公司报告 | 半年报点评 "两机"主业稳中向好，降本增效助力增长 事件：公司发布 2024 年半年报，2024H1 公司实现营业收入 28.06 亿元， 同比+2.61%，主要是航发及燃机控制系统批产产品及国际订单交付增加； 归母净利润 4.7 亿元，同比+4.46%，扣非归母净利润 4.57 亿元，同比+ 3.73%，主要受订单拉动，公司营收规模增加带来毛利增加及公司期间费 用减少所致。二季度单季实现营收 13.9 亿元，同比-0.21%，环比-1.75%； 归母净利润 2.09 亿元，同比+1.6%，环比-19.57%；扣非归母净利润 2. 02 亿元，同比+1.3%，环比-20.63%。我们认为，2024 上半年公司批 产交付再创新高，连续 9 年实现半年度营业收入同比增长。未来随前端军 民航发与燃气轮机需求向好，叠加后端维修逐渐起量，公司业绩可期。 "两机"主业盈利稳定，降本增效助力增长 资产负债端，2024 上半年，存货 14.33 亿元，较上年末-0.93%；应收 账款 34.03 亿元，较上年末+118.58%，主要系客户回款影响；合同负债 3.7 亿元，较上年末-5.65%。我们认为，公司 2 ...

证券代码：000738 证券简称：航发控制 中国航发动力控制股份有限公司投资者关系活动记录表 编号：2024-02 | --- | --- | --- | |-------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | □特定对象调研 □分析师会议 | | | | □媒体采访 √业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □其他 | | | | | 华夏基金，国泰基金，新华资产，中国人保资产，磐耀资产，前海人寿， | | 参与单位名称及 人员姓名 | | 正证券，光大证券，长江证 ...

公司研究 主业驱动收入稳健增长，经营质量增强 ——航发控制（000738.SZ）2024 年中报点评 要点 事件：公司发布 2024 年中报，2024H1，实现营收 28.06 亿元，同比+2.61%； 实现归母净利润 4.70 亿元，同比+4.46%。2024Q2 公司实现营收 13.90 亿元， 同比-0.21%，实现归母净利润 2.09 亿元，同比+1.60%。 点评： "两机"控制系统主业向好，带动营收实现稳健增长。24H1，公司实现营收同 比增长，主要是"两机"控制系统批产产品与国际合作的订单、交付增加。其中， 航空发动机及燃气轮机控制系统/国际合作/控制系统技术衍生产品的营收分别 为 25.15/1.83/1.08 亿元，同比+3.23%/+12.21%/-20.17%。此外，24H1 营收 中，军用航空动力控制系统收入占比为 84%。 盈利能力稳中有升，经营质量增强。24H1，公司销售毛利率/净利率分别为 31.09%/16.82%，同比+0.36pct/+0.26pct。期间费用率方面，公司销售/管理/ 研发/财务费用率分别为 0.80%/7.59%/2.16%/-0.68%，同比+0.18 ...

两机主业稳步增长，推进低碳低空业务发展 航发控制(000738)/国防军工 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

各子公司经营情况良好,产能建设顺利:分子公司看,24H1 航发西控营收 12.08 亿元(YoY+1.6%)，净利润 1.87 亿元(YoY+10.1%)；航发红林营收 等新一代航空动力的研制配套。未来公司军、民、燃将协同发展,有望打造新 的业绩增长点。 资料来源:iFinD,中国银河证券研究院 军民燃协同发展,完成全年业绩目标可期 航发控制点评报告 2024 年 08 月 27 日 ● 事件:公司发布 2024年半年报,24H1 实现营收 28.06亿元(YoY+2.61%); 归母净利 4.70亿元(YoY+4.5%)；扣非净利 4.57亿元(YoY+3.7%)。 ● 业 绩符合预期,完成全年目标可期:24H1 实现营收 28.06 亿元 (YoY+2.61%); 归母净利 4.70 亿元(YoY+4.5%)，其中 24Q2 营收 13.90 亿元(YoY-0.2%,QoQ-1.8%),归母净利2.09亿元(YoY+1.6%,QoQ-19.6%), 整体业绩符合预期,完成全年56.0亿营收目标可期。 ● 降本增效取得成果,费用控制较好。公司24Q2毛利率29.25%,同比上 升 0.81pct,净利率 1 ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing its leading position in the aero-engine control systems sector and the expected efficiency improvements from state-owned enterprise reforms [2][3] Core Views - The company reported stable growth in 1H24, with revenue of RMB 2.81 billion, a YoY increase of 2.6%, and net profit attributable to shareholders of RMB 470 million, a YoY increase of 4.5% [2] - The company's performance was driven by increased deliveries of batch-produced products for aero-engine and gas turbine control systems, as well as international cooperation orders [2] - The company's gross margin increased by 0.4ppt YoY to 31.1% in 1H24, while the net margin increased by 0.3ppt to 16.8%, indicating stable profitability [2] - The company's R&D investment increased by 5.1% YoY to RMB 310 million in 1H24, with a focus on state-funded projects [2] - The company's operating cash flow improved significantly, with net cash flow from operating activities reaching RMB 190 million in 1H24, compared to -RMB 20 million in the same period last year [2] Business Performance - The company's core business, "two-engine" control systems, generated revenue of RMB 2.51 billion in 1H24, a YoY increase of 3.2%, accounting for 89.6% of total revenue [2] - International cooperation revenue grew by 12.2% YoY to RMB 180 million in 1H24, with a gross margin increase of 1.3ppt to 22.9% [2] - Revenue from derivative products of control system technology decreased by 20.2% YoY to RMB 110 million in 1H24, with a gross margin increase of 4.5ppt to 37.4% [2] Financial Projections - The report forecasts net profit attributable to shareholders of RMB 840 million, RMB 1.03 billion, and RMB 1.23 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 29x, 24x, and 20x [2][3] - Revenue is expected to grow at a CAGR of 12.4% from 2024 to 2026, reaching RMB 7.86 billion by 2026 [6] - The company's gross margin is projected to increase from 27.46% in 2023 to 28.71% by 2026, while the net margin is expected to rise from 13.65% to 15.68% over the same period [6] Operational Efficiency - The company's labor productivity increased by 8.5% YoY to RMB 224,800 per employee in 1H24 [2] - The company's accounts receivable increased by 13.4% compared to the beginning of the year, reaching RMB 4.58 billion, mainly due to customer payment delays in the first half of the year [2] - The company's contract liabilities decreased by 5.7% compared to the beginning of the year, standing at RMB 370 million [2]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 2,805,550,370.78, representing a 2.61% increase compared to CNY 2,734,232,400.75 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was CNY 469,722,694.14, up 4.46% from CNY 449,647,727.51 in the previous year[22]. - The total profit for the period was CNY 55,084,000, reflecting a year-on-year growth of 4.3%, driven by increased orders and reduced expenses[34]. - The company's R&D expenditure reached CNY 30,703,268.406, up 5.11% compared to the previous year, indicating a strong commitment to innovation[34]. - The gross profit margin for the manufacturing sector was 31.09%, an increase of 0.36% compared to the previous year[39]. - The gross margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[161]. - The net profit for the first half of 2024 was reported at 704 million yuan, with a profit distribution of 2.0 million yuan to shareholders[165]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 184,703,417.92, a significant improvement from a negative cash flow of CNY -19,437,195.65 in the same period last year, marking a 1,050.26% increase[22]. - The company faces cash flow pressure due to increasing "two funds" (accounts receivable and inventory) and long payment collection cycles[64]. - The total cash and cash equivalents at the end of the period stood at ¥3,756,165,056.18, compared to ¥3,169,763,678.14 at the end of the first half of 2023[154]. - The company reported a net decrease in cash and cash equivalents of ¥149,153,170.82 for the period, an improvement from a decrease of ¥332,948,978.32 in the first half of 2023[154]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,057,578,555.16, reflecting a 1.78% increase from CNY 15,776,763,613.05 at the end of the previous year[22]. - The asset-liability ratio stood at 22.39%, maintaining a reasonable level[34]. - Total liabilities increased to CNY 3,595,202,791.73 from CNY 3,573,719,688.78, reflecting a growth of approximately 0.6%[140]. - Current assets totaled CNY 11,155,214,705.42, slightly up from CNY 11,082,534,273.79 at the start of the period[138]. Investments and Projects - The company has committed to invest a total of 336,982,000 CNY in various projects, with 24,452,000 CNY already invested as of the reporting period[50]. - The investment progress for the aviation engine control system project is at 39.01%, with a total investment of 63,640,000 CNY planned and 24,825,000 CNY invested by December 31[50]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market share[160]. Market and Revenue Growth - The revenue from the aviation engine and gas turbine control systems accounted for 89.63% of total revenue, with a year-on-year growth of 3.23%[38]. - International cooperation revenue grew by 12.21% year-on-year, contributing 6.53% to total revenue[38]. - Future guidance estimates a revenue growth of 25% for the second half of 2024, driven by new product launches and market expansion strategies[161]. Environmental Compliance - The company strictly adheres to environmental protection laws and has not faced any penalties for violations during the reporting period[74]. - The company has implemented various environmental protection licenses, with validity extending to 2029 for several permits[75]. - All pollutant emissions from the company comply with regulatory requirements, ensuring environmental safety[78]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 57,945[123]. - The largest shareholder, China Aviation Engine Group, holds 28.57% of the shares, totaling 375,810,362 shares[123]. - The company has not implemented any share buyback or reduction plans during the reporting period[122]. Corporate Governance - The company has experienced changes in its board of directors, including the election of new supervisors and the appointment of a new deputy general manager[69]. - The half-year financial report has not been audited[96]. - The company has not reported any instances of exceeding pollution discharge standards during its operations[76].

证券代码：000738 证券简称：航发控制 公告编号:2024-025 中国航发动力控制股份有限公司 第九届董事会第二十二次会议决议公告 （一）审议通过了《关于 2024 年半年度报告及其摘要的议案》 表决结果：同意 14 票，反对 0 票，弃权 0 票。 公司董事会审计委员会 2024 年第三次会议对 2024 年半年度财务报告进行了审议， 经审议同意提交公司董事会审议。 公司 2024 年半年度报告全文及摘要详见《中国证券报》《证券时报》和巨潮资讯 网（www.cninfo.com.cn）。 （二）审议通过了《关于与中国航发集团财务有限公司关联存贷款的持续风险评 估报告的议案》 表决结果：同意 5 票，反对 0 票，弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 中国航发动力控制股份有限公司（以下简称公司）第九届董事会第二十二次会议 于 2024 年 8 月 27 日 10:00 以现场和通讯相结合的方式召开，现场会议在公司 706 会 议室召开。本次会议于 2024 年 8 月 16 日以电子邮件的方式通知了应参会 ...

证券代码：000738 证券简称：航发控制 公告编号:2024-029 二、监事会会议审议情况 （一）审议通过了《关于 2024 年半年度报告及其摘要的议案》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经审核，监事会认为：董事会编制和审议公司 2024 年半年度报告及摘要的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 中国航发动力控制股份有限公司（以下简称公司）第九届监事会第十六次会议于 2024 年 8 月 27 日 11:30 以通讯方式召开。本次会议于 2024 年 8 月 16 日以电子邮件的 方式通知了应参会监事，应出席监事 3 人，实际出席会议监事 3 人。会议由监事会主 席夏逢春先生主持。会议的召集和召开符合《公司法》和《公司章程》的有关规定， 合法有效。 公司 2024 年半年度报告全文及摘要详见《中国证券报》《证券时报》和巨潮资讯 网（www.cninfo.co ...

按照深圳证券交易所《上市公司自律监管指引第 7 号——交易与关联交易》的要 求，中国航发动力控制股份有限公司（以下简称公司）通过查验中国航发集团财务有 限公司（以下简称中国航发财务）《金融许可证》《营业执照》等资料，审阅 2024 年 6 月末财务报表及相关数据指标，对中国航发财务的经营资质、业务和风险状况进行了 评估，现将风险评估情况报告如下： 一、中国航发集团财务有限公司基本情况 中国航发动力控制股份有限公司 与中国航发集团财务有限公司关联存贷款的持续风险评估报告 中国航发财务成立于 2018 年 12 月 10 日，是经金融监管机构批准，在国家工商行 政管理总局登记注册，具有企业法人地位的非银行金融机构。 注册地址：北京市海淀区西三环北路甲 2 号院 7 号楼 7 层 法定代表人：管见礼 统一社会信用代码：91110108MA01G3070M 注册资本：15 亿元人民币，全部来自单一股东中国航空发动机集团有限公司（以 下简称中国航发）。 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单位票据贴现；办 理成员单位资金结算与收付；提供成员单位委托贷款、债券承销、非融资性保函、财 务顾问、信用鉴证及咨 ...