证券代码： 688563 证券简称：航材股份 公告编号： 2025-012 北京航空材料研究院股份有限公司 第二届董事会第三次会议决议公告 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。 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"）第二届董事会第三 次会议（以下简称"会议"）于2025年4月23日以电子邮件发出通知，并于2025年 4月29日下午在公司会议室以现场结合通讯方式召开。会议应出席董事9人，实际 出席董事9人（其中以通讯方式出席1名，董事刘晓光因其他公务以通讯方式出席） 。会议由董事长杨晖主持，部分监事、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 1 （一）审议通过《关于公司组织机构调整的议案》 公司拟新设发展计划部和运营保障部。 表决结果：同意票为9票，反对票为0票，弃权票为0票。 本议案已经公司董事会战略与可持续发展委员会预审通过。 （二 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 652,886,115.69, a decrease of 3.79% compared to CNY 678,614,155.44 in the same period last year[4] - The net profit attributable to shareholders was CNY 134,710,642.30, down 9.05% from CNY 148,119,541.27 year-on-year[4] - Total revenue for Q1 2025 was approximately $652.89 million, a decrease of 3.4% compared to $678.61 million in Q1 2024[18] - Net profit for Q1 2025 was approximately $134.71 million, a decrease of 9.0% compared to $148.12 million in Q1 2024[20] - Earnings per share for Q1 2025 was $0.30, down from $0.33 in Q1 2024[20] Cash Flow - The net cash flow from operating activities improved significantly, reaching CNY 121,893,046.50, a 167.81% increase compared to a negative cash flow of CNY -179,746,037.48 in the previous year[4] - In Q1 2025, the cash inflow from operating activities was CNY 637,634,498.72, a 36.0% increase compared to CNY 468,653,528.39 in Q1 2024[21] - The net cash flow from operating activities turned positive at CNY 121,893,046.50 in Q1 2025, compared to a negative CNY 179,746,037.48 in Q1 2024[22] - The net increase in cash and cash equivalents for Q1 2025 was CNY 309,170,699.80, compared to CNY 538,174,061.27 in Q1 2024[22] - The ending balance of cash and cash equivalents was CNY 1,588,523,625.64 in Q1 2025, down from CNY 4,595,763,931.67 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,106,736,792.98, an increase of 3.17% from CNY 11,734,820,256.82 at the end of the previous year[5] - Total assets as of March 31, 2025, were approximately $12.11 billion, an increase from $11.73 billion as of December 31, 2024[16] - Total liabilities as of March 31, 2025, were approximately $1.61 billion, up from $1.37 billion as of December 31, 2024[16] - The total current assets as of March 31, 2025, amounted to CNY 10,763,509,323.28, an increase from CNY 10,566,546,347.10 as of December 31, 2024, reflecting a growth of approximately 1.86%[13] Research and Development - Research and development (R&D) expenses totaled CNY 40,274,625.33, representing a decrease of 18.35% from CNY 49,326,288.34 year-on-year[4] - The proportion of R&D expenses to operating revenue decreased to 6.17%, down 1.1 percentage points from 7.27% in the previous year[5] - Research and development expenses for Q1 2025 were approximately $40.27 million, down from $49.33 million in Q1 2024[19] Shareholder Information - The equity attributable to shareholders increased to CNY 10,496,904,862.62, up 1.31% from CNY 10,361,105,649.05 at the end of the previous year[5] - The total equity attributable to shareholders as of March 31, 2025, was approximately $10.50 billion, an increase from $10.36 billion as of December 31, 2024[16] - The total number of ordinary shareholders at the end of the reporting period was 23,110[10] Future Outlook and Strategy - The company is actively monitoring market trends to identify potential areas for expansion and investment opportunities[12] - Future outlook includes continued investment in technology and product development to enhance competitive advantage[12] - The company emphasizes the importance of strategic partnerships and potential mergers to drive growth and market presence[12] Other Financial Metrics - The weighted average return on net assets decreased to 1.29%, down 0.18 percentage points from 1.47% in the previous year[4] - The company reported non-recurring gains of CNY 14,352,720.84 for the period, after accounting for tax effects[8] - Total operating costs for Q1 2025 were approximately $519.49 million, down 4.1% from $541.75 million in Q1 2024[18] - The company reported a financial income of approximately $13.30 million in Q1 2025, compared to $11.86 million in Q1 2024[19] Investment Activities - Cash inflow from investment activities was CNY 1,907,512,133.38 in Q1 2025, up 26.5% from CNY 1,508,581,917.82 in Q1 2024[22] - The net cash flow from investment activities decreased to CNY 196,186,435.23 in Q1 2025 from CNY 724,782,655.54 in Q1 2024[22] - The cash outflow for purchasing fixed assets and other long-term assets was CNY 11,325,698.15 in Q1 2025, down from CNY 18,799,262.28 in Q1 2024[22] Accounting Standards - The company did not apply new accounting standards starting from 2025[23]

北京市嘉源律师事务所 关于北京航空材料研究院股份有限公司 2024 年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 关于北京航空材料研究院股份有限公司 航材股份 2024 年度股东大会 嘉源 · 法律意见书 喜源律师事务所 IA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致:北京航空材料研究院股份有限公司 北京市嘉源律师事务所 2024 年度股东大会的 法律意见书 嘉源(2025)-04-255 北京市嘉源律师事务所(以下简称"本所")接受北京航空材料研究院股份 有限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》（以下 简称"《公司法》")、《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 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,指派本所律师对公司 2024年度股东大会(以下简称"本次股东大 会")进行见证, ...

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 ...

下调目标价至 61.78元，维持"增持"。 2024年营收及净利润同比小幅增长，参照2024 年公司业绩实现情 况，结合近期下游行业需求变化等因素，下调2025-2026 年eps 至1.50/1.71 元（前值1.63/2.08元），新增 2027 年EPS 1.98 元，参照可比公司2025 年平均41.23倍PE，给予公司2025 年41.23 倍PE，下调目标价至 61.78 元，维持"增持"评级。 全年业绩同比微增，四季度净利润大幅改善。1）2024 全年，公司实现营业收入 29.32 亿元，同比增长 4.62%；归属于上市公司股东的净利润 5.81 亿元，同比增长 0.84%；归属于上市公司股东的扣除非经常 性损益的净利润 5.14 亿元，同比降低 9.26%，主要系产品结构变化。2）2024 年第四季度公司实现营业 收入7.36 亿元，同比增长21.08%；归母净利润1.45 亿元，同比增长97.91%。3）基础材料产品收入同比 减少 7.83%，主要系产品订单减少；航空成品件产品收入同比增加 9.09 %，主要系产品订单增长，毛利 率下降主要系产品结构变化；非航空成品件产品收入同比增加 44. ...

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 ...

中航证券有限公司张超,方晓明,闫天路近期对航材股份进行研究并发布了研究报告《2024年年报点评：全 年业绩平稳，四季度利润增长98%》，下调航材股份目标价至64.0元，给予买入评级。 航材股份(688563) 事件 公司3月31日公告，公司2024年实现营业收入(29.32亿元，+4.62%)，归母净利润(5.81亿元，+0.84%)，扣 非归母净利润(5.14亿元，-9.26%)；毛利率(29.64%，-1.91pcts)，净利率(19.82%，-0.74pcts)。同时，从单 季度来看，2024年Q4公司单季度实现营业收入(7.36亿元，+21.08%)，环比增长7.19%；单季度归母净利润 (1.45亿元，+97.91%)，环比增长16.16%。 投资要点 2024年全年业绩平稳，2024Q4单季度归母净利润增长98% 2024年公司营业收入(29.32亿元，+4.62%)，公司产品结构发生变化，航空成品件、非航空成品件和加工服 务收入增长，基础材料收入同比减少。归母净利润(5.81亿元，+0.84%)，增长幅度放缓明显主要系本期公 司产品结构变化、综合毛利率下降，同时公司持续增加研发投入，研发费用同比 ...

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].