新产品成熟度有待提升拉低毛利率，研发任务大幅增加。盈利能力方面，2024年度公司销售毛利率为 10.06%，同比下降1.03 个百分点，主要系业务规模扩大导致成本上升、新产品成熟度有待提升等所 致。销售净利率为2.05%，同比下降1.42 个百分点。费用端：销售费用为2.93 亿元，同比下降38.14%， 主要因售后保障任务增加导致销售服务费变动；管理费用为15.81 亿元，同比微增0.91%，基本保持稳 定；财务费用达4.57 亿元，同比大幅增长84.30%，主要系带息负债规模扩大致使利息费用增加；期间 费用率为6.95%，同比上升0.45 个百分点。研发费用为9.95 亿元，同比激增79.82%，主要受研制任务增 加驱动。本期计提存货跌价准备2.44 亿元（23 年同期3.63 亿元），减值压力有所缓解。 黎阳动力营收快速增长。航发动力母公司（主要为西航公司）及主要子公司（黎明公司、南方公司、黎 阳动力）营收和利润情况如下所示。母公司及黎明、南方子公司利润端下滑较大，黎阳实现扭亏。 2024 年，公司实现营收478.80 亿元（同比+9.48%），完成年度预算497.62亿元的96.22%；实现归母净 利 ...

中国航发动力股份有限公司2025 年第一季度报告 中国航发动力股份有限公司 2025 年第一季度报告 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。 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期 增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | 6,164,858,155.55 | 6,272,295,886.18 | -1.71 | | 归属于上市公司股东的净利润 | 7,511,371.77 | 154,854,528.80 | -95.15 | | 归属于上市公司股东的扣除非经常 性损益的净利润 | 19,391,244.82 | 105,955,527.65 | -81.70 | | 经营活动产生的现金流量净额 | 2,063,115,227.25 | -3,009,892,150.92 | 168.54 | | 基本每股收益（元/股） | 0.0028 | 0.0581 | ...

答：2024 年度，公司毛利率 10.06%，同比下降 0.54 个百分点。由于航空发动机 新产品研制涉及较多的新技术、新材料、新工艺，且资金投入强度高，现阶段新 产品成熟度有待提升，新产品利润贡献尚未显现，导致毛利受到一定影响。公司 将持续提升管理水平，降低经营成本，以强化运营体系建设、加快数智化转型等 方式促进企业经营业绩提升。 3. 公司的发动机跟国外的发动机的差距？ 答：公司是国内唯一能够研制涡喷、涡扇、涡轴、涡桨、活塞等全谱系军用航空 发动机的企业，在国际上，公司是能够自主研制航空发动机产品的少数企业之一。 除我国在军用航空发动机领域已实现自主研发外，全球只有美国、英国、法国、 俄罗斯等少数国家能够独立研制高性能航空发动机。为应对复杂多变的国际形势， 以及客户对发动机性能的要求，我国航空发动机主力产品换代加速，逐步缩小了 与发达国家的差距。 4. 公司每年提计产品跌价损失 3 亿左右，降低了净收益，主要原因是？ 股票简称：航发动力 股票代码：600893 | | 中国航发动力股份有限公司 | | --- | --- | | | 投资者活动记录表 | | 投资者关系活动 | □特定对象调研 □分析师会 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company achieved a total revenue of 47.88 billion yuan in 2024, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million yuan [2][4] - The company is focusing on its core business and optimizing its industrial layout to meet customer demands, while also enhancing its research and development capabilities in aviation engines and gas turbines [3][8] - The company aims to expand its market presence in both domestic and international commercial aviation engine sectors, while also developing new economic growth points in the low-altitude economy [3][8] Financial Summary - The company's revenue is projected to grow from 43.73 billion yuan in 2023 to 65.39 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.5% [1][10] - The net profit attributable to shareholders is expected to recover from 860 million yuan in 2024 to 1.45 billion yuan by 2027, with significant growth rates in the following years [1][10] - The company's return on equity (ROE) is projected to improve slightly from 2.2% in 2024 to 3.2% in 2027 [1][10] Business Performance - The revenue from the aviation engine and derivative products reached 44.99 billion yuan, a year-on-year increase of 10.03%, driven by increased customer demand and product deliveries [2] - The foreign trade export subcontracting business generated 2.07 billion yuan, reflecting a growth of 6.45% [2] - Non-aviation products and other businesses saw a decline in revenue to 197 million yuan, down 24.91% due to reduced high-margin product sales [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a total revenue of 47.88 billion yuan in 2024, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million yuan [2][4] - The company is focusing on its core business and optimizing its industrial layout to meet customer demands, while also enhancing its research and development capabilities in aviation engines and gas turbines [3][8] - The report projects that the net profit attributable to shareholders will be 1.049 billion yuan in 2025, 1.349 billion yuan in 2026, and 1.445 billion yuan in 2027, with corresponding EPS of 0.39, 0.51, and 0.54 yuan [8] Financial Summary - In 2024, the company reported total assets of 115.91 billion yuan, an increase of 16.15% year-on-year [2] - The revenue from the aviation engine and derivative products reached 44.99 billion yuan, up 10.03% year-on-year, driven by increased customer demand and product deliveries [2] - The gross margin declined due to the maturity of new products, while the foreign trade export subcontracting business generated revenue of 2.074 billion yuan, a growth of 6.45% [2] Future Projections - The company expects revenue growth rates of 5.1%, 12.5%, and 15.5% for the years 2025, 2026, and 2027, respectively [1] - The report anticipates a gradual recovery in net profit margins, with a projected net profit margin of 7.1% by 2027 [1][8]

Group 1 - The company will hold a performance briefing on April 25, 2025, from 13:30 to 17:00 [3][9] - The meeting will be conducted in a hybrid format, combining both online and on-site participation, with on-site interaction from 13:30 to 16:00 and online voice broadcast from 16:00 to 17:00 [4][9] - The event will feature key personnel including the chairman, general manager, independent directors, board secretary, and financial director, although attendance may vary due to special circumstances [4][9] Group 2 - The company is inviting investors to submit questions in advance to enhance communication efficiency, with a deadline for submissions set for April 24, 2025 [7] - Investors can participate in the online session via the Value Online platform (www.ir-online.cn) [5][9] - The on-site meeting will take place at Chengdu Haiwan Hotel, located at 255 Tianfu Avenue South, High-tech Zone, Chengdu, Sichuan Province [6][9]

Group 1 - The company will hold an annual performance briefing on April 25, 2025, from 14:30 to 17:00 [2][3] - The meeting will be conducted in a hybrid format, combining video interaction and on-site communication, with on-site interaction scheduled from 14:30 to 16:00 and online interaction from 16:00 to 17:00 [3] - Key personnel attending the meeting will include the company's chairman or general manager, board secretary, independent directors, and relevant department staff [3] Group 2 - Investors can submit questions for the briefing from April 17, 2025, to April 24, 2025, by visiting the Shanghai Stock Exchange Roadshow Center website [4] - The company will address commonly asked questions during the performance briefing [4] - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [5]

证券代码：600893 证券简称：航发动力 公告编号：2025-010 中国航发动力股份有限公司 关于参加中国航空发动机集团有限公司 所属上市公司 2024 年度集体业绩说明会的公告 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： 会议召开时间：2025 年 4 月 25 日（星期五）14:30-17:00 会议召开地点：网络会议地点为上海证券交易所上证路演中心（网址： http: //roadshow.sseinfo.com/）；现场会议地点为成都市海湾酒店（四川省成 都市高新区天府大道南段 255 号远大购物广场） 会议召开方式：本次业绩说明会将采用视频网络互动与现场相结合的方 式举行 中国航发动力股份有限公司（以下简称公司）已于 2025 年 4 月 2 日在上 海证券交易所网站（www.sse.com.cn）披露了《2024 年年度报告》。为方便广大 投资者更全面、深入地了解公司 2024 年度经营成果、财务状况，充分展示公司 的经营业绩、发展前景等情况，公司拟于 2025 年 4 月 25 日（ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders decreased by 39.48% to 860.29 million yuan [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and a focus on military and civilian aviation engine development [8] Financial Performance Summary - Total revenue projections for the upcoming years are as follows: 48.52 billion yuan in 2025, 54.62 billion yuan in 2026, and 62.72 billion yuan in 2027, with respective growth rates of 1.35%, 12.57%, and 14.83% [1][9] - The forecasted net profit for 2025 and 2026 is 894.14 million yuan and 978.30 million yuan, respectively, with a new projection for 2027 at 1.15 billion yuan [1][9] - The company's earnings per share (EPS) is expected to be 0.34 yuan in 2025, 0.37 yuan in 2026, and 0.43 yuan in 2027 [1][9] Market Expansion and Strategic Initiatives - The company has signed long-term agreements with major international players, including Safran Group and Rolls-Royce, amounting to over 1.5 billion yuan, enhancing its position in the global aviation supply chain [8] - The establishment of a new division for general aviation products and the successful launch of several small and medium-sized aircraft engines demonstrate the company's commitment to diversifying its product offerings [8] - The company is actively responding to national military-civilian integration strategies by raising 1 billion yuan for the construction of intelligent production lines for aircraft engines [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 47.88 billion yuan for 2024, representing a year-on-year growth of 9.48%, while the net profit attributable to shareholders was 860.29 million yuan, a decline of 39.48% year-on-year [1][8] - The decline in net profit is attributed to increased R&D expenses, fluctuations in raw material prices, and a 24.91% decrease in revenue from non-aerospace products [8] - The company has made significant progress in technology innovation and market expansion, including partnerships with international aviation giants and an increase in maintenance service revenue by 18% [8] Financial Summary - Total revenue forecast for 2024 is 47.88 billion yuan, with a projected net profit of 860.29 million yuan [1] - The earnings per share (EPS) for 2024 is estimated at 0.32 yuan, with a price-to-earnings (P/E) ratio of 113.93 [1] - The company expects net profits of 894.14 million yuan in 2025 and 978.30 million yuan in 2026, with corresponding P/E ratios of 109.62 and 100.19 [1][9]