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 ...

Core Viewpoint - The company reported a slight increase in performance for 2024, with significant growth in Q4 net profit and a long-term contract signed with an international client worth approximately 2.1 billion RMB [1][3][5]. Financial Performance - In 2024, the company achieved total revenue of 2.932 billion RMB, a year-on-year increase of 4.62% [3]. - The net profit attributable to shareholders was 581 million RMB, up 0.84% year-on-year, while the net profit excluding non-recurring gains and losses decreased by 9.26% to 514 million RMB due to changes in product structure [3]. - In Q4 2024, the company reported revenue of 736 million RMB, a 21.08% increase year-on-year, and a net profit of 145 million RMB, reflecting a 97.91% year-on-year growth [1][3]. Product Performance - Revenue from basic materials decreased by 7.83% due to reduced orders, while revenue from aviation finished products increased by 9.09% due to order growth [3]. - Non-aviation finished products saw a 44.63% increase in revenue, and processing service revenue grew by 97.25% due to increased orders and new coarse powder processing business [3]. Research and Development - The company increased its R&D investment to 242 million RMB in 2024, an 18.78% year-on-year increase, with an R&D expense ratio of 8.3%, up by 1.0 percentage points [3]. - The company applied for 35 invention patents, 2 utility model patents, and 1 design patent, with 16 patents granted [3][4]. Strategic Initiatives - The company is focusing on the low-altitude economy sector and has partnered with WoFei to expand the market for transparent components in low-altitude aircraft [5]. - A long-term framework contract was signed with an international client, expected to generate a total contract value of approximately 2.1 billion RMB from 2025 to 2030 [5]. - The company is implementing fundraising projects to expand production capacity and enhance its presence in the self-controlled and maintenance markets [6].

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 ...

Core Viewpoint - The report highlights that the company achieved stable performance in 2024, with a significant profit growth of 98% in Q4, leading to a target price adjustment to 64.0 yuan and a "buy" rating [1][10]. Financial Performance - In 2024, the company reported operating revenue of 2.932 billion yuan, an increase of 4.62%, and a net profit attributable to shareholders of 581 million yuan, up by 0.84%. The net profit excluding non-recurring items was 514 million yuan, down by 9.26% [2][3]. - The gross margin was 29.64%, a decrease of 1.91 percentage points, while the net margin was 19.82%, down by 0.74 percentage points. The decline in margins was attributed to changes in product structure and increased R&D expenses, which rose by 18.78% [3][4]. Quarterly Performance - In Q4 2024, the company achieved a quarterly operating revenue of 736 million yuan, an increase of 21.08% quarter-on-quarter, and a net profit attributable to shareholders of 145 million yuan, reflecting a 97.91% increase [5][10]. Product and Market Dynamics - The company operates as a leading player in the aviation materials sector under the China Aviation Engine Group, focusing on the R&D, production, and sales of aerospace components and materials. It has diversified its product offerings across various sectors, including aerospace, shipbuilding, and automotive [6][9]. - In 2024, revenue from basic materials decreased by 7.83% to 1.219 billion yuan, while revenue from aviation finished products increased by 9.09% to 1.351 billion yuan. Non-aviation finished products and processing services saw significant growth, with revenues of 180 million yuan and 159 million yuan, respectively, marking increases of 44.63% and 97.25% [6][8]. Future Outlook - The company is actively expanding its product and market diversification, with a focus on advanced aluminum alloy products and international market development. A long-term framework contract worth approximately 2.1 billion yuan has been signed for titanium alloy components, expected to enhance the company's global market competitiveness [9][10]. - Projections for 2025-2027 indicate expected revenues of 3.3 billion yuan, 3.759 billion yuan, and 4.284 billion yuan, with net profits of 653 million yuan, 773 million yuan, and 916 million yuan, respectively [10].

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 [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]