证券代码： 688563 证券简称：航材股份 公告编号： 2025-017 北京航空材料研究院股份有限公司 关于使用超募资金收购资产暨关联交易的公告 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： 1、 为履行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"）控股股东中国航发北京航空材料研究院（以下简称"航材院"）在公司 首次公开发行股票并上市时针对高温合金母合金业务出具避免同业竞争的承诺， 航材院拟以协议转让的方式向公司转让其所持有的DZ406等六种高温合金母合 金知识产权。公司本次用于收购上述知识产权的资金来源为首次公开发行股票并 上市时募集的超募资金。交易完成后，公司将直接拥有上述知识产权资产，不再 通过授权许可的方式使用。 2、 本次交易对手方为公司控股股东航材院，本次交易构成关联交易，但不 构成《上市公司重大资产重组管理办法》规定的重大资产重组。 3、 本次交易实施不存在重大法律障碍。 募集资金到账后，已全部存放于经公司董事会批准开设的募集资金专项账户 内，公司及子公司北京航材优创高分 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-016 北京航空材料研究院股份有限公司 第二届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 北京航空材料研究院股份有限公司（以下简称"公司"）第二届监事会第四次 会议（以下简称"会议"）于2025年5月27日以电子邮件发出通知，并于2025年6月3 日下午以通讯方式召开。会议应出席监事5人，实际出席监事5人。会议由监事会主 席吴文生主持，公司董事会秘书列席了会议。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、监事会会议审议情况 （一）审议通过《关于使用超募资金收购资产暨关联交易的议案》 表决结果：同意票为5票，反对票为0票，弃权票为0票。 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露 的《关于使用超募资金收购资产暨关联交易的公告》（公告编号：2025-017）。 本议案尚需提交股东大会审议。 ...

北京航空材料研究院股份有限公司 第二届董事会第四次会议决议公告 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。 证券代码： 688563 证券简称：航材股份 公告编号： 2025-015 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"）第二届董事会第四 次会议（以下简称"会议"）于2025年5月27日以电子邮件发出通知，并于2025年 6月3日下午以通讯方式召开。会议应出席董事9人，实际出席董事9人。会议由董 事长杨晖主持，监事、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《关于调整独立董事津贴的议案》 表决结果：同意票为6票，反对票为0票，弃权票为0票。关联董事黄进、叶 忠明、于浩回避表决。 因公司董事会薪酬与考核委员会非关联委员不足半数，公司董事会薪酬与 考核委员会将本议案直接提交董事会审议。 本议案尚需提交股东大会审议。 （二）审议通过 ...

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它相关费用后实际募集资金净额为人民币689,563.39万元。前 述资金已全部到位，经中审众环会计师事务所（特殊普通合伙）审验并出具《北 京航空材料研究院股份有限公司验资报告》（众环验字（2023）0200026号）。 募集资金到账后，已全部存放于经公司董事会批准开设的募集资金专项账户 内，公司及子公司北京航材优创高分子材料有限公司（以下简称"航材优创"） 已与保荐人、存放募集资金的银行签署了《募集资金专户存储三方监管协议》《 募集资金专户存储四方监管协议》。 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 延长部分募投项目实施期限的核查意见 中信证券股份有限公司（以下简称"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" ...

关于北京航空材料研究院股份有限公司 使用超募资金收购资产暨关联交易的核查意见 中信证券股份有限公司 中信证券股份有限公司（以下简称"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"）首次公开发行股票并在科创板 上市的保荐人履行持续督导职责，根据《中华人民共和国公司法》《中华人民共 和国证券法》《证券发行上市保荐业务管理办法》《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》等有关 法律法规和规范性文件的要求，保荐人对航材股份使用超募资金收购资产暨关联 交易的情况进行了审慎核查，并发表如下意见： 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 以及累计发生的其它相关费用后 ...

Core Viewpoint - The company plans to use 184 million yuan of raised funds to acquire six types of high-temperature alloy master alloy intellectual property rights from its controlling shareholder, aiming to fulfill a commitment made during its initial public offering to avoid competition [1] Group 1: Transaction Details - The transaction involves the acquisition of intellectual property rights related to high-temperature alloys [1] - After the transaction, the company will directly own these intellectual property rights instead of using them through licensing [1] - The transaction is classified as a related party transaction but does not constitute a major asset reorganization [1] Group 2: Approval and Review Process - The transaction is subject to approval from relevant authorities and will be submitted for review at the company's shareholders' meeting [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next six months [2][15]. Core Insights - In 2024, the company achieved a revenue of 2.932 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 581 million yuan, up 1% year-on-year [4][5]. - For Q1 2025, the company reported a revenue of 653 million yuan, a decrease of 4% year-on-year, and a net profit of 135 million yuan, down 9% year-on-year [4]. - The company has seen significant growth in sales to major clients, with revenue from the aviation industry increasing by 9% to 1.155 billion yuan, and sales to the China Aviation Development system rising by 16% to 976 million yuan [5]. - The gross margin for 2024 was 29.64%, a decrease of 1.91 percentage points year-on-year, attributed to changes in product mix [6]. - The company plans to expand its international market presence, having signed a long-term framework contract with a foreign client worth approximately 2.1 billion yuan [6]. - The 2025 financial forecast estimates revenue between 2.99 billion and 3.22 billion yuan, representing a growth of 2% to 10%, with net profit expected to be between 590 million and 640 million yuan, also reflecting a growth of 2% to 10% [7]. Financial Summary - The company’s projected revenue and net profit for 2025 are 3.165 billion yuan and 638 million yuan, respectively, with corresponding growth rates of 7.93% and 9.89% [11]. - The earnings per share (EPS) for 2025 is estimated at 1.42 yuan, with a price-to-earnings (P/E) ratio of 38.06 [11][14]. - The company’s asset-liability ratio stands at 11.7%, indicating a strong financial position [3][14].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next 6 to 10 months [7][15]. Core Insights - In 2024, the company achieved a revenue of 2.932 billion yuan, a year-on-year increase of 5%, and a net profit attributable to shareholders of 581 million yuan, up 1% year-on-year [4][5]. - For Q1 2025, the company reported a revenue of 653 million yuan, a decrease of 4% year-on-year, and a net profit of 135 million yuan, down 9% year-on-year [4]. - The company has seen significant growth in sales to major clients, with revenue from the aviation industry increasing by 9% to 1.155 billion yuan, and sales to the China Aviation Development system rising by 16% to 976 million yuan [5]. - The gross profit margin for 2024 was 29.64%, a decrease of 1.91 percentage points year-on-year, attributed to changes in product mix [6]. - The company is expanding its international market presence, having signed a long-term framework contract with a foreign client worth approximately 2.1 billion yuan [6]. - The company aims for steady growth in 2025, projecting revenue between 2.99 billion and 3.22 billion yuan, representing a year-on-year growth of 2% to 10% [7]. Financial Summary - The company forecasts net profits for 2025 to be between 590 million and 640 million yuan, also reflecting a growth of 2% to 10% [7]. - The projected revenue for 2025 is estimated at 3.165 billion yuan, with a growth rate of 7.93% [11]. - The expected net profit for 2026 is 739 million yuan, with a growth rate of 15.79% [11]. - The company's price-to-earnings ratio (P/E) is projected to decrease from 41.82 in 2024 to 28.02 by 2027 [11].

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company is expected to see steady revenue growth in 2024, with a projected revenue of 2.932 billion yuan, representing a year-on-year increase of 4.62%. The net profit is expected to reach 581 million yuan, a 0.84% increase year-on-year [1][6] - For Q1 2025, the company reported a revenue of 653 million yuan, down 3.79% year-on-year, and a net profit of 135 million yuan, down 9.05% year-on-year, indicating short-term pressure on performance [1][6] - The company is focusing on expanding its production capacity in the aerospace materials sector, with significant growth in construction projects [6] Financial Performance Summary - In 2024, the company achieved a total revenue of 2.932 billion yuan, with a breakdown of revenue sources: - Basic materials: 1.219 billion yuan (down 7.83%) - Aerospace finished products: 1.351 billion yuan (up 9.09%) - Non-aerospace finished products: 180 million yuan (up 44.63%) - Processing services: 159 million yuan (up 97.25%) [1][6] - The company’s gross profit margin for 2024 was 29.64%, a decrease of 1.91 percentage points year-on-year [6] - The financial forecast for 2025 estimates revenue between 2.99 billion and 3.22 billion yuan, with net profit expected to be between 590 million and 640 million yuan [1][6] Shareholder Information - The major shareholder is China Aviation Materials Research Institute, holding a 60.14% stake in the company [2] Market Performance - The current stock price is 56.9 yuan, with a total market capitalization of 25.6 billion yuan [2]