Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months [1][6]. Core Views - The company is projected to achieve steady revenue growth, with expected revenues of 53.24 billion yuan in 2023, reflecting a year-on-year increase of 7.74% [1]. - The net profit for 2023 is forecasted to be 7.27 billion yuan, showing a year-on-year growth of 5.55% [1]. - The report highlights the company's strong position as a leading domestic enterprise in the development and production of aircraft engine control systems, characterized by high technical barriers and significant R&D challenges [3]. Financial Projections - Revenue Forecast: - 2023: 53.24 billion yuan - 2024E: 61.45 billion yuan - 2025E: 70.25 billion yuan - 2026E: 79.11 billion yuan [3][5] - Net Profit Forecast: - 2023: 7.27 billion yuan - 2024E: 8.78 billion yuan - 2025E: 10.61 billion yuan - 2026E: 12.71 billion yuan [3][5] - Earnings Per Share (EPS): - 2024E: 0.67 yuan - 2025E: 0.81 yuan - 2026E: 0.97 yuan [3][5] Business Performance - The company has shown a consistent improvement in profitability, with a net profit margin projected to increase from 13.7% in 2023 to 16.1% by 2026 [5]. - The gross profit margin is expected to rise from 27.5% in 2023 to 29.1% in 2026, indicating enhanced operational efficiency [5]. - The report emphasizes the company's focus on high-quality development and continuous improvement in operational management [1][3].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential upside of over 20% within six months [3][12]. Core Views - The company achieved a revenue of 5.32 billion yuan in 2023, representing a year-on-year growth of 7.74%. The net profit attributable to shareholders was 726.58 million yuan, up 5.55% year-on-year [1][2]. - The main business of aviation engines and gas turbine control systems generated 4.69 billion yuan in revenue, accounting for 88.17% of total revenue, with a year-on-year increase of 10.06% [1]. - International cooperation business revenue reached 349 million yuan, a significant increase of 47.04% year-on-year, indicating accelerated development in international collaboration [1]. - The company is positioned as a core supplier in the aviation engine control system industry, benefiting from strong demand in both upstream and downstream sectors [1]. Financial Performance Summary - In 2023, the gross profit margin was 27.46%, slightly down by 0.30 percentage points year-on-year, while the net profit margin was 13.71%, also down by 0.30 percentage points [1][8]. - The company’s operating expenses ratio was 10.95%, a decrease of 1.25 percentage points year-on-year, indicating improved cost management [1]. - The forecasted net profits for 2024, 2025, and 2026 are expected to be 836.44 million yuan, 1.00 billion yuan, and 1.22 billion yuan respectively, with corresponding P/E ratios of 27.08, 22.54, and 18.51 [2][6]. Business Outlook - The company anticipates continued growth in associated transactions, with the expected total for 2024 being no more than 4.80 billion yuan, an increase of 11.78% from 2023 [1]. - The aviation industry is expected to remain robust, with a recovery trend in the international civil aviation market, which will positively impact the company's operations [1].

证券研究报告：国防军工 | 公司点评报告 2024年3月27日 股票投资评级 航发控制(000738) 科研生产交付再创新高，拓展民航燃机业务提升修 买入|维持 理能力 个股表现  事件 航发控制 国防军工 3月26日，航发控制发布2023年年报。2023年，公司实现营业 -2% -6% 收入53.24亿元，同比增长7.74%，实现归母净利润7.27亿元，同比 -10% -14% 增长5.55%。 -18% -22%  点评 -26% -30% -34% 1、聚焦两机控制系统主业，营收保持较快增速。2023年，公司 -38% -42% 实现营业收入53.24亿元，同比增长7.74%，实现归母净利润7.27亿 2023-03 2023-06 2023-08 2023-11 2024-01 2024-03 元，同比增长5.55%。其中，航空发动机及燃气轮机控制系统营收46.94 资料来源：聚源，中邮证券研究所 亿，同比增长10.06%，保持较快增长；国际合作业务营收3.49亿， 同比增长 47.04%;控制系统技术衍生产品营收 2.81 亿，同比下降 公司基本情况 36.10%；整体毛利率27.46%，同比下 ...

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 ...