Financial Performance - The net profit attributable to shareholders for 2023 is RMB 185,582,370.44, representing a profit distribution plan of RMB 2.1 per 10 shares for a total cash dividend of RMB 30,916,887.33 (including tax) [6] - The total cash dividend for 2023, including previously distributed dividends, amounts to RMB 72,164,008.77, which is 38.89% of the net profit attributable to shareholders [6] - As of December 31, 2023, the distributable profit available to the parent company is RMB 464,054,270.20 [6] - The company achieved operating revenue of CNY 2,103,848,212.58 in 2023, representing a year-on-year increase of 44.69% due to increased customer order demand and revenue from aerospace and gas turbine forgings [22] - The net profit attributable to shareholders was CNY 185,582,370.44, a growth of 1.21% compared to the previous year, driven by increased operating revenue and operating profit [25] - The net cash flow from operating activities reached CNY 142,789,304.95, a significant increase of 192.24% year-on-year, attributed to improved collection of accounts receivable and better management of inventory and payables [22] - The company's net assets attributable to shareholders grew by 35.38% year-on-year, primarily due to the increase in net profit and capital reserves from a targeted stock issuance [25] - Total assets increased by 14.02% year-on-year to CNY 3,408,826,352.65, driven by increased sales volume and operational investments [26] Research and Development - The company's R&D expenditure accounted for 3.90% of operating revenue, with R&D investment amounting to CNY 82,089,000, a 19.61% increase year-on-year [24] - The company invested over 82 million RMB in R&D, with 57 new projects initiated during the year [37] - The company has developed proprietary technologies for high-temperature alloys, titanium alloys, and aluminum alloys, enabling stable rolling and forming of mainstream aerospace materials [66] - The company has implemented a full-process intelligent numerical simulation design and optimization technology, significantly reducing the process design cycle and improving product quality [67] - The company has introduced several new patented manufacturing methods for aerospace components, including a method for producing thin-walled ring forgings of Waspaloy [71] - The company has filed 57 new patent applications during the reporting period, with a total of 207 applications filed cumulatively [73] - The company has received multiple patents for innovative manufacturing tools and processes, enhancing its production efficiency and product quality [72] Market and Industry Outlook - The global aerospace market was valued at $321.5 billion in 2022 and is expected to grow to $678.2 billion by 2032, with a CAGR of 7.8% over the next decade [63] - The company anticipates a significant growth potential in the domestic commercial aircraft engine market, with an estimated demand of approximately 10,000 units valued at around $100 billion over the next 20 years [145] - The global gas turbine market is projected to reach $25 billion in 2023, with heavy-duty gas turbine installations exceeding 40 GW, marking a 40% year-on-year increase [64] - The company is positioned in the high-end equipment manufacturing industry, specifically in the aerospace sector, which is classified as a key strategic emerging industry [51] - The company is actively participating in the development of various models of ring forgings for aircraft engines, gradually increasing its market share [58] Corporate Governance - The company has not indicated any special arrangements for corporate governance [10] - The board of directors has approved the profit distribution plan, pending approval from the annual general meeting of shareholders [8] - The company held 1 annual general meeting and 5 extraordinary general meetings during the reporting period, ensuring compliance with governance regulations [162] - The company published 111 announcements during the reporting period, ensuring timely and accurate information disclosure to all investors [164] - The company’s governance practices align with the requirements of the Company Law and Securities Law [167] Risks and Challenges - The company has outlined various risks faced during operations in the report [4] - The company faces risks related to matching R&D capabilities with customer needs, which could impact client retention and revenue [93] - There is a risk of talent loss and core technology leakage, which could adversely affect product development and competitive positioning [94] - Fluctuations in raw material prices could significantly impact the company's gross margin and overall financial performance if costs rise without corresponding price adjustments [96] - The company faces risks related to product quality control, which could impact future operations if significant quality issues arise [101] Strategic Initiatives - The company plans to enhance inventory management by setting reasonable inventory warning levels to increase inventory turnover rates [157] - The company aims to improve accounts receivable turnover and cash flow by strengthening credit policies and monitoring receivables management [157] - The company will implement over 30 management improvement projects in 2024 to address operational bottlenecks and enhance decision-making efficiency [156] - The company is committed to digital transformation and will enhance its information systems for better operational management [156] - The company aims to establish a robust team management system to ensure safe and efficient production processes [156] Shareholder Engagement - The company held a total of 6 shareholder meetings in 2023, with all resolutions passed without any objections [167] - The total remuneration for the chairman was reported at 290.39 million yuan for the year [170] - The total compensation for the listed executives during the reporting period amounted to 13,404,117, with an increase of 4,212,108 compared to the previous period [172] - The company has established a performance evaluation mechanism linking compensation to company and individual performance to ensure sustainable development [164] Future Outlook - The company expects revenue guidance for Q4 2023 to be between $1.6 billion and $1.7 billion, indicating a potential growth of 7% to 13% [174] - Future outlook remains positive with a projected annual growth rate of 12% over the next three years [174] - The company plans to enhance market development efforts in both domestic and international markets, focusing on high-barrier industries such as underwater submersibles and nuclear power [154]

2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | 上年同期 | | 本报告期比上 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | | | 年同期增减变 | | | | | | 动幅度(%) | | | | 调整前 | 调整后 | 调整后 | | 营业收入 | 577,885,209.57 | 559,915,625.07 | 559,915,625.07 | 3.21 | 证券代码：688239 证券简称：航宇科技 贵州航宇科技发展股份有限公司 2024 年第一 ...

关于参加贵州辖区上市公司投资者集体接待日活动 暨 2023 年度业绩说明会的公告 本公司董事会及全体董事保证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。 证券代码：688239 证券简称：航宇科技 公告编号：2024-015 贵州航宇科技发展股份有限公司 重要内容提示： 贵州航宇科技发展股份有限公司（以下简称"公司"）将于 2024 年 4 月 30 日在上海证券交易所网站（www.sse.com.cn）披露公司《2023 年年度报告》 及其摘要，为加强上市公司与投资者的交流互动，便于投资者进一步了解公司 2023 年度经营情况及其他关切问题，在贵州证监局指导下，贵州证券业协会联 合深圳市全景网络有限公司举办 2024 年贵州辖区上市公司投资者集体接待日活 动暨 2023 年度业绩说明会并征集相关问题，具体安排如下: 一、说明会召开的时间、地点 （一）会议召开时间：2024 年 5 月 9 日（星期四）15:40-17:30 （二）会议召开地点："全景路演"（网址：http://rs.p5w.net） （三）会议召开方式："全景路演"网络互动方式， ...

证券代码：688239 证券简称：航宇科技 公告编号：2024-014 贵州航宇科技发展股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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： | 回购方案首次披露日 | 由公司实际控制人、董事长提议提议 2024/2/20 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 3 个月 | | 预计回购金额 | 万元 2,500 万元~5,000 | | 回购用途 | 为维护公司价值及股东权益 | | 累计已回购股数 | 万股 33.6175 | | 累计已回购股数占总股本比例 | 0.2278% | | 累计已回购金额 | 1,199.9050 万元 | | 实际回购价格区间 | 32.55 元/股~38.3746 元/股 | 一、 回购股份的基本情况 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前3个交易日内 公告截至上月末的 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][16]. Core Views - The company achieved a revenue of 2.104 billion yuan in 2023, representing a year-on-year growth of 44.69%, and a net profit attributable to shareholders of 185 million yuan, with a growth of 1.15% [4]. - The company is expected to see net profits of 334 million yuan and 453 million yuan in 2024 and 2025, respectively, corresponding to a price-to-earnings (PE) ratio of 15 and 11 times at the current stock price [6]. - The company has a strong order backlog of 2.314 billion yuan as of the end of Q3 2023, indicating robust demand in both domestic and international markets [32]. Financial Performance - The company's revenue is projected to grow from 2.104 billion yuan in 2023 to 3.719 billion yuan in 2025, with growth rates of 44.69% and 30.38% respectively [36]. - The net profit attributable to shareholders is expected to increase significantly from 185 million yuan in 2023 to 453 million yuan in 2025, with a notable growth rate of 80.24% in 2024 [36]. - The company’s earnings per share (EPS) is forecasted to rise from 1.26 yuan in 2023 to 3.07 yuan in 2025 [36]. Market Position and Strategy - The company has established long-term agreements with major international aerospace clients, enhancing its market share in the overseas market [17]. - The overseas business is expected to grow significantly, with projections indicating that it will account for approximately 40% of total revenue by 2024 [17]. - The company is actively expanding its presence in the international market, with a 90.69% year-on-year increase in overseas revenue in the first half of 2023 [17].

Group 1: Company Overview - The main application areas of the company's products include aerospace engines, space rockets, gas turbines, new energy cathodes, underwater submersibles, and nuclear power [1] - As of the end of Q3 2023, the company has an order backlog of 2.314 billion yuan, indicating sufficient orders [1] Group 2: Raw Materials and Suppliers - The primary raw materials are high-temperature alloys and titanium alloys, with major suppliers including Fushun Steel, Longda, Daye Special Steel, and others [2] - The company has established long-term agreements with multiple aviation clients, including Safran, Pratt & Whitney, and Rolls-Royce, with contract durations ranging from 3 to 7 years [2] Group 3: Production Capacity and Revenue - The production capacity of the Guiyang headquarters is approximately 1.5 billion yuan when fully operational [2] - In 2023, overseas revenue accounted for over 30% of total revenue, with expectations to increase to around 40% in the future [2] Group 4: Market and Competition - The company collaborates with major international aerospace engine manufacturers, including GE, Pratt & Whitney, and Safran, while facing competition from PCC, Carlton, Doncasters, HWM, and FRISA [2] - The foreign trade sector is experiencing strong demand, with expectations for continued high growth [2]

证券代码：688239 证券简称：航宇科技 公告编号：2024-013 贵州航宇科技发展股份有限公司 关于变更签字注册会计师的公告 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。 贵州航宇科技发展股份有限公司（以下简称"航宇科技"或"公司"）分别 于 2023 年 4 月 14 日、2023 年 5 月 8 日召开了公司第四届董事会第 26 次会议、 2022 年年度股东大会，审议通过了《关于公司续聘 2023 年年度外部审计机构的 议案》，同意聘请大信会计师事务所（特殊普通合伙）（以下简称"大信"）为 公司 2023 年年度财务及内控审计机构。 近日，公司收到大信出具的《签字注册会计师变更告知函》，现将具体情况 公告如下： 三、其他说明 本次变更过程中相关工作安排已有序交接，变更事项不会对公司 2023 年年 度财务报告及内控审计工作构成不利影响。 特此公告。 一、本次签字注册会计师变更的基本情况 大信作为公司 2023 年年度财务及内控审计机构，原指派朱伟光先生、刘素 旭女士、胡必银女士作为签字注册会计师为公司提供 2 ...

证券代码：688239 证券简称：航宇科技 投资者关系活动记录表 ☑特定对象调研 □分析师会议 投资者 □媒体采访 □业绩说明会 关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他（包含但不限于电话接待） 招商基金：李正伟 鹏扬基金：朱国庆 马慧芹 参加单位 人保资产：黄海培、应巧剑、奚晨弗、李欣雨、陶汇 名称及 汇丰晋信：闵良超、陈平 东方证券： 冯函 人员姓名 光大资产：徐德仁 兴业证券：黄佳佳 上海景领：王胜 国泰君安：叶益 南银理财：刘诚霖 华安基金：刘潇 清和泉：郑晓明 财通基金：朱宝国 鑫元基金：李彪 太平养老：邱培宇 圆信永丰：邹维 兴业证券：黄成尧 海通证券：谢伟 西部利得：刘文婷 中海基金：陈星 上海常春藤：饶海宁 磐厚投资：何建苑 兴银基金：郑皓轩 ...

关于以集中竞价交易方式首次回购公司股份 暨回购股份进展的公告 证券代码：688239 证券简称：航宇科技 公告编号：2024-012 贵州航宇科技发展股份有限公司 二、公司实施回购方案的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》等相关规定，公司在回购期间，应当在每个月的前3个交易日 内公告截至上月末的回购进展情况。公司现将截至上月末回购股份的进展情况公 告如下： 截至2024年2月29日，公司尚未开展回购。 三、首次实施回购股份的情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》等相关规定，公司在回购股份期间，应当在首次回购股份事 实发生的次日披露进展情况。现将公司回购股份的进展情况公告如下： 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: ● 2024年3月4日，公司通过上海证券交易所交易系统以集中竞价交易方式首 次回购公司股份10,000股，占公司总股本147,559,448股的比例为0.0068%，回购 成 ...

Financial Performance - Q4 revenue and profit were affected by downstream customers' inventory reduction and cost-cutting measures [2] - As of Q3 2023, the company had orders worth 23.14 billion RMB on hand [2] - Overseas revenue accounted for over 30% of total revenue in 2023, expected to reach around 40% in 2024 [3] Production Capacity - Deyang production line has reached 63% capacity utilization [2] - Deyang line expected to reach full capacity in H1 2024 with projected annual output value of 1-1.5 billion RMB [2] - Deyang line offers advantages over Guiyang line in automation and cost reduction [2] International Business - Main international customers include GE, Rolls-Royce, Honeywell, Pratt & Whitney, and Safran [2][3] - Key competitors in overseas markets: PCC, CARLTON, DONCASTERS, HWM, FRISA [2] - Secured long-term agreements (3-7 years) with Safran, Pratt & Whitney, and Rolls-Royce for LEAP engine components [3] - Expanding into non-aviation sectors with clients like GE Energy, Alfalaval, Baker Hughes, Fuji Electric, and Meggitt [3] Materials and Suppliers - Primary materials: high-temperature alloys and titanium alloys [3] - Major suppliers: Fushun Special Steel, Longda, Daye Special Steel, Changcheng Special Steel, Liuhe, Western Superconducting, Baoji Titanium Industry, Jintian Titanium, Shaanxi Tiancheng [3] - International material suppliers are selected from customer-approved vendor lists [3] Future Growth Areas - Civil aviation engines (international and domestic) - Gas turbines - Commercial space - Deep-sea submersibles - Nuclear power equipment [3] - Core supplier for CJ1000/2000 series engines for China's domestic large aircraft program [3] Gas Turbine Business - Products mainly used in shipbuilding and power generation [3] - Key customers: Harbin Turbine, Dongfang Turbine, Shanghai Turbine [3]