证券代码：000738 证券简称：航发控制 公告编号：2024-036 中国航发动力控制股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 中国航发动力控制股份有限公司（以下简称公司）第九届董事会第二十四次会议 决定于 2024 年 12 月 20 日（星期五）下午 2:30 召开 2024 年第一次临时股东大会， 现将会议情况通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024 年第一次临时股东大会 （二）股东大会召集人：本公司董事会 （三）会议召开的合法、合规性：本次股东大会的召开符合国家有关法律、行政 法规、部门规章、规范性文件和公司章程的规定。 （四）股东大会召开时间： 1.现场会议时间：2024 年 12 月 20 日（星期五）下午 2:30。 2.网络投票时间：2024 年 12 月 20 日。 其中，通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 12 月 20 日 的交易时间，即 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳证券 ...

证券代码：000738 证券简称：航发控制 公告编号：2024-035 中国航发动力控制股份有限公司 关于拟变更会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通合伙） 更名而来，初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是 国内最早获准从事证券服务业务的会计师事务所之一，长期从事证券服务业务。注册 地址为北京市西城区阜成门外大街 22 号 1 幢外经贸大厦 901-22 至 901-26，首席合伙 人肖厚发。 2.人员信息 拟聘任的会计师事务所名称：容诚会计师事务所（特殊普通合伙） 原聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合伙） 变更会计师事务所的原因：根据财政部、国务院国资委、中国证监会关于会计 师事务所选聘相关规定，为进一步适应公司未来经营发展和满足合规管理的需 要，综合考虑公司对审计服务的需求，公司拟聘任容诚会计师事务所为公司 ...

证券代码：000738 证券简称：航发控制 公告编号：2024-033 中国航发动力控制股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 中国航发动力控制股份有限公司（以下简称公司）于2024年12月4日召开第九届董 事会第二十四次会议和第九届监事会第十八次会议，审议通过了《关于使用暂时闲置 募集资金进行现金管理的议案》，在确保不影响公司募集资金投资计划正常进行，并有 效控制风险的前提下，同意公司使用最高额度不超过人民币11亿元的暂时闲置募集资 金进行现金管理，适时用于购买安全性高、流动性好的保本型现金管理产品，包括但 不限于协定存款、通知存款、定期存款、大额存单等。上述额度自董事会审议通过之 日起12个月内有效，在前述额度和期限范围内，可循环滚动使用，并授权公司董事长 根据实际情况行使决策权。具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准中国航发动力控制股份有限公司非公开发 行股票的批复》（证监许可〔2021〕2807 号）核准，公司采用非公开发行股票的方式向 特定对象发行 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 28 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [2][11]. Core Views - The company has shown steady revenue growth and improved profitability, with Q1-Q3 2024 revenue at 4.21 billion CNY (+2.67%) and net profit at 629 million CNY (+5.48%) [2][4]. - The company is a leading player in the aviation control systems sector, benefiting from strong domestic and international orders, particularly in the context of the recovery of the international aviation market [7][11]. - The company is actively advancing its capacity expansion projects, which are expected to enhance its production capabilities by 2026 [8][11]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenue of 4.21 billion CNY, a slight increase of 2.67%, and a net profit of 629 million CNY, up 5.48% [2][4]. - The gross margin improved to 29.71% (+0.42 percentage points) and net margin to 15.02% (+0.40 percentage points) [2][4]. - In Q3 2024, revenue was 1.40 billion CNY (+2.79% YoY), with net profit at 159 million CNY (+8.61% YoY) [2][4]. Business Segments - The company's revenue from aviation engine and gas turbine control systems was 2.52 billion CNY (+3.23%) with a gross margin of 31.42% [4][11]. - International cooperation revenue reached 183 million CNY (+12.21%) with a gross margin of 22.85% [4][11]. - Revenue from control system technology derivative products was 108 million CNY (-20.17%) with a gross margin of 37.42% [4][11]. Future Outlook - The company anticipates continued growth in 2024 driven by increased production of control systems and international cooperation orders [11][12]. - Revenue projections for 2024-2026 are 5.70 billion CNY, 6.31 billion CNY, and 7.18 billion CNY respectively, with net profits expected to be 770 million CNY, 837 million CNY, and 899 million CNY [11][12]. - The company is well-positioned to capitalize on national strategies for large aircraft development and the recovery of the aviation market [7][11].

根据《公司章程》，公司董事会由 15 名董事组成。公司现有独立董事 5 名，蔡永 民先生的任期届满离任将导致公司独立董事人数少于董事会成员的三分之一，根据《上 市公司独立董事管理办法》《公司章程》等相关规定，蔡永民先生将继续履行其独立董 事及董事会相关专门委员会委员职责，直至公司股东大会选举产生新的独立董事。 证券代码：000738 证券简称：航发控制 公告编号:2024-031 中国航发动力控制股份有限公司 关于董事会、监事会延期换届选举的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会、监事会延期换届选举 中国航发动力控制股份有限公司（以下简称公司）第九届董事会、监事会将于 2024 年 11 月 11 日任期届满，鉴于公司新一届董事会、监事会的换届工作正在筹备过程中， 为保证公司董事会、监事会工作的连续性，公司第九届董事会、监事会的换届选举将 适当延期进行，董事会各专门委员会及高级管理人员的任期亦相应顺延。 公司第九届董事会及全体董事、第九届监事会及全体监事、高级管理人员在换届 工作完成前，将继续依照法律法规和《公司章程》相关规定履 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2] Core Views - The company has shown steady revenue growth and continuous improvement in profitability, with a year-on-year revenue increase of 2.67% and a net profit increase of 5.48% for the first three quarters of 2024 [2][3] - The company aims to enhance its operational efficiency by focusing on improving its profit margins, achieving a gross margin increase of 0.42 percentage points to 29.71% and a net margin increase of 0.4 percentage points to 15.02% [3] - As a core supplier in the aerospace control systems sector, the company is expected to benefit from the high demand in the aerospace industry driven by increased defense spending and the rapid development of civil aviation [3] Financial Data and Valuation - For the first three quarters of 2024, the company reported a revenue of 42.10 billion yuan and a net profit of 6.29 billion yuan [2] - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.61, 0.68, and 0.77 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 39.8, 35.5, and 31.5 [3] - The company’s total assets are expected to grow from 150.32 billion yuan in 2022 to 189.46 billion yuan by 2026, indicating a solid growth trajectory [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the aviation engine control system sector and the potential for state-owned enterprise reform [1][3]. Core Views - The company reported a revenue of 4.21 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 2.7%, with a net profit attributable to shareholders of 629 million yuan, up 5.5% year-over-year [1]. - The company is expected to benefit from the stable growth of downstream production and the aftermarket, with projected net profits of 839 million, 1.02 billion, and 1.23 billion yuan for 2024, 2025, and 2026, respectively [1][2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 29.7% and a net margin of 15.0%, both showing improvements compared to the previous year [1]. - The company’s operating cash flow was negative 83 million yuan, primarily due to increased procurement and tax payments [1]. - The company’s revenue is projected to grow from 5.32 billion yuan in 2023 to 7.86 billion yuan in 2026, with a compound annual growth rate (CAGR) of 14.5% from 2019 to 2023 [2][4]. Profitability and Efficiency Metrics - The company’s net profit margin is expected to improve from 13.65% in 2023 to 15.60% in 2026, indicating enhanced profitability [4]. - The return on assets (ROA) is projected to increase from 4.61% in 2023 to 6.68% in 2026, reflecting better asset utilization [4]. - The company’s total asset turnover ratio is expected to rise from 0.35 in 2023 to 0.44 in 2026, indicating improved operational efficiency [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Views - The company reported a revenue of 4.21 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 2.67%, and a net profit attributable to shareholders of 629 million yuan, up 5.48% year-on-year [1]. - The company is expected to achieve a revenue of 5.6 billion yuan for the full year 2024, with the fourth quarter projected to generate 1.39 billion yuan, reflecting a 13.56% increase compared to the same quarter in 2023 [1]. - The company operates in a promising sector of aviation engines, which spans both military and civilian applications, and is positioned well within the control systems segment [2]. Financial Summary - For Q3 2024, the company achieved a revenue of 1.404 billion yuan, a year-on-year increase of 2.79%, and a net profit of 159 million yuan, up 8.61% year-on-year [1]. - The gross margin for Q3 2024 was 26.95%, an increase of 0.54 percentage points year-on-year, while the net profit margin was 11.42%, up 0.67 percentage points year-on-year [1]. - The company’s total assets at the end of Q3 2024 were 3.193 billion yuan, a 21.13% increase year-on-year, indicating accelerated construction of capacity from previous fundraising efforts [2]. - The company’s projected net profits for 2024, 2025, and 2026 are 833 million yuan, 950 million yuan, and 1.079 billion yuan, respectively, with corresponding P/E ratios of 38X, 34X, and 30X [2][3].

Financial Performance - Revenue for the third quarter reached 1,404,149,038.13 yuan, a year-on-year increase of 2.79%[2] - Net profit attributable to shareholders of the listed company was 159,162,462.82 yuan, up 8.61% year-on-year[2] - Total revenue for the period reached 4,209,699,408.91 yuan, compared to 4,100,261,094.46 yuan in the previous period[14] - Net profit attributable to the parent company's owners was 4,064,025,941.24 yuan, compared to 3,653,461,328.44 yuan at the beginning of the period[12] - Operating profit for the quarter was RMB 728,414,452.43, an increase from RMB 682,539,281.03 in the previous period[15] - Net profit for the quarter was RMB 632,224,892.83, up from RMB 599,517,182.03 in the same period last year[15] - Basic earnings per share for the quarter were RMB 0.4782, up from RMB 0.4533 in the same period last year[15] Assets and Liabilities - Total assets as of the end of the reporting period were 16,336,944,242.82 yuan, an increase of 3.55% compared to the end of the previous year[2] - Total assets increased to 16,336,944,242.82 yuan from 15,776,763,613.05 yuan at the beginning of the period[11][12] - Accounts receivable increased by 144.45% to 380,591,790 yuan due to customer repayments[5] - Accounts receivable increased significantly to 3,805,917,873.92 yuan from 1,556,908,966.53 yuan at the beginning of the period[11] - Fixed assets rose to 3,193,126,984.24 yuan from 2,914,107,859.82 yuan at the beginning of the period[11] - Total liabilities stood at 3,710,094,645.04 yuan, up from 3,573,719,688.78 yuan at the beginning of the period[12] - Total equity increased to 12,626,849,597.78 yuan from 12,240,088,548.15 yuan at the beginning of the period[13] Cash Flow - Operating cash flow for the period was -83,407,626.99 yuan, a decrease of 143.23% year-on-year[2] - Cash received from sales of goods and services was RMB 3,263,215,987.32, compared to RMB 3,167,156,759.89 in the previous period[16] - Net cash flow from operating activities was negative RMB 83,407,626.99, a significant decrease from positive RMB 192,922,717.90 in the prior period[16] - Cash received from investments was RMB 902,344,588.48, up from RMB 810,496,772.40 in the previous period[16] - Cash used in investing activities was RMB 997,671,299.94, compared to RMB 881,516,349.05 in the prior period[16] - Net cash flow from financing activities was negative RMB 182,322,467.57, compared to negative RMB 138,196,767.39 in the previous period[17] - The company's cash and cash equivalents at the end of the period were RMB 3,542,547,211.08, down from RMB 3,905,318,227.00 at the beginning of the period[17] Expenses and Income - Sales expenses rose by 49.53% to 41,318,000 yuan, driven by enhanced service and customer satisfaction efforts[6] - Other income surged by 189.46% to 24,100,500 yuan, mainly due to increased VAT deductions[6] - Investment income decreased by 76.44% to 1,875,000 yuan, primarily due to reduced income from structured deposits[6] - Credit impairment losses increased to -47,723,600 yuan, reflecting higher bad debt provisions[6] - Total operating costs amounted to 3,447,101,225.71 yuan, up from 3,388,376,467.50 yuan in the previous period[14] - R&D expenses decreased to 112,218,229.00 yuan from 129,993,076.56 yuan in the previous period[14] Shareholders and Ownership - The total number of ordinary shareholders at the end of the reporting period is 57,455[7] - China Aviation Engine Group Co., Ltd. holds 28.57% of the shares, totaling 375,810,362 shares[7] - China Aviation Engine South Industry Co., Ltd. holds 13.78% of the shares, totaling 181,200,000 shares[7] - China Aviation Engine Asset Management Co., Ltd. holds 7.54% of the shares, totaling 99,131,429 shares[7] - National Military-Civilian Integration Industry Investment Fund Co., Ltd. holds 2.10% of the shares, totaling 27,613,412 shares[7] - Hong Kong Securities Clearing Company Ltd. holds 1.87% of the shares, totaling 24,642,699 shares[7] - Guizhou Aviation Industry (Group) Co., Ltd. holds 1.70% of the shares, totaling 22,293,481 shares[7] - China Agricultural Bank Co., Ltd. - CSI 500 ETF holds 1.10% of the shares, totaling 14,456,162 shares[7] - China Industrial and Commercial Bank Co., Ltd. - Huaxia Military Security Flexible Allocation Mixed Fund holds 1.09% of the shares, totaling 14,400,311 shares[7] - China State-owned Enterprise Structure Adjustment Fund Co., Ltd. holds 0.90% of the shares, totaling 11,834,319 shares[7]

公司报告 | 半年报点评 "两机"主业稳中向好，降本增效助力增长 事件：公司发布 2024 年半年报，2024H1 公司实现营业收入 28.06 亿元， 同比+2.61%，主要是航发及燃机控制系统批产产品及国际订单交付增加； 归母净利润 4.7 亿元，同比+4.46%，扣非归母净利润 4.57 亿元，同比+ 3.73%，主要受订单拉动，公司营收规模增加带来毛利增加及公司期间费 用减少所致。二季度单季实现营收 13.9 亿元，同比-0.21%，环比-1.75%； 归母净利润 2.09 亿元，同比+1.6%，环比-19.57%；扣非归母净利润 2. 02 亿元，同比+1.3%，环比-20.63%。我们认为，2024 上半年公司批 产交付再创新高，连续 9 年实现半年度营业收入同比增长。未来随前端军 民航发与燃气轮机需求向好，叠加后端维修逐渐起量，公司业绩可期。 "两机"主业盈利稳定，降本增效助力增长 资产负债端，2024 上半年，存货 14.33 亿元，较上年末-0.93%；应收 账款 34.03 亿元，较上年末+118.58%，主要系客户回款影响；合同负债 3.7 亿元，较上年末-5.65%。我们认为，公司 2 ...