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]

Core Points - The company announced a cash dividend distribution of 0.302 CNY per share, totaling 135.9 million CNY for all shareholders [1][2][5] - The dividend distribution plan was approved at the annual shareholders' meeting held on April 29, 2025 [1] - The record date for shareholders is set, and the cash dividend will be distributed through the China Securities Depository and Clearing Corporation [1][5] Dividend Distribution Details - The total number of shares for the dividend calculation is 450 million [1] - The cash dividend will be distributed to shareholders registered by the end of the trading day on the record date [1] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository until the trading is completed [1] Tax Implications - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.302 CNY per share [2][3] - For shares held for less than one year, a tax rate of 20% applies for holdings of one month or less, and 10% for holdings between one month and one year [3] - Non-resident enterprises and qualified foreign institutional investors (QFII) will have a 10% withholding tax applied, resulting in a net distribution of 0.2718 CNY per share [4][5]

证券代码：688563 证券简称：航材股份 公告编号：2025-014 北京航空材料研究院股份有限公司2024年年度权益分派实施 公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/15 | 2025/5/16 | 2025/5/16 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 四、 分配实施办法 1. 实施办法 除公司自行发放对象外，公司其他股东的红利委托中国结算上海分公司通过 其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易 所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发放日 在其指定的证券营业部领取现金红 ...

Core Viewpoint - The company, Beijing Aerospace Materials Research Institute Co., Ltd., has released its quarterly report for the first quarter of 2025, confirming the accuracy and completeness of the financial data presented [3][5][13]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, with the company confirming that there were no significant profits or losses from mergers with controlled entities [5][13]. - The company has not applied new accounting standards or interpretations that would affect the financial statements for the year [5]. Shareholder Information - The company held its annual general meeting on April 29, 2025, where all proposed resolutions were passed without any objections [7][9]. - The meeting was attended by 8 out of 9 directors and 3 out of 5 supervisors, with the procedures conforming to legal requirements [7][11]. Meeting Resolutions - Resolutions passed during the meeting included the approval of the 2024 annual report, financial statements, and profit distribution plan [9][11]. - The company plans to establish new departments, namely the Development Planning Department and the Operations Support Department [12]. Monitoring and Legal Compliance - The company’s board and supervisory committee confirmed that all meeting procedures and resolutions complied with the Company Law and the company's articles of association [11][15]. - Legal opinions were provided by Beijing Jiayuan Law Firm, confirming the legality of the meeting and its resolutions [10][11].

证券代码：688563 证券简称：航材股份 公告编号：2025-011 北京航空材料研究院股份有限公司 2024年度股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 29 日 （二） 股东大会召开的地点：北京航空材料研究院股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 200 | | --- | --- | | 普通股股东人数 | 200 | | 2、出席会议的股东所持有的表决权数量 | 359,319,953 | | 普通股股东所持有表决权数量 | 359,319,953 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 79.8488 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 79.8488 | （四） 表决方式 ...

证券代码： 688563 证券简称：航材股份 公告编号： 2025-013 北京航空材料研究院股份有限公司 第二届监事会第三次会议决议公告 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方式召开。会议应出席监事5人，实际出席监事5人（ 其中委托出席2名，监事会主席吴文生因其他公务，书面委托监事张晓出席会议并代 为行使表决权、主持会议；监事李兴无因其他公务，书面委托监事李佩桓出席会议 并代为行使表决权）。会议由监事张晓主持，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 （二）审议通过《关于公司<2025年第一季度报告>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 ...

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 ...