北京航空材料研究院股份有限公司 2024 年度股东大会会议材料 证券代码：688563 证券简称：航材股份 北京航空材料研究院股份有限公司 2024 年度股东大会会议材料 2025 年 4 月 | 2024 | 年度股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年度股东大会会议议程 | 3 | | 2024 | 年度股东大会会议议案 | 5 | | 议案一 | 关于公司《2024 年度董事会工作报告》的议案 | 5 | | 议案二 | 关于公司《2024 年度监事会工作报告》的议案 | 14 | | 议案三 | 关于公司《2024 年年度报告》全文及摘要的议案 | 20 | | 议案四 | 关于公司《2024 年度财务决算报告》的议案 | 21 | | 议案五 | 关于公司《2024 年度利润分配方案》的议案 | 29 | | 议案六 | 关于公司董事 年度报酬总额的议案 2024 | 30 | | 议案七 | 关于公司监事 2024 年度报酬总额的议案 | 31 | | 议案八 | 关于公司《2025 年度财务预算报告》的议案 | 32 | | 议案九 | 关于公司 ...

中信证券股份有限公司 关于北京航空材料研究院股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为北京航 空材料研究院股份有限公司（以下简称"航材股份"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 1 （4）查阅公司募集资金管理相关制度、募集资金使用信息披露文件和决策 程序文件、募集资金专户银行对账单、募集资金使用明细账、会计师出具的 2024 年度募集资金存放与使用情况鉴证报告； （5）对公司高级管理人员进行访谈； （6）对公司及其控股股东、实际控制人、董事、监事、高级管理人员进行 公开信息查询； （7）查询公司公告的各项承诺并核查承诺履行情况； 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-010 北京航空材料研究院股份有限公司 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法律责任。 重要内容提示： 本次投资者说明会以文字网络互动结合现场形式召开，公司将针对 2024 年年 度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露 允许的范围内就投资者普遍关注的问题进行回答。 北京航空材料研究院股份有限公司（以下简称"公司"）已于 2025 年 3月 31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、深入地了解公司的经营业绩、发展前景等情况，公司拟于 2025 年 4 月25 日（星期五）下午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，通过网络文字互动与现场相结合的方式，与广大投资者进 行互动交流。 一、说明会类型 1 会议召开时间：2025年4月25日(星期五)下午 ...

中航证券有限公司张超,方晓明,闫天路近期对航材股份进行研究并发布了研究报告《2024年年报点评：全 年业绩平稳，四季度利润增长98%》，下调航材股份目标价至64.0元，给予买入评级。 航材股份(688563) 事件 公司3月31日公告，公司2024年实现营业收入(29.32亿元，+4.62%)，归母净利润(5.81亿元，+0.84%)，扣 非归母净利润(5.14亿元，-9.26%)；毛利率(29.64%，-1.91pcts)，净利率(19.82%，-0.74pcts)。同时，从单 季度来看，2024年Q4公司单季度实现营业收入(7.36亿元，+21.08%)，环比增长7.19%；单季度归母净利润 (1.45亿元，+97.91%)，环比增长16.16%。 投资要点 2024年全年业绩平稳，2024Q4单季度归母净利润增长98% 2024年公司营业收入(29.32亿元，+4.62%)，公司产品结构发生变化，航空成品件、非航空成品件和加工服 务收入增长，基础材料收入同比减少。归母净利润(5.81亿元，+0.84%)，增长幅度放缓明显主要系本期公 司产品结构变化、综合毛利率下降，同时公司持续增加研发投入，研发费用同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 2.932 billion, representing a year-on-year growth of 4.62%. The net profit attributable to shareholders was 581 million, with a year-on-year increase of 0.84%. However, the net profit excluding non-recurring items decreased by 9.26% to 514 million [2][6] - In Q4 2024, the company achieved a revenue of 736 million, showing a year-on-year growth of 21.08% and a quarter-on-quarter increase of 7.19%. The net profit attributable to shareholders reached 145 million, marking a significant year-on-year growth of 97.91% and a quarter-on-quarter increase of 16.16% [2][6] Revenue and Profit Analysis - The company's revenue and profit showed steady growth, with a focus on increasing R&D investments for future directions. In 2024, the revenue from aviation finished products was 1.35 billion (up 9.1% YoY), while basic materials generated 1.22 billion (down 7.8% YoY). Non-aviation finished products and processing services saw revenues of 180 million (up 44.6% YoY) and 160 million (up 97.3% YoY), respectively [12] - The overall gross margin for 2024 was 29.64%, a decrease of 1.91 percentage points YoY. The net profit margin was 19.82%, down 0.74 percentage points YoY. In Q4 2024, the gross margin improved to 26.88%, an increase of 6.04 percentage points YoY, while the net profit margin rose to 19.71%, up 7.65 percentage points YoY [12] Capacity and Investment - The company is actively advancing its capacity construction to meet new demand releases. By the end of 2024, fixed assets amounted to 240 million, an increase of 20 million from the beginning of the year. The balance of construction in progress was 170 million, up 60 million from the start of the year [12] - The company is utilizing raised funds to accelerate the upgrade of existing production capacities and establish a research and production platform to meet the development needs of advanced materials for engines. The investment progress for the high-performance elastomer materials and parts project reached 41% [12] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 731 million, 893 million, and 1.089 billion, respectively, with year-on-year growth rates of 26%, 22%, and 22%. The corresponding price-to-earnings ratios are projected to be 31, 26, and 21 times [12]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Views - The company achieved steady growth in 2024, with revenue of 2.93 billion and a year-over-year increase of 4.6%. The net profit attributable to shareholders was 581 million, reflecting a 0.8% increase year-over-year [1]. - The company has a strong international order backlog of approximately 2.1 billion, indicating robust future revenue potential [3]. - The company is positioned as a leading enterprise in China's aviation special materials sector, with significant barriers to entry in its four main business areas, suggesting substantial future growth potential [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a significant year-over-year increase in net profit of 97.9%, with revenue of 740 million, marking a 21.1% increase [1]. - The overall gross margin for 2024 decreased by 1.9 percentage points to 29.6%, primarily due to changes in product mix [1]. - The company faced increased credit impairment losses due to customer payment pressures, with accounts receivable growing by 68.3% to 1.65 billion [1]. Revenue Breakdown - Domestic revenue reached 2.73 billion, up 5.9% year-over-year, while overseas revenue was 180 million, down 5.0% [2]. - Revenue from non-aviation finished products grew by 44.6% to 180 million, and processing service revenue surged by 97.3% to 160 million, driven by increased orders [2]. Research and Development - The company increased its R&D expenditure by 18.8% to 240 million, with an R&D expense ratio of 8.3% [3]. - The company is focusing on expanding its international market presence, having signed a long-term framework contract with a foreign client, expected to generate approximately 2.1 billion in revenue [3]. Profit Forecast - The company is projected to achieve net profits of 673 million, 778 million, and 920 million in 2025, 2026, and 2027, respectively, with corresponding PE ratios of 34x, 30x, and 25x [5][4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Insights - The company achieved a revenue of 2.93 billion yuan in 2024, representing a year-over-year growth of 4.6%. The net profit attributable to shareholders was 581 million yuan, with a slight increase of 0.8% year-over-year [1]. - The company has a strong international order backlog of approximately 2.1 billion yuan, reflecting its ongoing market expansion efforts [3]. - The company is recognized as a leading enterprise in China's aviation special materials sector, with significant barriers to entry in its four main business areas, suggesting substantial future growth potential [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 740 million yuan, a year-over-year increase of 21.1%, and a net profit of 145 million yuan, up 97.9% year-over-year. The annual gross margin decreased by 1.9 percentage points to 29.6% due to changes in product mix [1][2]. - The company’s accounts receivable increased by 68.3% year-over-year to 1.65 billion yuan, leading to a credit impairment loss of 23.93 million yuan, which was 26.35 million yuan higher than the previous year [1]. Revenue Breakdown - Revenue from basic materials was 1.22 billion yuan, down 7.8% year-over-year, while the gross margin increased by 3.4 percentage points to 35.0%. Revenue from aviation finished parts was 1.35 billion yuan, up 9.1%, with a gross margin decrease of 5.3 percentage points to 27.2% [2]. - Non-aviation finished parts revenue grew by 44.6% year-over-year to 180 million yuan, while processing service revenue surged by 97.3% to 160 million yuan, driven by increased orders and new processing business [2]. Research and Development - The company increased its R&D expenditure by 18.8% year-over-year to 240 million yuan, with an R&D expense ratio of 8.3% [3]. - The company is focusing on international market expansion, having signed a long-term framework contract with a foreign client, expected to generate a total contract value of about 2.1 billion yuan [3]. Profit Forecast - The company is projected to achieve net profits of 673 million yuan, 778 million yuan, and 920 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 34x, 30x, and 25x [5][4].

Core Viewpoint - The report highlights the significant institutional ownership of Hangcai Co., Ltd. (688563.SH), indicating strong investor confidence and interest in the company [1] Group 1: Institutional Ownership - As of March 30, 2025, a total of 106 institutional investors disclosed holdings in Hangcai Co., Ltd., with a combined shareholding of 370 million shares, representing 82.21% of the total share capital [1] - The top ten institutional investors collectively hold 78.66% of the shares, with a slight decrease of 0.26 percentage points compared to the previous quarter [1] Group 2: Public Fund Holdings - In the current period, three public funds increased their holdings in Hangcai Co., Ltd., with an increase rate of 0.69% [2] - Two public funds reported a decrease in holdings, showing a slight decline [2] - A total of 87 new public funds disclosed their holdings in the current period, including notable funds such as Guotai CSI Military Industry ETF and Yintai Value Preferred Mixed Fund [2] Group 3: Social Security Fund Holdings - Two new social security funds disclosed their holdings in Hangcai Co., Ltd., including the National Social Security Fund 113 Portfolio and the National Social Security Fund 411 Portfolio [2]

Company Overview - Beijing Aviation Materials Research Institute Co., Ltd. (referred to as "the Company" or "Aviation Materials Co.") was established in March 2000 with a total share capital of 50 million yuan [2] - The Company transitioned to a high-tech enterprise engaged in titanium alloy castings, rubber and sealing components, aircraft cockpit transparent parts, and high-temperature alloy master alloys [2] - In December 2021, the Company completed its restructuring and was renamed Beijing Aviation Materials Research Institute Co., Ltd. [2] - The Company was approved for an initial public offering of 90 million shares on May 23, 2023, by the China Securities Regulatory Commission [2] Financial Reporting - The financial statements are prepared based on the accrual basis of accounting and comply with the accounting standards issued by the Ministry of Finance [2] - The Company adopts a calendar year as its accounting period, running from January 1 to December 31 [2] - The Company uses the renminbi as its functional currency for accounting purposes [2] Accounting Policies - The Company recognizes fixed asset depreciation, intangible asset amortization, and revenue recognition policies based on its operational characteristics [2] - Significant receivables and payables are identified based on a threshold of 0.5% of total assets [3][4] - The Company assesses the impairment of assets and recognizes provisions for bad debts based on specific criteria [2][4] Financial Instruments - Financial instruments are classified into three categories: financial assets measured at amortized cost, financial assets measured at fair value with changes recognized in other comprehensive income, and financial assets measured at fair value with changes recognized in profit or loss [10][16] - The Company recognizes financial assets when it becomes a party to the financial instrument contract and derecognizes them under specific conditions [11][26] - Expected credit losses are measured based on the risk of default and are recognized for financial assets measured at amortized cost and those measured at fair value [19][25] Inventory Management - The Company classifies inventory into raw materials, work in progress, finished goods, and goods in transit [29] - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs recognized when necessary [29]

Core Points - The company successfully raised a total of RMB 710.91 million through the issuance of 90 million shares at a price of RMB 78.99 per share, with a net amount of RMB 689.56 million after deducting issuance costs [2][3] - As of December 31, 2023, the company has invested RMB 222.41 million in projects, leaving a balance of RMB 467.15 million, which includes RMB 101.55 million in the fundraising account and RMB 370 million in structured deposits and large certificates of deposit [3][4] - The company has established a special account for fundraising and signed agreements with banks and sponsors to ensure proper management and usage of the funds [3][4] Fundraising Management - The company has implemented a strict management system for the fundraising, adhering to regulatory guidelines and has developed its own management measures to ensure investor protection [3][4] - As of December 31, 2024, the total balance in the fundraising accounts is RMB 103.48 million, which includes interest income of RMB 13.48 million [5][6] - The company plans to use up to RMB 3.7 billion of temporarily idle fundraising for cash management, investing in safe and liquid financial products [6][7] Fund Usage and Compliance - The company has not made any changes to the fundraising investment projects during the reporting period, nor has it transferred or replaced any previous investment projects [7][8] - A special verification report from the sponsor confirms that the company's fundraising storage and usage comply with relevant regulations and that there are no violations in the use of funds [9]