Group 1: Market Outlook - The commercial aviation engine market in China is projected to deliver approximately 18,000 units over the next 20 years, with a delivery value exceeding $300 billion and an aftermarket expected to reach over $16 billion annually [1]. Group 2: Company Performance - In the first half of 2024, the company achieved operating revenue of 18.5 billion yuan, representing a year-on-year growth of 4.35% [2]. - The parent company's revenue increased by 17.15% compared to the same period last year, but profitability remained relatively stable due to significant financing needs to meet production tasks [2]. Group 3: Supply Chain Management - The company is enhancing its supply chain by developing supplier cultivation plans, expanding the selection of core suppliers, and implementing quality improvement programs to boost delivery quality [2]. Group 4: Subsidiary Operations - The subsidiary, Lite Company, focuses on international and domestic civil aircraft markets, primarily engaging in foreign trade contracting and domestic civil aviation engine component production [3]. - Lite Company is a key supplier in the global aviation engine supply chain and is expected to gain a significant position in the domestic civil aviation engine market as the development of domestic large aircraft engines progresses [3].

航发动力 2024 年第二次临时股东大会 法律意见书 源 IA YUAN LAW OFFICES 致:中国航发动力股份有限公司 北京市嘉源律师事务所 关于中国航发动力股份有限公司 2024 年第二次临时股东大会的法律意见书 嘉源(2024)-04-700 受中国航发动力股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派律师现场出席了公司 2024 年第二次临时股东 大会(以下简称"本次股东大会"),并依据《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》"）及《中国航发动力股份有限公司章程》（以下简称"《公司章程》"） 的相关规定,就本次股东大会的召集与召开程序、召集人及出席会议人员的资格、 表决程序、表决结果等事项出具律师见证意见如下: 一、本次股东大会的召集与召开程序 本次股东大会由公司董事会召集。本次股东大会会议通知已于 2024 年 8 月 31 日在中国证券监督管理委员会指定网站公告。上述公告载明了本次股东大会 召开的日期、地点、表决方式、提交会议审议的事项、出席会议的对象及登记办 法、联系人等。 本次股东大 ...

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： 证券代码：600893 证券简称：航发动力 公告编号：2024-32 中国航发动力股份有限公司 席夏逢春先生、监事王录堂先生因工作原因未出席本次股东大会。 本次会议是否有否决议案：无 一、 会议召开和出席情况 况： | 1、出席会议的股东和代理人人数 | 725 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,426,362,606 | | 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 | 53.5101 | | 份总数的比例（%） | | (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。 董事长杨森先生主持本次会议。大会采用现场投票和网络投票相结合的方式 进行表决，会议的召开和表决程序符合《公司法》和《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 1.公司在任董事 10 人，出席 4 人，董事长杨森先生出席并主持会议，副董 事 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set at 34.21 CNY, maintaining the rating for the next six months [2][5][8]. Core Views - The company's main business is showing stable profitability and is expected to benefit from the high demand in the aviation engine sector. The second quarter of 2024 saw significant increases in revenue and profit, indicating a strong market demand [2][3][5]. - The company is actively preparing for production and inventory buildup, with a stable delivery schedule expected to support annual performance [3][4]. - The military and civilian market demands are both on the rise, positioning the company as a leading player in the aviation engine industry, which is anticipated to yield substantial benefits [5][6]. Financial Data Summary - **Revenue Growth**: The company reported a revenue of 37,097.15 million CNY in 2022, projected to grow to 65,591.13 million CNY by 2026, with a growth rate of 8.78% in 2022 and an expected 14.10% in 2026 [2][7]. - **Net Profit**: The net profit attributable to the parent company was 1,267.78 million CNY in 2022, expected to reach 2,200.76 million CNY by 2026, with a growth rate of 6.75% in 2022 and 15.73% in 2026 [2][7]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.48 CNY in 2022 to 0.83 CNY by 2026 [2][7]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 73.46 in 2022 to 42.32 by 2026, indicating improving valuation over time [2][7]. Operational Insights - **Subsidy Performance**: The company's subsidiaries showed stable performance, with revenue from the main subsidiary, Limin Company, increasing by 4.98% year-on-year [4]. - **Cost Management**: The company is actively pursuing cost reduction and efficiency improvements, with a focus on new product development [4][5]. - **Market Position**: As the only domestic company capable of producing a full range of aviation engines, the company is well-positioned to capitalize on both military and civilian market growth [5][6].

中国航发动力股份有限公司 2024 年第二次临时股东大会会议资料 中国航发动力股份有限公司 根据中国证监会《上市公司股东大会规则》和《公司章程》 等有关规定，为确保公司股东大会顺利召开，特制订会议须知如 下，望出席股东大会的全体人员遵守执行： 一、股东参加股东大会，应当认真履行其法定义务，不得侵 犯其他股东权益； 二、股东大会期间，全体出席人员应以维护股东的合法利益、 确保大会正常秩序和议事效率为原则，认真履行法定职责； 三、出席大会的股东依法享有发言权、咨询权、表决权等各 项权利，但需由公司统一安排发言和解答； 四、任何人不得扰乱会议的正常秩序和会议程序；会议期间 请关闭手机或将其调整至静音状态。 中国航发动力股份有限公司 2024 年第二次临时股东大会会议资料 2024 年第二次临时股东大会 会 议 材 料 2024 年 9 月 19 日 中国航发动力股份有限公司 2024 年第二次临时股东大会会议资料 会议须知 会议议程 会议时间：2024 年 9 月 19 日下午 14 点 30 分 会议地点：西安市天鼎酒店多媒体会议室 具体议程： | | 序号 | | 内容 | | --- | --- | --- ...

Investment Rating - The report assigns an "Accumulate" rating to the company [1]. Core Views - The company is a leading domestic manufacturer of aviation engines, focusing on military and civilian aviation engines, gas turbines, and related products. It integrates the full spectrum of domestic military aviation engines and covers various fields including aviation engines, derived products, foreign trade outsourcing, and non-aviation products [1]. - The core investment logic is based on sustained demand and a highly scarce supply structure, positioning the company as a "big single product" type enterprise. The demand side is buoyed by military aircraft updates, the growing application of modified engines driven by clean energy needs, and a broad civil aviation market. The supply side is characterized by a global oligopoly in military and civilian aviation engines, with a clear trend towards domestic production in China [1]. - The company has a competitive advantage as one of the few international firms capable of independently developing aviation engine products. Its existing mature processes and application experience can further consolidate its market position through product diversification [1]. Financial Summary - The company’s revenue for 2022 was 37,097 million yuan, with a projected growth rate of 17.9% for 2023, reaching 43,734 million yuan. The expected revenue for 2024 is 51,825 million yuan, with a growth rate of 18.5% [2]. - The net profit attributable to the parent company for 2022 was 1,267 million yuan, with a projected increase to 1,421 million yuan in 2023, and further growth to 1,621 million yuan in 2024 [2]. - The earnings per share (EPS) are expected to be 0.61 yuan in 2024, 0.80 yuan in 2025, and 1.09 yuan in 2026, with a price-to-earnings (P/E) ratio of 70 times for 2024, leading to a reasonable value of 42.57 yuan per share [1][2]. Business Structure - In the first half of 2024, the company generated 171.60 billion yuan from aviation engines and derived products, accounting for 92.52% of total revenue. Foreign trade outsourcing contributed 10.04 billion yuan (5.41%), while non-aviation products and other businesses accounted for 3.60 billion yuan (1.94%) and 2.84 billion yuan (1.53%) respectively [9][10]. - The company has a history of over 20 years and is primarily owned by the China Aviation Engine Group, which holds 45.79% of the shares [11][12]. Growth Outlook - The company is expected to benefit from the increasing demand for its products and services, with a projected revenue of 497.6 billion yuan and a net profit of 15.12 billion yuan for 2024, reflecting year-on-year growth of 13.79% and 6.48% respectively [19][20]. - The company has shown a stable increase in revenue and net profit over the years, with a compound annual growth rate (CAGR) of 14.77% for revenue and 7.18% for net profit from 2019 to 2023 [14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 18.548 billion, representing a year-on-year growth of 4.35%. However, the net profit attributable to shareholders decreased by 17.99% to 0.595 billion [4][5]. - The actual performance of the company is better than it appears, as the previous year's high base affected the current year's growth figures [5]. - The company’s gross profit margin remained stable, with a sales gross margin of 11.27%, a decrease of 0.63 percentage points year-on-year [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 18.548 billion, a 4.35% increase year-on-year, while the net profit was 0.595 billion, down 17.99% year-on-year. The non-recurring net profit was 0.546 billion, a slight decrease of 0.97% [4][5]. - For Q2 2024, the revenue was 12.276 billion, up 5.6% year-on-year and 95.71% quarter-on-quarter. The net profit was 0.44 billion, down 30.97% year-on-year but up 184.06% quarter-on-quarter [4][5]. Business Segments - Revenue from the aviation engine and related products was 17.16 billion, a 4.02% increase year-on-year. The foreign trade outsourcing business generated 1.0 billion, an 11.02% increase year-on-year, while non-aviation products and other businesses saw a revenue decrease of 11.87% to 0.1 billion [5]. - The company’s main division reported a revenue of 7.231 billion (up 17% year-on-year), while other subsidiaries showed varied performance [5]. Profitability and Margins - The company maintained a stable gross profit margin, with a sales gross margin of 11.27%, a decrease of 0.63 percentage points year-on-year. The net profit margin was 3.56%, down 0.81 percentage points year-on-year [5][6]. - The company’s profitability is expected to improve due to the continuous enhancement of its supply chain and the maturity of its main product models [5]. Future Outlook - The company anticipates net profits of 1.72 billion, 2.2 billion, and 2.8 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 26%, and 28% [6].

证券代码：600893 证券简称：航发动力 公告编号：2024-31 中国航发动力股份有限公司 关于董事会秘书辞职的公告 根据有关规定，宁辉先生的辞职报告自送达董事会之日起生效。董事会秘书 空缺期间，由公司董事长杨森先生代行董事会秘书职责，公司将按照相关规定， 尽快完成董事会秘书的选聘工作。 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。 中国航发动力股份有限公司（以下简称公司）董事会近日收到宁辉先生的书 面辞职报告。宁辉先生因工作变动原因辞去公司副总经理、董事会秘书职务，辞 职后将不再担任公司任何职务。 宁辉先生在担任公司董事会秘书期间，恪尽职守、勤勉尽责，在公司治理、 规范运作等方面发挥了积极作用。在此，公司及公司董事会对宁辉先生在任职期 间为公司发展所做的贡献表示衷心感谢！ 中国航发动力股份有限公司 董事会 2024 年 9 月 7 日 特此公告。 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1] Core Views - The company has experienced steady revenue growth, benefiting from the rapid development of the aviation and propulsion industry [3] - The company's revenue for the first half of 2024 was CNY 18.548 billion, a year-on-year increase of 4.35%, while the net profit attributable to shareholders decreased by 17.99% to CNY 0.595 billion [2][3] - The company is positioned as a leader in the domestic aviation engine market, actively participating in the development of domestic commercial engines, which is expected to benefit from strong demand in the aviation propulsion industry [3] Financial Performance Summary - Revenue projections for 2024-2026 are CNY 48.306 billion, CNY 55.171 billion, and CNY 62.925 billion, respectively, with year-on-year growth rates of 10.5%, 14.2%, and 14.1% [4] - The projected earnings per share (EPS) for 2024-2026 are CNY 0.56, CNY 0.67, and CNY 0.81, respectively [4] - The company reported a gross profit margin of 11.1% for 2024, with a net profit margin of 3.1% [5] Market Position and Industry Outlook - The domestic aviation engine industry is accelerating, with significant growth expected in both military and civilian sectors [3] - The company is the only domestic enterprise mastering the full spectrum of aviation engine manufacturing technology, which positions it favorably in the market [3] - According to forecasts, by 2041, China's aviation market is expected to become the largest single aviation market globally, further enhancing the company's growth prospects [3]

证券研究报告·公司点评报告·航空装备Ⅱ 盈利预测与估值 [Table_EPS] 2022A 2023A 2024E 2025E 2026E 营业总收入（百万元） 37097 43734 48524 56624 64724 同比 8.78 17.89 10.95 16.69 14.30 归母净利润（百万元） 1267 1421 1615 1998 2554 同比 6.70 12.17 13.61 23.72 27.81 EPS-最新摊薄（元/股） 0.48 0.53 0.61 0.75 0.96 P/E（现价&最新摊薄） 74.67 66.57 58.60 47.36 37.06 收盘价(元) 35.50 一年最低/最高价 28.29/41.28 市净率(倍) 2.39 流通A股市值(百万元) 94,611.93 总市值(百万元) 94,628.60 每股净资产(元,LF) 14.88 资产负债率(%,LF) 58.66 总股本(百万股) 2,665.59 流通 A 股(百万股) 2,665.12 航发动力（600893） 2024 年中报点评："军品+民品"双轮驱动， 保持行业领先优势 2024 年 09 月 ...