Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [9][21]. Core Viewpoints - The global carbon fiber industry is undergoing significant restructuring, with major players like SGL Group initiating large-scale business reorganizations to address short-term operational losses. This shift may lead to changes in the market structure for carbon fiber prepregs, positioning the company as a leading domestic player in the aerospace sector for potential growth [1]. - The company has strategically invested 342 million yuan to acquire a 20% stake in Changsheng Technology, enhancing its position in the upstream supply chain. This move is expected to mitigate profit fluctuations in the downstream segment due to declining prepreg prices and strengthen its market leadership [2]. - The trend towards unmanned military equipment is gaining momentum, with the U.S. government increasing its air force budget and focusing on next-generation aircraft. This shift is anticipated to boost the demand for carbon fiber in unmanned systems, with usage expected to increase by over 30% compared to traditional manned aircraft [3]. - In the commercial aviation sector, demand is robust, with global passenger turnover projected to grow at 3.8% annually. The domestic C919 aircraft is expected to significantly contribute to the carbon fiber market as its delivery ramps up, marking a transition from military to civilian applications [4][5]. - The low-altitude economy is emerging as a new growth engine, with its market size expected to reach 1.5 trillion yuan by 2025. The eVTOL aircraft, which heavily relies on carbon fiber for lightweight structures, is projected to drive substantial demand in this sector [5]. Financial Forecasts - The company’s revenue projections for 2024-2026 have been adjusted to 5.105 billion yuan, 5.822 billion yuan, and 6.883 billion yuan respectively, reflecting a downward revision due to military delivery schedules. The expected net profits for the same period are projected at 1.163 billion yuan, 1.332 billion yuan, and 1.578 billion yuan, with corresponding P/E ratios of 28.62, 25.00, and 21.09 [6][8].

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 中航高科 摘要 请介绍一下中航高科的基本情况及基业务构成。 中航高科是航空工业旗下的综合性控股企业,业务主要分为两大块:航空新材 料业务和机床工业务。航空新材料业务包括博云新材的机车片零件和中航复材标准 属的航空或授权。航空新材料业务包括博云新材的利车片零件和中航复材运输水、shuinu9870 制"新"等 属的航空硕浸料。机床业务主要由子公司航制装备承担,负责相关智能装备的 制造。目前,公司 90%以上的收入和利润来自于新材料业务。而机床业务还在 转型升级过程中,处于扭亏为盈阶段。 更多一手调研组 中航高科的发展历程和股权结构是怎样的? 中航高科通过多轮资产重组,将航空工业旗下的新材料资产注入上市平台,同 时剥离了地产及低效机床等其他业务,实现了聚焦新材料主业的发展策略。公 司的控股股东是航空工业,其持有 41.86%的股份委托给航空制造院管理,加上 亚报数据加V：shuinu9870 E报数据加V：shuinu9870 手调研纪 中航高科通过资产重组聚焦新材料主业,控股股东航空工业通过委托管理 对于手调研究手和"实现控股权和管理权统一，确保了公司战 ...

公司已签署投资协议，并于近日完成深圳轻快世界科技 有限公司（即新设子公司）相关工商注册登记手续，已取得 了深圳市市场监督管理局颁发的《营业执照》。 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。 一、对外投资概述 中航航空高科技股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日召开第十一届董事会 2024 年第四次会议 审议通过了《关于公司拟与中航制造、长盛科技共同设立子 公司暨关联交易的议案》，详见公司于 2024 年 10 月 19 日 披露的《中航航空高科技股份有限公司关于投资新设子公司 暨关联交易的公告》（临 2024-029 号）。 二、对外投资进展 证券代码：600862 证券简称：中航高科 公告编号：临 2024-039 号 中航航空高科技股份有限公司 关于对外投资的进展公告 特此公告。 中航航空高科技股份有限公司董事会 2024 年 12 月 16 日 1 ...

Summary of the Conference Call for AVIC High-Tech Industry Overview - The aerospace auxiliary materials sector is characterized by high urgency due to significant increases in application ratios in new aircraft models, such as the G35, which enhance performance in military and drone applications [2][3] - The demand for military aviation composite materials in China is projected to reach approximately 18,000 tons over the next decade, with further increases anticipated due to drone requirements [4][5] - In the civil aviation sector, the usage ratio of composite materials in advanced foreign aircraft has reached 50%, while domestic models like the C919 currently utilize about 12%, with the CR929 expected to reach 50% [2][6][8] - The potential demand for auxiliary materials in China's civil aviation market over the next 20 years is estimated at around 110,000 tons, with general aviation and drones contributing an additional 20,000 tons and over 2,500 tons, respectively [2][9][10] Key Insights and Arguments - The demand for composite materials in drones is particularly stringent due to weight reduction requirements, with composites making up 50%-80% of their structure [7][11] - AVIC High-Tech holds a monopolistic position in the prepreg market, benefiting from the ramp-up of new aircraft models and expansion into the civil market, although it faces pressure on profit margins [2][26] - The company’s performance this year has been subpar, primarily due to the transition between old and new aircraft models, but it is expected to recover to mid-to-high growth rates in the coming years [32][33] Investment and Market Dynamics - Investment in the aerospace supply chain should focus on the carbon fiber segment, where military applications are concentrated and competition in the civil sector is intense, leading to price pressures [12][20] - Prepregs are identified as a critical intermediate product with significant cost-saving potential, although the downstream forming processes are highly concentrated and influenced by aircraft design complexities [13][14] - The breakthrough in high-performance carbon fiber technology is crucial for promoting the application of composite materials, with domestic production of T800 grade carbon fiber already achieved [15][16] Company-Specific Developments - AVIC High-Tech has made significant strides in expanding its civil aviation market presence, including the establishment of joint ventures for producing components and materials [28][29] - The company’s competitive advantage in the high-end civil aviation market stems from its stable product quality and safety, leveraging its military aviation experience [29] - The overall gross margin for AVIC High-Tech was reported at 36.75%, which is relatively low compared to upstream and downstream players, indicating room for improvement through efficiency and supply chain management [31] Future Outlook - The company is expected to see a gradual increase in new model production and civil market expansion, with initiatives aimed at cost reduction and efficiency improvements to enhance profitability [33][34] - AVIC High-Tech is positioned as a key player in the aerospace materials sector, with potential for growth driven by both military and civil aviation demands [30][33]

Summary of Conference Call Notes Industry Overview - The conference discusses the aerospace composite materials industry, highlighting its growth potential and the increasing application of composite materials in both military and civilian aviation sectors [1][10]. - The introduction of new aircraft models, such as JMS and the 919, is expected to drive a new phase of rapid development in the composite materials sector [1]. Key Insights and Arguments - Composite materials significantly enhance aircraft performance by reducing weight and improving stealth capabilities, which is crucial for military applications [2]. - The use of composite materials in military drones has reached 50% to 80% of their structural weight, indicating a strong trend towards increased utilization in unmanned aerial vehicles [3]. - The application of composite materials in civilian aviation has historically been low in China, but recent advancements in technology and production capacity are expected to boost their usage [4][5]. - The 919 aircraft is projected to use up to 50% composite materials, marking a significant shift in the industry [6]. Market Dynamics - The civilian aviation market is anticipated to become a larger segment for composite materials, with a notable increase in demand for general aviation and electric vertical takeoff and landing (eVTOL) aircraft [8][9]. - The global eVTOL market is expected to see annual production exceeding 10,000 units by 2030, further driving demand for composite materials [9]. Competitive Landscape - The competitive landscape in the carbon fiber segment differs between military and civilian applications, with domestic players gaining ground in the civilian market [10][11]. - The production of prepreg (pre-impregnated composite materials) is highlighted as a critical intermediary step in the composite manufacturing process, with significant barriers to entry due to the need for specialized design and manufacturing capabilities [12][13]. Cost and Efficiency Considerations - The industry faces pressure for cost reduction, particularly in military applications, which may impact revenue and profit margins [18]. - Scale effects in carbon fiber production are crucial, as high manufacturing costs necessitate larger production volumes to maintain profitability [19]. - Technological advancements in manufacturing processes are essential for reducing costs in composite material production [20][22]. Company-Specific Insights - The company, referred to as "高科," is positioned as a leader in the aerospace composite materials sector, with a strong focus on both military and civilian applications [23][24]. - 高科 has established a dominant position in the prepreg market, leveraging its collaboration with aviation manufacturing institutes [25]. - The company is expanding its presence in the civilian market, particularly in high-end applications, and is expected to benefit from increased demand in this segment [27][28]. - Despite current lower profit margins compared to competitors, there is potential for improvement through operational efficiencies and scale [30]. Future Outlook - The company is expected to experience growth in both military and civilian sectors, with new aircraft models contributing to increased production volumes [31]. - The long-term outlook for 高科 is positive, with anticipated improvements in profitability and market position as the industry evolves [32]. Conclusion - The aerospace composite materials industry is poised for significant growth, driven by advancements in technology and increasing applications in both military and civilian aviation. The company 高科 is well-positioned to capitalize on these trends, making it a noteworthy investment opportunity.

北京市嘉源律师事务所 北京市嘉源律师事务所 关于中航航空高科技股份有限公司 2024 年第二次临时股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二四年十一月 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中航航空高科技股份有限公司 关于中航航空高科技股份有限公司 2024 年第二次临时股东大会的法律意见书 嘉源(2024)-04-859 北京市嘉源律师事务所（以下简称"本所"）受中航航空高科技股份有限公 司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《中 航航空高科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 指派本所律师对公司 2024 年第二次临时股东大会（以下简称"本次股东大会"） 进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 ...

证券代码：600862 证券简称：中航高科 公告编号：2024-038 号 中航航空高科技股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,118 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 820,508,197 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.9001 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，现场会议由董事长姜波主持。会议采用现 (一) 股东大会召开的时间：2024 年 11 月 26 日 (二) 股东大会召开的地点：北京市朝阳区东三环中路乙 10 号北京艾维克酒店 四层第一会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 场投票和网络投票相结合的表 ...

公 司 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃ investSuggestio n＃ 增持 ＃ investSuggestionChang （维持e＃） 公 司 点 评 报 告 | --- | --- | --- | |---------------------------------|-------------------------------------|-------| | 日期 | 2024-11-08 | | | 收盘价（元） | 27.24 | | | 总股本（百万股） | 1,393.05 | | | 流通股本（百万股） | 1,393.05 | | | | | | | 净资产（百万元） | 6,840.44 | | | 总资产（百万元） | 10,065.31 | | | 每股净资产（元） 来源： iFinD | 4.91 ，兴业证券经济与金融研究院整理 | | ＃相关报告 relatedReport＃ 《中航高科 2024 年中报点评： 营收业绩目标双过半，持续优化 产业布局》2024-08-30 《中航高科 2023 年报点评：超 额完成利润目标，盈利能力提升 显著 ...

Business Development and Strategic Investments - The company is focusing on the development of low-altitude economy business, leveraging its technical advantages in prepreg and structural components, and has approved the establishment of a subsidiary in Shenzhen to advance this sector [2] - The company invested 341.6 million yuan to acquire a 20% stake in Changsheng (Langfang) Technology Co Ltd, aiming to strengthen the aviation composite materials industry chain and enhance supply chain resilience [3] - The company is actively promoting the reform of its equipment business, focusing on aviation-specific equipment, tooling molds, and aviation components to drive the transformation and upgrading of traditional businesses [3] Capacity Building and Market Expansion - The company has preliminarily built a digital prepreg production line, which is expected to improve production efficiency and product quality, with operations planned to start by the end of the year [3] - The Nantong carbon material production line has been completed and put into operation, effectively increasing production capacity [3] - The company is accelerating the construction of commercial engine composite component production capacity in Shanghai, aiming to achieve delivery capabilities by the end of the year [4] Joint Ventures and Strategic Partnerships - The company, in collaboration with China Aero Engine Commercial Aircraft Engine Co Ltd, has established a joint venture focused on composite materials for commercial engines, with operations expected to generate revenue by 2025 [4] Corporate Governance and Incentives - The company is actively considering and advancing equity incentive plans, particularly in market-oriented business areas [4] Product Development and Delivery - The company has completed material development for its large aircraft business and is currently in the verification phase [5] - Delivery cycles vary by product type, with the company continuously monitoring quality and delivery progress to meet customer needs [5] Future Planning and Technological Innovation - The company is conducting the "15th Five-Year Plan"论证, focusing on deepening civil aircraft, low-altitude economy, and international businesses, while optimizing industrial layouts and advancing cutting-edge technology research [5]

证券代码：600862 证券简称：中航高科 公告编号：临 2024-037 号 中航航空高科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 11 月 26 日 14 点 50 分 召开地点：北京市朝阳区东三环中路乙 10 号北京艾维克酒店四层第一会议 股东大会召开日期：2024年11月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 26 日 至 2024 年 11 月 26 日 采用上海证券交易所网络投票系统， ...