第九届董事会第五次会议决议公告 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。 证券代码：000768 证券简称：中航西飞 公告编号：2024-051 中航西安飞机工业集团股份有限公司 中航西安飞机工业集团股份有限公司（以下简称"公司"）第九届董 事会第五次会议通知于 2024 年 11 月 22 日以电子邮件方式发出，会议于 2024 年 11 月 26 日以通讯表决方式召开。本次会议由公司董事长吴志鹏先 生主持。本次会议应参加表决董事 11 名，实际参加表决董事 11 名。 本次会议的召开符合《公司法》等有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 会议经过表决，形成如下决议： （一）通过《关于 2025 年度日常关联交易预计发生金额的议案》 同意 2025 年度公司及所属子公司与控股股东中国航空工业集团有限 公司及其所属单位预计发生日常关联交易金额为 24,539,150,977 元。 在表决上述议案时，关联董事吴志鹏先生、韩小军先生、安刚先生、 董克功先生、王广亚先生、陈伟光先生和楚海涛先生回避表决，由 4 名非 关联董事进行表决。 ...

2025 年度日常关联交易预计公告 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。 证券代码：000768 证券简称：中航西飞 公告编号：2024-052 中航西安飞机工业集团股份有限公司 一、日常关联交易基本情况 （一）日常关联交易概述 根据《深圳证券交易所股票上市规则》等有关上市公司日常关联交易 管理的有关规定，中航西安飞机工业集团股份有限公司（以下简称"公司"） 对 2025 年度与控股股东中国航空工业集团有限公司（以下简称"航空工 业"）及其所属单位全年累计发生的各类日常关联交易的总金额进行了预 计，预计总金额为 24,539,150,977 元，公司日常关联交易履行审议程序 如下： 公司于 2024 年 11 月 26 日召开了第九届董事会第五次会议，会议以 4 票同意，0 票反对，0 票弃权审议通过了《关于 2025 年度日常关联交易预 计发生金额的议案》。在审议和表决上述议案时，关联董事吴志鹏先生、 韩小军先生、安刚先生、董克功先生、王广亚先生、陈伟光先生和楚海涛 先生回避表决，由 4 名非关联董事进行表决。本项关联交易议案经公司独 立董事专门会 ...

证券代码：000768 证券简称：中航西飞 公告编号：2024-054 中航西安飞机工业集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 一、召开会议的基本情况 （一）股东大会届次：2024 年第二次临时股东大会。 （二）股东大会的召集人：董事会。公司第九届董事会第五次会议审 议批准了《关于召开 2024 年第二次临时股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章 程》等的规定。 （四）会议召开的日期、时间： 1.现场会议召开时间：2024 年 12 月 20 日（星期五）下午 14:20； 2.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 12 月 20 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12月20日上午9:15 至 2024 年 12 月 20 日下午 15:00 期间的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core business shows steady growth, with technological innovation driving profit improvement. In the first three quarters of 2024, the company achieved total revenue of 28.821 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 944 million yuan, up 17.43% year-on-year. The third quarter also performed well, with total revenue of 892 million yuan, down 4.13% year-on-year, and a net profit of 287 million yuan, up 20.21% year-on-year [1][2] - Cost control, expense management, tax incentives, and operational efficiency improvements have been actively implemented. R&D expenses reached 73 million yuan, down 34.39% year-on-year, while financial expenses increased by 62.29% to 92 million yuan due to reduced interest income. Sales expenses decreased by 20.18% to 272 million yuan, and management expenses rose slightly by 32.42% to 871 million yuan, indicating positive overall expense control [2] - The company has adjusted its strategies regarding capital management, project investment, and debt structure. As of the third quarter of 2024, cash and cash equivalents decreased by 67.69% to 624 million yuan, primarily due to increased payments to suppliers. Accounts receivable increased by 30.22% to 2.314 billion yuan, while contract assets grew by 94.77% to 372 million yuan [3] Financial Forecast and Valuation - The company's performance aligns with expectations. Given its leading position in the large aircraft industry, the previous profit forecasts are maintained, with net profits expected to be 1.100 billion yuan, 1.446 billion yuan, and 1.757 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 73, 55, and 45 times [3]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4] Core Views - The company's profitability continues to improve, with a focus on enhancing its civil aviation business [3] - The company reported a revenue of 28.821 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.44%, and a net profit of 944 million yuan, up 17.43% year-on-year [2][3] - The company is a major manufacturer of military transport aircraft, bombers, and special aircraft in China, and is increasing its cost control efforts to enhance efficiency [3] Financial Data and Valuation - As of November 4, 2024, the closing price is 28.70 yuan, with a market capitalization of 79.836 billion yuan [1] - The basic earnings per share (EPS) is 0.34 yuan, and the diluted EPS is also 0.34 yuan [1] - The company expects EPS for 2024-2026 to be 0.37, 0.45, and 0.56 yuan respectively, with corresponding P/E ratios of 77.0, 63.2, and 51.6 [4] - The company’s net asset return rate (ROE) is projected to increase from 4.65% in 2024 to 6.8% in 2026 [1][4]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Views - The company is positioned as a leading manufacturer of large and medium-sized military and civilian aircraft, benefiting from both military and civilian aviation growth [2][3]. - The company has shown steady revenue growth from 26.1 billion to 40.3 billion RMB from 2016 to 2023, with a CAGR of 6.4%, and net profit growth from 413 million to 861 million RMB, with a CAGR of 11.1% [2][26]. Summary by Sections Company Overview - The company is the only large and medium-sized military and civilian aircraft manufacturing base in China, with over 60 years of experience in the aviation manufacturing industry [2][17]. - It has transitioned from component manufacturing to complete aircraft development and production, benefiting from strategic military construction [2][17]. Investment Logic - The company is the sole platform for military large and medium-sized aircraft, with long-term capital expenditures expected to enter a harvest phase [3]. - The demand for large and medium-sized aircraft is critical for building a strategic air force, with the U.S. military's procurement plans serving as a reference [3]. - The company’s products, including transport and bomber aircraft, are expected to enter a phase of increased production, driving revenue growth [3]. - The company is a core supplier for civilian aircraft, particularly benefiting from the high demand in the civil aviation market [3]. - The company is involved in the production of key components for the C919 and ARJ21 aircraft, which are expected to ramp up production significantly [3][17]. - The company has launched an employee stock incentive plan to enhance operational efficiency and align employee interests with long-term growth [3]. Financial Forecasts and Valuation - The company is projected to achieve revenues of 45.46 billion, 51.88 billion, and 59.26 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 12.79%, 14.14%, and 14.22% [3][6]. - The net profit is expected to reach 1.00 billion, 1.18 billion, and 1.39 billion RMB for the same years, with growth rates of 16.39%, 17.47%, and 18.26% [3][6]. - The report sets a target price of 38.08 RMB for 2025, based on a PE ratio of 90x, reflecting the company's unique position in China's aviation equipment sector [3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's performance in the first three quarters of 2024 met market expectations, with revenue of 28.82 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 940 million yuan, up 17.4% year-on-year [2]. - The company is positioned as a leading manufacturer in the large aircraft sector, benefiting from the growth of special aircraft and domestic large aircraft industries, which are expected to drive future performance [2][4]. - The report highlights a significant increase in other income due to tax incentives for advanced manufacturing enterprises, which grew by 666% year-on-year to 290 million yuan [2]. Financial Performance Summary - For Q3 2024, the company achieved a net profit of 290 million yuan, reflecting a year-on-year growth of 20% [2]. - The gross margin for Q3 2024 improved by 2.35 percentage points to 10.9%, while the net margin increased by 0.68 percentage points to 3.4% [2]. - The company’s revenue for the first three quarters accounted for 64% of the annual operational target of 45.1 billion yuan [2]. Future Projections - The company is projected to achieve net profits of 1.12 billion yuan, 1.43 billion yuan, and 1.82 billion yuan for the years 2024, 2025, and 2026, respectively [2][3]. - The report anticipates a price-to-earnings ratio (PE) of 72x, 56x, and 44x for the years 2024, 2025, and 2026, respectively [3][4]. Industry Developments - The report notes the establishment of over 26 billion yuan in civil aviation projects in the Shanghai Lingang New Area, indicating robust growth in the large aircraft business [2]. - The domestic aviation industry is entering a new phase of industrialization and scaling, with major airlines beginning regular operations of the C919 aircraft [2].

Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers to enhance market penetration [6]. Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Operational Efficiency - Implemented new supply chain management software, reducing logistics costs by 5% [10]. - Streamlined manufacturing processes, resulting in a 7% reduction in production time [11]. - Employee training programs were expanded, leading to a 15% improvement in operational efficiency [12]. Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a company-wide recycling program, diverting 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Corporate Governance - Appointed two new independent directors to the board, enhancing oversight and strategic guidance [16]. - Implemented a new whistleblower policy to strengthen ethical standards and compliance [17]. - Conducted annual board evaluations, resulting in a 10% improvement in governance practices [18].

证券代码：000768 证券简称：中航西飞 公告编号：2024-047 中航西安飞机工业集团股份有限公司 第九届董事会第四次会议决议公告 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。 中航西安飞机工业集团股份有限公司（以下简称"公司"）第九届董 事会第四次会议通知于 2024 年 10 月 24 日以电子邮件方式发出，会议于 2024 年 10 月 29 日以通讯表决方式召开。本次会议由公司董事长吴志鹏先 生主持。本次会议应参加表决董事 11 名，实际参加表决董事 11 名。 本次会议的召开符合《公司法》等有关法律、行政法规、部门规章、 规范性文件和《公司章程》的规定。 一、董事会会议审议情况 会议经过表决，形成如下决议： （一）批准《2024 年第三季度报告》 同意：11 票，反对：0 票，弃权：0 票。 本议案在提交董事会审议前已经公司董事会审计与风控委员会审议 通过。 同意公司聘任大信会计师事务所（特殊普通合伙）为公司2024年度财 务报告和内部控制审计机构，聘期一年，审计费用总额为185万元，其中： 财务报告审计费155万元，内部控制审计费30万元。 ...

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.拟聘任会计师事务所：大信会计师事务所（特殊普通合伙）（以 下简称"大信会计师事务所"）。 证券代码：000768 证券简称：中航西飞 公告编号：2024-049 中航西安飞机工业集团股份有限公司 关于变更会计师事务所的公告 3.拟变更会计师事务所的原因：根据财政部、国务院国资委、中 国证监会关于会计师事务所选聘的有关规定，综合考虑未来经营发展 情况和对审计服务的需求，公司拟聘任大信会计师事务所为公司2024 年度财务报告和内部控制审计机构。公司已就本事项与前后任会计师 事务所进行充分沟通，前后任会计师事务所均已明确知悉本次变更事 项并表示无异议。 4.公司董事会和董事会审计与风控委员会对本次变更会计师事 务所事项无异议。本次变更会计师事务所事项尚需提交公司2024年第 二次临时股东大会审议。 5.本次变更会计师事务所符合财政部、国务院国资委、中国证监 1 会印发的《国有企业、上市公司选聘会计师事务所管理办法》（财会 〔2023〕4号）的规定。 中航西安飞机工业集团股份有限公司（以下简称"公司"）于 ...