Group 1: Company Overview - AVIC Xi'an Aircraft Industry Group Co., Ltd. (AVIC Xi'an) 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]. - The company primarily engages in the research, production, maintenance, and service of large and medium-sized aircraft and aviation components, including components for C919, ARJ21, and AG600 aircraft [2][3]. - AVIC Xi'an has established long-term and stable partnerships with renowned aviation companies such as Airbus, Boeing, and COMAC [2]. Group 2: Industry Context - The aviation industry is characterized as knowledge-intensive and technology-intensive, with a high degree of industry interconnection and strong employment absorption capacity [3]. - The development level of the aviation industry is a significant indicator of a country's economic, technological, and industrialization status, playing an irreplaceable role in enhancing international competitiveness and maintaining national security [3]. - The industry features long research and development cycles, large investment scales, high technological risks, and requires sustained professional capability and resource allocation to achieve lasting competitive advantages [3]. Group 3: Production Capacity and Demand - AVIC Xi'an is a key manufacturer of large and medium-sized transport aircraft, bombers, and special aircraft, and is the largest production base for transport aircraft in China [3]. - The company has stable production capacity for the C919 aircraft project and is aligned with COMAC's planned demand to support the fulfillment of end-user orders [3][4]. Group 4: Cost Management and Future Investments - In 2023, the company significantly improved its overall cost rate, achieving notable results in cost reduction and efficiency enhancement [4]. - Future cost management plans include strengthening new product development management, enhancing economic capabilities, and improving process control to reduce operational costs [4]. - The company will focus on military aviation, civil aviation, and aviation services for future capital investments, aiming to enhance core capabilities in technological innovation, product development, and value creation [4].

Group 1: Financial Performance - In 2023, AVIC Xi'an Aircraft Industry Group achieved total revenue of 40.301 billion RMB, representing a year-on-year growth of 7.01% [3] - The net profit attributable to shareholders reached 861 million RMB, a significant increase of 64.51% compared to the previous year [6] - The company plans to achieve a revenue of 45.1 billion RMB in 2024, which would be a 12% increase from 2023 [6] Group 2: Strategic Focus and Development - The company is focusing on high-quality development in military aviation, civil aviation, and aviation services, aiming to enhance core capabilities [3] - AVIC Xi'an is committed to integrating military and civilian sectors, emphasizing smart management and intelligent manufacturing [4] - The company has established a detailed human resources plan to optimize talent structure and improve the quality of its workforce [2] Group 3: Market Position and Expansion - AVIC Xi'an is a key player in the global aviation industry, collaborating with major clients like Boeing and Airbus, and maintaining stable growth in delivery volumes [3] - The company is actively exploring opportunities in the low-altitude economy, leveraging its technological capabilities and production capacity [4] - AVIC Xi'an has a strong focus on expanding its market presence both domestically and internationally, ensuring a dual circulation development model [3] Group 4: Innovation and R&D - The company has significantly increased its R&D investment, ranking among the top in the aviation industry for R&D intensity in 2023 [4] - AVIC Xi'an is dedicated to overcoming key technological challenges and enhancing its innovation capabilities through various initiatives [4] - The establishment of core laboratories and internal funds supports the development of critical technologies and new model research [4] Group 5: Shareholder Returns and Corporate Governance - Since its listing, AVIC Xi'an has distributed over 3 billion RMB in cash dividends to shareholders and has maintained a consistent dividend policy for 12 years [6] - The company emphasizes good corporate governance and aims to enhance operational efficiency to improve shareholder returns [6] - Future profit distribution plans will consider industry trends and operational performance [9]

证券代码：000768 证券简称：中航西飞 中航西安飞机工业集团股份有限公司 投资者关系活动记录表 编号：2024-006 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 □新闻发布会 □路演活动 活动类别 □现场参观 □其他（请文字说明其他活动内容） 中邮基金、国联证券、兴业证券、易方达基金、光大永明基金、华泰 证券、博时基金、国泰基金、磐厚资产、鑫元基金、天弘基金、华安 基金、大朴资产、开源证券、大成基金、交银基金、兴全基金、银华 基金、广发证券。 活动参与人员 上市公司参与人员： 董事、总会计师董克功，证券事务代表龚亮，财务管理部副部长王锐 华，证券与资本管理部主任庄金涛、专家潘燕，规划经营部副主任贾 志颖，民机与转包项目部副主任孙晓辉，证券与资本管理部主管牛颖 杰。 时间 2024年5 月17日 ...

公 司 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 中yCo 航mp 西any＃飞 （ 000768 ） investSug 增持 ( 维ges持tion ）Ch 000009 ＃title＃ 营收稳步增长，利润显著提升 ange＃ ＃ createTime1＃ 2024年 05月 16日 投资要点 公 ＃市场ma数rk据et Data＃ ＃⚫ sum公m司ary发＃布 2023年年报及2024年一季报：2023年营收403.01亿元，同比增长7.01%； 归母净利润 8.61 亿元，同比增长 64.41%；扣非后归母净利润 8.09 亿元，同比增长 司 日期 2024-05-15 93.56%；基本每股收益 0.31 元/股，同比增长 64.20%。2024Q1，公司实现营业收入 点 收盘价（元） 23.99 84.55 亿元，同比增长 6.45%，环比下降 28.88%；归母净利润 2.72 亿元，同比增长 15.67%，环比增长375.79%；扣非归母净利润2.77亿元，同比增长24.52%，环比增 评 总股本（百万股） 2,781.74 长 ...

证券代码：000768 证券简称：中航西飞 中航西安飞机工业集团股份有限公司 投资者关系活动记录表 编号：2024-005 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 □新闻发布会 □路演活动 活动类别 □现场参观 □其他（请文字说明其他活动内容） 方正证券、沙砾投资、永赢基金、国投瑞银、申万宏源证券、西部证 券、文博启胜、淡水泉投资。 上市公司参与人员： 活动参与人员 证券事务代表龚亮，财务管理部副部长王锐华，民机与转包项目部副 部长杨雪茹，规划经营部副主任刘泽辉，证券与资本管理部主任庄金 涛、主管牛颖杰。 时间 2024年 5月15日 地点 西安市阎良区西安空地勤保障中心三楼第一会议室 一、请介绍一下中航西飞的基本情况。 中航西安飞机工业集团股份有限公司（以下简称中航西飞或公 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中航西飞（ ） 000768.SZ [盈Ta利b提le_升T业itle绩] 稳健增长，军民并举市场空间广阔 报告要点 [公Ta司ble2_0S2u4m一m季ar度y]收入稳健增长，或受益于学习和规模效应，盈利能力明显提升。资本开支聚 焦高附加值领域，公司资产效率有望持续提升。合同负债持续消化但仍维持高位，在建工程余 额大幅增长产能有望释放。公司占据民用大飞机制造的核心价值量，军民并举整体产品市场空 间广阔。 ...

最近的各位领导大家晚上好我是国防证券的军工首席飞行师孟昌杰北州中国三十分话呢又给大家回报一下中黄西飞的这个个股深度啊居民用大中型飞机的主机龙头研究能力的话呢改善可期那最近市场对这个C919大型飞机的关注还是比较高的那么公司作为我们国家C919大型客机以及多种支线客机最大的集体供应商之一啊那我们觉得呢都非常大可以去重点去关注 公司的话同时也是我们国家主要的大中型的运输机轰炸机和自动飞机的主机厂同时也是在国外很多民机飞机的重要的零部件的供应商它的配件价值的话我们觉得这个位置大家还是要有点关注的我们来汇报一下它的核心逻辑首先的话是营收端 那公司在军用领域的布局战略地位是非常明确的我们认为是有望持续受益于军机的升级换代和川普计划发展的那运输机的话大家都了解哈它是空中作战的这个力量的这个倍增器那像这个U20的话呢也填补了大型运输机的这个空白那么公司作为这个总承包商啊在全国实行大范围的这个联合的协作生产像运输机的话呢大家也比较熟悉哈 它是我们国家比较典型的由闪飞去研制的运输机平台那也是我们国家的这个空警200和空警500的这个改装平台同时像轰炸机大家也知道它是空中重要的力量的一个活力量来源从美国的这个轰炸机的来看的话它在 ...

Summary of Conference Call Company and Industry - The discussion revolves around the aerospace and defense industry, specifically focusing on AVIC Xi'an Aircraft Industrial Group (中航西飞) as a leading supplier of large and medium-sized aircraft engines in China [1]. Core Points and Arguments - The market has shown significant interest in the C919 large passenger aircraft, which is a key project for the company [1]. - AVIC Xi'an is recognized as one of the largest collective suppliers for the C919 and various regional passenger aircraft, indicating its critical role in the domestic aerospace sector [1]. - There is an expectation for improvement in the company's research capabilities, which could enhance its market position [1]. Other Important Content - The emphasis on the C919 project highlights the strategic importance of this aircraft in the context of China's aviation industry and its potential impact on the company's future performance [1].

证券代码：000768 证券简称：中航西飞 公告编号：2024-022 中航西安飞机工业集团股份有限公司 关于参加"2024 年陕西辖区上市公司投资者集体接待日暨 2023 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加 强与广大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公 司协会根据中国证券监督管理委员会陕西监管局工作部署，联合深圳市全 景网络有限公司举办"2024 年陕西辖区上市公司投资者集体接待日暨 2023 年度业绩说明会"。 网址：http://rs.p5w.net。 为充分尊重投资者、提升交流的针对性，公司现就"2024 年陕西辖区 上市公司投资者集体接待日暨 2023 年度业绩说明会"提前向投资者公开 征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 21 日 18:00 前访问网址 https://ir.p5w.net/zj，或扫描下方征集问题二维码， 进入"业绩说明会问题征集专题"页面提问。公司将通过本次活动对投资 1 者关 ...

公司报告 | 季报点评 中航西飞（000768） 证券研究报告 2024年05月 12日 投资评级 一季度业绩景气上行，军民共筑双翼齐飞 行业 国防军工/航空装备Ⅱ 6个月评级 买入（维持评级） 当前价格 24.3元 事件：公司披露2024一季度业绩 ⚫ 报表多指标向好，军民协同前景可期。 目标价格 元 24Q1公司实现营收 84.55亿元，同比+6.45%；实现归母净利润2.72亿元，同 比+15.67%；实现扣非归母净利润 2.77 亿元，同比+24.52%。我们认为，受益 基本数据 于公司主力产品处于交付上行阶段，叠加军民大中型飞机市场景气度较高，24Q1 A股总股本(百万股) 2,781.74 公司业绩持续增长，公司展现出稳健的发展态势，前景向好。 流通A股股本(百万股) 2,768.64 资产负债端，24Q1公司货币资金83.89亿元，比 23年末减少56.54%；预付款 A股总市值(百万元) 67,596.28 项32.63亿元，比23年末增加46.86%；存货254.72亿元，比23年末增加 9%。 上述指标变动源于采购增加，我们认为公司正积极备产备货，未来业绩转化可期。 流通A股市值(百万元) ...