丨证券研究报告丨 公司研究丨点评报告丨中航高科（600862.SH） [Table_Title] 一季度稳健增长，全年景气可期 报告要点 [Table_Summary] 公司发布 2025 年一季报，25Q1 实现营收 14.01 亿，同比增长 6.38%，环比增长 12.01%；归 母净利润 3.58 亿，同比增长 1.93%，环比增长 48.64%；扣非归母净利润 3.52 亿，同比增长 0.38%，环比增长 47.79%。 分析师及联系人 [Table_Author] 王贺嘉 张晨晨 SAC：S0490520110004 SAC：S0490524080007 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中航高科（600862.SH） cjzqdt11111 [Table_Title2] 一季度稳健增长，全年景气可期 [Table_Summary2] 事件描述 公司发布 2025 年一季报，25Q1 实现营收 14.01 亿，同比增长 6.38%，环比增长 12.01%；归 母净利润 3.58 亿，同比增长 1.93%，环比增长 4 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Insights - The company achieved a revenue of 5.072 billion, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion, up 11.75% year-on-year [1][6]. - The company aims for a revenue target of 5.8 billion in 2025, with a profit target of 1.363 billion, reflecting a growth of 14.35% compared to 2024 [2][6]. - The gross margin for the company improved to 38.83%, an increase of 2.08 percentage points year-on-year, indicating enhanced profitability [6][7]. Financial Performance - In 2024, the company achieved a total revenue of 50.72 billion, surpassing its annual target by 1.44% [6]. - The revenue from the aerospace new materials business reached 49.69 billion, a year-on-year increase of 6.37%, driven by sales growth in composite materials and brake products [6][7]. - The company reported a net profit of 1.220 billion from the aerospace new materials segment, reflecting an 11.22% increase year-on-year [6][7]. Business Segments - The aerospace advanced manufacturing technology segment generated revenue of 95.87 million, a significant increase of 44.87% year-on-year, while reducing losses in this area [6][7]. - The company is actively expanding its commercial aerospace and low-altitude economy sectors, with ongoing capacity construction projects [6][7]. Future Projections - The company forecasts net profits of 1.332 billion, 1.543 billion, and 1.754 billion for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 24, 21, and 18 times earnings [7][8]. - The projected revenue growth rates for the upcoming years are 16% for 2025, 15% for 2026, and 13% for 2027 [8][15].

证券代码：600862 证券简称：中航高科 公告编号：临 2025-010 号 中航航空高科技股份有限公司 第十一届董事会 2025 年第二次会议决议公告 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法律责任。 2025 年 4 月 22 日，中航航空高科技股份有限公司（简称"公司"） 第十一届董事会 2025 年第二次会议（临时会议）以电子邮件或书面 方式通知，并于 2025 年 4 月 25 日以通讯表决方式召开。应到董事 9 人，实到董事 9 人，与会董事认真审议了所有议案，经书面投票表决， 形成了如下决议： 一、审议通过了《公司 2025 年第一季度报告》，该季报已经审 计委员会事前认可，并同意提交董事会审议。 表决情况：9 票同意，0 票反对，0 票弃权。 二、审议通过了《公司关于以集中竞价方式回购公司股份的方 案》，内容详见公司同日披露的 2025-011 号公告。 表决情况：9 票同意，0 票反对，0 票弃权。 特此公告。 中航航空高科技股份有限公司董事会 2025 年 4 月 26 日 ...

证券代码：600862 证券简称：中航高科 公告编号：临 2025-011 号 中航航空高科技股份有限公司 关于以集中竞价方式回购公司股份方案的公告 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： 回购股份用途：本次回购的股份将用于未来实施股权激励计划。 回购股份资金总额：本次回购股份资金总额不低于人民币 1 亿元（含）， 不超过人民币 2 亿元（含），具体回购资金总额以回购完毕或回购期满时实际回 购股份使用的资金总额为准。 回购股份期限：自董事会审议通过回购方案之日起 12 个月内完成，并符 合中国证监会、上海证券交易所相关规定。 回购股份价格：本次回购股份的价格为不超过人民币 36 元/股（含），该 价格不高于董事会通过回购股份决议前 30 个交易日公司股票交易均价的 150%。 回购股份资金来源：全部来源于公司自有资金。 截至本公告披露日，公司董监高、回购股份提议人、除实控制人以外其 余持股 5%以上的股东未来 6 个月不存在增减持计划。公司控股股东中国航空工 业集团有限公司近期拟无偿划转不超过 1 ...

Revenue and Profit - The company reported a revenue of CNY 1,401,382,650.48 for the first quarter, representing a year-on-year increase of 6.38% compared to CNY 1,317,318,462.93 in the same period last year[4]. - Net profit attributable to shareholders was CNY 357,806,056.28, a 1.93% increase from CNY 351,024,378.20 in the previous year[4]. - The basic and diluted earnings per share were both CNY 0.257, reflecting a 1.98% increase from CNY 0.252 in the previous year[4]. - Net profit for Q1 2025 was ¥360,628,946.39, slightly higher than ¥354,000,329.38 in Q1 2024, indicating a growth of 1.1%[22]. - Operating profit for Q1 2025 was ¥424,331,882.75, compared to ¥416,240,500.98 in Q1 2024, showing an increase of 1.3%[22]. - The total comprehensive income for the current period is approximately ¥355.75 million, compared to ¥354.00 million in the previous period, indicating a slight increase of about 0.5%[23]. Cash Flow - The cash flow from operating activities decreased significantly by 68.26%, amounting to CNY 77,802,945.42 compared to CNY 245,094,355.89 in the same period last year[4]. - Net cash flow from operating activities decreased by CNY 167.29 million compared to the same period last year, primarily due to a decrease in receivables from major clients[10]. - The net cash flow from operating activities for the current period is ¥77.80 million, a decrease of approximately 68.3% from ¥245.09 million in the previous period[26]. - The total cash inflow from operating activities is approximately ¥533.77 million, down from ¥681.50 million in the previous period, a decrease of about 21.7%[26]. - The total cash outflow from operating activities is approximately ¥455.97 million, compared to ¥436.41 million in the previous period, indicating an increase of about 4.5%[26]. - The net cash flow from investing activities is negative at approximately -¥139.53 million, compared to -¥82.08 million in the previous period, indicating a significant increase in cash outflow[27]. - The net cash flow from financing activities is negative at approximately -¥35.06 million, compared to -¥3.04 million in the previous period, showing a larger cash outflow in financing[27]. - The cash and cash equivalents at the end of the period amount to approximately ¥1.53 billion, down from ¥1.11 billion at the end of the previous period, reflecting a decrease of about 30.5%[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 10,150,165,050.09, an increase of 8.06% from CNY 9,392,667,548.51 at the end of the previous year[5]. - Current assets totaled ¥7,465,303,726.98 as of March 31, 2025, compared to ¥6,763,330,129.38 at the end of 2024, representing an increase of 10.4%[18]. - Non-current assets increased to ¥2,684,861,323.11 as of March 31, 2025, from ¥2,629,337,419.13 at the end of 2024, marking a growth of 2.1%[17]. - Total liabilities as of March 31, 2025, were ¥2,284,242,721.88, compared to ¥1,888,561,448.52 at the end of 2024, reflecting an increase of 20.9%[18]. - Shareholder equity rose to ¥7,865,922,328.21 as of March 31, 2025, from ¥7,504,106,099.99 at the end of 2024, indicating a growth of 4.8%[18]. Business Segments - The aerospace new materials business generated revenue of CNY 138,975.83 million, up 6.47% from CNY 130,530.91 million in the same period last year, driven by increased product deliveries[5]. - The equipment business saw a remarkable revenue increase of 242.20%, achieving CNY 1,259.69 million compared to CNY 368.11 million in the previous year[5]. - The net profit from the aerospace new materials business was CNY 37,633.88 million, a 3.06% increase from CNY 36,517.07 million in the previous year[6]. Investment and Expenses - The company reported a significant decrease in investment income from associates, amounting to CNY -1,001.66 million, down from CNY 106.16 million in the previous year[6]. - Research and development expenses for Q1 2025 were ¥41,624,736.82, compared to ¥33,165,606.56 in Q1 2024, representing an increase of 25.5%[22]. - Other income increased by CNY 95.98 million compared to the same period last year, mainly due to benefits from VAT tax reduction policies[10]. - Investment income decreased by CNY 10.78 million compared to the same period last year, primarily due to the recognition of investment income from an associate[10].

Core Insights - The company, AVIC High-Tech (600862), reported a revenue of 1.401 billion yuan for the first quarter of 2025, representing a year-on-year growth of 6.38% [1] - The net profit for the same period was 358 million yuan, showing a year-on-year increase of 1.93% [1] Financial Performance - Revenue: 1.401 billion yuan, up 6.38% year-on-year [1] - Net Profit: 358 million yuan, up 1.93% year-on-year [1]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its future performance [6][10]. Core Views - The company is recognized as a leading player in high-performance composite materials in the aviation sector, benefiting from the synergy between military and civilian markets, which is expected to accelerate its performance release [6][10]. - The company has shown steady growth in operating performance, with significant improvements in financial metrics over the past four years [8][32]. - The demand for high-end carbon fiber composites is anticipated to rise rapidly, driven by military aircraft, civil aviation, aerospace engines, and low-altitude economy sectors [9][56]. Summary by Sections 1. Company Overview - The company is a subsidiary of AVIC and is the only entity in China specializing in the research and engineering of composite materials for aviation, holding a strong competitive position in the industry [7][19]. - The company has a clear business structure with five subsidiaries focusing on different aspects of aviation new materials and advanced manufacturing technology [24][25]. 2. Financial Performance - From 2020 to 2024, the company's revenue and net profit have shown a compound annual growth rate (CAGR) of 14.88% and 27.89%, respectively [8][32]. - In 2024, the company achieved a revenue of 5.072 billion yuan, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.73% year-on-year [8][32]. 3. Market Demand - The application of composite materials in military aircraft enhances performance by reducing weight and improving stealth capabilities, with the J-20 fighter jet using 27% composite materials [9][56]. - In the civil aviation sector, the C919 aircraft has a composite material application ratio of approximately 12%, with expectations for increased domestic production and demand [9][18]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.371 billion yuan, 1.606 billion yuan, and 1.837 billion yuan for the years 2025 to 2027, with corresponding growth rates of 18.93%, 17.18%, and 14.35% [12][29]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 23.71, 20.23, and 17.69, respectively, indicating a favorable valuation compared to peers [12][29].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has exceeded its initial operational targets for 2024, with all business segments showing improved profitability. The significant growth in contract liabilities indicates a positive demand outlook, and the company is actively expanding production capacity to ensure delivery and business development [2][6]. - In 2024, the company achieved a revenue of 5.072 billion, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion, up 11.75% year-on-year [4][11]. - The company is enhancing its supply chain by expanding its composite materials industry chain and exploring opportunities in civil aviation, commercial launches, and low-altitude sectors [2][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 5.072 billion, with a net profit of 1.153 billion, reflecting a year-on-year growth of 11.75%. The fourth quarter of 2024 saw a revenue of 1.251 billion, up 8.13% year-on-year [4][11]. - The company's gross profit margin for 2024 was 38.83%, an increase of 2.08 percentage points year-on-year, while the net profit margin was 23.06%, up 1.35 percentage points year-on-year [11]. Operational Highlights - The company’s contract liabilities grew significantly, reaching 1.67 billion at the end of 2024, a year-on-year increase of 201.57%, indicating a recovery in downstream demand [6][11]. - The company has sufficient inventory, with a balance of 1.275 billion at the end of 2024, reflecting a year-on-year increase of 6.11% [6][11]. Business Segments - The aerospace composite materials segment generated a revenue of 4.765 billion, with a net profit of 1.185 billion, exceeding delivery targets and meeting new material upgrade demands [11]. - The advanced manufacturing division reported a revenue of 95.875 million, showing a year-on-year increase of 44.87%, although it still recorded a loss [11].

中航航空高科技股份有限公司 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。 证券代码：600862 证券简称：中航高科 编号：临 2025-009 号 中航航空高科技股份有限公司（以下简称：本公司或公司）于 2025 年 4 月 8 日收到公司董事长姜波先生（以下简称提议人）《关 于提议中航航空高科技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：公司董事长姜波先生 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，公司董事长姜波先生提议公司通 过集中竞价交易方式回购部分公司股份，回购的股份将用于股权激励 或减少注册资本，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股权激励或减少注册 资本。 3.回购股份的方式：通过 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Views - The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit attributable to shareholders of 1.153 billion yuan, up 11.75% year-on-year, aligning with market expectations [6]. - The demand for aerospace new materials is expected to drive steady revenue growth, with the company achieving a revenue of 4.765 billion yuan from aerospace composite materials, reflecting a 5.55% increase year-on-year [6]. - The company is focusing on optimizing product structure and cost reduction, resulting in an overall gross margin of 38.83%, an increase of 2.08 percentage points year-on-year [6]. - The company plans to achieve a revenue target of 5.8 billion yuan in 2025, with a net profit target of 1.363 billion yuan [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 4.78 billion yuan in 2023 to 7.197 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.9% [2][8]. - Net profit attributable to shareholders is expected to increase from 1.031 billion yuan in 2023 to 1.553 billion yuan in 2027, reflecting a CAGR of about 9.7% [2][8]. - The earnings per share (EPS) is forecasted to rise from 0.74 yuan in 2023 to 1.11 yuan in 2027 [2][8]. - The company's gross margin is expected to remain stable, with slight fluctuations projected over the years [2][8]. Market Data - As of April 2, 2025, the closing price of the company's stock was 23.97 yuan, with a market capitalization of 33.391 billion yuan [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 32 in 2023 to 22 in 2027, indicating a potentially attractive valuation compared to peers [2][3].