Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is a leader in the domestic RF connector industry, focusing on advanced fields such as 5G-A, 6G, and commercial satellites [5]. - The company has accelerated its product layout in commercial satellites and 6G, with its HTCC production line already capable of small-batch production [6]. - The company aims to enhance its market presence in the satellite sector, which is expected to grow rapidly due to the scarcity of low-orbit resources [6]. - In the civil communications sector, the company is extending its support to major clients, particularly in the 5G and 5G+ areas, while also focusing on emerging industries [6]. - The company has achieved significant milestones in the development and production of copper cable components, laying the groundwork for future mass production [8]. Financial Summary - The company achieved a revenue of 763 million yuan in 2024, with a year-on-year decrease of 6.42%, and a net profit of 51.13 million yuan, down 65.02% year-on-year [7]. - The projected revenues for 2025 are estimated at 886 million yuan, with a growth rate of 16.16%, and a net profit of 100 million yuan, reflecting a significant recovery [10]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.53 yuan, with a price-to-earnings (P/E) ratio of 53.68 [10]. - The company has a high customer concentration, with the top five clients accounting for 78% of total revenue in 2024 [7]. Market Position and Growth Potential - The global connector market is expected to grow from 51.18 billion USD in 2013 to 85.1 billion USD in 2024, while the Chinese connector market is projected to increase from 178 billion yuan in 2023 to 185.1 billion yuan in 2024 [7]. - The company is well-positioned to benefit from the ongoing transformation in the downstream industry, particularly in high-tech fields such as AI, IoT, and 5G/6G communications [7]. - The company has led the formulation of 14 IEC international standards, enhancing its competitive edge and market position [7].

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、 说明会类型 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与 广大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在 陕西证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上 市公司投资者集体接待日暨 2024 年度业绩说明会"。 证券代码：835640 证券简称：富士达 公告编号：2025-042 中航富士达科技股份有限公司 关于参加 2025 年陕西辖区上市公司投资者集体接待日 暨 2024 年度业绩说明会预告公告 公司财务负责人：朱克元先生 四、 投资者参加方式 本次说明会采用网络方式召开。 投资者可登陆全景路演平台（https://rs.p5w.net）参与本次业绩说明会。届 时投资者可通过访问"全景路演"关于本次陕西辖区集体接待日的活动主页，进 入公司主页的提问界面进行提问。公司将通过本次说明会对投资者普遍关注的 问题进行回答，欢迎广大投资者积极参与。 届时，公司高管人员将通过互动平台与投资者进 ...

中航富士达科技股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召 开第八届董事会独立董事专门会议 2025 年第一次会议，于 2025 年 4 月 24 日召 开第八届董事会第十次会议、第八届监事会第八次会议，审议通过了《关于终止 向特定对象发行股票事项并撤回申请文件的议案》，同意公司终止向特定对象发 行股票事项并撤回申请材料。因公司于 2025 年 1 月 3 日召开的 2025 年第一次 临时股东大会已授权董事会全权办理本次向特定对象发行股票相关事宜，上述议 案无需提交股东会审议。具体内容详见公司于 4 月 28 日在北京证券交易所官网 （http://www.bse.cn/）披露的《关于终止向特定对象发行股票事项并撤回申请材 料的公告》（公告编号：2025-036）。 定，决定终止公司向特定对象发行股票的审核。公司目前生产经营情况正常，终 止向特定对象发行股票不会对公司生产经营造成影响。 二、备查文件 证券代码：835640 证券简称：富士达 公告编号：2025-040 中航富士达科技股份有限公司 关于收到北京证券交易所《关于终止对中航富士达科技股份 有限公司向特定对象发行股票审核的决 ...

Group 1: Financial Performance - The company's Q1 performance showed slight fluctuations in key financial indicators compared to the same period last year, with a recovery starting in March 2025 [4] - Inventory increased to 139 million CNY due to a rise in orders and early project investments, reflecting enhanced downstream demand [5] - The gross profit margin improved in Q1, attributed to the recovery of defense business and ongoing cost efficiency initiatives [8] Group 2: Strategic Development - The company is actively involved in the low-altitude economy, particularly in the industrial drone sector, and aims to enhance its core competitiveness in this area [6] - Despite the termination of a specific stock issuance project, the company will maintain its investment in the commercial aerospace sector, leveraging existing facilities and resources [7] - The subsidiary, Xi'an Test Technology Co., Ltd., is expected to expand its third-party testing business, contributing to new profit growth [10]

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.0659 yuan, a decrease of 6.66% compared to Q1 2024, which was 0.0706 yuan [1] - The net profit for Q1 2025 is 0.12 billion yuan, down 7.69% from 0.13 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 is 1.41%, a decline of 7.84% from 1.53% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11,832.14 million shares, accounting for 65.51% of the circulating shares, with an increase of 578.60 million shares compared to the previous period [1] - The largest shareholder, AVIC Optoelectronics, holds 8,755.18 million shares, representing 48.48% of the total share capital, with no change [2] - Beijing Galaxy Dingfa Venture Capital reduced its holdings by 141.00 million shares, now holding 886.51 million shares, which is 4.91% of the total [2] Dividend Policy - The company has announced that it will not distribute or transfer any dividends this time [3]

Group 1: Investor Relations Activity - The company held an annual performance briefing on April 17, 2025, via the "Investor Relations Interactive Platform" [3] - Key personnel present included the Chairman, General Manager, and other executives [3] Group 2: Performance Overview - The company faced a revenue decline in 2024 primarily due to underperformance in the defense market, which significantly impacted revenue and profit [6] - R&D investment was high, accounting for 11.33% of revenue, due to an increase in new projects [6] - The commercial aerospace sector did not meet expected launch plans, affecting revenue growth [6] - Despite significant revenue growth in the civil communication sector, its low gross margin limited profit contributions [6] Group 3: Financial Health - As of December 31, 2024, net accounts receivable amounted to 565.88 million yuan, a 28.89% increase from the beginning of the period [7] - Accounts receivable represented 39.66% of total assets and 55.94% of current assets, with 82.08% of accounts receivable aged within one year [7] - The company plans to implement strict sales management and credit control measures to mitigate operational risks [7] Group 4: Cost Control and Competitive Strategy - The company is implementing efficiency projects to achieve cost reduction, including material optimization and automation [9] - It aims to enhance R&D investment focusing on low-cost, miniaturized, high-frequency, and integrated technologies [10] - A specialized R&D team will be established to ensure forward-looking research in core technology areas [10] Group 5: Market Outlook - The commercial satellite sector is expected to maintain stable growth in 2025, with ongoing collaboration with core customers [11] - The company offers low-cost, high-reliability interconnection solutions for the aerospace sector, supporting multiple space missions [12] Group 6: Corporate Governance - The company has established a value management system in response to regulatory requirements and aims for sustainable growth [13] - It emphasizes high-quality information disclosure and investor engagement to enhance understanding of its strategic goals [13] Group 7: New Product Development - The 400G high-speed copper cable prototype line was completed by the end of 2024, with ongoing product expansion and customer validation [14] - The expected contribution of this product to the company's performance in 2025 is anticipated to be minimal [14]

Core Viewpoint - Fujida held its 2024 annual performance briefing on April 17, highlighting its commitment to innovation and strategic focus in a complex global economic environment [1][6]. Group 1: Company Overview - Fujida specializes in the research, production, and sales of RF coaxial connectors, RF coaxial cable components, RF cables, microwave passive devices, and electronic ceramics [3]. - The company is a leader in the domestic RF connector industry and has participated in the formulation of 14 IEC international standards, holding the most IEC standards among Chinese companies in this field [3]. Group 2: Financial Performance - In 2024, Fujida achieved an operating revenue of 763 million yuan and a net profit attributable to shareholders of 51.13 million yuan, with a non-recurring net profit of 49.13 million yuan [9]. - The compound annual growth rate of operating revenue over the past five years is 7.10% [9]. Group 3: Strategic Focus and R&D - The company is focusing on innovation-driven strategies and optimizing product structure, particularly in emerging fields such as quantum communication and low-altitude economy (drones) [6]. - Fujida's R&D expenses reached 86.39 million yuan in 2024, an increase of 18.37% year-on-year, accounting for 11.33% of revenue [9]. - The company has emphasized "independent innovation" in its R&D strategy, with a continuous increase in R&D investment over the past five years [9]. Group 4: Dividend Policy - Fujida has maintained a cash dividend strategy, proposing a cash dividend of 1 yuan per 10 shares, totaling approximately 18.77 million yuan [12]. - Over the past three years, the total cash dividends distributed or proposed amount to 131 million yuan, representing 115.91% of the average annual net profit attributable to shareholders [12]. Group 5: Future Development - The company plans to maintain and expand its advantages in RF connectors and RF cable components while gradually increasing market share in special cables and multifunctional integrated products [12]. - Fujida aims to explore customer needs further and provide integrated solutions to expand its scale and product offerings [12].

中航富士达科技股份有限公司 关于 2024 年年度股东大会增加临时提案的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、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法律责任。 一、召开会议基本情况 中航富士达科技股份有限公司定于 2025 年 4 月 24 日召开 2024 年年度股东大会， 股权登记日为 2025 年 4 月 18 日，有关会议事项详见公司于 2025 年 3 月 28 日在北京证 券交易所官网披露的《关于召开 2024 年年度股东大会通知公告（提供网络投票）》，公 告编号：2025-016。 二、增加临时提案的情况说明 （一）提案程序 2025 年 4 月 14 日，公司董事会收到单独持有 4.31%股份的股东武向文书面提交的 《关于提请增加 2024 年年度股东大会临时提案的函》，提请在 2025 年 4 月 24 日召开 的 2024 年年度股东大会中增加临时提案。 证券代码：835640 证券简称：富士达 公告编号：2025-033 资。 公司放弃参股公司瑞新通微波股权转让的优先购买权，不会导致公司对瑞新通微波 的持股份额发生变 ...

证券代码：835640 证券简称：富士达 公告编号：2025-032 中航富士达科技股份有限公司 第八届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 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 别及连带法律责任。 一、会议召开和出席情况 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 （一）会议召开情况 1.会议召开时间：2025 年 4 月 14 日 2.会议召开地点：中航富士达科技股份有限公司五楼会议室 3.会议召开方式：通讯方式 4.发出董事会会议通知的时间和方式：2025 年 4 月 11 日以电子邮件方式发 出 5.会议主持人：董事长武向文先生 6.会议列席人员：公司监事、高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等方面符合《公司法》和《公司章 程》的规定。 二、议案审议情况 （一）审议通过《关于公司放弃优先购买权的议案》 1.议案内容： 公司近日收到海南腾合电子科技有限公司（以下简称"海南腾合"）发来 的《股权收购意向书》：海南腾合计划收购公司参股的西安瑞 ...

证券代码：835640 证券简称：富士达 公告编号：2025-031 2024 年年度报告业绩说明会预告公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、 说明会类型 中航富士达科技股份有限公司（以下简称"公司"）于 2025 年 3 月 28 日在 北京证券交易所官方信息披露平台（（http://www.bse.cn/）发布了《中航富士达 科技股份有限公司 2024 年年度报告》（公告编号：2025-014），为方便广大投资 者更全面、深入地了解公司经营情况，加强与投资者的互动交流，公司拟召开 2024 年年度业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 4 月 17 日（周四）15:00-17:00。 （二）会议召开地点 公司定于 2025 年 4 月 17 日（周四）15:00-17:00 在全景网举办 2024 年年 度业绩说明会，本次年度业绩说明会将采用网络远程的方式举行，投资者可登 陆全景网"投资者关系互动平台"（https://ir.p5w.net） ...