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]

中航西飞（000768.SZ）2024 年年报点评 经营效率持续提升；国产大飞机加速 2025 年 04 月 01 日 ➢ 事件：3 月 31 日，公司发布 2024 年报，全年实现营收 432.2 亿元，YOY +7.2%；归母净利润10.2亿元，YOY+18.9%；扣非净利润9.2亿元，YOY+13.8%。 业绩表现符合市场预期。公司军用整机生产连续 4 年实现高水平均衡交付，民机 及国际合作项目实现较快增长，整体发展趋势较好。我们点评如下： ➢ 4Q24 归母净利润同比增长 39%；经营效率持续提升。1）单季度：公司 4Q24 实现营收 144 亿元，YOY+21.1%；归母净利润 0.8 亿元，YOY+39.1%； 扣非净利润 0.35 亿元，YOY-26.9%。2）利润率：24 年公司毛利率同比下降 1.0ppt 至 5.9%；净利率同比提升 0.2ppt 至 2.4%；4Q24 毛利率同比下滑 3.4ppt 至 2.8%，净利率同比提升 0.1ppt 至 0.6%。3）经营效率：24 年公司实现全员 劳动生产率 44.47 万元/人，较 23 年同期水平（43.64 万元/人）稳步提升，同 时公司 ...

Core Viewpoint - The company, AVIC Xi'an Aircraft Industry Group, reported a revenue of 43.216 billion yuan for 2024, marking a year-on-year increase of 7.23%, and a net profit of 1.023 billion yuan, up 18.87% from the previous year [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 1.023 billion yuan, reflecting an 18.87% increase year-on-year [1]. - The basic earnings per share were reported at 0.37 yuan [1]. - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares, totaling 334 million yuan [2]. Business Operations - The company is a key manufacturer of military and civil aviation products, focusing on large and medium-sized transport aircraft, bombers, and special-purpose aircraft [2]. - In 2024, the company maintained a high level of delivery for military aircraft, contributing to national defense modernization [3]. - The company delivered components for 44 units of C909 and C919 aircraft, and 2 units of Xinzhou aircraft in 2024 [4]. Research and Development - The company invested 266 million yuan in R&D, a 9.25% increase from the previous year [5]. - It aims to enhance its technological innovation capabilities and has made breakthroughs in several key technologies [5]. Future Plans - The company has set a target revenue of 44.988 billion yuan for 2025, with a labor productivity goal of 448,000 yuan per person [6]. - Future strategies include strengthening core business areas, enhancing technological innovation, and expanding production cooperation in outsourcing [6].

证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中航西飞（000768.SZ） 24 年业绩实现稳定增长，军民交付任务按期完成 中游制造/军工 2024 年，公司实现营业收入 432.16 亿元（同比+7.23%），实现归母净利润 10.23 亿元（同比+18.87%）；实现扣非净利润 9.21 亿元（同比+13.78%）。 强烈推荐（维持） 目标估值：NA 当前股价：23.65 元 1、《中航西飞（000768）—积极布局 低空经济，HH 系列签署 50 套意向订 单》2024-11-25 2、《中航西飞（000768）—24Q3 利 润端同比高增，毛利率同环比提升显 著》2024-10-31 3、《中航西飞（000768）—上半年营 收稳步增长，净利率同比有所提升》 2024-08-27 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 研究助理 zhanyongzhuang@cmschina.com. cn ❑ 24 年业绩实现稳定增长，军民交付任务按期完成。2024 年，公司实现营业收 入 432.16 亿元（同比+7.23%），实现归 ...

| 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 | 上市公司 | 编制单位：中航西安飞机工业集团股份有限公 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | 单位：人民币万元 | 2024 年度占用 | 2024 年度 | 2024 年 | 占用方与上市 | | | | | | | 期 | 非经营性资金 | 上市公司 | 期初占 | 占用资 | | | | | | | | 金 | 占用形成 | 资金占用方名称 | 公司的关联关 | 累计发生金额 | 偿还累计 | | | | | | | 发 | 末占用资金 | 占用性质 | 占用 | 核算的会计科目 | 用资金 | 的利 | | | | | | 息 | 原因 | 系 | （不含利息） | 生金额 | 余额 | | | | | | | 余额 | （如有） | 控股股东、实 | 无 | 无 | 无 | 无 | 无 | 无 | 无 | | | 无 | 无 | 无 | 际控制人及其 | | | | | | | | | 无 ...

| | 中国航空工业集团 | 同一实际控 | 其他应收款 | 728.76 | 192.90 | 124.44 | 797.22 | 接受劳务 | 经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 有限公司所属单位 | 制人 | | | | | | | | | | 中国航空工业集团 | 同一实际控 | 一年内到期的 | 230.80 | | | 230.80 | 预付工程款 | 经营性往来 | | | 有限公司所属单位 | 制人 | 非流动资产 | | | | | | | | | 中国航空工业集团 | 同一实际控 | 其他非流动 | | | | | 预付工程款、 | 经营性往来 | | | 有限公司所属单位 | 制人 | 资产 | 947.71 | 10,560.72 | 3,239.06 | 8,269.37 | 销售商品质 | | | | | | | | | | | 保金 | | | 上市公司的子 公司及其附属 | 陕西飞机工业有限 | 控股子公司 | 其他应收款 | 371.50 | | 371.50 | ...

Core Viewpoint - 中航西飞's 2024 annual report shows revenue growth but a decline in non-recurring net profit, indicating concerns about the company's core business profitability [1][4][6] Financial Performance - 中航西飞 achieved an operating revenue of 43.216 billion yuan, a year-on-year increase of 7.23% [1][4] - The attributable net profit reached 1.023 billion yuan, reflecting an 18.87% year-on-year growth [1][4] - However, the non-recurring net profit was 921 million yuan, down 1.40% year-on-year, suggesting a decline in core profitability [1][4] - The gross profit was 2.530 billion yuan, with a gross margin of 5.85%, significantly below the industry average, indicating pressure on cost control and product pricing [4] Industry Context - The defense and military industry faced significant capital outflow, with a 1.81% decline on March 31, 2025, and a net outflow of 2.175 billion yuan [5] - 中航西飞 experienced a net outflow of 89.175 million yuan, accounting for 15.94% of total trading volume, reflecting market skepticism about the military industry [5] International Market Challenges - 中航西飞 is involved in international cooperation and subcontracting, manufacturing components for Airbus and Boeing, but the reliance on these major clients is high [6] - In 2024, the company delivered 1,267 units for international subcontracting, with 677 units for Airbus and 559 units for Boeing, indicating limited market share [6] - The company faces increasing competition in the international market and needs to enhance technology development and product quality to improve competitiveness [6]

Core Viewpoint - The independent director of AVIC Xi'an Aircraft Industry Group Co., Ltd. reports on the performance of duties for the year 2024, emphasizing adherence to legal regulations and commitment to protecting the interests of all shareholders, particularly minority shareholders [1][3]. Group 1: Independent Director's Background and Independence - The independent director, Wei Yunfeng, has a strong professional background in accounting and has held various significant positions in accounting firms [1]. - The independent director confirms independence from the company and its major shareholders, ensuring no conflicts of interest exist [2][3]. Group 2: Attendance and Participation - The independent director attended 3 shareholder meetings and participated in the approval of 18 resolutions, with no objections raised during the voting process [3][5]. - The independent director served as the chairman of the Audit and Risk Control Committee and participated in all required committee meetings, demonstrating active engagement in oversight functions [5][6]. Group 3: Communication and Support - The independent director maintained close communication with the internal audit department and accounting firms, ensuring the audit process was thorough and transparent [6][7]. - The company provided strong support to the independent director, facilitating access to necessary materials for informed decision-making [7][8]. Group 4: Key Focus Areas - The independent director reviewed related party transactions and confirmed that all transactions were fair and did not harm the interests of the company or its shareholders [8][9]. - The independent director participated in the approval of financial reports and internal control evaluations, ensuring compliance with legal standards [9][10]. - The independent director supported the appointment of new auditors and the hiring of senior management, confirming that all candidates met the necessary qualifications [10][12]. Group 5: Overall Evaluation - The independent director emphasized the importance of fulfilling duties with diligence and integrity, aiming to maximize the overall interests of the company and protect shareholder rights [13][14].

证券代码：000768 证券简称：中航西飞 公告编号：2025-011 中航西安飞机工业集团股份有限公司 简称"公司"）召开第九届董事会第八次会议审议通过《2024 年度 利润分配预案》。 本次利润分配方案尚需提交公司 2024 年度股东会审议。 二、利润分配的基本情况 经大信会计师事务所（特殊普通合伙）审计确认，公司 2024 年 合并报表归属于母公司股东的净利润 1,023,435,524.55 元。根据《公 司法》《公司章程》等有关规定，拟按母公司实现的净利润 配利润合计为 3,073,000,869.45 元，母公司报表实际可供股东分配 的利润为 3,073,000,869.45 元。根据有关法律法规及《公司章程》 的规定，考虑到股东利益及公司长远发展需求，公司 2024 年度不提 取任意公积金，公司 2024 年度利润分配预案为： 以未来实施权益分配方案时股权登记日的总股本 2,781,740,071 股为基数，向全体股东每 10 股派送现金股利 1.20 元（含税），合计 分配现金股利 333,808,808.52 元，剩余未分配利润结转至下一年度， 不送红股，不进行资本公积金转增股本。 在利润分 ...