证券代码：600765 证券简称：中航重机 公告编号：2025-025 中航重机股份有限公司 关于2025年第一季度的业绩预告 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。 重要内容提示： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 3 月 31 日。 （二）业绩预告情况 1.经公司初步测算，预计 2025 年第一季度实现营业收入约 23.06 亿元，同 比降低 21%左右。 2.预计实现归属于上市公司股东的净利润约 1.98 亿元，同比降低 39%左右。 3.预计实现归属于上市公司股东的扣除非经常性损益的净利润约 1.88 亿元， 同比降低 35%左右。 （三）本期业绩预告未经注册会计师审计。 本公告所载主要财务数据为初步核算数据，未经会计师事务所审计，具 体数据以公司 2025 年第一季度报告中披露的数据为准，提请投资者注 意投资风险。 公司 2025 年第一季度预计实现营业收入约 23.06 亿元，同比降低 21% 左右；预计实现归属于上市公司股东的净利润约 1.98 ...

中航重机（600765）公告，公司2025年第一季度预计实现营业收入约23.06亿元，同比降低21%左右； 预计实现归属于上市公司股东的净利润约1.98亿元，同比降低39%左右；预计实现归属于上市公司股东 的扣除非经常性损益的净利润约1.88亿元，同比降低35%左右。 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-023 二、取得金融机构股票回购贷款承诺函的具体情况 中航重机股份有限公司 关于取得金融机构股票回购贷款承诺函的公告 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。 重要内容提示： 一、回购股份的基本情况 中航重机股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到公司董 事长冉兴先生《关于提议中航重机股份有限公司回购公司部分股份的函》，提议 公司拟使用不低于人民币 20,000 万元（含）且不超过人民币 40,000 万元（含） 的自有资金或银行贷款，以集中竞价交易方式回购公司部分股份，用于减少注册 资本，本次回购方案最终以经公司董事会、股东大会同意并经上级单位批准的方 案为准。 《贷款承诺函》 近日，公司取得中国银行股份有限公司贵州省分行出具的《贷款承诺函》， 主要内容如下： 1、贷款金额：不超过人民币 36,000 万元 2、承诺函有效期：1 年 3、贷款用途：专项用于回购上市公司股票 三、对公司的影响 上述事项不构成关联交易，亦不构成 ...

智通财经4月10日电，中航重机(600765.SH)公告称，公司近日取得中国银行贵州省分行出具的《贷款承 诺函》，承诺贷款金额不超过3.6亿元，专项用于回购上市公司股票，有效期1年。该事项不构成关联交 易或重大资产重组，对公司当年经营业绩不会产生重大影响。 中航重机：取得不超过3.6亿元金融机构股票回购贷款承诺函 ...

实际上，军工行业因其特殊性，对关税战等外部因素影响相对较小。军工企业的主要客户为国家政府部 门和军队，其产品和服务的市场需求相对稳定，受国际贸易变化的冲击较小，具有一定的抗风险能力。 中航重机作为军工行业的骨干企业，其业务涵盖了航空锻造、液压环控等多个领域，为我国国防建设和 商用航空发展提供了重要支撑。 在回购提议的提振下，中航重机股价显现出更强韧劲。4月8日，中航重机股价报收于15.16元，较前一 交易日上涨3.69%，4月9日早盘，中航重机股价报收于15.85元，涨幅达4.55%，实现逆势增长。在当前 全球经济形势复杂多变，贸易摩擦不断升级，市场不确定性增加的形势下，中航重机当前涨势显示出投 资者对公司的发展信心和对行业的坚定看好。(郑渝川) 近期，全球市场因美国加征关税政策而出现剧烈波动，4月3日至4日，美国三大股指累计下跌约10%； 欧洲股市也应声下跌，4月4日，德国DAX指数、英国富时100指数、法国CAC40指数单日跌幅均超 4%。4月7日，A股市场也未能幸免，三大股指集体低开，上证指数跌7.34%，深证成指跌9.66%，创业 板指跌12.5%。 在市场波动的背景下，中航重机（600765）反应迅 ...

证券代码：600765 证券简称：中航重机 公告编号：2025-022 中航重机股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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。 中航重机股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日收到公司董 事长冉兴先生（以下简称提议人）《关于提议中航重机股份有限公司回购公司部 分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长冉兴先生 2、提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值，基于对 公司未来发展的信心，公司董事长冉兴先生提议公司通过集中竞价交易方式回购 部分公司股份，回购的股份将用于减少注册资本，优化公司资本结构，提升公司 股东价值。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份将用于减少注册资本。 3、回购股份的方式：通过上海证券交易所交易系统以集中竞价交易方式进 行股份 ...

公司代码：600765 公司简称：中航重机 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、大信会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年3月28日，公司召开第七届董事会第十次会议，审议通过了《2024年度利润分配预案》，经董事 审议的报告期利润分配预案或公积金转增股本预案：公司拟向全体股东每10股派发现金红利1.2180元 （含税），以2024年12月31日公司的总股本1,575,492,153股为基数，共计分配利润191,894,944.24元，母 公司剩余可供股东分配的利润661,745,946.09元将用于以后年度的利润分配。除前述现金分红外，本次 利润分配不送红股、不实施资本公积 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 10.355 billion, a year-on-year decrease of 10.55%, and a net profit attributable to shareholders of 640 million, down 52.19% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 2.831 billion, a year-on-year decrease of 21.56%, while the net profit was -373 million, a year-on-year decrease of 220.08% [2][6] - The company is facing short-term pressure on revenue and profit due to price adjustments from key customers, but its diversified business layout is expected to perform well in the long term [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.355 billion, with a net profit of 640 million and a non-recurring net profit of 574 million, reflecting decreases of 52.19% and 55.45% year-on-year respectively [2][6] - The fourth quarter results showed a significant decline in profitability, with a net profit of -373 million, marking a year-on-year decrease of 220.08% [2][6] Business Segments - The company’s forging products generated 8.111 billion in revenue, down 12.3% year-on-year, while hydraulic products and radiators saw slight increases and decreases respectively [6] - The company’s sales gross margin for 2024 was 23.69%, a decrease of 7.59 percentage points year-on-year, with a net margin of 7.37%, down 5.84 percentage points [6] Market Opportunities - The company is expanding its commercial engineering projects and has made significant progress in civil engineering, with a 71% year-on-year increase in civil aviation revenue [6] - The company is also exploring new markets, including electronic components for Huawei's supercharging stations and the wind power sector, which saw a 50% increase in orders [6] Capacity and Infrastructure - By the end of 2024, the company had fixed assets of 6.05 billion, an increase of 1.41 billion from the beginning of the year, and ongoing projects valued at 670 million [6] - The company’s new forging facility has reached full production capacity, generating 1.15 billion in revenue [6] Profit Forecast and Valuation - The company’s net profit is projected to reach 1.12 billion, 1.44 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 75%, 29%, and 29% [6]

Financial Performance - The company's operating revenue for 2024 was CNY 10,355,175,973.63, a decrease of 10.55% compared to CNY 11,576,493,778.30 in 2023[23] - The net profit attributable to shareholders of the listed company was CNY 639,730,786.39, down 52.19% from CNY 1,338,175,885.80 in the previous year[23] - The net profit after deducting non-recurring gains and losses was CNY 574,300,176.20, a decline of 55.45% compared to CNY 1,289,110,605.65 in 2023[23] - The net cash flow from operating activities was negative at CNY -78,694,784.09, contrasting with a positive CNY 700,474,948.36 in the previous year[23] - The company's total revenue for 2024 reached 10.355 billion RMB, a decrease of 10.55% compared to the previous year, primarily due to price adjustments by key customers[25] - Net profit for the period was 764 million RMB, a decline of 48.03% year-over-year, with net profit attributable to shareholders at 640 million RMB, down 52.19%[26] - The cash flow from operating activities was -79 million RMB, a decrease of 777 million RMB compared to the previous year, reflecting increased difficulties in sales collections[26] - Total profit amounted to 865 million RMB, down 48.71% year-on-year[46] - The main business revenue for the reporting period was 10.11 billion RMB, a decrease of 10.74% year-on-year[48] Assets and Liabilities - The total assets at the end of 2024 reached CNY 30,324,946,996.08, an increase of 10.93% from CNY 27,337,820,559.07 in 2023[24] - The net assets attributable to shareholders of the listed company increased by 20.82% to CNY 13,976,306,046.93 from CNY 11,567,830,679.46 in 2023[24] - The accounts receivable increased by 35.08% to CNY 8,347,681,739.72, primarily due to a decline in cash collection exceeding the decrease in operating revenue[63] - Inventory rose by 24.63% to CNY 4,977,216,121.20, mainly due to increased pre-production and material preparation[63] Research and Development - The company completed 48 research projects during the year, enhancing its technological innovation and industrial upgrade capabilities[35] - R&D investment reached 680 million CNY, with 275 patents filed, including 171 invention patents[42] - The total R&D investment for the reporting period reached CNY 679,643,236.69, accounting for 6.56% of the operating revenue[57] - The company achieved significant technological breakthroughs, filing 275 patents and completing 39 industry-university-research projects[60] Market Performance - The company achieved a significant increase in its market share in the aviation sector, with key model revenue accounting for 76% of total revenue[35] - Commercial aviation revenue exceeded 1 billion CNY, representing a 71% year-on-year growth[39] - The company secured a 50% increase in wind power market orders and achieved the largest domestic order for 72-inch nuclear power blades[40] Corporate Governance - The company held a total of 5 shareholder meetings during the reporting period, including 4 extraordinary meetings and 1 regular meeting, ensuring equal rights for all shareholders, especially minority shareholders[96] - The company convened 11 board meetings, adhering to legal and regulatory requirements, and established specialized committees to enhance governance and decision-making efficiency[99] - The supervisory board held 10 meetings, with members fulfilling their responsibilities to oversee financial and compliance matters[100] - The company revised several internal governance documents, including the Independent Director Work System and Debt Financing Management Measures, to strengthen corporate governance[101] Executive Compensation - Chairman Ran Xing's shareholding increased from 369,880 to 545,880 shares, a change of 176,000 shares due to stock incentive grants and market purchases, with a total pre-tax remuneration of 1,500,000 RMB[108] - General Manager Hu Linghong's shareholding rose from 80,360 to 256,860 shares, also a change of 176,000 shares, with a total pre-tax remuneration of 887,500 RMB[108] - The total pre-tax remuneration for executives reflects their increased responsibilities and contributions to the company's strategic direction[108][109] Environmental and Social Responsibility - The company invested 13.54 million yuan in environmental protection during the reporting period[154] - The company conducted 90 audit projects, covering assets worth 12.546 billion yuan, and identified 414 issues with a rectification completion rate of 41%[151] - The company has set up a three-tier analysis mechanism for performance monitoring, enhancing risk prevention and early warning capabilities[152] - The company invested a total of 4.8041 million yuan in poverty alleviation and rural revitalization projects, benefiting approximately 1,000 people[166] Future Outlook - The company expects to achieve a revenue of 11.5 billion in 2025, representing an increase of 11.06% compared to 2024[91] - The projected total profit for 2025 is 1.3 billion, which is a growth of 50.27% from 2024[91] - The company aims to optimize supply chain management and accelerate the domestic substitution of imported materials to mitigate risks from global economic uncertainties[91] - The company is exploring potential mergers and acquisitions to enhance its market position and diversify its product offerings[200]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's 2024 revenue was 10.355 billion yuan, a decrease of 10.55% year-on-year, and the net profit attributable to shareholders was 640 million yuan, down 52.19% year-on-year, indicating performance below market expectations [5] - The decline in revenue is attributed to demand fluctuations and price adjustments from key customers, particularly in the forging and casting product segments [5] - The company is focusing on an integrated industrial chain development, which is expected to open up growth opportunities [5] - The company has seen stable growth in commercial aviation and civilian products, with commercial aviation revenue reaching 1.06 billion yuan, up 71% year-on-year [5] - The report anticipates a recovery in the aviation market in 2025, which could lead to stable revenue growth for the company [5] Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected at 10.355 billion yuan, with a forecasted increase to 11.707 billion yuan in 2025, representing a year-on-year growth rate of 13.1% [5][7] - The net profit for 2024 is expected to be 640 million yuan, with a significant recovery to 1.171 billion yuan in 2025, reflecting an 83% year-on-year increase [5][7] - The gross margin for 2024 is reported at 23.7%, down from 31.3% in 2023, while the return on equity (ROE) is projected to improve from 4.6% in 2024 to 7.8% in 2025 [5][7] Market Data - The closing price of the stock is 15.94 yuan, with a market capitalization of 23.443 billion yuan [2] - The price-to-earnings (PE) ratio is projected to be 39 for 2024, decreasing to 21 in 2025 and further to 19 in 2026 [5][7] - The company’s net asset per share is 8.87 yuan, with a debt-to-asset ratio of 47.6% [2]