Group 1 - The A-share market saw a strong performance in the large aircraft concept stocks, with several companies hitting the daily limit up, including Boyun New Materials (002297), Runbei Aerospace Technology, Aero Engine Corporation of China, and Lijun Shares (002651) [1] - Notable stock performances included Aileda (300696) rising over 8%, and Hangya Technology, Beimo High-tech increasing over 7% [1] - The market capitalization of the top performing stocks ranged from 19.41 billion to 252 billion, with Boyun New Materials reaching 40.17 billion and Aero Engine Corporation of China at 87.91 billion [2] Group 2 - Malaysia Airlines is considering purchasing Chinese-made aircraft, evaluating three models from COMAC: C909, C919, and C929 [2] - The AG600 received its type certificate on April 20, with future applications planned for logistics, personnel transport, ocean terrain exploration, and rapid firefighting tasks [3]

Core Viewpoint - The company reported a revenue of 1.805 billion yuan for 2024, a year-on-year decrease of 14.19%, while net profit attributable to shareholders was 189 million yuan, an increase of 1.63% [1] Group 1: Financial Performance - The company's revenue for 2024 was 1.805 billion yuan, down 14.19% year-on-year, primarily due to a reduction in revenue from aerospace and energy forgings [1] - The net profit attributable to shareholders was 189 million yuan, reflecting a year-on-year increase of 1.63%, supported by improved gross and net profit margins [1] - The gross margin for 2024 was 28.0%, up 1.2 percentage points year-on-year, attributed to manufacturing process optimization and cost reduction efforts [1] - The operating expense ratio was 12.1%, down 1.6 percentage points year-on-year, with management expenses decreasing due to unachieved stock incentive targets [1] Group 2: Business Structure and Growth - The revenue from aerospace forgings was 1.364 billion yuan, down 9.14% year-on-year, while revenue from gas turbine forgings increased by 20.70% to 201 million yuan, indicating a shift in business structure [2] - The company ended the downward trend in Q4 2024 with a revenue of 393 million yuan, maintaining the same level as Q4 2023, and a net profit of 41 million yuan, up 121.5% year-on-year [2] - The company achieved a record high of 763 million yuan in overseas revenue for 2024, an increase of 25.11% year-on-year, indicating strong international business growth [2] Group 3: Strategic Initiatives - The company is deepening ties with top international clients in the energy and aerospace sectors, enhancing its competitive edge and future growth prospects [3] - The acquisition of 90% of Chengdu Chenghangfa for 65.7 million yuan will enhance the company's capabilities in precision machining and component assembly [3] - The company is preparing to build a large-scale precision manufacturing industrial park for aerospace and aviation components, which is expected to significantly increase production capacity [3] Group 4: Investment Outlook - Short-term prospects are positive with concentrated deliveries of international aerospace orders and a rebound in aerospace forging demand, leading to significant growth in 2025 [4] - The company is diversifying into fourth-generation nuclear power, deep-sea technology, and commercial aerospace, continuously cultivating new growth points [4] - Projected net profits for 2025-2027 are 261 million, 343 million, and 413 million yuan, with corresponding EPS of 1.77, 2.32, and 2.79 yuan, indicating a favorable valuation [4]

证券代码：688239 证券简称：航宇科技 公告编号：2025-034 转债代码：118050 转债简称：航宇转债 贵州航宇科技发展股份有限公司 关于实际控制人及其一致行动人权益变动 触及 1%整数倍的提示性公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次权益变动为贵州航宇科技发展股份有限公司（以下简称"公司"） 实际控制人及其一致行动人减持公司可转换公司债券（以下简称"可转债"），导 致其拥有公司的合并权益比例由 25.00%减少至 23.97%，权益变动触及 1%的整 数倍，不触及要约收购。 本次权益变动后，公司实际控制人张华及其一致行动人山东怀谷企业管 理有限公司（以下简称"山东怀谷"）、张诗扬、张跃共持有人民币普通股 38,745,694 股，可转债 513,070 张，合并计算股份与可转债可转股股份后的权益 比例 23.97%。 本次权益变动不会导致公司控股股东、实际控制人发生变化。 近日，公司收到公司实际控制人及其一致行动人山东怀谷、张诗扬、张跃的 书面通知，前述信息披露义务人 202 ...

贵州航宇科技发展股份有限公司 2024 年年度股东大会会议资料 证券代码：688239 证券简称：航宇科技 债券代码：118050 债券简称：航宇转债 贵州航宇科技发展股份有限公司 2024 年年度股东大会会议资料 二〇二五年 | | | 贵州航宇科技发展股份有限公司 2024 年年度股东大会会议资料 贵州航宇科技发展股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证股 东大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》以及《贵州航宇科技发展股份有限公司章程》《贵州 航宇科技发展股份有限公司股东大会议事规则》等相关规定，贵州航宇科技发展 股份有限公司（以下简称"公司"）特制定 2024 年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作人 员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。出席会议的 股东及股东代理人须在会议召开前 45-15 分钟到会议现场办理签到手续，并请按 规定出示证券账户卡、身份证明文件或法人单位证明、授权委托书等，经验证后 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [7][18]. Core Insights - The company reported a significant increase in net profit by 122% in Q4 2024, while the total revenue for the year was 1.81 billion yuan, a year-over-year decrease of 14.2% [1][2]. - The overseas revenue reached a record high of 760 million yuan, growing by 25.1% year-over-year, accounting for 45.2% of total revenue [3]. - The company is focusing on enhancing its technological capabilities and expanding into emerging sectors such as large aircraft, marine equipment, and nuclear power [4]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 390 million yuan, with a net profit of 40 million yuan, marking a 122% increase year-over-year [2]. - The gross margin for Q4 2024 was 24.2%, a decrease of 1.28 percentage points year-over-year, while the net margin increased by 5.68 percentage points to 10.1% [2]. - For the full year 2024, the comprehensive gross margin was 28%, an increase of 0.85 percentage points, and the net margin was 10.3%, up by 1.6 percentage points [2]. Revenue Breakdown - Domestic revenue for 2024 was 920 million yuan, a decrease of 34.0% year-over-year, while the gross margin was 32.2%, an increase of 1.45 percentage points [3]. - Key product revenues included: - Aerospace forgings: 1.36 billion yuan, down 9.1% year-over-year - Gas turbine forgings: 200 million yuan, up 20.7% year-over-year [3]. Future Projections - The company has adjusted its revenue forecasts for 2025-2027 to 2.23 billion yuan, 2.60 billion yuan, and 3.08 billion yuan respectively, reflecting changes in downstream demand [5]. - The projected net profits for the same period are 262 million yuan, 339 million yuan, and 421 million yuan, with corresponding P/E ratios of 21.27, 16.41, and 13.24 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [7][18]. Core Insights - The company reported a significant increase in net profit of 122% in Q4 2024, while the total revenue for the year was 1.81 billion yuan, down 14.2% year-on-year [1][2]. - The overseas revenue reached a record high of 760 million yuan, growing by 25.1% year-on-year, accounting for 45.2% of total revenue [3]. - The company is focusing on enhancing its technological capabilities and expanding into emerging sectors such as large aircraft, marine equipment, and nuclear power [4]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 390 million yuan, with a net profit of 40 million yuan, marking a 122% increase year-on-year. The gross margin for Q4 was 24.2%, a decrease of 1.28 percentage points, while the net margin increased by 5.68 percentage points to 10.1% [2]. - For the full year 2024, the comprehensive gross margin was 28%, up 0.85 percentage points year-on-year, and the net margin was 10.3%, an increase of 1.6 percentage points [2]. - The company’s revenue forecast for 2025-2027 has been adjusted to 2.23 billion, 2.60 billion, and 3.08 billion yuan respectively, with net profit estimates of 262 million, 339 million, and 421 million yuan [5][6]. Product and Market Analysis - The main products include aerospace forgings, which generated 1.36 billion yuan in revenue, down 9.1% year-on-year, and gas turbine forgings, which saw a revenue increase of 20.7% to 200 million yuan [3]. - The company is a key supplier for the C919 aircraft engine and is involved in the development of domestic engines, positioning itself to benefit from the growth of the domestic aviation industry [4].

Group 1 - The core viewpoint of the news is the disclosure of shareholding information for Hangyu Technology (688239.SH) as of April 7, 2025, highlighting significant institutional investment [1] - A total of 166 institutional investors hold shares in Hangyu Technology, with a combined holding of 81.7856 million shares, representing 55.34% of the total share capital [1] - The top ten institutional investors account for 42.20% of the total shares, with a slight decrease of 0.21 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, accounting for a 0.47% increase, while four funds decreased their holdings, representing a 0.17% decrease [2] - A total of 148 new public funds disclosed their holdings this period, including notable funds such as E Fund New Economy Mixed and Xinao New Energy Industry Stock [2] - From the pension fund perspective, one pension fund increased its holdings, with a 0.4% increase noted for the Basic Pension Insurance Fund 1205 Combination [2]

Group 1 - The company plans to issue shares to specific investors, with the final issuance plan subject to adjustments based on legal regulations and market conditions [1][2][3] - The company has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, raising a total of 667 million yuan, with net proceeds of 658.33 million yuan after deducting fees [5][6] - As of December 31, 2024, the company has utilized approximately 200 million yuan of the raised funds, leaving a balance of about 458.33 million yuan [7][8] Group 2 - The company has established a dedicated account for the management of the raised funds, ensuring compliance with regulatory requirements [8][9] - There have been no changes to the investment projects funded by the raised capital during the reporting period, although a project adjustment was approved in January 2025 [10][12] - The company has confirmed that the disclosure of the use of raised funds aligns with actual usage, with no violations reported [11]

证券代码：688239 证券简称：航宇科技 公告编号：2025-031 债券代码：118050 债券简称：航宇转债 贵州航宇科技发展股份有限公司 关于提请股东大会授权董事会办理以简易程序 向特定对象发行股票相关事宜的公告 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、准确性和完整性依法承担法律责任。 一、本次授权事项概述 根据《上市公司证券发行注册管理办法》《上海证券交易所上市公司证券发 行上市审核规则》等相关规定，贵州航宇科技发展股份有限公司（以下简称"公 司"）于 2025 年 4 月 7 日召开的第五届董事会第 25 次会议，审议通过了《关于 提请股东大会授权董事会办理以简易程序向特定对象发行股票相关事宜的议 案》，同意公司董事会提请股东大会授权董事会决定公司向特定对象发行融资总 额不超过人民币 3 亿元且不超过最近一年末净资产 20%的股票，授权期限自公司 2024 年年度股东大会审议通过之日起至公司 2025 年年度股东大会召开之日止。 上述议案尚需提交公司年度股东大会审议通过。 二、 本次授权具体内容 本次提请股东大会授权事宜包括以下内容： ...

贵州航宇科技发展股份有限公司 审 计 报 告 大信审字[2025]第 32-00010 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 审计报告 大信审字[2025]第 32-00010 号 贵州航宇科技发展股份有限公司全体股东： 一、审计意见 我们审计了贵州航宇科技发展股份有限公司（以下简称"贵公司"）的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公 ...