Investment Rating - The investment rating for the company is "Buy" with a target price of 69.30 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [3][22]. Core Views - The company is the only publicly listed comprehensive aviation materials company under AVIC, with significant advantages in the market [6][13]. - The company has shown steady revenue growth, with a 14.52% increase in revenue to 1.51 billion CNY in the first half of 2024, and a net profit increase of 5.16% to 311 million CNY [6][10]. - The company is actively expanding its market presence, particularly in international aviation equipment, and has a strong order backlog of 1.15 billion CNY, which will be recognized as revenue in 2024 [8][10]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of 1.51 billion CNY (+14.52%) and a net profit of 311 million CNY (+5.16%). The gross margin was 29.44% (-5.92 percentage points), and the net margin was 20.61% (-1.83 percentage points) [3][6]. - For Q2 2024, revenue was 831 million CNY (+12.94% YoY, +22.45% QoQ), with a net profit of 163 million CNY (-6.82% YoY, +10.02% QoQ) [6][10]. Market Position and Competitive Advantage - The company is positioned as the sole supplier of aviation new materials within the AVIC group, covering a wide range of products used in aviation, aerospace, and other industries [6][13]. - The company has developed a strong competitive edge in high-temperature alloy casting and titanium alloy precision casting, which are critical for aviation engine components [10][11]. Research and Development - The company maintains a high R&D expenditure rate of 6.82%, focusing on key technology projects and responding to market changes [7][10]. - The R&D efforts have led to the development of various sealing agents and materials for domestic aircraft, enhancing the company's product offerings [6][10]. Cash Flow and Operational Efficiency - The company experienced a significant decrease in net cash flow from operating activities, reporting -173 million CNY, primarily due to increased business scale and investments [10][20]. - The company is addressing capacity bottlenecks through multiple initiatives, including five fundraising projects and the transfer of equity in a subsidiary to enhance production capacity [10][11]. Future Outlook - The company is expected to achieve revenue of 3.33 billion CNY in 2024, with projected net profits of 666 million CNY, reflecting a growth rate of 15.54% [14][20]. - The anticipated revenue growth is supported by a strong order backlog and ongoing market expansion efforts [8][13].

编号：2024-004 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 投资者关系活动记录表 | --- | --- | --- | |------------|----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨航材股份（688563.SH） [Table_Title] 产品结构短期调整，下半年交付或加速 | --- | --- | |---------------------------------------------------------|-------| | | | | 15.1 亿，同比增长 14.52% ；归母净利润 3.11 亿， | | 分析师及联系人 [Table_Author] 王贺嘉 杨继虎 SAC：S0490520110004 SFC：BUX462 请阅读最后评级说明和重要声明 航材股份（688563.SH） cjzqdt11111 2024-09-03 相关研究 [Table_Title2] 产品结构短期调整，下半年交付或加速公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 年半年报，24H1 实现营收 15.1 亿，同比增长 14.52%；归母净利润 3.11 亿， 同比增长 5.16%；扣非归母净利润 2.72 亿，同比减少 8.16%。其中 24Q2 实 ...

公司近一年市场表现 市场数据：2024 年 9 月 2 日 订单保持稳定增长，持续加大研发投入。2024 年上半年公司订单保持稳 定增长，营业收入同比增长 14.52%。在主业方面，公司在全力保障各型装备 研制生产的基础上，主动对接客户，积极拓展新的业务增长点，在多个领域 实现新产品布局。在外贸方面进一步拓展国际航空装备市场，争取更大市场 份额。公司在研发上持续保持高投入，不断进行技术积累并保持持续的科研 创新能力，2024 年上半年研发费用同比提升 9.62%。 收盘价（元）： 47.72 年内最高/最低（元）： 65.85/40.58 流通 A 股/总股本（亿）： 1.15/4.50 流通 A 股市值（亿）： 54.97 总市值（亿）： 214.74 军民用航空制造业保持高景气度，公司业绩有望持续受益。我国空军建 设向战略空军加速转型，军机新增和升级换代需求迫切，军用航空市场及航 空发动机市场进入快速发展期，国防军工对于航空材料制品需求将相应增 长。另外随着全球航运景气度的持续提升以及国产民用飞机 ARJ21 和 C919 相继量产，民用航空材料将逐步开展国产化替代工作，对国产航空材料需求 也将大幅增长。 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2024-021 北京航空材料研究院股份有限公司 第一届董事会第十八次会议（定期会议）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、准确性和完整性承担法律责任。 一、董事会会议召开情况 北京航空材料研究院股份有限公司（以下简称"公司"）第一届董事会第十 八次会议（定期会议）（以下简称"会议"）于2024年8月19日以电子邮件发出通 知，并于2024年8月29日上午以现场会议方式召开。会议应出席董事9人，实际出 席9人（其中委托出席1名，独立董事黄进因其他公务，书面委托独立董事叶忠明 出席会议并代为行使表决权）。会议由董事长杨晖主持，全体监事、公司董事会 秘书及其他高级管理人员列席了会议。会议的召集及召开程序符合《中华人民共 和国公司法》等法律、法规和《北京航空材料研究院股份有限公司章程》的有关 规定，合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2024年半年度报告>全文及摘要的议案》 表决结果：同意票为9票，反对票为0票，弃权票为0票。 表决结果：同意票为9票，反对票为 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately CNY 1.51 billion, representing a 14.52% increase compared to CNY 1.32 billion in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2024 was approximately CNY 311.09 million, a 5.16% increase from CNY 295.83 million year-on-year[15]. - The company's revenue increased by 14.52% year-on-year during the reporting period[71]. - Net profit for the period was CNY 31,108,650, reflecting a year-on-year increase of 5.16%[83]. - Operating costs increased by 25.00% to CNY 1,065,089,616.42, primarily due to order growth[84]. - The net cash flow from operating activities decreased by 466.50%, amounting to approximately -CNY 172.90 million, primarily due to increased business scale and higher input costs[18]. - The company's cash and cash equivalents decreased by 7.46% to CNY 3,776,939,950.34, reflecting increased investments and higher payables[86]. - Accounts receivable increased by 76.40% to CNY 1,732,965,631.74, driven by higher sales revenue[86]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.80 per 10 shares, totaling RMB 81,000,000, which accounts for 28.92% of the distributable profit for the first half of 2024[4]. - The company plans to distribute a cash dividend of ¥1.80 per 10 shares, totaling approximately ¥450 million, which represents 28.92% of the distributable profit for the year[101]. - The company commits to maintaining a stable profit distribution policy, prioritizing cash dividends, with a minimum cash distribution of 10% of the distributable profit for the year[148]. Research and Development - The total R&D expenditure for the current period is ¥102,891,275.52, an increase of 9.62% compared to ¥93,860,738.53 in the same period last year[46]. - The proportion of total R&D expenditure to operating income decreased by 0.30 percentage points from 7.12% to 6.82%[46]. - The company applied for 6 invention patents and obtained 8 authorized patents during the reporting period, bringing the total to 266 applications and 201 authorized patents[43]. - The company is committed to research and development of advanced materials to enhance product performance and meet industry standards[24]. - The company has ongoing projects with a total expected investment of ¥500 million, including significant advancements in titanium alloy casting technology[48]. Operational Risks and Governance - The company has detailed various operational risks and corresponding mitigation measures in the report[3]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[5]. - The board of directors and management have ensured the authenticity and completeness of the financial report[2]. - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[5]. - The company has established a strict supplier management system, including procurement regulations and dynamic evaluation of suppliers based on price, delivery, quality, and service[34]. Market Position and Industry Outlook - The company remains a key player in the "Railway, Shipbuilding, Aerospace, and Other Transportation Equipment Manufacturing" industry, with a focus on high-performance aviation materials[26]. - The demand for military aircraft is expected to increase significantly due to favorable government policies, enhancing the market outlook for the company[27]. - The aerospace materials industry is experiencing a shift towards advanced materials that enhance aircraft performance and reliability, creating opportunities for the company[27]. - The company is expanding its market presence in aerospace and defense sectors, focusing on high-performance materials and components[21]. Environmental and Social Responsibility - The company invested approximately ¥2.36 million in environmental protection measures during the reporting period[103]. - The company has implemented various pollution prevention measures, ensuring that emissions meet the required standards and have minimal environmental impact[105]. - The company has adopted various energy-saving measures, including upgrading equipment and optimizing production processes to reduce energy consumption[110]. - The company is actively promoting green office practices and has implemented a paperless office initiative[110]. Shareholder Commitments and Regulations - The company has committed to maintaining shareholder value by not reducing share prices below the IPO price during the lock-up period[118]. - The company has outlined specific conditions under which the lock-up period may be extended, including stock price performance post-IPO[117]. - The company will ensure compliance with all relevant laws and regulations regarding share transfers and reductions, including reporting requirements[127]. - The company has established a clear framework for the transfer of shares post-lock-up, including a requirement to report reduction plans in advance[127]. Technological Advancements - The company has achieved international advanced level technology in the domestic high-performance transparent parts industry, particularly in aviation and high-speed rail window products[30]. - The company has developed high-purity, high-quality high-temperature alloy master alloy production capabilities, which are now used in nearly all operational and research aerospace engine components[31]. - The company has developed a titanium alloy casting technology capable of producing complex integrated titanium alloy castings with a diameter of 1600mm and a height of 500mm, targeting aerospace applications[38]. - The company has made breakthroughs in high-temperature, high-strength room-temperature vulcanized silicone rubber, meeting various sealing needs in aircraft applications[39].

2024 年半年度风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号——交易和关联交易》 的有关要求，通过查验中国航发集团财务有限公司（以下简称"中国航发财务"） 统一社会信用代码：91110108MA01G3070M 北京航空材料研究院股份有限公司 关于中国航发集团财务有限公司 《金融许可证》《营业执照》等证照资料，并对其截至 2024 年 6 月 30 日的财务 报表等相关资料进行审核分析，北京航空材料研究院股份有限公司（以下简称"公 司"）对中国航发财务的经营资质、业务和风险状况进行了综合评估，具体情况 报告如下： 一、中国航发财务基本情况 中国航发财务成立于 2018 年 12 月 10 日，是经金融监管机构批准，在国家 工商行政管理总局登记注册，具有企业法人地位的非银行金融机构。 注册地址：北京市海淀区西三环北路甲 2 号院 7 号楼 7 层 法定代表人：管见礼 注册资本：15 亿元人民币，全部来自单一股东中国航空发动机集团有限公 司（以下简称"中国航发"）。 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单位票据贴现； 办理成员单位资金结算与收付；提供成员单位委托贷款、债 ...

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 使用募集资金向全资子公司增资以实施募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"、"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"、"公司"）首次公开发行 股票并在科创板上市的保荐人，根据《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》《上海证券交易所科创板股票上市规则》《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》《证券发行上市 保荐业务管理办法》等有关规定，对公司使用募集资金对全资子公司增资以实施 募投项目事项进行了审慎核查，核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会于2023年5月23日出具的《关于同意北京航空材料 研究院股份有限公司首次公开发行股票注册的批复》（证监许可〔2023〕1151号） 同意注册，公司获准向社会公开发行人民币普通股9,000万股，每股发行价格为人 民币78.99元，募集资金总额为710,910.00万元；扣除承销及保荐费用、发行登记费 以及累计发生的其他相关发行费用共计人民币21,346.61万元（含税金额），实际 募 ...

各位投资者朋友大家好我是航太股份总经理严岳航太股份由中国航空发动机集团控股于2023年7月份登陆扣装版是一家专业从事航空航天材料及物件研发生产和销售的高新技术企业主要产品包括钛合金铸件橡胶云壁封件飞机收藏透明件和高温合金母合金 除航空航天领域外公司产品和广泛应用与船舶兵器电子核工业铁路桥梁生物医疗化工等领域在A股市场上无完全可比丧失公司属于航空装备领域和性材料领域的稀缺标底一代材料一代装备航空材料一直是航空事业成分的翅膀公司作为专业充实航空材料的科研生产单位 产品广泛应用于航空装备领域六项产品填补了国内空白公司能够生产直径1.6米就像B后1.5毫米大型伯比复杂机构舰是国际为数不多掌握这项特性技术的企业之一在导电电子屏蔽防火隔热等特种橡胶产量和航空密封机方面的研制技术处于国内领先地位 实现了大水镇复杂水利透明镜的机构设计与制造电磁屏蔽等功能模型设计与支配公司生产的高温合金母合金产品拼量用于国内几乎全部先进航空发动机高低压公轴一片导向一片机构件欧轮盘等多种关键件中要件是决定航空发动机性能的关键因素 公司坚持国家利益至上始终以移民航空材料技术打造高新材料企业为发展远景作为中国航发集团航空性材料产业化平台近年来聚焦优 ...

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： 为落实"提质增效重回报"行动方案，推动全体股东共享经营发展成果， 基于对行业发展趋势及公司主业的坚定信心，公司董事长杨晖、副董事长骞西昌 提议公司实施2024年度中期分红。 证券代码： 688563 证券简称：航材股份 公告编号： 2024-020 北京航空材料研究院股份有限公司 关于收到公司董事长、副董事长提议实施2024年度中 期分红暨落实"提质增效重回报"行动方案的公告 公司将持续评估2024年度"提质增效重回报"行动方案的具体举措和实施 进展并履行信息披露义务，努力通过提升经营业绩、加大科研投入、规范公司治 理、坚持可持续的股东回报机制等方面，切实履行上市公司责任和义务，回馈投 资者的信任，维护上市公司形象。 公司于2024年7月15日收到公司董事长杨晖、副董事长骞西昌出具的《关于 提议北京航空材料研究院股份有限公司实施2024年度中期现金分红的函》，现将 有关情况公告如下： 一、 提议情况 为落实"提质增效重回报"行动方案，推动全体股东共享经营发展成果， ...