Investment Rating - The investment rating for the company is "Add" and maintained [2] Core Views - The company achieved a revenue of 909 million yuan in 2024, representing a year-on-year growth of 10%, while the net profit attributable to shareholders decreased by 4% to 89 million yuan [5][6] - The gross margin improved by 3.58 percentage points to 27.96%, driven by an increase in the gross margin of distribution products and a higher proportion of self-developed products [6] - The company has enhanced its self-developed aviation material capabilities with the completion and commissioning of its Huizhou production base, which significantly boosts its domestic production capacity [8] - The acceleration of C919 aircraft production and delivery is expected to create a substantial demand for aviation materials, with the company poised to benefit from this growth [9][10] - The company has increased its inventory by 33% to 301 million yuan by the end of 2024, in response to tariff impacts and to ensure supply stability [10] - Forecasts for net profit attributable to shareholders for 2025-2027 are 138 million yuan, 170 million yuan, and 205 million yuan, corresponding to PE ratios of 25, 20, and 17 times, respectively [10] Summary by Sections Company Overview - Latest closing price: 37.53 yuan - Total shares: 0.82 billion, circulating shares: 0.27 billion - Total market value: 3.1 billion yuan, circulating market value: 1 billion yuan - 52-week high/low: 41.01/25.26 yuan - Debt-to-asset ratio: 13.5% - PE ratio: 34.32 [4] Financial Performance - Revenue for 2024: 909 million yuan, with a growth rate of 10.14% - Net profit for 2024: 89 million yuan, with a decline of 4.16% - EBITDA for 2024: 134.45 million yuan [12][15] Future Projections - Revenue projections for 2025-2027 are 1.052 billion yuan, 1.210 billion yuan, and 1.384 billion yuan, with growth rates of 15.7%, 14.98%, and 14.38% respectively [12][15] - Expected net profit for 2025-2027: 138 million yuan, 170 million yuan, and 205 million yuan [12][15]

Investment Rating - The investment rating for the company is "Add" and maintained [2] Core Views - The company achieved a revenue of 909 million yuan in 2024, representing a year-on-year growth of 10%, while the net profit attributable to shareholders decreased by 4% to 89 million yuan [5][6] - The gross margin improved by 3.58 percentage points year-on-year, reaching 27.96%, driven by an increase in the gross margin of distribution products and a higher proportion of self-developed products [6] - The company has increased its research and development expenses by 63% year-on-year, indicating a strong commitment to enhancing its self-developed aviation material capabilities [8] - The production and delivery of the C919 aircraft are accelerating, which is expected to significantly boost the demand for aviation materials [9][10] - The company has proactively increased its inventory by 33% year-on-year to 301 million yuan to mitigate the impact of tariff shocks [10] Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be 138 million yuan, 170 million yuan, and 205 million yuan respectively, with corresponding PE ratios of 25, 20, and 17 times [10][12] - Revenue is projected to grow from 909 million yuan in 2024 to 1.384 billion yuan in 2027, with a compound annual growth rate of approximately 14.38% [12][15] - The company maintains a low debt-to-asset ratio of 13.5%, indicating a strong financial position [4][15]

Group 1 - The commercial aerospace sector is experiencing a rebound, with companies such as Runbei Aerospace (001316) hitting the limit-up, and others like Lianang Micro (605358), Shenglu Communication (002446), Shanghai Huguang (603131), and Shanghai Hanxun (300762) also seeing significant gains [1] - The Shanghai government is providing support for commercial aerospace launch insurance by subsidizing 50% of the total premium amount [1] - There is an influx of dark pool funds into these stocks, indicating increased investor interest and potential for growth [1]

国信证券股份有限公司 关于润贝航空科技股份有限公司 经中国证券监督管理委员会[2022]978号文核准，润贝航空科技股份有限公 司（以下简称"润贝航科"或"公司"）向社会公开发行不超过人民币普通股 2,000.00万股，每股面值为人民币1元，每股发行价格为人民币29.20元，募集资 金总额人民币58,400.00万元，扣除发行费用后的募集资金净额为人民币 47,308.02万元。天职国际会计师事务所（特殊普通合伙）已于2022年6月21日对 公司首次公开发行股票的资金到位情况进行了审验，并出具天职业字 [2022]35214号《验资报告》。 国信证券作为润贝航科首次公开发行股票并上市的保荐人，于上市之日起 对公司进行持续督导工作，持续督导期为2022年6月24日至2024年12月31日。截 至目前，持续督导期已届满，国信证券根据《证券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》《上市公司监管指引第2号—上市公司募集资 金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第13号— 保荐业务》《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》等法规、规范性文件相关要求，出 ...

Summary of the Conference Call for Runbei Aviation Technology Company Overview - **Company**: Runbei Aviation Technology - **Year**: 2024 - **Revenue Growth**: 56% increase in revenue, maintaining stable profits - **Domestic Business Growth**: Over 27% increase in domestic business revenue, gross margin around 50% - **R&D Investment**: R&D expenses increased by 63% [1][2] Key Points and Arguments Financial Performance - **Revenue**: Achieved revenue of 909 million yuan, a year-on-year increase of 10.414% - **Net Profit**: Net profit attributable to shareholders was 88.52 million yuan, a decrease of 4.16% [2] - **Asset Impairment Loss**: Increased by 15 million yuan to 19 million yuan due to goodwill impairment from the acquisition of Qingyun [3][24] Strategic Responses to Tariffs - **Tariff Impact**: Anticipated 125% tariffs on U.S. imports; the company had preemptive measures in place since 2018 [4][27] - **Preparedness**: Increased inventory, signed agreements with strategic clients including price adjustment clauses, and maintained communication with clients [4][27] - **Opportunity from Tariffs**: Tariff increases have driven demand for domestic products, presenting opportunities for self-developed business [4][27] Domestic Material Development - **Production Base**: The Huizhou base has been fully operational, expanding product lines to include avionics, gas cylinders, and adhesive tapes [1][5] - **Certification**: Approximately 2,400 part numbers have received airworthiness certification from the Civil Aviation Administration of China [1][2] - **Market Position**: Increased market penetration and operational efficiency due to improved certification processes and customer acceptance [5] C919 Project and Future Outlook - **C919 Production Capacity**: Expected production of 75 aircraft in 2025, increasing to 200 by 2029; procurement volume for materials expected to quadruple compared to the previous year [1][11] - **Sales Revenue from C919**: Estimated sales revenue from COMAC (Commercial Aircraft Corporation of China) is over 48 million yuan [1][11] AI Product Development - **AI Inspection Glasses**: Self-developed AI inspection glasses are being promoted among several airlines, with significant market demand but slow adoption due to stringent application requirements [3][25] - **Investment in R&D**: Continued investment in information technology and AI R&D teams to enhance product reliability [25] Future Plans and Market Expansion - **Expansion Plans**: Plans to accelerate digital transformation and enhance the competitiveness of self-developed materials in 2025 [2][21] - **Overseas Market Strategy**: Increased focus on Southeast Asian markets, aligning with COMAC's international strategy [9] Additional Important Information - **Tax Expenses**: Income tax expenses increased by approximately 25 million yuan in 2024, totaling 36 million yuan [23] - **Inventory Levels**: Strategic product inventory is reported to be sufficient, with proactive stocking strategies implemented in anticipation of tariff increases [12] - **Acquisition Strategy**: Future acquisitions may focus on companies with strong R&D capabilities to enhance technological strength [15][16]

Group 1 - The stock of Runbei Hangke has experienced a significant increase, with three limit-up days within four trading days, resulting in a cumulative increase of 24.76% and a turnover rate of 100.18% [2] - As of 10:02, the stock's trading volume reached 8.6387 million shares, with a transaction amount of 344 million yuan and a turnover rate of 31.75% [2] - The latest total market capitalization of the A-shares is 3.382 billion yuan, while the circulating market capitalization is 1.116 billion yuan [2] Group 2 - On April 18, the company released its 2024 annual report, indicating a total operating revenue of 909 million yuan, representing a year-on-year growth of 10.14%, while net profit was 89 million yuan, showing a year-on-year decline of 4.16% [2] - The stock's performance over recent days includes notable fluctuations, with a daily increase of 10.00% on April 21 and a decrease of 6.28% on April 18 [2]

Financial Performance - In 2024, the company achieved operating revenue of 909 million yuan, representing a year-on-year growth of 10.14% [2] - The net profit attributable to shareholders was 88.52 million yuan, a decrease of 4.16% compared to the previous year [2] - The company maintained a stable profit level despite a 56% increase in equity incentive expenses [2] Business Development - The revenue from domestic production business grew by 27.64% year-on-year [2] - R&D expenses increased by 63.08% compared to 2023 [2] - By the end of 2024, approximately 2,400 part numbers had passed the relevant airworthiness certification from the Civil Aviation Administration of China [2] Strategic Initiatives - The company will continue to implement a "dual-engine" strategy of distribution and self-research in aviation equipment [2] - Plans to accelerate digital transformation and enhance overall operational efficiency [2] - The company aims to improve the competitiveness, sales scale, and profit margins of self-researched aviation equipment products [2] Market Adaptation - The company is focused on closely monitoring policy and industry dynamics to mitigate the impact of external environmental changes [4] - Strategies include improving product structure, expanding unaffected part numbers, and developing new businesses [6] - The sales team has established agreements with major clients to adjust prices in response to external changes, ensuring communication flexibility [6] Product Development - The company has developed a competitive advantage in aviation materials and airworthiness certification systems [5] - Current sales of domestic aviation equipment primarily target airlines and aircraft maintenance companies, with products that can replace original equipment from Boeing and Airbus [5] - The company has established a range of domestically produced aviation equipment, including cabin components and high polymer materials [5] International Expansion - The company maintains an international development perspective, with a Hong Kong subsidiary responsible for overseas customer development and service [8] - The overseas business team is exploring localized service models for domestic aircraft in international markets [8]

Group 1 - The core viewpoint of the news is that Runbei Aerospace (001316.SZ) has disclosed its 2024 annual report, highlighting significant institutional ownership and changes in public fund holdings [1] - As of April 17, 2025, a total of 34 institutional investors hold shares in Runbei Aerospace, with a combined holding of 51.966 million shares, representing 63.02% of the total share capital [1] - The top ten institutional investors account for 62.47% of the total shares, with a slight decrease of 0.41 percentage points compared to the previous quarter [1] Group 2 - Four public funds reduced their holdings compared to the previous quarter, with a total decrease of 0.25% [1] - A total of 27 new public funds disclosed their holdings during this period, including several notable funds such as Zhongyou Military-Civilian Integration Flexible Allocation Mixed A and CITIC Construction Investment Selected Mixed A [1] - In terms of foreign investment, one new foreign institution, Goldman Sachs, disclosed its holdings, while UBS AG did not disclose any holdings this quarter [2]

润贝航空科技股份有限公司 2024 年度董事会工作报告 润贝航空科技股份有限公司 2024 年度董事会工作报告 报告期内，润贝航空科技股份有限公司（以下简称"公司"）董事会由 7 名董事组成，公司董事会严格按照《公司法》《证券法》《深圳证券交易所股票 上市规则》《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》等法律法规以及《公司章程》《董事会议事规则》等规章制度的规定， 切实履行股东会赋予的董事会职责，严格执行股东会各项决议，勤勉尽责地开展 各项工作，积极推进董事会各项决议的实施，促进公司的规范运作，保证公司保 持持续稳定健康的良好发展态势。现将公司董事会 2024 年度工作情况汇报如下： 一、2024 年度公司经营情况 随着中国民航运输经营指标持续增长，公司2024年实现营业收入9.09亿元， 较同期增长 10.14%，主营业务稳健增长。公司 2024 年实现归属于上市公司股东 的净利润为 8,852.46 万元，较上年同期减少 4.16%。 公司的航材分销业务在报告期内实现营业收入 8.41 亿元，同比提升 8.92%， 规模稳健增长，保持着细分领域的竞争优势，获得了上下游的高度 ...

股票代码：001316 股票简称：润贝航科 公告编号：2025-013 润贝航空科技股份有限公司 关于提请股东会授权董事会办理小额快速融资相关事宜的公告 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。 润贝航空科技股份有限公司（以下简称"公司"）第二届董事会第十六次会议于 2025 年 4 月 17 日审议通过了《关于提请股东会授权董事会办理小额快速融资相关 事宜的议案》，该议案尚需提交公司股东会审议。 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发行上 市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等相关规 定，公司董事会提请年度股东会授权董事会决定向特定对象发行融资总额不超过人 民币 3 亿元且不超过最近一年末净资产 20%的人民币普通股（A 股）股票（以下简 称"本次发行"或"小额快速融资"），授权期限为 2024 年度股东会通过之日起至 2025 年度股东会召开之日止，本次授权事宜内容如下。 一、确认公司是否符合以简易程序向特定对象发行股票的条件 授权董事会根据《中华人民共和国公司法》《中华人民共和国证券法》《注册 ...