成飞集成分析师会议-2025-03-27

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - The company is making efforts to turn losses into profits in 2025 by seizing aviation product orders, accelerating the mass production of new automotive parts production lines, strengthening the lean management of two - funds and risk control, promoting project - based management, and enhancing quality management [28][29]. - The company is undergoing business transformation and upgrading. The aviation parts business is shifting from single - CNC processing to delivering parts and components, and the automotive mold and parts business focuses on products supporting new energy vehicles and automotive lightweighting. It is also exploring new business areas such as drone fuselage manufacturing [26]. - The company is deploying AI models privately and will continue to promote AI's empowerment in business areas such as data analysis and compliance [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Chengfei Integration, belonging to the automotive parts industry. The reception time was on March 27, 2025. The listed company's reception personnel included the host, the chairman Shi Xiaoqing, the chief accountant and board secretary Cheng Yan, and the independent director Chen Binbo [16]. 3.2. Detailed Research Institutions - The 2024 annual performance briefing of Chengfei Integration was conducted remotely online, targeting all investors [19]. 3.3. Research Institution Proportion - No information provided in the document. 3.4. Main Content Data - Business Performance and Outlook: The company's 2024 performance declined, mainly affected by the decrease in the gross profit margins of aviation parts and automotive mold businesses, as well as the increase in financial expenses, R & D expenses, and non - operating expenses. The company's aviation product business is expected to improve this year due to the increase in order volume last year. The subsidiary Jicheng Jiwen has multiple automotive parts models in mass production since the fourth quarter of last year, and the newly invested production lines in the past two years will improve utilization efficiency [23][27]. - Investment in Zhongchuang Aviation: The company holds 5.97% of Zhongchuang Aviation's shares, which are classified as other equity instruments. Zhongchuang Aviation's profit in 2024 was 844 million yuan, a year - on - year increase of 93%. The company's profit is not affected by Zhongchuang Aviation's profit, only the other comprehensive income at the bottom of the income statement. The company will dispose of Zhongchuang Aviation shares opportunistically [24][25]. - Asset Disposal: Anhui Jiwen's asset disposal in 2024 achieved a profit, contributing 1.2925 million yuan to the company's profit through equity - method accounting based on the annual profit and the company's 45% shareholding ratio [25]. - Business Transformation and Expansion: The company is exploring the possibility of expanding its mold and 3D printing technologies to bearing production, but currently, its large - scale automotive mold production has little relevance to bearing production, and it has not adopted 3D printing technology. The company is also researching drone fuselage manufacturing processes [26]. - Aviation Engine Business: The company's aviation engine business mainly refers to aviation engine parts business, which is currently mainly self - undertaken [27]. - Comparison with Guihang Co., Ltd.: The company and Guihang Co., Ltd. have significant differences in products and customers. The company's 2024 performance decline was mainly due to factors such as the decrease in gross profit margins and the increase in various expenses [27]. - Development Plans: The company is starting to compile the 14th Five - Year Plan this year, which will be finalized by the end of the year. It is also researching and formulating plans for the low - altitude economy market [27][28]. - Inventory of Automotive Parts: The company's automotive parts inventory is mainly prepared according to customer production plans, and there is little risk of impairment [27]. - Gross Profit Margin Improvement: For the aviation parts business, it aims to increase business income by seizing market orders, strengthening communication with core customers, and expanding business areas. For the tooling mold business, it focuses on cost - reduction and efficiency - improvement through technological innovation and lean management [29]. - HFQ Orders: The HFQ (aluminum alloy warm - forming) production line has achieved mass production of products for two projects of Lotus and Guoxuan High - tech, completed the trial production of 4 projects within the year, and successfully won an order from Leapmotor [29].