雷阎正先生在任公司董事会秘书期间勤勉尽责、恪尽职守，为公 司规范运作和健康发展发挥了积极作用，公司董事会对雷阎正先生在 证券代码：000768 证券简称：中航西飞 公告编号：2025-018 中航西安飞机工业集团股份有限公司 关于公司董事会秘书退休离任的公告 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。 中航西安飞机工业集团股份有限公司（以下简称"公司"）董事 会于 2025 年 4 月 8 日收到董事会秘书雷阎正先生的书面辞职报告， 雷阎正先生因达到法定退休年龄申请辞去公司董事会秘书职务。辞职 后，雷阎正先生将不再担任公司及其控股子公司任何职务。根据《深 圳证券交易所股票上市规则》和《公司章程》等相关规定，雷阎正先 生的辞职自辞职报告送达公司董事会之日起生效。雷阎正先生辞去公 司董事会秘书职务不会影响公司董事会正常运作，不会影响公司正常 生产经营。 截至本公告披露日，雷阎正先生持有公司股份 86,500 股，其辞 职后将严格遵守中国证券监督管理委员会《上市公司董事和高级管理 人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公司 自律监管指引第 18 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company achieved a revenue of 43.22 billion with a year-on-year growth of 7.2% and a net profit of 1.02 billion, reflecting a year-on-year increase of 18.9% [1][3]. - The company focuses on high-quality development and has improved operational efficiency through various measures, including cost control and deepening reforms [1]. - The company has seen a significant improvement in cash flow from operating activities, with a net cash flow of -0.06 billion, a substantial improvement from -5.51 billion in the previous year [1]. Financial Performance - In Q4 2024, the company reported a revenue of 14.39 billion, a year-on-year increase of 21.1%, and a net profit of 0.08 billion, up 39.1% year-on-year [1]. - The gross profit margin for the full year was 5.9%, a decrease of 1.02 percentage points, while the net profit margin increased to 2.4%, up 0.23 percentage points [1]. - The company’s R&D expenses increased by 9.3% to 0.27 billion, indicating a commitment to innovation [1]. Business Segmentation - The company generated 42.69 billion from aviation products, accounting for 98.8% of total revenue, with a gross margin of 5.5% [2]. - Domestic revenue reached 41.54 billion, growing by 7.2%, while international revenue was 1.68 billion, up 7.4% [2]. - The company is a key supplier for major domestic aircraft models, including C919 and AG600, positioning it well for future growth in the aviation sector [2]. Earnings Forecast - The revenue projections for 2025-2027 are adjusted to 46.02 billion, 51.78 billion, and 60.19 billion respectively, with corresponding net profits of 1.14 billion, 1.35 billion, and 1.60 billion [3][4]. - The projected P/E ratios for 2025-2027 are 57.01, 48.17, and 40.54 respectively, indicating a positive outlook for the company's earnings growth [3][4].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5]. Core Views - The company has successfully completed its operational plan for the year, capitalizing on opportunities in the civil aviation sector [4]. - The company reported a revenue of 43.216 billion yuan for 2024, reflecting a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, up 18.87% year-on-year [3][4]. - The company is positioned as a leading supplier of major components for domestic civil aircraft, including the C919 and AG600, and is expanding its international subcontracting business [4]. Financial Performance - For 2024, the company achieved a net profit margin of 2.37%, an increase of 0.23 percentage points year-on-year [4]. - The company's total liabilities decreased by 13.99% to 52.786 billion yuan, while cash and cash equivalents decreased by 7.32% to 17.888 billion yuan [3][4]. - The earnings per share (EPS) for 2024 was reported at 0.37 yuan, with projections for 2025-2027 at 0.42, 0.48, and 0.57 yuan respectively [3][5]. Market Data - As of April 3, 2025, the closing price of the company's stock was 23.35 yuan, with a market capitalization of 64.954 billion yuan [2]. - The stock has seen a yearly high of 32.64 yuan and a low of 20.00 yuan [2]. Future Projections - The company expects to see continued revenue growth, with projected revenues of 45.590 billion yuan in 2025, 48.815 billion yuan in 2026, and 52.366 billion yuan in 2027, reflecting a compound annual growth rate [7][10]. - The projected net profit for 2025 is 1.168 billion yuan, with further increases expected in subsequent years [7][10].

Core Viewpoint - The company reported a revenue of 43.216 billion with a year-on-year growth of 7.23% and a net profit attributable to shareholders of 1.023 billion, reflecting an 18.87% increase year-on-year [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 14.395 billion, marking a year-on-year increase of 21.09% and a quarter-on-quarter increase of 69.52% [1] - The net profit attributable to shareholders in Q4 2024 was 0.08 billion, showing a year-on-year growth of 39.14% but a quarter-on-quarter decrease of 72.2% [1] - The company’s gross margin decreased from 6.21% in Q4 2023 to 2.83% in Q4 2024, while the operating expense ratio also declined [2] Group 2: Operational Highlights - The company maintained high delivery levels in both military and civilian aircraft, completing military aircraft tasks on schedule and delivering components for C909 and C919 aircraft [2] - The Y-20 aircraft has been showcased internationally, enhancing the company's brand image and laying a solid foundation for expanding overseas markets [2] Group 3: Inventory and Receivables Management - As of Q4 2024, the company’s inventory balance was 22.692 billion, down 3.16% from the beginning of the year, indicating improved inventory management [3] - The balance of accounts receivable and notes receivable was 12.6 billion, showing a significant quarter-on-quarter decrease of 45.81% [3] - The company’s contract liabilities decreased by 14.95% in Q4 2024, reflecting effective management of contract liabilities [3] Group 4: Profitability Forecast - The company is expected to achieve net profits attributable to shareholders of 1.152 billion, 1.398 billion, and 1.694 billion from 2025 to 2027, with respective year-on-year growth rates of 12.52%, 21.42%, and 21.14% [4] - The projected price-to-earnings ratios for 2025 are 58.63, 48.28, and 39.86, maintaining a buy rating [4]

Investment Rating - The investment rating for AVIC Xi'an Aircraft Industry Group (000768.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a stable growth in revenue and net profit, with a total revenue of 43.216 billion yuan for 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [5][6]. - In Q4 2024, the company achieved a revenue of 14.395 billion yuan, a year-on-year growth of 21.09%, and a net profit of 80 million yuan, reflecting a year-on-year increase of 39.14% [2][5]. - The company is expanding steadily in both military and civilian aircraft sectors, with significant deliveries in the civil aircraft segment and promising prospects in international military trade [2][5]. Summary by Sections Financial Performance - In Q4 2024, the gross profit margin decreased to 2.83% from 6.21% in Q4 2023, while the expense ratio improved by 1.77 percentage points [2][10]. - The company reported a significant improvement in cash flow from operations, with a cash flow of 13.668 billion yuan in Q4 2024, compared to -0.574 billion yuan in Q3 2024 [10]. Business Operations - The company delivered 44 units of C909 and C919 components in the civil aircraft sector, and the Y-20 military transport aircraft has been showcased at various international airshows, enhancing its brand image and market potential [5][10]. - The company aims for a revenue target of 44.988 billion yuan for 2025, indicating a stable growth outlook [5]. Profitability Forecast - The forecasted net profit for 2025-2027 is expected to be 1.152 billion, 1.398 billion, and 1.694 billion yuan, with year-on-year growth rates of 12.52%, 21.42%, and 21.14% respectively [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue growth of 7.23% year-on-year, achieving a total revenue of 43.216 billion yuan, while the net profit attributable to shareholders increased by 18.87% to 1.023 billion yuan, aligning with market expectations [2][11] - The company is capitalizing on the rapid development of the domestic civil aviation market, with significant increases in the delivery of civil aircraft components, including a 29% rise in C909 and C919 deliveries [3][4] - The company is expected to benefit from both domestic and international market drivers, enhancing profit growth potential in the coming years [4] Financial Summary - For 2024, the company achieved a revenue of 43.216 billion yuan, with a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, reflecting an 18.87% increase [2][11] - The forecast for 2025-2027 indicates a net profit growth of 14%, 18%, and 16%, respectively, with projected net profits of 1.162 billion yuan in 2025, 1.376 billion yuan in 2026, and 1.599 billion yuan in 2027 [5][6] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 64 in 2024 to 41 in 2027, indicating an improving valuation over time [6][12]

Financial Performance - In 2024, the company achieved a revenue of 43.216 billion yuan, representing a year-on-year growth of 7.23% [1] - The net profit attributable to shareholders was 1.023 billion yuan, with a year-on-year increase of 18.87% [1] - The company's revenue for Q4 2024 was 14.395 billion yuan, showing a year-on-year and quarter-on-quarter growth of 21.09% and 69.52% respectively [1] Operational Highlights - The company successfully completed military aircraft tasks and delivered civil aircraft products as planned, contributing to stable annual performance [1] - In 2024, the company delivered 44 units of C909 and C919 components, and 2 units of Xinzhou components [1] - The company completed the production and delivery of 1,267 units for international cooperation projects, including 677 units for Airbus and 559 units for Boeing [1] Profitability Metrics - The gross profit margin for 2024 was 5.85%, a decrease of 1.02 percentage points, while the net profit margin increased by 0.23 percentage points to 2.37% [2] - The company maintained stable expense ratios, with a selling expense ratio of 0.13% and a management expense ratio of 2.99% [2] - Inventory at the end of the period was 22.692 billion yuan, down 3.16% from the beginning of the year, and contract liabilities decreased by 58.49% to 7.805 billion yuan [2] Military and Civil Aviation Achievements - The company has consistently delivered military aircraft at a high level for four consecutive years, enhancing its brand image domestically and internationally [2] - The company has established long-term partnerships with major aviation companies such as Airbus and Boeing, receiving several industry awards for excellence [3] - Key milestones achieved include the launch of the first aircraft from the third production line for the Airbus A320 series and the delivery of 1,000 units for the Boeing 737 MAX [3] Future Outlook - The company is expected to maintain its advantageous position in the aerospace manufacturing sector, with projected net profits of 1.216 billion, 1.451 billion, and 1.692 billion yuan for 2025 to 2027 [3] - Corresponding EPS for these years are forecasted to be 0.44, 0.52, and 0.61 yuan, with PE ratios of 55.54, 46.53, and 39.90 respectively [3]

Core Viewpoint - The performance of AVIC Xi'an Aircraft Industry Group (中航西飞) is expected to grow, driven by its role as the largest structural component supplier for the C919 aircraft, with a reported revenue increase and continuous profit growth over the past two years [1][2][8]. Financial Performance - In 2024, the company achieved a revenue of 43.216 billion yuan, an increase of 2.915 billion yuan compared to the previous year, representing a year-on-year growth of 7.23% [1]. - The net profit attributable to shareholders was 1.023 billion yuan, up by 162 million yuan from the previous year, marking an 18.87% year-on-year increase [2]. Business Operations - The company has been expanding its order reserves for components of the C909 and C919 aircraft, and is participating in new bids for projects such as the Airbus Atlantic [2]. - In 2024, the aviation manufacturing sector accounted for 98.79% of total revenue, amounting to 42.695 billion yuan, while other businesses contributed 1.21%, or 52.1 million yuan [5]. - The company delivered a total of 1,267 aircraft components in 2024, including 677 for Airbus and 559 for Boeing [5]. Future Outlook - The company has set a revenue target of 44.988 billion yuan for the next fiscal year [3]. - The C919 project is entering a phase of increased delivery, with plans to ramp up production capacity from 50 to 75 aircraft annually by 2025, and a long-term goal of 200 aircraft per year by 2029 [6][7]. - The company is also focusing on the C929 aircraft project, which is currently in the detailed design phase, and is actively seeking to increase its share of tasks related to this project [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 43.216 billion yuan in 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [1][8] - The growth in performance is primarily driven by the sustained demand for military aviation equipment and the gradual recovery of the civil aviation market [8] - The company is actively participating in new work package competitions, such as the Airbus Atlantic project, and has seen improvements in cash flow, with net cash flow from operating activities increasing by 98.95% year-on-year [8] Financial Performance Summary - Total revenue for 2023 was 40.301 billion yuan, with a projected increase to 43.216 billion yuan in 2024, and further growth expected in subsequent years [1][9] - The net profit attributable to shareholders is forecasted to grow from 860.97 million yuan in 2023 to 1.023 billion yuan in 2024, with continued growth anticipated through 2027 [1][9] - The earnings per share (EPS) is expected to rise from 0.31 yuan in 2023 to 0.37 yuan in 2024, with a long-term outlook of 0.58 yuan by 2027 [1][9] Business Development and Strategy - The company is focusing on enhancing its digital aviation capabilities and has made breakthroughs in key technologies such as unmanned aerial vehicles and low-cost manufacturing [8] - It has strengthened its position as a core supplier for military large and medium-sized aircraft, benefiting from the acceleration of national defense modernization [8] - The company has optimized its cost structure and improved production efficiency, which has further enhanced its profitability [8] Market Position and Outlook - The company maintains a leading position in the large aircraft industry, with a projected price-to-earnings (P/E) ratio of 59 for 2025, decreasing to 42 by 2027 [1][9] - The report indicates that despite the business being in a volatile period, the company's strong market position justifies the "Buy" rating [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 43.216 billion yuan in 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [1][8] - The growth in performance is primarily driven by the sustained demand for military aviation equipment and the gradual recovery of the civil aviation market [8] - The company is a core supplier of large and medium-sized military aircraft in China, benefiting from accelerated national defense modernization and steady increases in the delivery of transport and bomber aircraft [8] - In the civil aviation sector, the company is involved in the mass production phase of domestic large aircraft projects, which has boosted revenue from aviation components [8] - The company has improved its cash flow from operating activities, with a net cash flow increase of 98.95% year-on-year, indicating enhanced capital recovery capabilities [8] Financial Forecasts - The company forecasts total revenue of 44.827 billion yuan for 2025, with a net profit of 1.139 billion yuan, and further projections for 2026 and 2027 show continued growth [1][9] - The earnings per share (EPS) are projected to be 0.41 yuan for 2025, 0.48 yuan for 2026, and 0.58 yuan for 2027 [1][9] - The price-to-earnings (P/E) ratio is expected to decrease from 65.97 in 2024 to 42.09 in 2027, reflecting the company's anticipated growth [1][9] Strategic Developments - The company is actively participating in new work package competitions, such as the Airbus Atlantic project, to capitalize on the rapid development of the domestic civil aviation industry [8] - Significant advancements have been made in the construction of a digital aviation capability system, with breakthroughs in key technologies such as drone intelligence and low-cost manufacturing [8] - The company has undertaken two important equity transfers to optimize its shareholding structure and enhance management efficiency [8]