证券代码：000738 证券简称：航发控制 公告编号：2025-024 中国航发动力控制股份有限公司 2024 年度权益分派实施公告 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。 三、分红派息日期 1、以公司 2024 年 12 月 31 日总股本 1,315,184,001 股为基数，向全体股东每 10 股分配现金股利 1.72 元（含税），即向股东分配利润总额为 226,211,648.17 元 （含税），剩余未分配利润 508,181,307.37 元转入下一年度，本年不进行资本公积 金转增股本。 2、自公司 2024 年度分配方案披露至实施期间，公司总股本未发生变化。若在此 期间股本发生变化，公司将按照分配比例不变的方式进行调整。 3、本次实施的分配方案与股东会审议通过的分配方案一致。 4、本次实施分配方案距离股东会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 本公司 2024 年年度权益分派方案为：以公司现有总股本 1,315,184,001 股为基 数，向全体股东每 10 股派 1.7200 元人民币（含税；扣税后，通过深股通持有股份 ...

Core Viewpoint - The company has announced its profit distribution plan for the fiscal year 2024, which was approved at the shareholders' meeting held on April 28, 2025, detailing the dividend payout to shareholders [1] Summary by Sections Profit Distribution Plan - The profit distribution plan includes a total of 508,181,307.37 yuan of undistributed profits carried forward to the next fiscal year, with no capital reserve fund being converted into share capital this year [1] Dividend Payout Details - The company will distribute a dividend of 1.7200 yuan per 10 shares (before tax) to all shareholders based on the total share capital of 1,315,184,001 shares. For specific categories of investors, different tax treatments apply, such as 1.5480 yuan for certain Hong Kong market investors and varying tax rates for individual shareholders based on their holding periods [1][2] Key Dates - The record date for the dividend distribution is set for June 25, 2025, with the ex-dividend date also on June 25, 2025 [2] Eligible Shareholders - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [2] Distribution Method - The dividends will be directly credited to the shareholders' accounts through their respective securities companies or other custodial institutions [2]

Core Insights - The article highlights the development of the J250ST001 integrated propulsion motor by the China Aviation Power Control System Research Institute, which is designed for 2 to 3-ton class electric vertical takeoff and landing (eVTOL) aircraft [1][2] - The eVTOL market in China is projected to reach 50 billion yuan by 2030, indicating a strong demand for electric motors and control systems [2] Group 1: Product Development - The J250ST001 motor weighs less than 30 kilograms, has a peak power of 125 kilowatts, and can run at peak performance for two minutes, with technical specifications that are leading domestically and in some cases superior to international counterparts [3] - The motor integrates the electric motor, control system, and cooling system, resulting in a smaller size, lighter weight, and lower energy consumption compared to similar power levels [3] Group 2: Market and Industry Trends - The eVTOL market is characterized by stringent safety and reliability requirements for motors, with power density requirements being twice that of electric vehicle motors [2] - The article notes that only one foreign motor company has received a type certificate from the European Aviation Safety Agency, while no domestic motor products have yet obtained airworthiness certification [3] Group 3: Technological Advancements - The research institute has filed over 20 patents related to the motor and employs digital simulation and smart manufacturing techniques in the development process [3] - The company aims to focus on the development of medium to high-power motor products and accelerate the airworthiness compliance verification process to promote the low-altitude economy [3]

Group 1 - The core viewpoint of the article highlights the significant growth in investment and financing activities within the Chinese aviation engine industry, particularly in 2024, where financing amounts reached 586 million yuan with 15 events, indicating an increasing demand for capital support [1][3][6] - The aviation engine industry is undergoing a transformation phase, with fluctuations in single financing amounts, which generally range from several million to several billion yuan. In 2024, the single financing amount slightly decreased to 40 million yuan but rebounded to 90 million yuan in 2025, reflecting diverse financing needs across different project scales and development stages [3][6] - The financing structure of the aviation engine industry is diverse, with a significant focus on early-stage financing, particularly angel and A-round investments, which accounted for 17 and 21 events respectively. This indicates strong investor interest in startups and confidence in the industry's long-term development [6][12] Group 2 - The majority of financing activities are concentrated in technology research and production, with a notable emphasis on aviation engine components and research. From 2023 to 2025, the main financing events in the industry reflect this trend [7][10] - Mergers and acquisitions in the aviation engine industry primarily focus on horizontal integration, with over 45% of events categorized as such. This strategy aims to enhance market share and competitive advantage through collaboration among similar enterprises [12][16] - Recent investment activities by representative companies in the aviation engine sector indicate a trend towards integrating technology and capital, which can enhance operational efficiency and market competitiveness [16][18]

Core Viewpoint - The Chinese aviation engine industry has transitioned from imitation to independent research and development, demonstrating strong self-innovation capabilities and moving towards high-quality development supported by national policies [1]. Industry Overview - The aviation engine industry is a crucial segment of the national economy and security, with its comprehensive level reflecting a country's overall strength. Aviation engines can be categorized into various types based on thrust generation principles, oxidizer sources, and the presence of compressors [3]. Technical and Financial Barriers - The aviation engine industry is characterized by high technical and financial barriers, requiring expertise across multiple modern technology fields. The demanding operational conditions necessitate significant foundational research, engineering technology accumulation, and financial investment, making it challenging for new entrants to compete [5]. Engine Types and Applications - Different types of aviation engines serve distinct applications, with the turbofan engine being the most widely used due to its efficiency and low fuel consumption. A summary of various engine types and their applications includes: - Piston engines: Low cost and high fuel efficiency, primarily used in small low-speed aircraft and drones [9]. - Ramjet engines: Simple structure and high thrust, used in supersonic missiles and targets [9]. - Turbojet engines: High thrust but high fuel consumption, used in older fighter jets and ballistic missiles [9]. - Turbofan engines: High efficiency and low fuel consumption, used in modern military and civilian aircraft [9]. - Turboprop engines: High fuel economy at medium to low speeds, used in small transport and general aviation aircraft [9]. - Turboshaft engines: The only power source for helicopters [9]. - Propfan engines: Complex structure and high noise, with limited application [9]. Future Development Directions - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, improving quality and reliability, international cooperation, R&D investment, and sustainable development, positioning itself as a significant player in the global aviation sector [11].

Investment Rating - The report indicates a positive outlook for the military industry, suggesting that the industry is nearing a bottom and is expected to recover in 2025 [1][2]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, reflecting a year-on-year increase of 1.16%. Key segments such as shipbuilding, aerospace engines, and aviation maintained positive revenue growth [1][2][11]. - The net profit attributable to shareholders in the military sector decreased to 26.655 billion yuan in 2024, a decline of 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [11][12]. - In Q1 2025, the military sector's revenue reached 153.894 billion yuan, up 2.35% year-on-year, with segments like ground equipment and aerospace showing signs of recovery [28][31]. Summary by Sections 1. 2024 Annual Report and 2025 Q1 Review - The military sector's revenue structure shows significant characteristics, with a focus on the recovery of order fundamentals. The shipbuilding sector saw a revenue increase of 10.87%, while ground equipment and aerospace segments are expected to stabilize [11][28]. - The military sector's net profit for 2024 was 26.655 billion yuan, down 38.01% year-on-year, with only the shipbuilding sector showing positive growth [11][12]. 2. Key Target Profit Forecasts and Valuations - Investment strategies suggest focusing on traditional military sectors with expected order recovery, including aerospace engines, shipbuilding, and aviation [3]. - New domains and new qualities are recommended, emphasizing low-cost, intelligent, and systematic characteristics in industries like precision-guided munitions and unmanned systems [3]. 3. Investment Strategy - The report recommends three main investment lines: traditional military sectors, new domains with significant growth potential, and companies with expected asset integration and competitive military trade markets [3]. - Specific recommended stocks include aerospace engine manufacturers, shipbuilding companies, and firms involved in commercial aerospace and low-altitude economies [3]. 4. Market Performance - The military sector's performance is closely monitored, with various companies announcing contracts and showing signs of recovery in the fundamentals of the military sector [46][47].

Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Summary of Key Points Core Viewpoint - The aviation engine industry in China is primarily dominated by a few key players, with a significant focus on innovation, research and development, and market expansion to enhance their competitive edge in both military and civilian sectors [1][18]. Group 1: Industry Overview - The aviation engine manufacturing segment includes four main types: turbojet, turbofan, turboshaft, and turboprop engines, largely monopolized by the China Aviation Engine Group [1]. - Key companies in the industry include Aviation Power (航发动力), Aviation Technology (航发科技), and Aviation Control (航发控制), among others [1][3]. Group 2: Company Performance - Aviation Power reported a revenue of 449.94 billion yuan in 2024, leading the industry in terms of revenue [16]. - The average gross margin for listed companies in the aviation engine sector is around 25%, with individual margins ranging from 10% to 35% [16]. - Aviation Control achieved a gross margin of 28.11% in 2024, reflecting its strong technological innovation capabilities [16]. Group 3: Business Layout and Market Position - Aviation Power and Aviation Technology have over 50% of their business focused on aviation engines, indicating a strong commitment to this sector [13]. - The regional distribution of companies shows that titanium alloy leaders are mainly located in Shaanxi, while other material representatives are concentrated in the East China region [5]. Group 4: Future Business Plans - Companies are focusing on innovation and R&D investments to expand their aviation engine business, with plans to enhance their capabilities in high-temperature alloy components and precision casting [19]. - Aviation Technology aims to participate in the development of the C919 aircraft's engines and expand its international subcontracting business [19]. Group 5: Key Financial Metrics - The largest revenue-generating company in the aluminum and high-strength steel sector is China Aluminum, with a revenue of 2370.66 billion yuan [4]. - The revenue of Aviation Power in the aviation engine sector is projected to exceed 400 billion yuan in 2024, highlighting its market leadership [4]. Group 6: Patent and Employee Information - China Aluminum and Aviation Power hold over 1000 patents, indicating a strong focus on innovation [8]. - Southern Airlines has the largest employee count among listed companies, exceeding 100,000 [8].

Core Insights - The Chinese aviation engine industry has achieved significant technological breakthroughs, focusing on three main areas: material processing, component manufacturing, and complete engine production [1][3]. Group 1: Technological Breakthroughs - Major companies in the aviation engine materials processing sector include Beijing Steel Research Technology Co., Ltd., which produces high-temperature alloys and precision castings for aerospace applications [2]. - In the component manufacturing sector, companies like Sichuan Chengfa Aviation Technology Co., Ltd. and Xi'an Aero Engine (Group) Co., Ltd. have developed various engine components, including turbine engines and combustion chamber parts [2][3]. - The complete engine manufacturing sector is represented by companies such as Guizhou Liyang Aviation Engine (Group) Co., Ltd., which has produced over 20 models of aviation turbine engines [3]. Group 2: Domestic Production and Development - China has established a relatively complete aviation engine research and production system, capable of developing various types of engines, including turboprop, turbojet, turbofan, and turboshaft engines [3]. - The domestically developed WS-20 engine is now used in the Y-20 transport aircraft, marking a significant step towards the complete domestic production of military aircraft engines [4]. Group 3: Market Position and Future Outlook - In the global military aircraft market, China ranks third with 3,309 military aircraft, accounting for 6% of the total, following the United States and Russia [6]. - The global fleet size is projected to grow from 20,563 aircraft in 2021 to 47,531 by 2041, with a shift towards the Chinese and Asia-Pacific markets [9].

Core Viewpoint - The Chinese military industry is experiencing growth driven by policy direction, geopolitical factors, and technological advancements, showcasing its strength and future potential [2][16]. Group 1: Market Performance - As of May 13, the military sector index (BK0490) closed at 64,179.42 points, down 1.64%, with 78 stocks rising, 19 flat, and 404 declining [2]. - From April 29 to May 12, the defense and military sector saw significant gains, being the top performer among all industries [2]. - By May 12, 142 A-share military companies reported their Q1 2025 results, with 77 companies showing revenue growth, and 47 companies achieving over 20% revenue increase [4]. Group 2: Company Performance - The military sector index (BK0490) reached 65,247.19 points with a 3.18% increase as of May 12, with 371 stocks rising and 96 falling [5]. - AVIC Chengfei, a leading player in the aerospace sector, saw a 20.01% increase in stock price, with a market cap of 256.6 billion yuan and Q1 2025 revenue of 3.309 billion yuan and net profit of 156 million yuan [5]. - Morningstar Aviation's revenue surged by 149.25% to 329.51 million yuan, despite still being in a loss position for Q1 2025 [5]. Group 3: Institutional Investment - Institutional funds have been major drivers of the recent surge in the defense sector, with net purchases of 5.9 billion yuan from institutions [7]. - In Q1 2025, 19 institutions held 404 million shares of Taihao Technology, increasing their holdings by 56.8 million shares [11]. - The social security fund increased its holdings in the defense sector by approximately 16.25 million shares in Q1 2025 [13]. Group 4: Industry Drivers - The military sector's growth is supported by favorable policies, geopolitical tensions, and technological innovations [16]. - The 14th Five-Year Plan emphasizes modernization of the military, focusing on key technologies such as aerospace engines and integrated circuits [16]. - Geopolitical tensions, particularly between Pakistan and India, have heightened the demand for military equipment, showcasing the capabilities of Chinese military technology [17]. Group 5: Future Outlook - The military industry is expected to undergo significant changes driven by the demand for intelligent and unmanned systems, which are becoming crucial in modern warfare [18]. - China's defense budget for 2025 is set at 1,784.665 billion yuan, reflecting a 7.2% increase, indicating the importance of the military sector [18].