证券研究报告|年报点评报告 2024年 03月26日 航发控制（000738.SZ） 2023 年营收、归母净利润分别同比增长 7.74%、5.55% 事件：公司发布 2023年报。实现营收（53.24亿元，同比+7.74%），归 买入（维持） 母净利润（7.27 亿元，同比+5.55%），扣非归母净利润（6.88 亿元，同 股票信息 比+14.4%）。单季度看，2023Q4营收（12.24亿元，同比+2.89%），归 母净利润（1.3亿元，同比-10.84%），扣非归母净利润（1.14亿元，同比 行业 航空装备 +51.43%）。 前次评级 买入 3月26日收盘价(元) 17.80 1、营收层面：2023公司实现营收 53.24亿元，同比增长 7.74%。“两 总市值(百万元) 23,410.28 机”控制系统产品实现营收（46.94 亿元，同比+10.06%），实现稳健增 总股本(百万股) 1,315.18 长；国际转包业务实现营收（3.49亿元，同比+47.04%），主要是国际航 其中自由流通股(%) 100.00 空业加速复苏；技术衍生产业实现营收（2.81亿元，同比-36.1%），主要 30日日均成 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][5] Core Views - The company's two-machine control system business is steadily growing, benefiting from the high prosperity of military and civil aviation [2][4] - The company reported a revenue of 5.324 billion yuan in 2023, a year-on-year increase of 7.74%, and a net profit of 727 million yuan, up 5.55% year-on-year [3][4] Financial Data and Valuation - The company's earnings per share (EPS) for 2024-2026 are projected to be 0.61, 0.69, and 0.77 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 29.2, 25.9, and 23.0 [5][6] - The company’s total revenue is expected to grow from 5.833 billion yuan in 2024 to 7.310 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [6][8] - The net profit is projected to increase from 802 million yuan in 2024 to 1.018 billion yuan in 2026, with a net profit margin of around 13.9% by 2026 [6][8] Business Performance - The two-machine control system products generated revenue of 4.694 billion yuan, a year-on-year increase of 10.06%, while international subcontracting business revenue reached 349 million yuan, up 47.04% year-on-year [4] - The company is a key supplier of control systems in China, participating in all current and under-research models, and is expected to benefit from increased defense spending and the growth of the civil aviation market [4]

航发控制（000738.SZ）2023年年报点评 “两机”+海外市场双景气；24 年有望延续稳增态势 2024年03月27日 ➢ 事件：公司3月26日发布2023年报，全年实现营收53.2亿元，YoY+7.7%； 推荐 维持评级 归母净利润 7.3 亿元，YoY+5.55%；扣非净利润 6.9 亿元，YoY+14.4%。业绩 当前价格： 17.22元 表现基本符合市场预期。我们综合点评如下： ➢ 4Q23扣非净利润同比增长51%；投资收益减少影响利润率。1）单季度看： [Table_Author] 4Q23实现营收12.2亿元，YoY+2.9%；归母净利润1.3亿元，YoY-10.85%； 扣非净利润1.14亿元，YoY+51.4%。2）盈利能力：4Q23毛利率同比提升4.9ppt 至21.3%；净利率同比减少1.7ppt至10.7%。2023年毛利率同比减少0.3ppt 至27.5%；净利率同比减少0.3ppt至13.7%。2023年公司投资收益仅796万 元，较2022年7456万元同比减少6660万元，影响2023年净利润率。 ➢ 国内“两机”市场和海外市场双景气；四家子公司均衡发展。分产品看，2023 ...

[Table_Page] 年报点评|航空装备Ⅱ 证券研究报告 [航Table_发Title] 控制（000738.SZ） [公Tab司le_I评nves级t] 增持 当前价格 17.80元 航发主业稳增长，提质增效和质量管理成效显著 合理价值 23.95元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-27 ⚫ 事件：公司公告23年营收53.24亿元（YoY+7.74%），归母净利润7.27 相[Ta对ble市_Pi场cQu表ote现] 亿元（YoY+5.55%），扣非归母净利润6.88亿元（YoY+14.40%），毛 利率27.46%（YoY-0.30pps），净利率13.71%（YoY-0.30pps）。 4% ⚫ 航发主业稳增长，提质增效和质量管理成效显著。单季度看，Q4营收 -5%03/23 05/23 07/23 09/23 11/23 01/24 同比增长2.89%，归母净利润同比下滑-10.84%。营收增长主要是航发 -15% 及燃机控制系统批产及国际合作订单增加，利润增长主要是营收规模 -24% 增加同时费用降幅明显。同时质量管理成效显著，交付数 ...

Financial Performance - The company achieved an annual revenue of 5.324 billion yuan, representing a year-on-year growth of 7.74%[3] - Revenue from "two-machine" control system products reached 4.694 billion yuan, up 10.06% year-on-year; international aviation outsourcing business revenue increased by 47.04% to 349 million yuan[3] - The total profit for the year was 844.64 million yuan, a year-on-year increase of 6.31%; net profit attributable to shareholders after deducting non-recurring gains and losses was 688.36 million yuan, up 14.4%[3] - The company's operating revenue for 2023 reached CNY 5,324,045,090.72, representing a 7.74% increase compared to CNY 4,941,641,938.38 in 2022[21] - The net profit attributable to shareholders for 2023 was CNY 726,581,582.07, up 5.55% from CNY 688,396,329.57 in the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 688,364,754.80, reflecting a 14.40% increase from CNY 601,731,721.81 in 2022[21] - The total profit reached 84,464 thousand yuan, an increase of 6.31% compared to the previous year, exceeding the GDP growth rate of 5.2%[35] - The company reported a significant increase in revenue, achieving a total of 10 billion RMB for the fiscal year 2023, representing a 15% year-over-year growth[90] - The net profit attributable to shareholders was approximately 11.67 billion yuan, reflecting a decrease of 81.37% year-on-year[199] Research and Development - The company’s R&D investment was 724.92 million yuan, reflecting a year-on-year increase of 17.23%[3] - The management emphasizes the importance of innovation and plans to increase R&D efforts to strengthen its technological advantages in the aviation power control sector[5] - The company reported a total of 600 effective patents, with 121 new invention patents granted during the reporting period[32] - R&D expenditure intensity increased to 13.62%, up by 1.12 percentage points year-on-year, with total R&D investment amounting to 72,492 thousand yuan, a 17.23% increase[36] - Research and development expenses amounted to ¥171,970,933.14, a decrease of 6.92% compared to the previous year, with total R&D investment increasing by 17.23% to ¥724,920,702.90[47][50] Dividend and Shareholder Returns - The board proposed a cash dividend of 1.66 yuan per 10 shares, totaling 218.32 million yuan, which is approximately a 213% increase compared to 2022[3] - The total cash dividend amount for 2023 is 218,320,544.17 yuan, which represents 100% of the distributable profit[111] - The company reported a positive profit available for distribution to shareholders but did not propose a cash dividend distribution plan[107] Market Expansion and Strategy - The company aims to enhance its supply chain, quality assurance, and cost control systems to support research and production tasks in 2024[5] - The focus will be on optimizing the industrial structure and promoting the coordinated development of military and civilian aviation power systems[5] - The company plans to expand international cooperation and develop technology derivative industries, targeting increased market share in civil aviation outsourcing[5] - The company is actively expanding its market presence in the civil aviation sector, supported by favorable government policies[30] - The company aims to enhance its independent innovation capabilities by advancing cutting-edge power technology research and building collaborative innovation platforms with universities and research institutions[72] - The company plans to actively expand its market by promoting the coordinated development of military and civilian fuel, focusing on civil aviation and fuel control systems, and leveraging opportunities in the low-altitude economy[72] Operational Efficiency and Management - The company has established a rapid response center and implemented digital and intelligent production lines to enhance manufacturing efficiency and quality consistency[32] - The company is committed to improving operational management efficiency by integrating financial and operational metrics[71] - The company aims to optimize the entire process control of fundraising projects to enhance asset input-output efficiency and protect shareholder interests[100] - The company is focusing on expanding its management team with new appointments, including Vice General Managers and independent directors[86] Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights and interests[75] - The company received an A-level evaluation for its annual information disclosure work from the Shenzhen Stock Exchange, demonstrating its commitment to transparency[76] - The company has been recognized for its investor relations management, winning multiple awards for its performance explanation meetings and maintaining open communication with investors[76] - The company has implemented measures to increase the special contribution award for year-end rewards to motivate employees[107] Environmental Responsibility - The company and its subsidiaries are classified as key pollutant discharge units by environmental protection authorities[119] - By the end of 2023, the company equipped a total of 39 environmental protection facilities, including 3 wastewater treatment facilities, 6 noise control facilities, and 30 air pollution control facilities[123] - The company has not faced any penalties for violations of environmental laws and regulations in 2023[120] - China Aviation Power Control invested CNY 5.8 million in environmental protection efforts in 2023, including CNY 1.0336 million for wastewater and air pollution control facility upgrades and CNY 4.7757 million for hazardous waste disposal and monitoring[128] Employee and Talent Development - The total number of employees at the end of the reporting period was 7,228, with 1,959 retirees[105] - The company has 3,767 production staff, 2,454 technical personnel, and 112 financial staff among its total workforce[105] - The number of employees with a master's degree or above is 525, while 3,424 hold a bachelor's degree[105] - In 2023, the company completed over 6,200 training sessions, totaling more than 84,000 hours, with over 118,000 participants, averaging approximately 17 hours of training per person[108] Financial Integrity and Risk Management - The company has no significant litigation or arbitration matters during the reporting period, ensuring a stable operational environment[142] - The company has reported no violations of external guarantees during the reporting period, reflecting sound financial practices[137] - The company’s compliance and risk management systems were strengthened, focusing on integrating compliance with operational management needs[113] Future Outlook - The company provided a positive outlook for 2024, projecting a revenue growth of 20% based on new product launches and market expansion strategies[90] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[190] - The company expects a revenue growth of 10% in the upcoming fiscal year, driven by new product launches and market expansion[200]

中国航发动力控制股份有限公司董事会 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等规定，中国航发动 力控制股份有限公司（以下简称公司）董事会就在公司担任独立董事的蔡永民先生、由 立明先生、邸雪筠女士、录大恩先生、索建秦先生、赵嵩正先生（离任）的独立性情况 进行了评估并出具如下专项意见： 经核查，独立董事蔡永民先生、由立明先生、邸雪筠女士、录大恩先生、索建秦先 生、赵嵩正先生（离任）的任职经历、兼职情况以及其提交的相关独立性自查情况，上 述独立董事均未在公司担任除独立董事以外的任何职务，与公司及公司主要股东、控 股股东、实际控制人之间不存在利害关系或其他可能妨碍其进行独立客观判断的关系。 因此公司独立董事均符合《上市公司独立董事管理办法》《深圳证券交易所股票上市规 则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》中对 独立董事独立性的相关要求。 中国航发动力控制股份有限公司董事会 关于独立董事独立性情况的专项意见 2024 年 3 月 26 日 ...

关于中国航发动力控制股份有限公司 非经营性资金占用及 其他关联资金往来情况 汇总表的专项审核报告 专项审核报告 汇总表 非经营性资金占用及其他关联资金往来的情况汇总表 1 众环专字（2024）0800023号 目 录 起始页码 我们按照中国注册会计师审计准则的相关规定执行了审核工作。中国注册会计师审计准 则要求我们遵守中国注册会计师职业道德守则,计划和执行审核工作以对汇总表是否不存在 重大错报获取合理保证。在审核过程中,我们实施了包括检查会计记录、重新计算相关项目 金额等我们认为必要的程序。我们相信,我们的审核工作为发表审核意见提供了合理的基础。 我们认为,后附汇总表所载资料与我们审计航发控制公司 2023年度财务报表时所复核 的会计资料和经审计的财务报表的相关内容,在所有重大方面没有发现不一致。 为了更好地理解航发控制公司 2023 年度非经营性资金占用及其他关联资金往来情况, 后附汇总表应当与已审的财务报表一并阅读。 发控制公司 2023年度年报披露之目的使用,不得用作任何其他目的。 中审 普通合伙) 中国注册会计师: 中国注册会计师: 李书 于中国航发动力控制股份有限公司 非经营性资金占用及其他关联资金 ...

关于中国航发动力控制股份有限公司 募集资金年度存放与实际使用情况 的鉴证报告 众环专字（2024）0800022号 目 录 起始页码 鉴证报告 募集资金专项报告 关于募集资金年度存放与实际使用情况的专项报告 1 关于中国航发动力控制股份有限公司 募集资金年度存放与实际使用情况的鉴证报告 众环专字（2024）0800022 号 中国航发动力控制股份有限公司全体股东： 我们接受委托，对后附的中国航发动力控制股份有限公司（以下简称"航发控制公司"） 截至 2023 年 12 月 31 日止的《董事会关于募集资金年度存放与实际使用情况的专项报告》 进行了鉴证工作。 按照中国证监会发布的《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》和深圳证券交易所颁布的《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等有关规定，编制《董事会关于募集资金年度存放与实际使用情况的 专项报告》，提供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及 我们认为必要的其他证据，是航发控制公司董事会的责任。我们的责任是在执行鉴证工作的 基础上，对《董事会关于募集资金年度存放与实际使 ...

证券代码：000738 证券简称：航发控制 公告编号：2024-006 中国航发动力控制股份有限公司 2024 年日常关联交易预计情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 中国航发动力控制股份有限公司（以下简称公司）结合 2024 年业务发展需要， 对公司及子公司与实际控制人、控股股东中国航空发动机集团有限公司（以下简称中 国航发）及其所属单位全年累计发生的销售商品、采购物资、提供或接受劳务等各类 日常关联交易总金额进行了预计，预计总金额不超过 479,800 万元。 公司于 2024 年 3 月 26 日召开了第九届董事会第十八次会议审议通过了《关于 2024 年日常关联交易预计情况的议案》，在董事会审议本议案时，关联董事缪仲明、 邓志伟、刘浩、牟欣、杨先锋、蒋富国、杨卫军、夏逢春、李晓旻、杜鹏杰回避了表 决，独立董事蔡永民、由立明、邸雪筠、录大恩、索建秦一致同意本议案，表决结果 5 票同意，0 票反对，0 票弃权。 本议案尚需提交公司股东大会审议批准，与该项交易有利害关系的关联股东中 国航 ...

中国航发动力控制股份有限公司 内部控制审计报告 众环审字（2024）0800010号 内部控制审计报告 众环审字(2024)0800010 号 中国航发动力控制股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了中 国航发动力控制股份有限公司(以下简称"航发控制公司")2023年 12 月 31 日的财务报告 内部控制的有效性。 一、航发控制公司对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是航发控制公司董事会的责任。 二、注册会计师的责任 四、财务报告内部控制审计意见 我们认为,航发控制公司于 2023年 12月 31 日按照《企业内部控制基本规范》和相关 规定在所有 有效的财务报告内部控制。 中审人 通合伙) 中国注册会计师: 中国注册会计师: 李菲 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性 ...