Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 18.60 [1]. Core Views - The company has shown steady growth in its main business and is advancing its low-carbon and low-altitude business development [1]. - The company is a leading domestic enterprise engaged in the research and production of aircraft engine control systems, characterized by high technical barriers and significant R&D challenges [2]. Financial Summary - **Revenue Forecasts**: The company is expected to achieve revenues of 58.00 billion, 65.29 billion, and 73.12 billion for the years 2024, 2025, and 2026 respectively [2]. - **Net Profit Forecasts**: The projected net profits for the same years are 8.27 billion, 9.94 billion, and 11.88 billion [2]. - **Earnings Per Share (EPS)**: Corresponding EPS values are expected to be 0.63, 0.76, and 0.90 for 2024, 2025, and 2026 respectively [2]. - **Price-to-Earnings (P/E) Ratios**: The P/E ratios are projected to be 30X, 25X, and 21X for the years 2024, 2025, and 2026 respectively [2]. Business Performance - The company reported a revenue of 28.06 billion for the first half of 2024, representing a year-on-year growth of 2.61% [1]. - The net profit attributable to the parent company for the same period was 4.70 billion, with a year-on-year increase of 4.46% [1]. - The company achieved a sales net profit margin of 16.82%, which is an increase compared to the previous year [1]. Operational Insights - The company has enhanced its cost control capabilities while continuously increasing R&D investment, which is crucial for maintaining core competitiveness and improving operational performance [1]. - The company is actively expanding its market presence, particularly in civil aviation and low-altitude sectors, and is focusing on new energy solutions such as dual-fuel and hydrogen fuel systems [1].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 2.806 billion yuan in H1 2024, representing a year-on-year increase of 2.61%, and a net profit of 470 million yuan, up 4.5% year-on-year, indicating that the performance is in line with expectations and the annual target of 5.6 billion yuan is achievable [2][3]. - Cost reduction and efficiency improvement have yielded results, with a gross margin of 29.25% in Q2 2024, up 0.81 percentage points year-on-year, and a net profit margin of 15.15%, up 0.20 percentage points year-on-year, primarily due to effective cost control [2]. - Each subsidiary is performing well, with capacity construction progressing smoothly, and the company is expected to maintain a low R&D expense ratio in 2024 due to the existing production peak of current models [2][3]. Financial Performance Summary - H1 2024 revenue by subsidiaries includes: - Xi'an Aero Engine Control: 1.208 billion yuan (YoY +1.6%), net profit 187 million yuan (YoY +10.1%) - Honglin Aero Engine: 921 million yuan (YoY +0.7%), net profit 193 million yuan (YoY +0.3%) - Beijing Aero Science: 440 million yuan (YoY +5.5%), net profit 64 million yuan (YoY -1.5%) - Changchun Aero Engine: 187 million yuan (YoY +0.8%), net profit 12 million yuan (YoY +6.4%) [3]. - The company is focusing on expanding its civil engine market and is actively involved in the research and development of new generation aviation power systems, which is expected to create new growth points [3]. Financial Forecast - The projected financial indicators for the company are as follows: - Revenue (billion yuan): 5.324 in 2023, 5.665 in 2024, 6.749 in 2025, and 7.752 in 2026 - Net profit (billion yuan): 0.727 in 2023, 0.769 in 2024, 0.897 in 2025, and 0.987 in 2026 - EPS (yuan): 0.55 in 2023, 0.58 in 2024, 0.68 in 2025, and 0.75 in 2026 - PE ratios: 33.69 in 2023, 31.85 in 2024, 27.28 in 2025, and 24.79 in 2026 [8].

Investment Rating - The report maintains a "Recommend" rating for the company, citing its leading position in the aero-engine control systems sector and the expected efficiency improvements from state-owned enterprise reforms [2][3] Core Views - The company reported stable growth in 1H24, with revenue of RMB 2.81 billion, a YoY increase of 2.6%, and net profit attributable to shareholders of RMB 470 million, a YoY increase of 4.5% [2] - The company's performance was driven by increased deliveries of batch-produced products for aero-engine and gas turbine control systems, as well as international cooperation orders [2] - The company's gross margin increased by 0.4ppt YoY to 31.1% in 1H24, while the net margin increased by 0.3ppt to 16.8%, indicating stable profitability [2] - The company's R&D investment increased by 5.1% YoY to RMB 310 million in 1H24, with a focus on state-funded projects [2] - The company's operating cash flow improved significantly, with net cash flow from operating activities reaching RMB 190 million in 1H24, compared to -RMB 20 million in the same period last year [2] Business Performance - The company's core business, "two-engine" control systems, generated revenue of RMB 2.51 billion in 1H24, a YoY increase of 3.2%, accounting for 89.6% of total revenue [2] - International cooperation revenue grew by 12.2% YoY to RMB 180 million in 1H24, with a gross margin increase of 1.3ppt to 22.9% [2] - Revenue from derivative products of control system technology decreased by 20.2% YoY to RMB 110 million in 1H24, with a gross margin increase of 4.5ppt to 37.4% [2] Financial Projections - The report forecasts net profit attributable to shareholders of RMB 840 million, RMB 1.03 billion, and RMB 1.23 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 29x, 24x, and 20x [2][3] - Revenue is expected to grow at a CAGR of 12.4% from 2024 to 2026, reaching RMB 7.86 billion by 2026 [6] - The company's gross margin is projected to increase from 27.46% in 2023 to 28.71% by 2026, while the net margin is expected to rise from 13.65% to 15.68% over the same period [6] Operational Efficiency - The company's labor productivity increased by 8.5% YoY to RMB 224,800 per employee in 1H24 [2] - The company's accounts receivable increased by 13.4% compared to the beginning of the year, reaching RMB 4.58 billion, mainly due to customer payment delays in the first half of the year [2] - The company's contract liabilities decreased by 5.7% compared to the beginning of the year, standing at RMB 370 million [2]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,805,550,370.78, representing a 2.61% increase compared to CNY 2,734,232,400.75 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was CNY 469,722,694.14, up 4.46% from CNY 449,647,727.51 in the previous year[22]. - The total profit for the period was CNY 55,084,000, reflecting a year-on-year growth of 4.3%, driven by increased orders and reduced expenses[34]. - The company's R&D expenditure reached CNY 30,703,268.406, up 5.11% compared to the previous year, indicating a strong commitment to innovation[34]. - The gross profit margin for the manufacturing sector was 31.09%, an increase of 0.36% compared to the previous year[39]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[161]. - The net profit for the first half of 2024 was reported at 704 million yuan, with a profit distribution of 2.0 million yuan to shareholders[165]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 184,703,417.92, a significant improvement from a negative cash flow of CNY -19,437,195.65 in the same period last year, marking a 1,050.26% increase[22]. - The company faces cash flow pressure due to increasing "two funds" (accounts receivable and inventory) and long payment collection cycles[64]. - The total cash and cash equivalents at the end of the period stood at ¥3,756,165,056.18, compared to ¥3,169,763,678.14 at the end of the first half of 2023[154]. - The company reported a net decrease in cash and cash equivalents of ¥149,153,170.82 for the period, an improvement from a decrease of ¥332,948,978.32 in the first half of 2023[154]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,057,578,555.16, reflecting a 1.78% increase from CNY 15,776,763,613.05 at the end of the previous year[22]. - The asset-liability ratio stood at 22.39%, maintaining a reasonable level[34]. - Total liabilities increased to CNY 3,595,202,791.73 from CNY 3,573,719,688.78, reflecting a growth of approximately 0.6%[140]. - Current assets totaled CNY 11,155,214,705.42, slightly up from CNY 11,082,534,273.79 at the start of the period[138]. Investments and Projects - The company has committed to invest a total of 336,982,000 CNY in various projects, with 24,452,000 CNY already invested as of the reporting period[50]. - The investment progress for the aviation engine control system project is at 39.01%, with a total investment of 63,640,000 CNY planned and 24,825,000 CNY invested by December 31[50]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market share[160]. Market and Revenue Growth - The revenue from the aviation engine and gas turbine control systems accounted for 89.63% of total revenue, with a year-on-year growth of 3.23%[38]. - International cooperation revenue grew by 12.21% year-on-year, contributing 6.53% to total revenue[38]. - Future guidance estimates a revenue growth of 25% for the second half of 2024, driven by new product launches and market expansion strategies[161]. Environmental Compliance - The company strictly adheres to environmental protection laws and has not faced any penalties for violations during the reporting period[74]. - The company has implemented various environmental protection licenses, with validity extending to 2029 for several permits[75]. - All pollutant emissions from the company comply with regulatory requirements, ensuring environmental safety[78]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 57,945[123]. - The largest shareholder, China Aviation Engine Group, holds 28.57% of the shares, totaling 375,810,362 shares[123]. - The company has not implemented any share buyback or reduction plans during the reporting period[122]. Corporate Governance - The company has experienced changes in its board of directors, including the election of new supervisors and the appointment of a new deputy general manager[69]. - The half-year financial report has not been audited[96]. - The company has not reported any instances of exceeding pollution discharge standards during its operations[76].

证券代码：000738 证券简称：航发控制 公告编号:2024-028 中国航发动力控制股份有限公司 2024 年上半年募集资金存放与使用情况的专项报告 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。 根据中国证监会《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《深交所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳 证券交易所上市公司自律监管指南第 2 号——公告格式》等有关规定，中国航发动力 控制股份有限公司（以下简称公司）编制了截至 2024 年 6 月 30 日的《2024 年上半年 募集资金存放与使用情况的专项报告》。具体内容如下： 一、募集资金基本情况 1.实际募集资金金额、资金到位时间 根据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 向特定对象发行人民币普通股 169,541,652 股，每股面值 1 元，共募集资金人民币 429,788.09 万元，其中资产认购金额为 92,805.59 万元 ...

中国航发动力控制股份有限公司 独立董事专门会议工作细则 2 会议职权 2.1 公司不定期召开全部独立董事专门会议，审议下列事项： （2024 年 8 月 27 日经公司第九届董事会第二十二次会议审议通过） 1 总则 1.1 目的 为推动提高中国航发动力控制股份有限公司（以下简称公司）独立董事履职质效， 有效发挥独立董事参与决策、监督制衡、专业咨询的作用，根据《中华人民共和国公 司法》《中华人民共和国证券法》、国务院办公厅《关于上市公司独立董事制度改革 的意见》、中国证监会《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 国航发动力控制股份有限公司公司章程》(以下简称《公司章程》)、《中国航发动力 控制股份有限公司独立董事工作制度》以及其他相关法律、法规、部门规章和规范性 文件，结合公司实际，制定本细则。 1.2 术语定义 独立董事专门会议是指全部由公司独立董事参加的会议，通过召开独立董事专门 会议，促进独立董事个人履职向依托组织履职转变，以集体决议的方式履行监督职责 和行使部分特别职权。 1.3 适用范围 本制度适用于公司独立 ...

证券代码：000738 证券简称：航发控制 公告编号:2024-025 中国航发动力控制股份有限公司 第九届董事会第二十二次会议决议公告 （一）审议通过了《关于 2024 年半年度报告及其摘要的议案》 表决结果：同意 14 票，反对 0 票，弃权 0 票。 公司董事会审计委员会 2024 年第三次会议对 2024 年半年度财务报告进行了审议， 经审议同意提交公司董事会审议。 公司 2024 年半年度报告全文及摘要详见《中国证券报》《证券时报》和巨潮资讯 网（www.cninfo.com.cn）。 （二）审议通过了《关于与中国航发集团财务有限公司关联存贷款的持续风险评 估报告的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 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、董事会会议召开情况 中国航发动力控制股份有限公司（以下简称公司）第九届董事会第二十二次会议 于 2024 年 8 月 27 日 10:00 以现场和通讯相结合的方式召开，现场会议在公司 706 会 议室召开。本次会议于 2024 年 8 月 16 日以电子邮件的方式通知了应参会 ...

证券代码：000738 证券简称：航发控制 公告编号:2024-029 二、监事会会议审议情况 （一）审议通过了《关于 2024 年半年度报告及其摘要的议案》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为：董事会编制和审议公司 2024 年半年度报告及摘要的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本公司及监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、监事会会议召开情况 中国航发动力控制股份有限公司（以下简称公司）第九届监事会第十六次会议于 2024 年 8 月 27 日 11:30 以通讯方式召开。本次会议于 2024 年 8 月 16 日以电子邮件的 方式通知了应参会监事，应出席监事 3 人，实际出席会议监事 3 人。会议由监事会主 席夏逢春先生主持。会议的召集和召开符合《公司法》和《公司章程》的有关规定， 合法有效。 公司 2024 年半年度报告全文及摘要详见《中国证券报》《证券时报》和巨潮资讯 网（www.cninfo.co ...

| | 公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联方及其附属企业 | | | | | | | | | - | | | | | | | | | | | - | | 总计 | | - | - | - | 350,963.36 | 364,014.19 | - | 285,418.72 | - 429,558.83 | 法定代表人：缪仲明 主管会计工作负责人：闫聪敏 会计机构负责人：闫聪敏 中国航发动力控制股份有限公司董事会 2024 年 8 月 28 日 半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：中国航发动力控制股份有限公司 金额单位：万元 | | | | | | 2024 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与 | 上市公司 | 2024 年期 | 年度 占用累计 | 2024 年 | 2024 年度 | 2024 年 ...

按照深圳证券交易所《上市公司自律监管指引第 7 号——交易与关联交易》的要 求，中国航发动力控制股份有限公司（以下简称公司）通过查验中国航发集团财务有 限公司（以下简称中国航发财务）《金融许可证》《营业执照》等资料，审阅 2024 年 6 月末财务报表及相关数据指标，对中国航发财务的经营资质、业务和风险状况进行了 评估，现将风险评估情况报告如下： 一、中国航发集团财务有限公司基本情况 中国航发动力控制股份有限公司 与中国航发集团财务有限公司关联存贷款的持续风险评估报告 中国航发财务成立于 2018 年 12 月 10 日，是经金融监管机构批准，在国家工商行 政管理总局登记注册，具有企业法人地位的非银行金融机构。 注册地址：北京市海淀区西三环北路甲 2 号院 7 号楼 7 层 法定代表人：管见礼 统一社会信用代码：91110108MA01G3070M 注册资本：15 亿元人民币，全部来自单一股东中国航空发动机集团有限公司（以 下简称中国航发）。 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单位票据贴现；办 理成员单位资金结算与收付；提供成员单位委托贷款、债券承销、非融资性保函、财 务顾问、信用鉴证及咨 ...