Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is expected to pressure short-term performance, with a projected revenue of 47.66 billion yuan for 2025, remaining stable compared to 2024, but with a forecasted net profit decline of 31.2% [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan in 2024, a 72.1% increase year-on-year, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][2]. - The company’s financial expenses increased by 84.3% to 460 million yuan, primarily due to a rise in debt levels [1]. Product Segmentation - Revenue from aviation engines and related products grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company is expected to see net profits of 597 million yuan in 2025, 1.066 billion yuan in 2026, and 1.572 billion yuan in 2027, with corresponding PE ratios of 164x, 92x, and 62x respectively [4][3]. - The projected revenue growth rates for the next few years are expected to be -0.4% in 2025, 10.8% in 2026, and 9.8% in 2027 [4][10].

Core Viewpoint - The financial report of the company reveals significant challenges in profitability and cash flow management despite a revenue increase, indicating serious issues in cost control and financial management [1][2][3][4][5] Revenue and Profitability - In 2024, the company achieved a revenue of 47.88 billion yuan, a year-on-year increase of 9.48% [1] - The net profit was only 860 million yuan, a substantial decline of 39.48% year-on-year, marking a new low in recent years [2] - The non-recurring net profit also decreased by 35.20% year-on-year, highlighting severe challenges in the core business profitability [2] - The fourth quarter showed particularly poor performance, with revenue of 21.92 billion yuan, a 25.8% increase, but net profit plummeted by 65.7% to 134 million yuan [2] Cash Flow and Financial Health - The operating cash flow net amount was -14.309 billion yuan, a shocking decline of 112.3% year-on-year, indicating severe financial pressure [3] - The deterioration of cash flow affects daily operations and may negatively impact future investment and development plans [4] - Despite a total asset growth of 16.2%, the net assets attributable to the parent company only increased by 1.1%, suggesting reliance on debt rather than improved profitability [4] Innovation and Market Expansion - The company emphasized its efforts in market expansion and technological innovation, particularly in the aerospace engine and gas turbine sectors [5] - Investments in technology innovation have not yet yielded expected profitability returns, with contributions from emerging markets still not visible [5] - Internal management improvements have not effectively translated into market competitiveness, highlighting the need for a balance between innovation and market expansion [5]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3200 | 0.5300 | -39.62 | 0.4800 | | 每股净资产（元） | 0 | 14.8 | -100 | 14.41 | | 每股公积金(元) | 10.3 | 10.3 | 0 | 10.3 | | 每股未分配利润(元) | 3.47 | 3.33 | 4.2 | 2.96 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 478.8 | 437.34 | 9.48 | 370.97 | | 净利润(亿元) | 8.6 | 14.21 | -39.48 | 12.67 | | 净资产收益率(%) | 2.17 | 3.66 | -40.71 | 3.34 | | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | ...

航发动力连跌7天，华泰柏瑞基金旗下1只基金位列前十大股东 | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -2.30% | -1.58% | -0.13% | 22.63% | -0.329 | | 同类平均� | -2.23% | -1.70% | 2.19% | 31.47% | 3.899 | | 沪深300 | -1.55% | -0.88% | -1.23% | 17.39% | 0.009 | | 跟踪标的? | -1.55% | -0.88% | -1.23% | 17.39% | 0.009 | | 同类排名 3 | 2194 3642 | 2068 3558 | 2296 3401 1852 3044 | | 2604 344 | | | | | 图片来源:天天基金网 2025/3/24 | | | 华泰柏瑞沪深300ETF基金经理为柳军。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上 ...

Summary of Defense and Aerospace Industry Conference Call Industry Overview - The defense industry is expected to recover in 2025, driven by new technologies such as special robots, which are boosting market sentiment. The recovery of military orders is highly certain in the final year of the 14th Five-Year Plan, particularly in missile, unmanned equipment, and information technology sectors, which show significant elasticity. Attention is drawn to "military +" concept companies, such as those integrating military with AI and robotics [1][2][4]. Key Points and Arguments - **Market Sentiment and Recovery**: The military sector has shown positive performance recently, driven by various factors including capital strategies and increased geopolitical uncertainties. The expectation of order recovery in 2025 supports the sector's growth [2]. - **Optimism Among Suppliers**: Many military supply companies are optimistic about order recovery, with expectations to return to peak levels seen in 2022 or 2023. This change in sentiment is significant and may lead to some companies exceeding their previous scales [5]. - **Missile Sector Recovery**: The missile sector is witnessing a revival after being impacted by anti-corruption measures. Orders for mature models are gradually being issued, and low-cost precision-guided munitions are accelerating in development. Companies with features like new materials, AI, or robotics in missile production are recommended for attention [7]. - **Special Robots Development**: Special robots are leading in commercial applications such as power inspection and bomb disposal. Military robots are expected to undergo qualitative leaps during the 14th Five-Year Plan, with AI enhancing their tactical value. The deployment of robotic dogs is anticipated to increase significantly in the latter half of the plan [8]. - **Military Chip Market Outlook**: The military chip market is expected to show significant elasticity over the next three years, with improved demand and inventory cycles. Companies in this sector are optimistic about future orders and overall outlook for 2025 [3][9]. - **Unmanned Equipment Growth**: The demand for military drones is strong, with a golden development period expected during the 15th Five-Year Plan. Orders for medium and small military drones are likely to be delivered in 2025, significantly boosting related companies' revenues [3][16]. - **AI Integration in Military**: The application of AI in the military sector is gradually being implemented, with initiatives from state-owned enterprises to enhance AI capabilities. This trend is expected to reshape future battlefields and break traditional monopolies held by established military corporations [27][28]. Additional Important Insights - **Investment Strategy Adjustments**: In 2025, investment strategies have shifted to focus on sectors with greater elasticity, such as missiles, unmanned equipment, and information technology. The emphasis is on companies with "military +" concepts that can leverage multiple growth trends [4][6]. - **Emerging Industries**: New industries such as AI, robotics, and low-altitude economy are highlighted for their high growth potential and ability to achieve higher valuation premiums [6][17]. - **3D Printing and New Materials**: The 3D printing sector is seeing growth, particularly in aerospace applications, with expectations for significant increases in order volumes in 2025. The military materials sector is also expected to experience explosive growth, particularly in carbon fiber and ceramic composite materials [12][13]. - **Low Altitude Economy**: The low-altitude economy is set to focus on new infrastructure projects, including communication, navigation, and meteorological systems, with a push towards standardization and operational demonstration [17]. - **Aerospace Engine Sector**: The aerospace engine industry is recovering from previous supply chain issues, with expectations for improved delivery and performance in 2025. Key companies in this sector are recommended for investment due to their low valuations and growth potential [19][20]. Conclusion - The overall outlook for the military sector in 2025 is positive, with significant investment opportunities arising from the completion of the 14th Five-Year Plan and the anticipated recovery of military orders. The "military +" direction, particularly in AI and robotics, is expected to perform well [30].