan with a gross margin of 24.7%. The expected revenue from EPC/design/consulting is estimated at 500-600 million yuan with a gross margin of 5-8%. Revenue from gasifiers is projected to be between 1.3 billion and 1.4 billion yuan, maintaining a gross margin of approximately 30% [3]. - High-end equipment manufacturing generated 300 million yuan in revenue with a gross margin of 28.7%, primarily from valve manufacturing, which was separately reported from equipment sales in 2023 [3]. Industrial Gas Operations - In April 2024, the company increased its stake in the previously affiliated company, Aerospace Hydrogen Energy, to 34.35%, becoming its controlling shareholder and consolidating it into the company's financial statements. This acquisition has made the industrial gas operation business a significant part of the company's operations, with ongoing projects such as the Cangzhou gas phase II project exceeding 80% completion and the successful commissioning of the Xinxiang gas project [3][11]. Hydrogen Energy Industry Chain Core Equipment - The company has made significant progress in the hydrogen energy industry chain, completing tests on a 2000-type alkaline water electrolyzer prototype, achieving leading domestic performance. Development of PEM electrolyzers in various capacities is ongoing, and the electrolyzer manufacturing process has been certified under three systems. The company has also received energy efficiency certification from the China Hydrogen Energy Alliance [12]. - The first hydrogen deep purification system and trace impurity removal system have completed trial operations, which can be used for purifying hydrogen from chemical by-products. The company possesses biomass gasification technology and equipment reserves, which are expected to contribute to profit growth as the industry transitions from coal chemical to green chemical [12][13]. Financial Projections - The company forecasts revenues of 5.42 billion yuan, 6.24 billion yuan, and 6.87 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 236 million yuan, 310 million yuan, and 345 million yuan. The projected P/E ratios for these years are 38, 29, and 26 times [14][13].

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The modern coal chemical industry is experiencing a development opportunity period, driven by industrial upgrades and energy security [10] - Xinjiang is emerging as a strong coal chemical base due to its abundant resources, favorable policies, and significant investment in coal chemical projects [10][28] - The report identifies three major investment directions within the coal chemical industry: equipment providers, project owners, and service providers [9][10] Summary by Sections 1. Modern Coal Chemical Industry Development - Modern coal chemical processes produce alternative petrochemical products and clean fuels, including coal-to-olefins and coal-to-oil [17] - The industry is essential for ensuring national energy security, given China's reliance on coal as a primary energy source [22][26] 2. Xinjiang's Coal Chemical Industry - Xinjiang has rich coal reserves, with a total resource of 2.19 trillion tons, accounting for about 40% of the national total [28] - The region's coal quality is high, primarily consisting of low-sulfur and high-calorific value coal types, making it suitable for large-scale coal chemical projects [33] - Favorable national policies have positioned Xinjiang as a key coal chemical base, with over 800 billion yuan in planned investments for various coal chemical projects [45] 3. Economic Competitiveness - Xinjiang's coal-to-gas production costs are significantly lower than those in Inner Mongolia and Shaanxi, with costs estimated at 1.28 yuan per cubic meter compared to 2.06 yuan and 2.68 yuan, respectively [53] - The report highlights the cost advantages of Xinjiang's coal resources, with pithead prices for coal being substantially lower than in other regions [34][53] 4. Investment Opportunities - Recommended companies for investment include those involved in engineering design, total contracting, and equipment supply, such as Sandi Chemical, China National Chemical, and Donghua Technology [9] - Project owners benefiting from Xinjiang's cost advantages include Baofeng Energy and Guanghui Energy [9] - Service providers in the coal chemical sector, such as Guangdong Hongda and Xuefeng Technology, are also highlighted as potential investment opportunities [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant year-on-year increase in performance for Q1 2025, with operating revenue reaching 847 million yuan, up 256.78% compared to the previous year. The net profit attributable to the parent company was 34 million yuan, an increase of 163.97%, while the net profit excluding non-recurring items was 33 million yuan, up 172.17% [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 847 million yuan, representing a year-on-year growth of 256.78%. The net profit attributable to the parent company was 34 million yuan, reflecting a 163.97% increase, and the net profit excluding non-recurring items was 33 million yuan, up 172.17% [2][6]. Market Position and Projects - The company has signed 36 new design and consulting contracts for coal chemical projects throughout the year. The operation of the "Aerospace Furnace" has surpassed 100 units, achieving long-term stable operation for 50 projects with 105 gasification units, with the longest record reaching 489 days, significantly exceeding the industry average [11]. - The company has secured contracts for major projects, including a total contract value of 10.1 billion yuan for a project in Xinjiang and 1.9 billion yuan for a project in Fujian [11]. Technological Advantages - The company maintains a leading position in the coal gasification technology sector, with its gasification technology being recognized for its high thermal efficiency (up to 95%) and carbon conversion rate (up to 99%). The company holds over 50% market share in the coal gasification sector [11]. Future Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 230 million yuan, 370 million yuan, and 450 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios based on the closing price on April 29, 2025, are projected to be 38.9X, 23.8X, and 19.8X [11].

Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with total revenue reaching 847 million yuan, a year-on-year increase of 256.78% [1] - The net profit attributable to shareholders was 33.86 million yuan, reflecting a year-on-year increase of 163.97% [1] Financial Performance - Total revenue for Q1 2025 was 847 million yuan, up by 610 million yuan compared to the same period last year [1] - Net profit attributable to shareholders was 33.86 million yuan, an increase of 21.03 million yuan year-on-year [1] - Operating cash flow showed a net inflow of 24.97 million yuan, an increase of 395 million yuan compared to the previous year [1] Ratios and Margins - The latest asset-liability ratio is 41.57%, a decrease of 0.15 percentage points from the previous quarter [3] - The gross profit margin stands at 18.41% [4] - Return on equity (ROE) is 0.99%, an increase of 0.60 percentage points year-on-year [4] - The diluted earnings per share (EPS) is 0.06 yuan, up by 0.04 yuan year-on-year, representing a 200% increase [4] - Total asset turnover ratio is 0.10 times, an increase of 0.06 times year-on-year [4] - Inventory turnover ratio is 2.71 times, an increase of 2.21 times year-on-year, reflecting a 446.32% increase [4] Shareholder Structure - The number of shareholders is 23,700, with the top ten shareholders holding 406 million shares, accounting for 75.75% of the total share capital [4] - The largest shareholder is China Academy of Launch Vehicle Technology, holding 45.98% [4]

Financial Performance - The company's operating revenue for Q1 2025 reached ¥847,406,226.83, a significant increase of 256.78% compared to ¥237,515,952.25 in the same period last year[4] - Net profit attributable to shareholders was ¥33,860,942.07, reflecting a growth of 163.97% from ¥12,827,669.21 year-on-year[4] - The net profit excluding non-recurring gains and losses was ¥33,180,588.02, up 172.17% from ¥12,191,086.24 in the previous year[4] - Basic and diluted earnings per share both increased by 200.00%, reaching ¥0.06 compared to ¥0.02 in the same period last year[4] - The company reported a net cash flow from operating activities of ¥24,972,765.81, a turnaround from a negative cash flow of ¥369,669,020.44 in the previous year[4] - Net profit for Q1 2025 was 60,487,133.77 CNY, up from 12,827,669.21 CNY in Q1 2024, indicating a growth of approximately 371%[20] - Earnings per share for Q1 2025 were 0.06 CNY, compared to 0.02 CNY in Q1 2024, marking a 200% increase[20] - The total comprehensive income for Q1 2025 was 60,487,133.77 CNY, compared to 12,827,669.21 CNY in Q1 2024, showing a substantial increase[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,614,973,706.79, a 1.06% increase from ¥8,524,314,639.39 at the end of the previous year[5] - The total current assets as of March 31, 2025, amounted to RMB 5,032,202,806.63, compared to RMB 4,920,005,005.60 at the end of 2024, reflecting an increase of about 2.3%[14] - Total liabilities as of March 31, 2025, were RMB 3,581,359,675.88, slightly up from RMB 3,556,820,587.17 at the end of 2024, showing a marginal increase of 0.7%[16] - The total assets of the company increased to RMB 8,614,973,706.79 from RMB 8,524,314,639.39, reflecting a growth of approximately 1.1%[16] Cash Flow - The company reported a significant increase in cash and cash equivalents, ending Q1 2025 with 2,811,356,197.49 CNY, compared to 1,651,055,390.27 CNY at the end of Q1 2024[24] - Cash flow from operating activities generated a net inflow of 24,972,765.81 CNY in Q1 2025, a turnaround from a net outflow of -369,669,020.44 CNY in Q1 2024[23] - The cash and cash equivalents as of March 31, 2025, were RMB 2,863,872,802.39, slightly down from RMB 2,872,069,411.78 at the end of 2024, indicating a decrease of about 0.3%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,676[8] Government Subsidies - Government subsidies recognized as non-recurring gains amounted to ¥543,606.60, contributing positively to the financial results[6] Acquisitions and Business Development - The acquisition of Aerospace Hydrogen Energy Co., Ltd. in April 2024 contributed to the revenue growth and the establishment of a new industrial gas operation business[6] Research and Development - Research and development expenses increased to 40,677,708.27 CNY in Q1 2025, compared to 20,353,074.47 CNY in Q1 2024, reflecting a 100% increase[19] Tax Obligations - The company reported a tax expense of 6,905,709.83 CNY for Q1 2025, compared to 1,592,536.31 CNY in Q1 2024, reflecting a significant rise in tax obligations[19]

Core Insights - The company Aerospace Engineering (603698) reported a revenue of 847 million yuan for the first quarter of 2025, representing a year-on-year increase of 256.78% [1] - The net profit for the same period was 33.86 million yuan, showing a year-on-year growth of 163.97% [1] Financial Performance - Revenue for Q1 2025: 847 million yuan, up 256.78% year-on-year [1] - Net profit for Q1 2025: 33.86 million yuan, up 163.97% year-on-year [1]