证券代码：600893 证券简称：航发动力 公告编号：2026-007 中国航发动力股份有限公司 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 中国航发贵州航空发动机维修有限责任公司 | | --- | --- | --- | --- | --- | | 担 | 预计担保金额 | 12,600 | 万元 | | | 保 | 截至公告日实际为其提供 | 8,100 | 万元 | | | 对 | 的担保余额 | | | | | 象 | 是否在前期预计额度内 | 是 | 否 | 不适用：为下一年度担保预计 | | | | 金额 | | | | | 本次担保是否有反担保 | 是 | 否 | 不适用：_________ | 一、担保情况概述 （一）担保的基本情况及内部决策 被担保人中国航发贵州航空发动机维修有限责任公司（以下简称贵动公司） 为中国航发动力股份有限公司（以下简称公司）下属子公司中国航发贵州黎阳航 空动力有限公司（以下简称黎阳动力）的全资子公司，不属于公司关联方。2026 年，贵动公司因经营发展需要申请流动资金贷款 12,600 万元，贷款期限为 1 年， 由黎阳动力提供 ...

本 报 告 依 据 中 国 资 产 评 估 准 则 编 制 中国航发湖南动力机械研究所 拟以所持有的无形资产所有权出资 所涉及的相关无形资产市场价值 资产评估报告 中发评报字[2025]第100号 (共1册 第1部分 资产评估报告) 中发国际资产评估有限公司 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020012202500178 | | --- | --- | | 合同编号: | 2025-014 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中发评报字 2025 第100号 | | 报告名称: | 中国航发湖南动力机械研究所拟以所持有的无形资产所有权出资 所涉及的相关无形资产市场价值 | | 评估结论: | 669,216,400.00元 | | 评估报告日: | 2025年07月31日 | | 评估机构名称: | 中发国际资产评估有限公司 | | 答名人员: | 冯涛 (资产评估师) 正式会员 编号: 11140050 | | | 刘玮玮 (资产评估师) 正式会员 编号:23090008 | (可扫描二维码查询备案业务信息) 说明:报告备案回执仅 ...

本 报 告 依 据 中 国 资 产 评 估 准 则 编 制 中国航发南方工业有限公司 拟以所持有的无形资产所有权出资 所涉及的相关无形资产市场价值 资产评估报告 中发评报字[2025]第099号 (共1册 第1部分 资产评估报告) 中发 限公司 er ( 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020012202500180 | | --- | --- | | 合同编号: | 2025-013 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 中发评报字[2025]第099号 | | 报告名称: | 中国航发南方工业有限公司 拟以所持有的无形资产所有权出资 所涉及的相关无形资产市场价值 资产评估报告 | | 评估结论: | 460,754,000.00元 | | 评估报告日: | 2025年07月21日 | | 评估机构名称: | 中发国际资产评估有限公司 | | 签名人员: | 冯涛 (资产评估师) 正式会员 编号:11140050 | | | 刘玮玮 (资产评估师) 正式会员 编号:23090008 | (可扫描二维码查询备案业务信息) 说明:报告备 ...

Core Viewpoint - The company is establishing a new subsidiary, General Aviation Power, with an investment of 930.7836 million yuan, in collaboration with nine other investors, to promote the development of the low-altitude economy and enhance the aviation power industry [1] Group 1: Investment Details - The registered capital of the new subsidiary is set at 3.5 billion yuan, with the company holding a 26.5938% stake [1] - The investment aims to implement national strategies, promote industrial development, and facilitate market-oriented operations [1] Group 2: Strategic Importance - Establishing General Aviation Power is a significant step towards developing the low-altitude economy and advancing the general aviation industry [1] - The initiative is expected to positively impact the company's operations and does not harm the interests of the company or its shareholders, particularly minority shareholders [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 中国航发动力股份有限公司（以下简称公司）第十一届董事会第十一次会议 （以下简称本次会议）通知于 2025 年 12 月 25 日以邮件形式向公司全体董事发 出。本次会议于 2025 年 12 月 30 日以现场结合视频方式召开。本次会议应出席 董事 10 人，亲自出席 9 人，独立董事王占学先生委托独立董事李金林先生代为 出席并表决。本次会议合计可履行董事权利义务 10 人。本次会议的召集、召开 程序符合《中华人民共和国公司法》和《中国航发动力股份有限公司章程》的规 定。 本次会议由董事长牟欣先生主持。经与会董事认真审议，表决并通过了以下 议案： 一、审议通过《关于申请 2026 年度融资额度的议案》 因经营发展需要，公司本部拟在 2026 年度申请借款额度 1,775,000 万元， 银行承兑汇票和票据贴现、信用证开证及保函、应收账款保理额度 1,000,000 万元。在上述融资额度内，董事会授权副董事长李健先生对外签订相关合同和协 议。 各子公司及其下属单位拟在 202 ...

Core Viewpoint - The company announced that its subsidiary, China Aviation Engine Corporation Southern Industrial Co., Ltd., plans to invest 931 million yuan to establish a joint venture named AVIC General Aviation Power Technology (Shanghai) Co., Ltd. with several related and unrelated parties, with a registered capital of 3.5 billion yuan [1] Group 1 - The subsidiary will hold a 26.5938% stake in the new joint venture [1] - The joint venture will involve three related entities: China Aviation Engine Corporation Hunan Power Machinery Research Institute, China Aviation Engine Asset Management Co., Ltd., and Guizhou Guofa Aviation Engine Industry Development Equity Investment Partnership (Limited Partnership) [1] - Additionally, the joint venture will include six unrelated entities, including Shanghai Chanchuang No. 1 Private Equity Fund Partnership (Limited Partnership) [1]

Core Viewpoint - The company is establishing a new subsidiary, Aviation Power General Aviation Power Technology (Shanghai) Co., Ltd., with a registered capital of 3.5 billion yuan to enhance its competitiveness in the aviation engine and related products market [1] Group 1: Investment Details - The subsidiary will be jointly funded by six institutions, including both related and non-related parties, with the company contributing 931 million yuan in cash and intangible assets for a 26.5938% stake [1] - The investment aims to support the national low-altitude economy development strategy and promote the industrialization and marketization of general aviation power [1] Group 2: Operational Impact - The new company will focus on the research, development, manufacturing, sales, and related technical services of aviation engines and derivative products, as well as aviation aircraft [1] - The investment has been approved by the company's board and military-related review, and it is expected to have a positive impact on the company's future operations without harming the interests of minority shareholders or causing industry competition [1]

Group 1 - The core viewpoint of the news is that the commercial aerospace industry in China is entering a new phase of rapid development, with significant growth in the number of companies and launch facilities [1] - The high-end equipment ETF (159638) has seen a year-to-date increase of nearly 40%, indicating strong investor interest in this sector [1] - Key stocks in the high-end equipment ETF include major players such as航发动力, 航天电子, and 中国卫星, which collectively account for 44.64% of the fund's weight [1] Group 2 - The high-end equipment ETF (159638) has a management fee rate of 0.50% per year and a custody fee rate of 0.10% per year, providing a cost-effective investment option for investors [2] - Investors without stock accounts can also access the sector through linked funds (018027.OF, 018028.OF), broadening investment opportunities [2]

Investment Rating - The report assigns an "Accumulate" rating to the company with a current price of 39.95 CNY and a fair value of 44.47 CNY [4]. Core Views - The company is a leading domestic manufacturer of aviation engines, focusing on both military and civilian applications, with a comprehensive product range including complete engines and components, as well as maintenance services [8][17]. - The investment logic is based on sustained demand growth in the military sector due to aircraft upgrades and the increasing maturity of aviation engine technology, which drives demand in the civil aviation market [8][17]. - The aftermarket for engine maintenance is highlighted as having a superior business model with stable cash flows and lower risks associated with downstream models [8][43]. - The report forecasts significant growth in revenue and profit margins, driven by product diversification and increasing maintenance service volumes, with a projected revenue of 64.18 billion CNY by 2027 [2][8]. Summary by Sections Company Overview - The company is a major player in the aviation engine manufacturing sector, producing a wide range of military and civilian engines, with a significant portion of revenue coming from engine and derivative product sales [17][25]. - The company has a history of over 20 years and has undergone significant restructuring to become a publicly listed entity [20][21]. Aftermarket Maintenance Opportunities - The global aviation engine maintenance market is expected to exceed 500 billion USD over the next decade, with maintenance revenues being at least four times that of new engine sales [43][49]. - The report emphasizes the importance of the maintenance market, which is characterized by stable cash flows and lower sunk costs, making it an attractive segment for the company [8][43]. Financial Projections and Investment Recommendations - The company is projected to achieve a revenue of 64.18 billion CNY by 2027, with a compound annual growth rate (CAGR) of 17.3% from 2023 to 2027 [2]. - The report maintains a fair value estimate of 44.47 CNY per share, corresponding to a price-to-earnings ratio of 128 times for 2026, supporting the "Accumulate" rating [4][8].

Group 1 - The China Defense Index (399973) has shown a slight increase of 0.26%, with notable gains from constituent stocks such as Western Materials (002149) up by 5.53% and Aerospace Electronics (600879) up by 3.97% [1] - The commercial aerospace sector is experiencing renewed strength, driven by a recent meeting of the National Defense Science and Industry Administration, which emphasized the promotion of commercial aerospace development and the industrialization of the aerospace sector [1] - The Shanghai Stock Exchange has released guidelines for the fifth set of listing standards for commercial rocket companies, marking a significant step in facilitating their access to the capital market [1] Group 2 - According to Dongfang Securities, rockets are currently a bottleneck in commercial aerospace, but improvements in capacity, launch capabilities, and breakthroughs in reusable technology are expected to lead to significant advancements in satellite networking [2] - The anticipated breakthroughs in reusable rocket technology will substantially reduce launch costs and shorten launch intervals, thereby enhancing the number and speed of satellite deployments [2] - The National Defense ETF closely tracks the China Defense Index, which includes publicly listed companies under the ten major military groups and those providing equipment to the armed forces, reflecting the overall performance of defense industry stocks [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the China Defense Index include AVIC Shenyang Aircraft (600760) and Aero Engine Corporation of China (600893), collectively accounting for 44.06% of the index [3]