Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

证券代码：000768 证券简称：中航西飞 公告编号：2025-020 中航西安飞机工业集团股份有限公司 2024 年度股东会决议公告 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。 特别提示： ● 本次股东会没有出现否决提案的情形。 ● 本次股东会不涉及变更以往股东会已通过的决议。 一、会议的召开情况 （一）召开时间 现场会议召开时间：2025 年 4 月 28 日（星期一）下午 14:20； 网络投票时间：通过深圳证券交易所交易系统投票的时间为 2025 年 4 月 28 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 4 月 28 日 上午 9:15 至 2025 年 4 月 28 日下午 15:00 期间的任意时间。 （二）召开地点：西安市阎良区西飞大道一号西安空地勤保障中 心第六会议室 通过现场和网络投票的股东共 860 人，代表股份 1,551,837,442 股，占公司有表决权股份总数的 55.7984%。其中：通过现场投票的 股东 8 人，代表股份 1 ...

上海市锦天城律师事务所 关于中航西安飞机工业集团股份有限公司 2024 年度股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于中航西安飞机工业集团股份有限公司 2024 年度股东会的 法律意见书 致：中航西安飞机工业集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受中航西安飞机工业集团 股份有限公司（以下简称"公司"或"中航西飞"）的委托，就公司召开 2024 年 度股东会（以下简称"本次股东会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《上市公司股东会规则》等法律、行政法规、 部门规章、规范性文件以及《中航西安飞机工业集团股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及经办律师依据《中华人民共和国证券法》、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则》 等规定及本法律意见书出具日以前已经 ...

上 市 公 司 国防军工 2025 年 04 月 24 日 中航西飞 (000768) —— 军民两端产品有序交付，2024 年业绩符合市场预期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 23 日 | | --- | --- | | 收盘价（元） | 23.50 | | 一年内最高/最低（元） | 32.64/21.06 | | 市净率 | 3.1 | | 股息率%（分红/股价） | 0.43 | | 流通 A 股市值（百万元） | 65,159 | | 上证指数/深证成指 注："股息率"以最近一年已公布分红计算 | 3,296.36/9,935.80 | 04-23 05-23 06-23 07-23 08-23 09-23 10-23 11-23 12-23 01-23 02-23 03-23 04-23 -20% 0% 20% 40% 60% 中航西飞 沪深300指数 (收益率) 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆 ...

部分限制性股票完成的公告 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。 特别提示： 1、中航西安飞机工业集团股份有限公司（以下简称"公司"）本次回 购注销第一期限制性股票激励计划的 11 名激励对象限制性股票共计 591,000 股，占回购注销前公司总股本的 0.0212%。 证券代码：000768 证券简称：中航西飞 公告编号：2025-019 2、本次回购限制性股票的资金来源为公司自有资金，用于本次回购 的资金总额为人民币 8,150,295.84 元。本次回购注销完成后，公司总股 本由 2,781,740,071 股变更为 2,781,149,071 股。 中航西安飞机工业集团股份有限公司 3、截至本公告披露日，公司已在中国证券登记结算有限责任公司深 圳分公司办理完成上述限制性股票的回购注销手续。 关于回购注销第一期限制性股票激励计划 5.2023 年 2 月 7 日，公司 2023 年第一次临时股东大会审议批准了《关 于公司<限制性股票长期激励计划（草案）>及其摘要的议案》《关于制定< 限制性股票长期激励计划管理办法>的议案》《关于制定<限制性股票长 ...

Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (AVIC Xifei) was established on June 18, 1997, and listed on the Shenzhen Stock Exchange on June 26, 1997, becoming the first publicly listed company in China's aviation manufacturing industry [2][3] - The company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including projects like C919, C909, and AG600 [3][4] Group 2: Core Competencies - The company's core competencies lie in three main areas: aviation product research and manufacturing technology, civil aviation, and aviation services [3][4] - AVIC Xifei emphasizes technological self-reliance and innovation, actively participating in major scientific projects and optimizing innovation mechanisms to enhance its research capabilities [3][4] Group 3: Civil Aviation Management - The company employs an advanced civil aviation management approach focused on project management, business support, and system assurance, achieving quality and efficiency improvements [4] - AVIC Xifei has gained a strong reputation in the international and domestic aviation industry, becoming a strategic partner for renowned aircraft manufacturers [4] Group 4: Aviation Services - The company has developed a comprehensive customer service support system, including customer support, spare parts assistance, user training, and aircraft maintenance [4] - AVIC Xifei has successfully completed significant tasks related to disaster relief and humanitarian aid, showcasing its robust aviation service capabilities [4] Group 5: C919 Project and Production Capacity - As a supplier for the C919 aircraft, AVIC Xifei is responsible for manufacturing components such as the outer wing box and central fuselage [5] - The company is currently in a phase of increased delivery for the C919 project, aligning its internal production capacity with customer demands to ensure high-quality and timely deliveries [5] Group 6: Impact of Tariff Policies - The company's military aviation business focuses on the domestic market and is not affected by tariff policies; however, the civil aviation sector, which involves international cooperation, is minimally impacted [6] - AVIC Xifei has implemented measures to manage costs and enhance technological innovation in response to the tariff policies, ensuring stable development in the civil aviation sector [6]

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]