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：2024-018 | --- | --- | --- | |--------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他（请文字说明其他活动内容） | | | | 银华基金管理有限公司李晓星、杜宇、薄官辉、向伊达、罗 | | | | 婷、刘洋、张腾、梅思寒；创金合信基金管理有限公司谢天 卉、张小郭、黄超；兴业证券股份有限公司石康、芦佳滢、赵 | | 活动参与人员 | 林 ...

中航西飞 20241007 摘要 • 中航西飞作为国内军民大中型飞机的生产和维修承制单位，在国产大飞机 赛道中占据重要地位，其两大主业为大型军用运输机和轰炸机整机以及大 型民机结构件。 • 公司近年来通过内部提质增效工作和股权激励，推动业绩步入高质量增长 通道，2023 年中报显示净利率达到 3.23%，创下近 10 年来的新高。 • 国产大飞机产业正处于产业化提速的拐点，C919 的常态化商业运营标志 着我国具备自主研制世界一流大型客机的能力，未来 5 年内总装端将以消 化国东南三大行订单为主。 • 未来 5-10 年内，国内机队存量更新需求比新增需求更为确定，到 2030 年前后将迎来换机高峰，而波音和空客在全球交付能力有限，中国窄体客 机需求存在较大缺口，是 C919 长期增量需求来源。 • 中航西飞在 C919 项目上负责 50%以上份额，到 2027 年放量将给公司贡献 超过 20%的利润弹性，此外还参与了 ARJ21 支线飞机及新舟系列民用平台 研发制造任务，在国际转包业务方面与空客、波音保持长期合作关系，未 来 3-5 年内该业务将继续为公司提供显著增量。 • 中航西飞在军用运输机领域具有显著优 ...

1 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：2024-017 | --- | --- | --- | |--------------|-------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场 ...

编号：2024-016 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 | --- | --- | --- | |----------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | □其他（请文字说明其他活动内容） | | | | 南方基金管理有限公司邹承原、刘树坤；中信证券股份有限公司 | | | 黄艳、刘意、谭力搏。 | | | 活动参与人员 | 上市公司参与人员： 理部专家潘燕 、 | 董事会秘书雷阎正，财务管理部副部长王锐华，民机与转包项目 部党总支副书记杨雪茹，复合材料厂副厂长苏霞 ...

＃assAuthor＃ 公 司 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ 公 司 点 评 报 告 | --- | --- | |---------------------------------------|-----------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-11 | | 收盘价（元） | 23.31 | | 总股本（百万股） | 2,781.74 | | 流通股本（百万股） 净资产（百万元） | 2,768.65 19,967.93 | | 总资产（百万元） | 73,514.74 | | 每股净资产（元） | | | 来源： WIND | 7.18 ，兴业证券经济与金融研究院整 | | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------|-------------------------|----- ...

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 [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, ARJ21, and AG600 [3]. Group 2: Manufacturing Capabilities - AVIC Xi'an possesses a complete closed-loop manufacturing capability from raw material procurement to delivery, including advanced manufacturing capabilities for composite materials, sheet metal, and automation [4]. - The company is the sole manufacturer for 18 work packages of the C919 project, including the outer wing and mid-fuselage, and also provides wings and major components for ARJ21 and AG600 [4]. Group 3: Future Development and Strategy - The company aims to enhance its capabilities in market expansion, production speed, quality improvement, and smart manufacturing, particularly in collaboration with Airbus on the A320 series [3]. - AVIC Xi'an's future strategy focuses on becoming a core supplier in the civil aircraft industry, with an emphasis on wing and fuselage manufacturing, while also developing capabilities for vertical and horizontal tail and wing components [4]. Group 4: Talent Acquisition and Growth - The company implements a strict recruitment process based on principles of openness, fairness, competition, and selection of the best candidates, with a focus on attracting graduates from top universities [5]. - Future profit growth will be driven by military aviation, civil aviation, and aviation services, with a focus on customer needs and the series development of aviation equipment [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for the stock over the next six months [4]. Core Views - The company achieved a revenue of 20.33 billion yuan in H1 2024, a year-on-year increase of 3.95%, and a net profit of 656 million yuan, up 16.25% year-on-year. The second quarter alone saw a revenue of 11.87 billion yuan, reflecting a 2.25% year-on-year growth and a 40.44% quarter-on-quarter increase [1]. - The company is expected to benefit from the ongoing demand for large aircraft and military equipment, with a positive growth trend anticipated in the short to medium term [2]. Financial Performance Summary - In H1 2024, the gross margin was 5.89%, a decrease of 0.63 percentage points year-on-year, while the net margin improved by 0.34 percentage points to 3.23% [1]. - The company’s revenue projections for 2024 to 2026 are estimated at 46.47 billion yuan, 53.67 billion yuan, and 62.28 billion yuan, respectively, with net profits adjusted to 1.15 billion yuan, 1.45 billion yuan, and 1.80 billion yuan for the same period [3][6]. - The company’s total assets are projected to be 72.91 billion yuan in 2024, with total liabilities of 52.24 billion yuan, resulting in a debt ratio of approximately 71.65% [6][8]. Market Position and Outlook - The company is positioned as a leading player in the large and medium-sized aircraft sector in China, with significant orders from major airlines such as China Eastern Airlines, which plans to take delivery of 300 C919 aircraft between 2024 and 2031 [2]. - The report highlights the stable performance of the commercial aviation sector and the potential for increased production capacity, particularly with the establishment of a second assembly plant for the C919 aircraft [2]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 58x, 46x, and 37x, respectively, indicating a gradual improvement in valuation as earnings grow [3][4]. - The company’s market capitalization is approximately 66.79 billion yuan, with a current share price of 24.01 yuan [4].

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 | --- | --- | --- | |--------------|------------------------------------|---------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □新闻发布会 | 路演活动 | | | | □现场参观 □其他（请文字说明其他活动内容） | | | 大成基金、信达澳亚基金、平安基金。 | | | 活动参与人员 | 上市公司参与人员： 主管牛颖杰。 | 董事会秘书雷阎正，证券事务代表龚亮，财务管理部副部长王 锐华，复合材料厂副厂长苏霞，证券与资本管理部专家潘燕， | | 时间 | | 2024 年 8 月 29 日 | | | | 大成基金：深圳市南山区粤海街道海珠社区海德三道 1236 号 | | | ...

证券研究报告·公司点评报告·航空装备Ⅱ 中航西飞（000768） 2024 年中报点评：探索建立新模式新系统， 营业收入实现稳定增长 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 37660 | 40301 | 45827 | 54804 | 63995 | | 同比 | 15.17 | 7.01 | 13.71 | 19.59 | 16.77 | | 归母净利润（百万元） | 523.67 | 860.97 | 1,100.46 | 1,446.39 | 1,757.23 | | 同比 | (19.79) | 64.41 | 27.82 | 31.43 | 21.49 | | EPS-最新摊薄（元/股） | 0. ...

公司近一年市场表现 | --- | --- | |--------------------------|-------------| | 市场数据：2024年8月27 | 日 | | 收盘价（元）： | 23.29 | | 年内最高/最低（元）： | 26.69/17.34 | | 流通A股/总股本（亿股）： | 27.69/27.82 | | 流通A股市值（亿元）： | 644.82 | | 总市值（亿元）： | 647.87 | | 基础数据：2024年6月30 | 日 | | 基本每股收益(元)： | 0.24 | | 摊薄每股收益(元)： | 0.24 | | 每股净资产(元)： | 7.18 | | 净资产收益率(%)： | 3.29 | | 资料来源：最闻 | | 骆志伟 执业登记编码：S0760522050002 邮箱：luozhiwei@sxzq.com 电话：010-83496308 航空军工 中航西飞（000768.SZ） 增持-A(首次) 军民用大飞机龙头，民机业绩有望大幅提升 2024 年 8 月 28 日 公司研究/公司快报 事件描述 中航西飞公司发布了 2024 年中报。2024 ...