证券代码：688510 证券简称：航亚科技 公告编号：2025-018 无锡航亚科技股份有限公司 第四届董事会第一次会议决议公告 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、董事会会议召开和出席情况 无锡航亚科技股份有限公司（以下简称"公司"）第四届董事会第一次会议 于 2025 年 04 月 17 日以现场和通讯的方式召开。本次会议于 2024 年年度股东大 会结束后，通知公司第四届董事会全体当选董事参加会议，经全体董事同意，豁 免了本次会议通知关于时限的要求。公司应出席董事 9 名，实际出席董事 9 名。 经与会董事一致推举，会议由严奇先生主持。会议的召集、召开和表决程序符合 《中华人民共和国公司法》等相关法规和《无锡航亚科技股份有限公司章程》规 定，会议形成的决议合法有效。 二、董事会会议审议情况 经与会董事审议，逐项表决，形成决议如下： （一）审议《关于选举公司第四届董事会董事长的议案》 经与会董事认真审议，选举严奇先生为公司第四届董事会董事长，任期自本 次董事会审议通过之日起至本届董事会届满之日止。 审议 ...

Core Viewpoint - The large aircraft concept is experiencing significant growth, with companies like Hangfa Technology and Longxi Co. reaching their daily price limits, indicating strong market interest and potential investment opportunities in the aerospace sector [1] Group 1: Market Performance - Hangfa Technology and Longxi Co. have hit their daily price limits, while Hangya Technology has increased by over 10%, reflecting a bullish trend in the aerospace industry [1] - Other companies such as Aileda, Kede CNC, Hangyu Technology, Beimo High-tech, and Hangfa Control also showed positive performance, indicating a broader market rally in this sector [1] Group 2: Industry Outlook - According to a report by Tianfeng Securities, China's commercial aircraft manufacturing and engine industry may be on the verge of a historic development opportunity [1] - The demand for new commercial engines in China is expected to exceed $600 billion over the next 20 years (2023-2042), averaging an annual demand of over 200 billion RMB, highlighting the vast market potential [1]

无锡航亚科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688510 证券简称：航亚科技 无锡航亚科技股份有限公司 2024 年年度股东大会会议资料 1 无锡航亚科技股份有限公司 2024 年年度股东大会会议资料 无锡航亚科技股份有限公司 2024 年年度股东大会资料目录 | 年年度股东大会会议须知 3 2024 | | --- | | 2024 年年度股东大会会议议程 5 | | 议案一：关于公司《2024 年度财务决算报告》的议案 7 | | 议案一附件：《2024 年度财务决算报告》 8 | | 议案二：关于公司《2025 年度财务预算报告》的议案 12 | | 议案二附件：《2025 年度财务预算报告》 13 | | 议案三：关于公司《2024 年年度报告》及其摘要的议案 15 | | 议案四：关于 2024 年度利润分配预案的议案 16 | | 议案五：关于公司《2024 年度董事会工作报告》的议案 17 | | 议案五附件：《2024 年度董事会工作报告》 18 | | 议案六：关于公司《2024 年度监事会工作报告》的议案 25 | | 议案六附件：《2024 年度监事会工作报告》 ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [2]. Core Insights - The report emphasizes that the aerospace sector is experiencing short-term fluctuations in fundamentals, with expectations for demand to be released during the 14th Five-Year Plan, potentially leading to a new cycle of prosperity [7][24]. - The drone segment is becoming an indispensable force in modern warfare, driven by the rapid development of AI, which is facilitating intelligent and autonomous upgrades [7][3]. - The report highlights the importance of selecting companies that can enhance product capabilities, increase penetration rates, and improve average transaction values as the 14th Five-Year Plan concludes [7][4]. Summary by Sections Section 1: Tariff Friction and National Security - The report discusses the perspective of offensive realism in understanding tariff friction, asserting that great power competition necessitates safeguarding national security [9][18]. Section 2: Aerospace and Engine Sector - The aerospace sector's performance in 2024 is under pressure, with revenue and profit growth rates of -4.69% and -15.41%, respectively, indicating a further slowdown compared to 2023 [27][30]. - The main engine manufacturers showed slight revenue declines, while the intermediate and upstream segments experienced significant fluctuations [27][30]. - The report notes that the main engine manufacturers have maintained strong profitability, while the intermediate segment has faced notable volatility due to price reductions [30][34]. Section 3: Company-Specific Insights - **AVIC Shenyang Aircraft Corporation**: Achieved a record high in quarterly profitability, with a 50.99% year-on-year increase in Q4 revenue to 17.54 billion yuan, despite an overall annual revenue decline of 7.37% [39][43]. - **AVIC Xi'an Aircraft Industry Group**: Reported a 21.09% increase in Q4 revenue, with a 39.14% rise in net profit, although the gross margin decreased [59][63]. - **AVIC Optical-Electrical Technology**: Demonstrated strong growth in defense and civil sectors, with a focus on high-quality delivery and market expansion [69][73]. Section 4: Engine Sector Performance - The engine sector maintained stable revenue growth, with a 9.48% increase in revenue for AVIC Engine, although profitability was impacted by rising costs and increased R&D expenses [92][97]. - The report highlights the growth potential in the civil aviation engine market, with significant contracts signed at the Zhuhai Airshow [102][104]. Section 5: Material Supply Sector - The material supply sector showed steady revenue growth, with a focus on increasing R&D investments for future development [105].

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company reported a revenue of 703 million yuan for 2024, representing a year-on-year growth of 29.39%. The net profit attributable to shareholders was 127 million yuan, up 40.27% year-on-year, and 139 million yuan when excluding the impact of share-based payments, reflecting a growth of 54.1% [2][8]. - The fourth quarter of 2024 saw a revenue of 183 million yuan, a year-on-year increase of 27.02%, with a net profit of 34 million yuan, marking a 63.02% growth year-on-year [2][8]. - The company continues to experience high demand in both domestic and international markets, with a significant increase in foreign trade revenue [2][8]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 703 million yuan, with a gross profit margin of 38.53%, an increase of 2.55 percentage points year-on-year. The net profit margin was 17.87%, up 1.77 percentage points year-on-year [2][15]. - The fourth quarter gross profit margin was 28.94%, a decrease of 3.14 percentage points year-on-year, while the net profit margin was 18.61%, an increase of 5.44 percentage points year-on-year [15]. Business Segments - The aviation segment generated 646 million yuan in revenue, a year-on-year increase of 33.35%, while the medical segment saw a decline to 48 million yuan, down 11.55% [15]. - Foreign trade revenue reached 376 million yuan, growing by 35.1%, with international engine parts contributing 367 million yuan, up 36.0% [15]. Growth Prospects - The company is expanding its production capacity and exploring new business opportunities, particularly in collaboration with Safran, which is expected to enhance its market position [15]. - The company has completed several investment projects, including a research center and expanded production facilities for key engine components, positioning itself to meet increasing market demand [15]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 165 million, 222 million, and 290 million yuan, respectively, with year-on-year growth rates of 30%, 35%, and 31% [15]. - The corresponding price-to-earnings ratios are forecasted to be 27, 20, and 15 times for the years 2025, 2026, and 2027 [15].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][8]. Core Insights - The company achieved a revenue of 703 million yuan in 2024, representing a year-on-year growth of 29.39%, and a net profit attributable to shareholders of 127 million yuan, up 40.27% year-on-year [1][6]. - The growth in revenue and profit is attributed to stable growth in both domestic and international business segments, with significant contributions from the aerospace engine components sector [6][7]. - The company has successfully expanded its production capacity for key aerospace engine components, which is expected to support future growth [7]. Financial Performance - The company reported a total revenue of 703 million yuan for 2024, with a year-on-year growth of 29% projected for 2025 [9][17]. - The net profit attributable to shareholders is forecasted to reach 182 million yuan in 2025, reflecting a 44% increase from 2024 [9][17]. - The gross margin for aerospace products improved to 39.3% in 2025, indicating enhanced profitability [17]. Business Segments - The international aerospace engine components business generated 367 million yuan in revenue, accounting for 52.23% of total revenue, with a year-on-year growth of 36.04% [6][7]. - The domestic aerospace engine business achieved revenue of 279 million yuan, up 29.97% year-on-year, with a gross margin of 35.35% [6][7]. - The company also reported a decline in revenue from its medical orthopedic joint business, which fell by 11.55% to 47.81 million yuan due to changes in procurement policies by multinational companies [6][7]. Capacity Expansion and Incentives - The company completed the construction of key production facilities for aerospace engine components, enhancing its production capabilities [7]. - A stock incentive plan was announced, aiming to grant 5.5 million restricted shares to 15 individuals, which is expected to motivate key personnel and support performance growth [7]. Valuation Metrics - The company is projected to have a PE ratio of 24.9 in 2025, decreasing to 17.1 by 2027, indicating a favorable valuation trend [9][17]. - The report anticipates a steady increase in net profit margins, with a net profit margin of 20.2% expected in 2025 [17].

Investment Rating - The report maintains a "Buy" rating for Hangya Technology (688510) with a target price of 22.50, compared to the last closing price of 17.39 [1]. Core Insights - The company has achieved significant growth in both international and domestic business segments, with a reported revenue of 703.24 million yuan for 2024, representing a year-on-year increase of 29.39%. The net profit attributable to shareholders reached 126.53 million yuan, up 40.27% from the previous year [5][8]. - The company has successfully expanded its production capacity for key components of aircraft engines and has made progress in new research projects, including the RR compressor blade project, which has begun bulk supply [6][5]. - The overall gross margin improved to 38.53%, an increase of 2.54 percentage points year-on-year, indicating a steady enhancement in profitability [5]. Financial Performance Summary - Revenue for 2024 is projected at 703.24 million yuan, with a growth rate of 29.39%. For 2025, revenue is expected to reach 914.21 million yuan, reflecting a growth rate of 30.00% [8]. - The net profit forecast for 2025 is 173.74 million yuan, with a growth rate of 37.32%. The earnings per share (EPS) for 2025 is estimated at 0.67 yuan, corresponding to a price-to-earnings (PE) ratio of 25.86 [8][6]. - The company anticipates net profits of 1.74 billion yuan, 2.18 billion yuan, and 2.62 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.67 yuan, 0.84 yuan, and 1.01 yuan [6].

证券研究报告 航亚科技 (688510 CH) 国际业务持续突破,看好公司长期成长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 27 日│中国内地 | 航空航天 | 航亚科技发布年报，2024 年实现营收 7.03 亿元（yoy+29.39%），归母净利 1.27 亿元（yoy+40.27%）。其中 Q4 实现营收 1.83 亿元（yoy+27.02%， qoq+1.50%），归母净利 3377.58 万元（yoy+63.02%，qoq+32.25%）。业 绩符合我们预期（前次 24 年归母净利润预测值为 1.27 亿元），我们认为公 司航空产品仍处于高景气周期，有望维持高增长，维持"买入"评级。 国际航发业务持续高增，国内压气机叶片业务取得突破 看好公司把握全球航空供应链新机遇，国际业务有望维持高增 根据公司年报援引波音公司、空客公司年报，波音、空客 2022-2024 年储 备订单合计为 11817/14224/14253 架，整体呈上升趋势，而 2024 年波音、 空客的交付量仅为各自历史峰值的 43%和 89%，新订单交 ...

第一节 重要提示 公司代码：688510 公司简称：航亚科技 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到http://www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 公司已在本报告中详细阐述公司在经营过程中可能面临的各种风险及应对措施，敬请查阅本报告第三 节"管理层讨论与分析"。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，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。 4、公司全体董事出席董事会会议。 5、公证天业会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东每10股派发现金红利人民币2元（含税）。2024年度母公司实现净利润112,802,731.13 元（合并报表归属于母公司股东净利润为126,525,306.11元），截至2024年12月31日，母公司可供分配 利润为人民币243,581,142.03 ...