Core Insights - The article discusses the development and current state of the aviation engine industry in China, highlighting the complete manufacturing system that has been established [1][2]. Industry Overview - The aviation engine industry includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [1]. - Key participants in research and design include major universities and research institutes, such as Beihang University and Nanjing University of Aeronautics and Astronautics [2]. - The complete machine manufacturing segment is primarily dominated by China Aviation Engine Group, while raw material processing involves companies like Fushun Special Steel and Baosteel [2][4]. Regional Distribution - The distribution of aviation engine manufacturing companies is mainly concentrated in inland regions of China, with titanium alloy material leaders located in Shaanxi and other material representatives in Jiangsu [4]. Company Performance - Aviation Power (航发动力) leads the industry with projected revenue of 44.994 billion yuan in 2024, with an average gross margin of around 25% across the industry [5][7]. - Other notable companies include: - AVIC Heavy Machinery (中航重机) with revenue of 8.108 billion yuan and a gross margin of 23.69% [7]. - AVIC Control (航发控制) with revenue of 4.882 billion yuan and a gross margin of 28.11% [7]. - AVIC Technology (航发科技) with revenue of 2.572 billion yuan and a gross margin of 16.09% [7]. - Yingliu Co. (应流股份) with revenue of 1.208 billion yuan and a gross margin of 34.24% [7]. Investment Trends - Recent investment trends in the aviation engine industry focus on enhancing the supply chain and improving technological capabilities [9]. - Aviation Power has invested in multiple subsidiaries to strengthen its industry chain, while AVIC Heavy Machinery has acquired stakes in precision casting companies to enhance its technical strength [10].

Investment Rating - The investment rating for the company is "Hold" with a downgrade from previous ratings [6]. Core Views - The company reported a revenue of 1.35 billion yuan in Q1 2025, a year-over-year decrease of 4.7%, and a net profit of 150 million yuan, down 43.6% year-over-year, primarily due to tax policy adjustments and price changes [1]. - The company achieved a revenue of 5.481 billion yuan in 2024, a growth of 2.95% year-over-year, and a net profit of 750 million yuan, up 3.26% year-over-year, indicating that the operational goals for 2024 were largely met [2]. - The company is focusing on the collaborative development of military, civilian, and fuel sectors, with a positive outlook on the long-term development of large aircraft business due to advancements in commercial engine development [3]. - The company is positioned as a major supplier of aviation engine and gas turbine control systems in China, benefiting from the growing demand in aviation equipment, large aircraft, general aviation, and drones, indicating significant long-term growth potential [4]. Financial Summary - For 2025, the company expects revenues of 5.316 billion yuan, a slight decrease from 2024, with net profits adjusted to 725 million yuan [4]. - The company’s revenue growth rates are projected to be -3.01% in 2025, followed by 11.36% in 2026 and 13.70% in 2027 [5]. - The company’s EBITDA for 2025 is estimated at 1.520 billion yuan, with a net profit margin of 13.64% [5]. - The company’s financial metrics include a PE ratio of 32.97 for 2025, decreasing to 25.78 by 2027 [5].

Investment Rating - The investment rating for the company is "Hold" with a downgrade in rating [6]. Core Views - The company reported a revenue of 1.35 billion yuan in Q1 2025, a year-over-year decrease of 4.7%, and a net profit of 150 million yuan, down 43.6% year-over-year, primarily due to tax policy adjustments and price changes [1]. - The company achieved a revenue of 5.481 billion yuan in 2024, a year-over-year increase of 2.95%, and a net profit of 750 million yuan, up 3.26%, indicating that the operational goals for 2024 were largely met [2]. - The company is focusing on collaborative development in military, civilian, and fuel sectors, with a positive outlook on the long-term development of large aircraft business [3]. - The company is positioned as a major supplier of aviation engine and gas turbine control systems in China, benefiting from the growth in demand for aviation equipment, large aircraft, general aviation, and drones [4]. Summary by Sections Financial Performance - In Q1 2025, the gross margin was 25.1%, a decrease of 7.80 percentage points year-over-year, and the net profit margin was 11.0%, down 7.49 percentage points year-over-year [1]. - The company’s revenue for 2025 is projected to be 5.316 billion yuan, reflecting a slight decline from 2024, with net profit expected to be 725 million yuan [5]. Revenue Breakdown - In 2024, the revenue from aviation engines and gas turbine control systems was 4.88 billion yuan, accounting for 89.1% of total revenue, with a gross margin increase of 1.55 percentage points to 29.2% [2]. - Domestic revenue was 5.11 billion yuan, a 2.8% increase year-over-year, while international revenue was 370 million yuan, a 5.5% increase [2]. Future Outlook - The company aims for a revenue target of 5.3 billion yuan in 2025, indicating a transition period between old and new products [2]. - The company is advancing the development of commercial engines and exploring maintenance services for domestic aircraft like the C919, which is expected to positively impact performance in the mid to late "14th Five-Year Plan" period [3].

Group 1: Business Outlook - The company expects a decline in revenue for 2025 due to peak demand for certain military products and tax policies, but long-term trends remain positive with new models and market expansions [2] - The military aviation power control business is driven by rapid growth in maintenance services and urgent demand for new models [2] - The company is actively pursuing opportunities in general aviation and international trade, aiming to increase market share despite short-term challenges from trade tensions [2][5] Group 2: Financial Performance - In 2024, the repair business revenue is projected to increase to approximately 16%, with a year-on-year growth of about 290 million [3] - International cooperation revenue grew by 5.48%, but gross margin slightly decreased due to rising material costs and increased R&D efforts [5] - Subsidiary West Control Technology reported revenue of 2.383 billion, a year-on-year increase of 2.28%, while Guizhou Honglin achieved revenue of 1.685 billion, remaining stable [6] Group 3: Product Development - The company is focusing on the development of high-end pumps and electro-hydraulic products, which are expected to support future revenue growth [2] - The company is advancing the development of various control systems for commercial engines, with significant progress in the Longjiang series [3] - The company is also exploring maintenance services for domestic aircraft like C919, which is expected to positively impact future performance [3] Group 4: Challenges and Risks - The company faces challenges with accounts receivable due to industry settlement characteristics, with approximately 90% of revenue coming from military products [7] - Operating cash flow turned negative in 2024, influenced by the timing of accounts receivable, but is expected to improve in early 2025 [7] - The company is navigating uncertainties in international cooperation due to potential impacts from U.S. tariff policies [5]

北京市中伦（上海）律师事务所 关于中国航发动力控制股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年四月 北京市中伦（上海）律师事务所 关于中国航发动力控制股份有限公司 2024 年年度股东大会的 法律意见书 致：中国航发动力控制股份有限公司 根据中国航发动力控制股份有限公司（以下简称公司）与北京市中伦（上海） 律师事务所（以下简称本所）签订的《常年法律服务合同》的约定及受本所指派， 本所律师出席公司 2024 年年度股东大会（以下简称本次股东大会），并根据《中 华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大会规则》（以下 简称《股东大会规则》）等法律、法规和规范性文件以及《中国航发动力控制股 份有限公司章程》（以下简称《公司章程》）的有关规定，对本次股东大会的召集、 召开程序、出席会议人员的资格、表决程序和表决结果等有关事宜出具本法律意 见书。 本所律师认为，公司本次股东大会的召集、召开程序符合《公司法》《股东 大会规则》等法律、法规和规范性文件及《公司章程》的规定。 本所律师按照《股东大会规则》《律师事务所从事证券法律业务管理办法》 《律师事务所证券法律业务执业规则（试行）》的 ...

证券代码：000738 证券简称：航发控制 公告编号：2025-022 中国航发动力控制股份有限公司 2024 年年度股东大会决议公告 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、召开会议的基本情况 （一）股东大会召开时间： 1.现场会议时间：2025 年 4 月 28 日下午 3:00。 2.网络投票时间：2025 年 4 月 28 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 2025 年 4 月 28 日的 交易时间，即 9:15—9:25,9:30—11:30 和 13:00—15:00；通过深圳证券交易所互联网 投票系统（http://wltp.cninfo.com.cn）投票的具体时间为 2025 年 4 月 28 日上午 9:15， 结束时间为 2025 年 4 月 28 日下午 3:00。 3.会议地点：贵阳格兰云天国际酒店（贵阳市花溪区珠江路 168 号）。 4.召开方式：现场表决与网络投票相结合。 5.召集人：公司董事会。 特别提示： 1.本次股东大会不存在否决提案的情况。 2.本次股东大会不涉及变更以往股东大会决议的 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,348,771,438.40, a decrease of 4.69% compared to ¥1,415,162,841.85 in the same period last year[4]. - Net profit attributable to shareholders was ¥146,811,592.82, down 43.61% from ¥260,341,248.02 year-on-year[4]. - Basic and diluted earnings per share decreased to ¥0.1116, down 43.64% from ¥0.1980 in the same period last year[4]. - The company experienced a 43.35% decrease in net profit due to reduced operating revenue and increased depreciation and amortization costs[8]. - The net profit for the current period was CNY 148,013,801.78, down from CNY 261,287,912.43 in the previous period, indicating a decline of about 43.3%[19]. - The total profit for the current period was CNY 175,084,756.96, compared to CNY 305,310,171.36 in the previous period, reflecting a decrease of approximately 42.7%[18]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to ¥458,240,223.16, compared to a negative cash flow of ¥195,353,472.47 in the previous year, representing a 334.57% improvement[4]. - Cash flow from operating activities generated a net amount of CNY 458,240,223.16, a significant improvement from a net outflow of CNY 195,353,472.47 in the previous period[22]. - The company received CNY 1,602,111,201.37 in cash from sales of goods and services, which is an increase from CNY 942,615,918.98 in the previous period, representing a growth of approximately 70.0%[21]. - Cash and cash equivalents increased to CNY 3,504,819,732.24 from CNY 3,031,685,327.76, representing a growth of 15.6%[13]. - Cash and cash equivalents at the end of the period totaled CNY 3,504,819,732.24, compared to CNY 3,853,734,168.78 at the end of the previous period, showing a decrease of about 9.0%[23]. - The company reported a net cash inflow from investing activities of CNY 22,461,767.53, down from CNY 149,796,702.13 in the previous period, indicating a decline of about 85.0%[22]. Assets and Liabilities - Total assets at the end of the reporting period were ¥16,400,528,792.03, reflecting a slight increase of 0.52% from ¥16,315,167,406.77 at the end of the previous year[4]. - Total assets amounted to CNY 16,400,528,792.03, slightly up from CNY 16,315,167,406.77, reflecting a growth of 0.52%[15]. - Total liabilities decreased to CNY 3,147,054,743.11 from CNY 3,368,732,385.32, a reduction of 6.57%[15]. - Non-current liabilities decreased significantly to CNY 182,988,357.20 from CNY 382,667,327.64, a drop of 52.1%[15]. - The company’s retained earnings increased to CNY 4,308,342,137.87 from CNY 4,161,530,545.05, an increase of 3.53%[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 61,551[9]. - The largest shareholder, China Aviation Engine Group Co., Ltd., holds a 28.57% stake in the company[9]. - Shareholders' equity attributable to the parent company increased by 1.22% to ¥12,496,902,278.12 from ¥12,346,622,125.96 at the end of the previous year[4]. Operating Costs and Expenses - The total operating costs for the current period were CNY 1,178,518,399.13, an increase from CNY 1,112,956,601.02 in the previous period, representing a growth of approximately 5.9%[18]. - The company incurred research and development expenses of CNY 43,856,018.20, slightly up from CNY 42,236,556.74 in the previous period, indicating a growth of about 3.8%[18]. - The company paid CNY 123,766,014.64 in taxes during the current period, compared to CNY 106,270,217.91 in the previous period, representing an increase of approximately 16.5%[22].

Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

Group 1 - The A-share market saw a strong performance in the large aircraft concept stocks, with several companies hitting the daily limit up, including Boyun New Materials (002297), Runbei Aerospace Technology, Aero Engine Corporation of China, and Lijun Shares (002651) [1] - Notable stock performances included Aileda (300696) rising over 8%, and Hangya Technology, Beimo High-tech increasing over 7% [1] - The market capitalization of the top performing stocks ranged from 19.41 billion to 252 billion, with Boyun New Materials reaching 40.17 billion and Aero Engine Corporation of China at 87.91 billion [2] Group 2 - Malaysia Airlines is considering purchasing Chinese-made aircraft, evaluating three models from COMAC: C909, C919, and C929 [2] - The AG600 received its type certificate on April 20, with future applications planned for logistics, personnel transport, ocean terrain exploration, and rapid firefighting tasks [3]

证券代码：000738 证券简称：航发控制 公告编号：2025-020 中国航发动力控制股份有限公司 关于召开 2024 年年度股东大会的提示性公告 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。 中国航发动力控制股份有限公司（以下简称公司）董事会于 2025 年 3 月 29 日在 《中国证券报》《证券时报》及巨潮资讯网上刊登了《中国航发动力控制股份有限公司 关于召开 2024 年年度股东大会的通知》，现发布本次股东大会的提示性公告如下： 一、召开会议的基本情况 （二）股东大会召集人：本公司董事会。公司第九届董事会第二十六次会议审议批 准了《关于召开 2024 年年度股东大会的议案》。 （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。 （一）股东大会届次：2024 年年度股东大会 （四）股东大会召开时间： 1.现场会议时间：2025 年 4 月 28 日（星期一）下午 3:00。 2.网络投票时间：2025 年 4 月 28 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 202 ...