Core Viewpoint - Aerospace Electronics (航天电子) is planning a series of asset swaps to enhance its core business in aerospace electronic information and improve its integrated circuit industry chain [1][2]. Group 1: Asset Swap Details - The asset swap involves four main components, including the exchange of 67% equity in Xi'an Taiyi Electronics Co., Ltd. for 100% equity in Beijing Aerospace Xinghua Technology Co., Ltd. [2] - Other swaps include the exchange of technology improvement assets from Beijing Telemetry Technology Research Institute and Shanghai Scientific Instrument Factory with related assets from Aerospace Electronics' subsidiaries [2]. - The total book value of the assets involved in the swap is estimated to be between 800 million to 1 billion yuan [2]. Group 2: Strategic Implications - The inclusion of Xi'an Taiyi is significant as it is a certified quality inspection and analysis station for imported semiconductor devices, which will enhance the product line in the integrated circuit sector [3]. - The transaction is expected to reduce related party transaction amounts from technology improvement assets currently leased by other aerospace companies [3]. - The divestment of certain assets related to password and information security, as well as deep space exploration, is aimed at optimizing the asset structure and improving financial conditions, thereby lowering the company's debt ratio [4].

证券代码：600879 证券简称：航天电子 公告编号：临 2025-060 航天时代电子技术股份有限公司 关于筹划资产置换暨关联交易事项的提示性公告 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： 公司于 2025 年 9 月 12 日收到控股股东中国航天时代电子有限公司的《关 于筹划资产置换事项的告知函》，经协商，西安微电子技术研究所（航天时代公 司所管理的事业单位）拟将其持有的西安太乙电子有限公司 67%股权（暂定，最 终股权比例在交易方案中确定）与公司控股子公司北京时代光电有限公司持有的 北京航天兴华科技有限公司 100%股权进行资产置换；北京遥测技术研究所（航天 时代公司所管理的事业单位）拟将其持有的相关技改资产与公司控股子公司航天 长征火箭技术有限公司密码与信息安全类业务相关资产进行资产置换；上海科学 仪器厂有限公司（航天时代公司之全资子公司）拟将其持有的相关技改资产与公 司控股子公司上海航天电子有限公司深空探测类业务相关资产进行资产置换。差 额部分由一方分别向另一方支付现金。 本次交易所涉资产具体范 ...

格隆汇9月12日丨航天电子(600879.SH)公布，公司于2025年9月12日收到控股股东中国航天时代电子有 限公司的《关于筹划资产置换事项的告知函》，经协商，西安微电子技术研究所（航天时代公司所管理 的事业单位）拟将其持有的西安太乙电子有限公司67%股权（暂定，最终股权比例在交易方案中确定） 与公司控股子公司北京时代光电有限公司持有的北京航天兴华科技有限公司100%股权进行资产置换； 北京遥测技术研究所（航天时代公司所管理的事业单位）拟将其持有的相关技改资产与公司控股子公司 航天长征火箭技术有限公司密码与信息安全类业务相关资产进行资产置换；上海科学仪器厂有限公司 （航天时代公司之全资子公司）拟将其持有的相关技改资产与公司控股子公司上海航天电子有限公司深 空探测类业务相关资产进行资产置换。差额部分由一方分别向另一方支付现金。 本次交易所涉资产具体范围、股权比例和交易价格将在尽职调查、审计及评估备案完成后由交易各方协 商确定，本次交易构成关联交易。经初步测算，交易资产账面价值大约为8-10亿元，交易价格将依据净 资产评估值确定，本次交易预计不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ...

Core Viewpoint - Aerospace Electronics (600879.SH) announced a series of asset swaps involving its subsidiaries and related entities, indicating strategic restructuring efforts to enhance operational efficiency and focus on core business areas [1] Group 1: Asset Swap Details - The controlling shareholder, China Aerospace Times Electronics Co., Ltd., plans to swap its 67% stake in Xi'an Taiyi Electronics Co., Ltd. with Beijing Times Optoelectronics Co., Ltd.'s 100% stake in Beijing Aerospace Xinghua Technology Co., Ltd. [1] - Beijing Telemetry Technology Research Institute intends to exchange its related technological renovation assets with Aerospace Long March Rocket Technology Co., Ltd.'s assets related to cryptography and information security [1] - Shanghai Scientific Instrument Factory Co., Ltd. will swap its technological renovation assets with Aerospace Electronics Co., Ltd.'s assets related to deep space exploration [1] Group 2: Financial Implications - The book value of the assets involved in these transactions is estimated to be around 800-1,000 million yuan, with the transaction price to be determined based on net asset evaluations [1] - The company expects that these transactions will not constitute a significant asset restructuring [1]

Core Viewpoint - The aerospace equipment sector experienced a slight decline of 0.31% on September 12, with Aerospace Hanyu leading the drop, while the Shanghai Composite Index rose by 0.22% to close at 3883.69 [1] Summary by Category Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22% - The Shenzhen Component Index closed at 12996.38, up 0.13% [1] Aerospace Equipment Sector - The aerospace equipment sector saw a net outflow of main funds amounting to 34.52 million yuan, while retail investors contributed a net inflow of 56.58 million yuan [1] - The following companies in the aerospace equipment sector had notable stock performance: - China Satellite (600118): Closed at 38.66, up 2.76%, with a trading volume of 628,600 shares and a transaction value of 2.404 billion yuan - Zhongtian Rocket (003009): Closed at 49.53, up 1.87%, with a trading volume of 29,600 shares and a transaction value of 146 million yuan - Xinyu Guoke (300722): Closed at 33.08, up 1.53%, with a trading volume of 41,700 shares and a transaction value of 138 million yuan - Other companies like Ligong Navigation (688282), Aerospace Electronics (600879), and China Communications (601698) showed minor declines [1]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a revenue of 5.822 billion yuan for the first half of 2025, a year-on-year decrease of 24.51%, and a net profit attributable to shareholders of 174 million yuan, down 30.37% year-on-year [1][6] - The gross margin slightly increased to 20.51%, while the net margin decreased to 2.67% [6] - The company is focusing on expanding its unmanned systems business and optimizing its product portfolio to adapt to emerging market opportunities [6][7] Financial Data and Valuation - Revenue projections for 2025-2027 are 15.959 billion yuan, 19.421 billion yuan, and 22.788 billion yuan, respectively, with corresponding net profits of 642 million yuan, 823 million yuan, and 978 million yuan [2][6] - The company’s PE ratios for the same period are projected to be 52.4X, 40.9X, and 34.4X [2][6] - The total market capitalization is approximately 33.9 billion yuan, with a current share price of 10.28 yuan [3] Performance Analysis - The company experienced a revenue decline primarily due to reduced deliveries of aerospace products, with a notable recovery in Q2 2025, where revenue grew by 5.73% year-on-year [6][7] - Cost control measures have led to a decrease in financial and management expenses, contributing to a slight improvement in gross margin [6][7] - The company is actively pursuing opportunities in commercial aerospace, low-altitude economy, and satellite internet sectors, enhancing its market position [6][7]

Market Performance - The aerospace equipment sector increased by 1.31% on September 11, with Aerospace Hanyu leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Notable stock performances include: - Aerospace Hanyu (688523) closed at 24.15, up 3.34% with a trading volume of 58,300 shares and a turnover of 139 million yuan - LIGONG Navigation (688282) closed at 45.25, up 3.26% with a trading volume of 5,116 shares and a turnover of 23.03 million yuan - Aerospace Electronics (600879) closed at 10.46, up 1.75% with a trading volume of 612,900 shares and a turnover of 636 million yuan [1] Capital Flow - The aerospace equipment sector experienced a net outflow of 160 million yuan from institutional investors, while retail investors saw a net inflow of 176 million yuan [1] - Detailed capital flow for specific stocks shows: - Aerospace Electronics (600879) had a net inflow of 19.30 million yuan from institutional investors but a net outflow of 18.72 million yuan from retail investors [2] - LIGONG Navigation (688282) had a net inflow of 3.56 million yuan from institutional investors but a net outflow of 2.83 million yuan from retail investors [2] - China Satellite (600118) had a significant net outflow of 11.20 million yuan from institutional investors, while retail investors contributed a net inflow of 123 million yuan [2]

Core Viewpoint - Aerospace Electronics (航天电子) is currently developing the Feihong-97A unmanned system products, with preliminary work such as detailed design and semi-physical simulation completed, and prototype testing is underway [1] Company Summary - Aerospace Electronics has confirmed that the Feihong-97A unmanned system is still in the research and development phase [1] - The company has completed initial tasks including detailed design and semi-physical simulation [1] - Prototype testing is currently being conducted to validate the system [1]

格隆汇9月9日丨航天电子(600879.SH)在互动平台表示，飞鸿-97A相关无人系统产品目前仍在研发中， 系统的详细设计、半实物仿真等前期工作已经完成，样机正在开展试验验证工作。责任编辑：钟离 ...

Group 1 - The core viewpoint of the article is that Aerospace Electronics (600879.SH) is currently in the research and development phase for its Feihong-97A unmanned system products, with preliminary work such as detailed design and semi-physical simulation completed [1] - The prototype of the Feihong-97A is undergoing testing and validation [1]