中航西安飞机工业集团股份有限公司 未来三年（2023 年-2025 年）股东回报规划 （修订稿） 1 （二）公司发展阶段属成熟期且有重大资金支出安排的，进行利润分 配时，现金分红在本次利润分配中所占比例最低应达到 40%； （三）公司发展阶段属成长期且有重大资金支出安排的，进行利润分 配时，现金分红在本次利润分配中所占比例最低应达到 20%。 二、制定股东回报规划的原则 公司重视股东合理投资回报，兼顾公司经营资金需求，在保证持续经 营和长远发展的前提下，实施持续、稳定、科学的利润分配方案，积极回 报股东。 在制定现金分红具体方案时，公司董事会将认真研究和论证公司现金 分红的时机、条件和最低比例等事宜，充分听取中小股东的意见和诉求， 尊重独立董事的意见，实行持续、稳定的利润分配政策，避免随意调整而 降低对股东的回报水平，特别是建立并落实持续、清晰、透明的现金分红 政策，形成促进现金分红的约束机制。主要遵循以下原则： 根据《上市公司监管指引第3号——上市公司现金分红（2023 年修订）》 （证监会公告[2023]61 号）、《关于修改<上市公司章程指引>的决定》（证 监会公告[2023]62 号）、《深圳证券交易 ...

证券代码：000768 证券简称：中航西飞 公告编号：2024-016 中航西安飞机工业集团股份有限公司 2023 年度股东大会决议公告 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。 ● 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议的召开情况 （一）召开时间 现场会议召开时间：2024 年 4 月 26 日（星期五）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 2024 年 4 月 26 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 2024 年 4 月 26 日上午 9:15 至 2024 年 4 月 26 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 特别提示： ● 本次股东大会没有出现否决提案的情形。 （三）召开方式：现场表决与网络投票相结合 （四）召集人：董事会 1 （二）中小股东出席会议的总体情况 通过现场和网络投票的中小股东共 29 人，代表股份 34,555, ...

证券研究报告：国防军工 | 公司点评报告 2024年4月16日 股票投资评级 中航西飞(000768) 业绩较快增长，24 年关联交易预计值保持较快增 增持|首次覆盖 速 个股表现  事件 中航西飞 国防军工 近日，公司发布2023年年报，实现营业收入403.01亿，同比增 1% -3% 长7.01%，实现归母净利润8.61亿，同比增长64.41%。 -7% -11%  点评 -15% -19% -23% 1、归母净利润同比增长 64.41%。2023 年，公司实现营业收入 -27% 403.01亿，同比增长7.01%，完成经营计划的94%，实现归母净利润 -31% -35% 8.61亿，同比增长64.41%。子公司航空工业陕飞实现营收108.87亿 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 元，同比下滑19.52%，净利润3.15亿元，同比下滑19.64%。2024年 资料来源：聚源，中邮证券研究所 公司计划实现营业收入451亿元，较2023年经营计划同比提升5%。 公司基本情况 2、费用显著优化，盈利能力有所改善。2023 年，公司毛利率 6.87 ...

%% 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 [效Ta率b提le_升T已itle显] 现，长久期资产可期 报告要点 [受Ta税bl改e_政Su策m影m响ar，y]公司全年营收增速出现阶段性放缓，但四季度呈现加速交付态势。或受新机 型快速上量影响，公司毛利率向上拐点尚未显现，但税金压力边际降低使得净利率同比提升。 公司合同负债和存货维持高位反映下游需求高确定性下公司积极备产的态势，23年高额信用减 值损失存在冲回可能。2024年公司预计实现营业收入451亿元，同比增长12%，经营业绩存 ...

上 市 公 司 国防军工 2024 年04月 10 日 中航西飞 (000768) 公 司 研 究 ——收入增速受子公司影响，业绩有望随盈利能力提升快速 / 公 司 增长 点 评 报告原因：有业绩公布需要点评 事件： 买入 （维持）  公司公布 2023年年度报告。根据公司公告， 2023 年实现营业收入 403.01 亿元，同比增 证 加7.01%，实现归母净利润8.61亿元，同比增加64.41%；实现扣非净利润8.09亿元，同 券 比增加93.56%，业绩低于市场预期。 研 市场数据： 2024年04月09日 点评： 究 收盘价（元） 20.79  军民两端放量叠加海外市场拓展，2023年营收实现稳增。公司2023 年实现营业收入403.01 报 一年内最高/最低（元） 27/17.34 亿元（yoy+7.01%），我们分析认为：1）分下游应用看，军品方面，公司各型军机的生产 告 市净率 3.0 息率（分红/股价） - 订单有序交付，民品方面，公司2023年共交付ARJ21部件及C919部件34架份，交付新 舟部件4架份，军民两端营收齐增长；2）分子公司看，航空工业陕飞实现收入108.88亿元 流通A ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit attributable to shareholders, up 64.41% year-on-year, with total revenue reaching 40.301 billion yuan, a 7.01% increase from the previous year [2][3] - The company has initiated a stock incentive plan to motivate key personnel and enhance performance, which is expected to drive sustained growth [3] - As the sole main manufacturer of large aircraft in the full spectrum, the company plays a crucial role in China's military and civil aviation sectors, with a strong order backlog for the C919 aircraft [3] Financial Performance Summary - Total revenue for 2023 was 40,301 million yuan, with a year-on-year growth of 7.01%. The fourth quarter of 2023 saw revenue of 11,888 million yuan, a 27.63% increase year-on-year [2][3] - The net profit attributable to shareholders for 2023 was 860.97 million yuan, reflecting a 64.41% increase compared to the previous year [2][3] - The gross profit margin for 2023 was 6.87%, slightly down from the previous year, while the net profit margin improved to 2.14% [2][3] - The company has implemented cost reduction and efficiency improvement measures, leading to a decrease in overall expense ratios [2][3] Earnings Forecast and Valuation - The company’s earnings forecasts for 2024 and 2025 have been slightly adjusted to 1,151.62 million yuan and 1,513.27 million yuan respectively, with a new forecast for 2026 at 1,847.77 million yuan [3] - Corresponding P/E ratios for the forecasted years are 51.60 for 2024, 39.26 for 2025, and 32.16 for 2026 [2][3]

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a revenue of 40.3 billion yuan in 2023, representing a year-on-year growth of 7%. The net profit attributable to shareholders was 0.86 billion yuan, up 64.4% year-on-year, while the net profit excluding non-recurring items reached 0.81 billion yuan, reflecting a 93.6% increase year-on-year [2][3]. - The fourth quarter of 2023 saw a significant revenue increase of 28%, with a quarterly revenue of 11.89 billion yuan, and a turnaround in net profit to 0.06 billion yuan from a loss of 0.13 billion yuan in the same quarter of the previous year [2][3]. - The company is focusing on its core business and improving efficiency, which has led to an increase in the number of aviation products delivered compared to the previous year [2][3]. Financial Performance Summary - The company reported a gross margin of 6.9% for the year, a decrease of 0.18 percentage points year-on-year, while the net margin improved by 0.75 percentage points to 2.1% [2][3]. - The operating expenses ratio for 2023 was 3.4%, down 0.62 percentage points year-on-year, with a sales expense ratio of 1.2%, a management expense ratio of 2.3%, and a research and development expense ratio of 0.6% [2][3]. - The company expects a 22% increase in related procurement for 2024, indicating a positive outlook for downstream demand [3][4]. Future Projections - The revenue target for 2024 is set at 45.1 billion yuan, representing a 12% increase from the actual revenue in 2023 [3][4]. - The projected net profit for 2024 is 1.23 billion yuan, with further increases expected in subsequent years, reaching 2.05 billion yuan by 2026 [3][4].

Financial Performance - The company reported a total revenue of RMB 2,781,740,071 for the year 2023, with a cash dividend of RMB 1.00 per 10 shares to all shareholders[5]. - The company's operating revenue for 2023 reached ¥40,301,232,100, representing a 7.01% increase compared to ¥37,660,025,700 in 2022[22]. - Net profit attributable to shareholders was ¥860,970,264, marking a significant increase of 64.41% from ¥523,352,484 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was ¥809,368,532, which is an increase of 93.56% compared to ¥418,155,709 in 2022[22]. - Basic earnings per share increased to ¥0.3105, up 64.20% from ¥0.1890 in 2022[22]. - The company achieved a total revenue of CNY 40.30 billion in 2023, representing a year-on-year growth of 7.01%[47]. - The aviation manufacturing sector contributed CNY 39.91 billion, accounting for 99.02% of total revenue, with a growth of 6.96% compared to the previous year[51]. - The company reported a net profit of approximately 314.69 million yuan from its subsidiary, Aviation Industry Shaanxi Aircraft[80]. Cash Flow and Assets - Cash flow from operating activities showed a net amount of ¥5,514,626,480, a drastic improvement from a negative cash flow of -¥29,287,214,600 in 2022, indicating a 118.83% change[22]. - Total assets at the end of 2023 were ¥80,920,781,039, a decrease of 1.54% from ¥82,173,551,900 in 2022[22]. - Cash and cash equivalents decreased to ¥19,300,463,733.66, down 8.21% from ¥26,351,812,706.24[69]. - The company reported a credit impairment loss of ¥168,624,583.82, which is not sustainable[67]. - The company’s total liabilities were reported at 1,000 million, indicating a manageable debt level[100]. Market and Product Development - The company is focused on expanding its market presence and enhancing its product offerings through new technology development[5]. - The company aims to increase order reserves by accelerating the development of the international outsourcing market and enhancing market expansion capabilities[40]. - The company successfully delivered 34 units of ARJ21 and C919 components, and 4 units of Xinzhou components in 2023[49]. - The company is actively pursuing market development strategies in the civil aviation sector, aiming to establish a new model for civil aviation subcontracting product development[81]. - The company plans to expand its market presence through new product development and technological advancements in the upcoming fiscal year[102]. Governance and Management - The company has established a robust governance structure that complies with legal and regulatory requirements[93]. - The board of directors held a total of 10 meetings during the reporting period, with 2 in-person and 8 via telecommunication[124]. - The company has a diverse board with independent directors contributing to governance and oversight[121]. - The company has established an incentive mechanism for senior management to maximize shareholder and company interests[119]. - The company has not reported any penalties from securities regulatory agencies for its current and recently departed directors, supervisors, and senior management[118]. Research and Development - The company is focused on technological innovation, with significant investments in digitalization and automation in aviation manufacturing processes[46]. - Research and development expenses decreased by 21.07% to ¥243,784,288.08, representing 0.60% of total revenue[61]. - The company increased its R&D personnel by 4.22% to 1,803, with a higher proportion of master's degree holders[62]. - The company has implemented a restricted stock incentive plan, approved by the State-owned Assets Supervision and Administration Commission, to enhance management motivation and align interests with corporate performance[142]. Environmental Responsibility - The company strictly adhered to environmental protection laws and regulations, with no penalties incurred for violations during the reporting period[158]. - The company has established a comprehensive wastewater treatment system with a total design capacity of 8,262 tons per day, achieving zero discharge for heavy metal wastewater[161]. - In 2023, the company invested a total of 9.865 million yuan in nine environmental protection projects, focusing on the upgrade of facilities for volatile organic compounds and heavy metal wastewater treatment[166]. - The company has reduced carbon emissions per unit of output by 15.66% compared to the previous year[167]. Social Responsibility - The company has a strong sense of social responsibility, investing in public welfare and environmental protection[92]. - The company donated CNY 300,000 to support the development of specialty industries and improve infrastructure in targeted poverty alleviation areas[173]. - The company provided CNY 24,000 in scholarships to 20 students in targeted assistance areas[173]. - The company was recognized as an excellent practice case for rural revitalization by the China Listed Companies Association in 2023[173].

中航西安飞机工业集团股份有限公司 董事会战略委员会工作细则 （经 2024 年 3 月 29 日第八届董事会第四十次会议审议通过） 第一章 总 则 第一条 为规范中航西安飞机工业集团股份有限公司（以下简称"公 司"）董事会战略委员会的运作，根据《中华人民共和国公司法》《上市公 司治理准则》《上市公司独立董事管理办法》《公司章程》及其他有关规定， 制定本工作细则。 第二条 董事会战略委员会是董事会下设的专门工作机构，主要负责 对公司长期发展战略和重大投资决策进行研究并提出建议，向董事会报告 工作，对董事会负责。 第三条 本工作细则适用于战略委员会及本工作细则中涉及的有关 人员和部门。公司须为战略委员会提供必要的工作条件，公司规划经营管 理部门为战略委员会的工作支持部门，承担战略委员会的工作联络、会议 组织、材料准备和档案管理等日常工作。战略委员会履行职责时，公司经 理层及相关部门须给予配合。 第二章 人员构成 第四条 战略委员会由七名董事组成。 第七条 战略委员会委员任期与同届董事会董事的任期一致，委员任 期届满，连选可以连任。委员任期届满前，除非出现《公司法》《公司章 程》或本工作细则所规定的不得任职的情形， ...

中航西安飞机工业集团股份有限公司 董事会审计与风控委员会工作细则 （经 2024 年 3 月 29 日第八届董事会第四十次会议审议通过） 第一章 总 则 第一条 为规范中航西安飞机工业集团股份有限公司（以下简称"公 司"）董事会审计与风控委员会的运作，根据《中华人民共和国公司法》 《上市公司治理准则》《上市公司独立董事管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》《国有企业、上 市公司选聘会计师事务所管理办法》《公司章程》及其他有关规定，制定 本工作细则。 第二条 董事会审计与风控委员会是董事会下设的专门工作机构，主 要负责公司内、外部审计的沟通，监督和核查工作，研究和指导推动责任 追究重点工作，风险管理策略和解决方案的制定，重大决策、重大事件、 重要业务流程的风险控制、管理、监督和评估，加强公司法治建设，规范 公司合规管理工作，对董事会负责，向董事会报告工作。公司内部审计部 门对审计与风控委员会负责，向审计与风控委员会报告工作。 第三条 本工作细则适用于审计与风控委员会及本工作细则中涉及 的有关人员和部门。公司须为审计与风控委员会提供必要的工作条件，公 司内部审计部门为 ...