证券研究报告：国防军工 | 公司点评报告 2024年4月9日 股票投资评级 航材股份(688563) 业绩保持较快增速，日常关联交易显示航发下游需 买入|维持 求旺盛 个股表现 ⚫ 事件 航材股份 国防军工 3月29日，航材股份发布2023年年报。2023年，公司实现营收 1% -3% 28.03 亿元，同比增长 20%，实现归母净利润 5.76 亿元，同比增长 -7% -11% 30%。 -15% -19% ⚫ 点评 -23% -27% 1、超额完成经营指标，业绩保持较快增速。2023年，公司聚焦 -31% -35% 优质运营、加速创新变革，经营业绩持续稳定提升，超额完成全年经 2023-07 2023-09 2023-10 2023-12 2024-02 2024-04 营指标，实现营收28.03亿元，同比增长20%；净利润5.76亿元，同 资料来源：聚源，中邮证券研究所 比增长30%。分产品看，公司基础材料收入13.23亿元，同比增长20%； 航空成品件收入12.38亿元，同比增长24%；非航空成品件收入1.24 公司基本情况 亿元，同比下降15%；加工服务收入0.80亿元，同比增长28%。 最新收盘价 ...

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 航yCo 材mp 股any＃份 （ 688563 ） investSug 增持 ( 维ges持tion ）Ch 0000 航09 空 需 求持续向 好＃ ，title＃ 业 绩保 持快速增长 ange＃ ＃ createTime1＃ 2024年 04月 08日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公ma司ry＃发 布 2023 年年报：实现营收 28.03 亿元，同比增长 20.01%；归母净利 司 日期 2024-04-03 润 5.76 亿元，同比增长 30.23%；扣非后归母净利润 5.66 亿元，同比增长 点 收盘价（元） 54.70 27.43%；基本每股收益 1.45 元，同比增长 17.89%；加权平均净资产收益率 为10.01%，同比减少8.59pct。 评 总股本（百万股） 450.00 ⚫ 航空相关业务稳定增长，军品免税政策变化致毛利率下降。2023年，公司基 报 流通股本（百万股） 73.26 础材料实现收入13.23亿元，同 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2024-009 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2023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： 北京航空材料研究院股份有限公司（以下简称"公司"）已于 2024 年 3月 29 日发布公司 2023 年年度报告，为便于广大投资者更全面深入地了解公司 2023年度 经营成果、财务状况，公司计划于2024年04月11日 下午 15:00-17:00举行 2023 年年 度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 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 2023 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。 二、说明会召开的时间、地点 1 会议召开时间：2024年04月11日(星期四)下午15:00-17:00 会议召开地点：网络会议地址为上海证券交易所上证路演中心 ...

航空军工 航材股份（688563.SH） 增持-A(维持) 业绩持续快速增长，圆满完成全年任务 2024年4月1日 公司研究/公司快报 公司上市以来股价表现 事件描述  航材股份发布2023年报。2023年公司营业收入为28.03亿元，同比增 长20.01%；归母净利润为5.76亿元，同比上升30.23%；扣非后归母净利润 为5.66亿元，同比上升27.43%；负债合计14.91亿元，同比增长0.88%；货 币资金40.82亿元，同比增长375.92%；应收账款9.82亿元，同比增长32.88%； 存货12.44亿元，同比减少4.09%。 事件点评  业绩快速增长，盈利能力持续提升。下游持续高景气度订单饱满，2023 市场数据：2024年3月29日 年四季度单季度实现营收6.08亿元，同比增长18.19%，实现归母净利润0.73 收盘价（元）： 53.70 亿元，同比增长82.42%。公司持续深化提质增效，盈利能力持续提升，2023 年内最高/最低（元）： 70.00/40.58 年公司净利率提升1.24个百分点至20.56%。 流通A股/总股本（亿）： 0.73/4.50  受益于航空装备跨代发展和国 ...

Financial Performance - The company's operating revenue for 2023 was CNY 2,802,656,371.10, representing a 20.01% increase from CNY 2,335,371,696.59 in 2022[19]. - The net profit attributable to shareholders for 2023 was CNY 576,213,558.58, reflecting a 30.23% increase compared to CNY 442,456,793.11 in 2022[19]. - The net cash flow from operating activities for 2023 was CNY 265,349,582.14, which is a 54.62% increase from CNY 171,609,657.84 in 2022[19]. - The total assets at the end of 2023 were CNY 11,503,750,067.45, showing an increase of 181.97% from CNY 4,079,724,658.60 at the end of 2022[19]. - The net assets attributable to shareholders at the end of 2023 were CNY 10,013,075,609.85, a significant increase of 286.49% from CNY 2,590,799,047.31 at the end of 2022[19]. - The basic earnings per share for 2023 was CNY 1.45, representing a 17.88% increase from CNY 1.23 in 2022[20]. - The weighted average return on equity decreased by 8.59 percentage points to 10.01% from 18.60% in 2022[20]. - The company reported quarterly revenues of CNY 876.68 million in Q3 2023, with a net profit of CNY 207.08 million for the same period[23]. - The company recorded a net loss of CNY 210.86 million in cash flow from operating activities in Q1 2023, which improved to a net gain of CNY 300.52 million in Q4 2023[23]. Research and Development - Research and development expenses accounted for 7.27% of operating revenue, a decrease of 0.74 percentage points compared to 8.01% in 2022[20]. - The company has developed a comprehensive reform plan for the second phase of its "Science and Technology Reform Action" from 2023 to 2025, aligning with its 14th Five-Year Plan[30]. - The company has established a high-quality development work ledger involving 13 categories and 38 key tasks, benchmarking against leading domestic enterprises[30]. - The R&D projects are categorized into three types: government-initiated projects, customer-commissioned tasks, and self-funded initiatives[37]. - The company has achieved a leading domestic level in the research of certain mold grinding processes, with an investment of 593.00 million and 23.80 million invested this period, focusing on achieving low surface roughness and high optical quality[85]. - The company has invested approximately $1,240.14 million in the research of titanium alloy investment casting metallurgy defect formation mechanisms and production process control, achieving a reduction in product development costs and an increase in qualification rates[77]. - The company has applied for 32 invention patents and obtained 15 patents during the reporting period, bringing the total to 261 applications and 194 authorized patents[72]. Corporate Governance - The board of directors has confirmed the authenticity, accuracy, and completeness of the annual report[2]. - There are no special arrangements for corporate governance applicable to the company[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The company has not experienced any instances where more than half of the directors could not guarantee the authenticity of the annual report[7]. - The company has established strict internal control systems for supplier management, including procurement and supplier evaluation regulations[40]. - The company has maintained a consistent shareholding structure among its board members, with no changes reported during the year[150]. - The company reported no significant differences in governance compared to regulations set by the China Securities Regulatory Commission[146]. Market Strategy and Expansion - The company is focused on expanding its market presence and enhancing its product offerings through new technology development[19]. - The company plans to continue its strategic initiatives, including potential mergers and acquisitions to strengthen its market position[19]. - The company aims to improve its operational efficiency through the optimization of the Order to Delivery (OTD) process[19]. - The company is expanding its market presence in both military and civilian sectors, aiming to capture high-end civilian product markets domestically and internationally[140]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[154]. - The company plans to upgrade existing production capabilities and establish a research and production platform to meet advanced material requirements for engines[139]. Environmental and Sustainability Initiatives - The company emphasizes its commitment to ESG responsibilities and aims to contribute to sustainable development in the industry[192]. - The total greenhouse gas emissions amounted to 25,065.26 tons of CO2, including emissions from fossil fuel combustion and net purchased electricity[196]. - The company achieved a 100% compliance rate for wastewater discharge standards, ensuring no exceedance of pollution limits throughout the year[198]. - Air pollution control measures include the use of bag dust collectors and activated carbon adsorption for rubber waste gas, ensuring emissions meet standards[199]. - The company is committed to sustainability initiatives, aiming to reduce its carbon footprint through advanced manufacturing processes[154]. Financial Management - The company plans to distribute a cash dividend of RMB 3.45 per 10 shares, totaling RMB 155,250,000, which accounts for 29.93% of the distributable profit for 2023[5]. - The total share capital as of December 31, 2023, is 450,000,000 shares[5]. - The company has received a standard unqualified audit report from Zhongzheng Zhonghuan Accounting Firm[4]. - The company has established a long-term internal control mechanism and received a standard unqualified opinion in its internal control audit for 2023[190]. - The company has a cash dividend payout ratio of 26.94% based on the net profit attributable to ordinary shareholders in the consolidated financial statements[185]. Human Resources - The company has increased its R&D personnel to 165, representing 17.68% of the total workforce, with an average salary of CNY 41.45 thousand per person, up from CNY 39.33 thousand in the previous period[89]. - The company conducted 201 training programs covering management enhancement, R&D technology, production skills, quality management, and safety[181]. - The total remuneration for directors, supervisors, and senior management in the reporting period amounted to CNY 5.93 million[159]. - The total remuneration for core technical personnel in the reporting period was CNY 8.60 million[159]. Shareholder Meetings and Decisions - The company held its first temporary shareholders' meeting on February 28, 2023, where two resolutions were passed, including the exemption of the 15-day notice requirement for the meeting[147]. - The second temporary shareholders' meeting took place on April 22, 2023, approving the financial service agreement with China Aviation Engine Group Finance Co., Ltd.[147]. - The annual shareholders' meeting on May 26, 2023, included the approval of the 2022 annual financial report and the 2023 financial budget report[147]. - The third temporary shareholders' meeting was held on September 18, 2023, focusing on the approval of the half-year profit distribution plan[149]. - The fourth temporary shareholders' meeting is scheduled for November 15, 2023, to discuss the renewal of the financial service agreement and the use of excess raised funds for working capital[149].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][3]. Core Views - The company achieved a revenue of 2.8 billion yuan in 2023, representing a year-on-year growth of 20.0%, with a net profit attributable to shareholders of 580 million yuan, up 30.2% year-on-year [2]. - The growth in performance is attributed to the sustained demand in the aviation market and a significant increase in customer orders [2]. - The report highlights a decrease in gross margin due to tax reform impacts, while reduced impairment losses and optimized expenses contributed to an increase in net profit margin [2]. - The company’s R&D investment remains high, with R&D expenses increasing by 9.0% to 200 million yuan, reflecting a commitment to maintaining long-term competitiveness [2]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 610 million yuan, a year-on-year increase of 18.2%, and a net profit of 73 million yuan, up 82.4% year-on-year [2]. - The gross margin for 2023 decreased by 2.2 percentage points to 31.6%, while the net profit margin increased by 1.6 percentage points to 20.6% [2]. - Revenue from basic materials reached 1.32 billion yuan, growing by 19.8%, while revenue from aviation finished products was 1.24 billion yuan, up 23.9% [2]. - Domestic revenue was 2.58 billion yuan, a year-on-year increase of 18.7%, while overseas revenue grew by 31.8% to 190 million yuan [2]. Future Earnings Forecast - The company is projected to achieve net profits of 730 million yuan, 910 million yuan, and 1.07 billion yuan for the years 2024, 2025, and 2026, respectively [2]. - The current stock price corresponds to price-to-earnings ratios of 33x, 26x, and 23x for the years 2024, 2025, and 2026 [3][7].

目录 | 关于本报告 | 01 | | --- | --- | | ESG 亮点数据回顾 | 03 | | | | | 党建引领与廉洁反腐 | 11 | | --- | --- | | 稳健的公司治理 | 19 | 环境管理与可持续发展 | 环境安全管理 | 37 | | --- | --- | | 职业健康与安全保障 | 40 | | 能源管理 | 42 | | 排放物管理 | 44 | | 开展绿色行动 | 49 | | 走进航材股份 | 04 | | | --- | --- | --- | | 公司简介 | | 创新引领 | | 发展历程 | | | | 企业文化 | | 产品责任 | | | | 供应链管理 | | ESG 管理 | 07 | | 02 04 产品创新与供应链管理 | 创新引领 | 27 | | --- | --- | | 产品责任 | 30 | | 供应链管理 | 33 | 员工关爱与回馈社会 | 员工权益与福利 | | --- | | 员工培训与发展 | | 投身社会公益 | 北京航空材料研究院股份有限公司 环境、社会及公司治理（ESG）报告 2023 附录 63 53 59 61 ...

众环专字(2024)0200527号 关于北京航空材料研究院股份有限公司 募集资金年度存放与实际使用情况 的鉴证报告 目 起始页码 鉴证报告 募集资金专项报告 1 于北京航空材料研究院股份有限公司 金年度存放与实际使用情况的鉴证报告 众环专字(2024)0200527 号 北京航空材料研究院股份有限公司全体股东: 我们接受委托,对后附的北京航空材料研究院股份有限公司(以下简称"航材股份") 截至 2023 年 12 月 31 日止的《董事会关于公司募集资金年度存放与实际使用情况的专项报 告》进行了鉴证工作。 关于募集资金年度存放与实际使用情况的专项报告 中国·武汉 鉴证报告第 2页共 2 页 北京航空材料研究院股份有限公司 关于公司募集资金年度存放与实际使用情况的专项报告 按照中国证监会发布的《上市公司监管指引第2号 -- 上市公司募集资金管理和使用的 监管要求》和上海证券交易所发布的《上海证券交易所科创板上市公司自律监管指引第1 号 -- 规范运作》等有关规定,编制《董事会关于公司募集资金年度存放与实际使用情况的 专项报告》,提供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及 我们认为必要 ...

北京航空材料研究院股份有限公司 独立董事专门会议制度 1 总则 1.1 目的 为充分发挥独立董事在董事会中参与决策、监督制衡、专业咨询等职能，进一 步完善北京航空材料研究院股份有限公司(以下简称"公司")的治理结构，保护中 小股东及利益相关者的利益，促进公司的规范运作，制定本制度。 1.2 术语定义 独立董事专门会议是指全部由独立董事参加的专门会议。独立董事专门会议 对所议事项进行独立研讨，从公司和中小股东利益角度进行思考判断，并且形成讨 论意见。 1.3 引用规章及文件 1.4 独立董事专门会议的召开 公司独立董事专门会议应根据所须审议事项定期或者不定期召开。 独立董事专门会议由过半数独立董事共同推举 1 名独立董事召集和主持；召集 人不履职或者不能履职时，2 名及以上独立董事可以自行召集并推举 1 名代表主持。 1.5 独立董事的职权 独立董事行使下列特别职权前应当经公司独立董事专门会议讨论后，方可行使： 1 （1）《中华人民共和国公司法》 （2）《中华人民共和国证券法》 （3）《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 （4）《上市公司独立董事管理办法》 （5）《北京航空材料研究 ...

第四条 审计委员会委员由董事长提名，并由董事会选举产生。 选举委员的提案获得通过后，新任委员在董事会会议结束后立即就任。 北京航空材料研究院股份有限公司 审计委员会工作细则 第一章 总则 第一条 为了加强公司内部控制，完善公司治理结构，根据《中华人民共和国公 司法》、《中华人民共和国证券法》、《上市公司治理准则》等法律、法规和规范性文件 以及《北京航空材料研究院股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，制定本工作细则。 第二条 董事会下设审计委员会，主要负责公司内、外部审计的沟通、监督和核 查工作。 第二章 人员组成 第三条 审计委员会委员由 3 名董事组成，审计委员会成员应当为不在公司担任 高级管理人员的董事，其中独立董事应当过半数。 第五条 审计委员会设主任委员（召集人）一名，由独立董事委员担任，并经审 计委员会委员过半数推选产生，负责主持委员会工作。主任委员应当为会计专业人士。 第六条 审计委员会任期与同届董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据本工作细 则第三条至第五条的规定补足委员人数。 第七条 审计委员会因委 ...