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 ...

证券代码：000738 证券简称：航发控制 中国航发动力控制股份有限公司投资者关系活动记录表 编号：2024-02 | --- | --- | --- | |-------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 √业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | | | 华夏基金，国泰基金，新华资产，中国人保资产，磐耀资产，前海人寿， | | 参与单位名称及 人员姓名 | | 正证券，光大证券，长江证 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue showed steady growth driven by its main business, with a 2.61% year-on-year increase in revenue to 2.806 billion yuan in H1 2024 [2][3]. - The net profit attributable to shareholders increased by 4.46% year-on-year to 470 million yuan in H1 2024 [2][3]. - The company benefits from increased orders and deliveries in its "two-machine" control systems, particularly in military aviation power control systems, which accounted for 84% of revenue in H1 2024 [3]. Summary by Sections Revenue Performance - In H1 2024, the company achieved revenue of 2.806 billion yuan, a 2.61% increase year-on-year [2]. - Q2 2024 revenue was 1.390 billion yuan, a slight decrease of 0.21% year-on-year [2]. - Revenue from key segments included 2.515 billion yuan from aviation engine and gas turbine control systems, 183 million yuan from international cooperation, and 108 million yuan from control system technology derivatives [3]. Profitability - The company's gross margin and net margin improved to 31.09% and 16.82%, respectively, with year-on-year increases of 0.36 percentage points and 0.26 percentage points [3]. - The overall expense ratio decreased by 0.51 percentage points compared to the previous year, with sales expenses increasing due to enhanced service support [3]. R&D and Operational Efficiency - R&D investment increased to 307 million yuan, a 5.11% year-on-year rise, with R&D intensity reaching 10.94% [3]. - Labor productivity improved to 224,800 yuan per person, a year-on-year increase of 8.49% [3]. Subsidiary Performance - The four major subsidiaries showed varied performance, with Hangfa Xikong achieving 1.208 billion yuan in revenue (up 1.70%) and a net profit of 187 million yuan (up 9.59%) [3]. Earnings Forecast and Valuation - The report forecasts net profits of 870 million yuan, 1.02 billion yuan, and 1.18 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.66 yuan, 0.77 yuan, and 0.90 yuan [4]. - The current stock price corresponds to P/E ratios of 29x, 25x, and 21x for the years 2024, 2025, and 2026 [4].

两机主业稳步增长，推进低碳低空业务发展 航发控制(000738)/国防军工 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

各子公司经营情况良好,产能建设顺利:分子公司看,24H1 航发西控营收 12.08 亿元(YoY+1.6%)，净利润 1.87 亿元(YoY+10.1%)；航发红林营收 等新一代航空动力的研制配套。未来公司军、民、燃将协同发展,有望打造新 的业绩增长点。 资料来源:iFinD,中国银河证券研究院 军民燃协同发展,完成全年业绩目标可期 航发控制点评报告 2024 年 08 月 27 日 ● 事件:公司发布 2024年半年报,24H1 实现营收 28.06亿元(YoY+2.61%); 归母净利 4.70亿元(YoY+4.5%)；扣非净利 4.57亿元(YoY+3.7%)。 ● 业 绩符合预期,完成全年目标可期:24H1 实现营收 28.06 亿元 (YoY+2.61%); 归母净利 4.70 亿元(YoY+4.5%)，其中 24Q2 营收 13.90 亿元(YoY-0.2%,QoQ-1.8%),归母净利2.09亿元(YoY+1.6%,QoQ-19.6%), 整体业绩符合预期,完成全年56.0亿营收目标可期。 ● 降本增效取得成果,费用控制较好。公司24Q2毛利率29.25%,同比上 升 0.81pct,净利率 1 ...

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].