Group 1: Financial Performance - In 2023, the company achieved a total revenue of 2.802 billion yuan, representing a year-on-year growth of 20.01% due to the rapid growth in aviation market demand and increased customer orders [5] - The net profit for 2023 was 576 million yuan, showing a year-on-year increase of 30.23% [5] - The net cash flow from operating activities increased by 54.62% compared to the previous year, attributed to accelerated collections and planned payments [5] Group 2: Gross Margin and Cost Management - The gross margin for 2023 was 31.55%, a decrease of 2.24 percentage points from 2022, primarily due to changes in tax policies [2][3] - The company plans to implement cost reduction and efficiency enhancement measures, improve product quality, and optimize raw material procurement to continuously improve gross margin [3] Group 3: Research and Development - In 2023, the company invested 204 million yuan in R&D, a year-on-year increase of 8.97%, maintaining a leading technological advantage in the industry [5] - R&D expenditure accounted for 7.27% of total revenue, focusing on addressing technical challenges and developing new materials with market potential [5][6] - The company holds 151 invention patents and 42 utility model patents, and has received multiple awards for technological progress [5][6] Group 4: Market Outlook and Strategic Development - The aviation industry is expected to continue its stable and rapid growth, with significant opportunities arising from commercial aircraft like the C919 [3] - The company aims to expand its market presence in basic aviation fields such as trainer aircraft and civil aircraft [3] - Future strategic vision includes leading aviation material technology and building a high-tech material industry, emphasizing innovation, quality, and talent development [6]

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 the previous year[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 in 2022[19]. - The revenue after deducting non-core business income for 2023 was CNY 2,793,277,306.15, up 20.11% from CNY 2,325,510,950.14 in 2022[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 565,940,739.09, a 27.43% increase from CNY 444,114,291.38 in 2022[19]. - Basic earnings per share (EPS) for 2023 was CNY 1.45, up 17.88% from CNY 1.23 in 2022[20]. - The weighted average return on equity (ROE) decreased by 8.59 percentage points to 10.01% in 2023 from 18.60% in 2022[20]. Dividend and Shareholder Information - 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 company reported a total of 3,631,820 shares held by its directors and senior management at the end of the reporting period[153]. - The total pre-tax remuneration for the directors and senior management during the reporting period amounted to 1,227.94 million yuan[153]. - The company maintained a cash dividend payout ratio of 26.94% of the net profit attributable to ordinary shareholders in the consolidated financial statements for the year[186]. Research and Development - Research and development (R&D) expenses accounted for 7.27% of operating revenue, a decrease of 0.74 percentage points compared to 2022[20]. - Total R&D investment for the year was approximately ¥203.89 million, an increase of 8.97% compared to the previous year's ¥187.10 million, with R&D investment accounting for 7.27% of operating revenue, a decrease of 0.74 percentage points[75]. - The company applied for 32 invention patents during the reporting period and obtained 15 authorized patents, bringing the total to 260 applications and 193 authorized patents[73]. - The company is focused on research and development of new products and technologies to enhance its competitive edge in the market[150]. - The company is actively involved in national key R&D programs for high-temperature alloy products, focusing on high-quality and large-size casting technologies[92]. Operational Strategies and Market 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 civilian market efforts while ensuring military production tasks are met, aiming to capture high-end civilian product markets domestically and internationally[141]. - The company plans to upgrade existing production capacities and establish a research and production platform to meet advanced material requirements for engines[140]. Corporate Governance and Compliance - The company has received a standard unqualified audit report from Zhongchao Zhonghuan Accounting Firm[4]. - The board of directors has confirmed that all members attended the meeting, ensuring the authenticity and completeness of the annual report[6]. - The company adheres to strict corporate governance practices, ensuring transparency and protecting the rights of shareholders and stakeholders[145]. - The company has established a long-term internal control mechanism and received a standard unqualified opinion in its internal control audit report for 2023[191]. - The company has not experienced any changes in the implementation of differential voting rights during the reporting period[151]. Environmental and Social Responsibility - The company emphasizes its commitment to ESG responsibilities and aims to contribute to sustainable development in the industry[193]. - The total greenhouse gas emissions for the year 2023 amounted to 25,065.26 tons of CO2, including emissions from fossil fuel combustion and net purchased electricity[197]. - The company achieved a 100% compliance rate for wastewater discharge standards, ensuring no exceedance of pollution limits throughout the year[199]. - Air pollution control measures include the use of bag dust collectors and activated carbon adsorption for rubber waste gas, ensuring emissions meet regulatory standards[200]. Risks and Challenges - The company has outlined various operational risks and corresponding mitigation measures in the report[3]. - The company faces risks related to core competitiveness and potential talent shortages as it expands[97]. - The company's financial performance is influenced by foreign exchange fluctuations due to its international trade[99].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 63.87 CNY per share based on a 40x PE valuation for 2024 [3][32]. Core Views - The company has successfully completed its annual targets with steady growth in operating performance, achieving a revenue of 2.803 billion CNY in 2023, a year-on-year increase of 20.01%, and a net profit of 576 million CNY, up 30.23% year-on-year [1][7]. - The company is a leading player in the domestic aviation materials sector, with four business divisions that are all in a leading position domestically, supported by a strong R&D platform [1][26]. - The military products are expected to benefit from the new equipment installations and maintenance during the 14th Five-Year Plan, while civilian products will benefit from accelerated domestic substitution [1][26]. - The company’s profitability is anticipated to improve further as its fundraising projects reach production capacity, benefiting from economies of scale and learning curve effects [1][26]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.803 billion CNY, with a year-on-year growth of 20.01%. The net profit reached 576 million CNY, reflecting a 30.23% increase [1][7]. - The company’s gross margin was 31.55%, slightly down by 2.24 percentage points, primarily due to changes in military product tax policies [8][14]. Business Segments - The company operates four main divisions: titanium alloy precision casting, rubber and sealing materials, aircraft cabin transparent components, and high-temperature alloy casting, all of which are leading in their respective fields [1][7]. - Revenue from the basic materials segment was 1.323 billion CNY, up 19.79%, while revenue from aviation finished products was 1.238 billion CNY, up 23.87% [7][30]. Future Projections - The company expects revenues of 3.488 billion CNY, 4.273 billion CNY, and 5.090 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.43%, 22.52%, and 19.12% [27][28]. - EPS is projected to be 1.60 CNY, 1.96 CNY, and 2.34 CNY for 2024, 2025, and 2026, respectively [27][28]. Market Position - The company is positioned as a core supplier in the aviation materials industry, benefiting from strong demand in both military and civilian sectors due to ongoing modernization and domestic substitution trends [1][20]. - The domestic aviation materials market has high entry barriers, with stringent quality and certification requirements, which protects established players like the company from new entrants [25][26].

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 ...