中信证券股份有限公司关于 航天时代电子技术股份有限公司 持续督导保荐总结报告书 保荐人编号：Z20374000 申报时间：2025 年 4 月 一、发行人基本情况 | 公司中文名称 | 航天时代电子技术股份有限公司 | | --- | --- | | | （以下简称"航天电子"或"公司"） | | 公司英文名称 | China Aerospace Times Electronics Co., Ltd. | | 法定代表人 | 姜梁 | | 注册地址 | 武汉经济技术开发区高科技园 | | 办公地址 | 北京市海淀区丰滢东路 号 1 | | 股票上市地 | 上海证券交易所 | | 股票简称 | 航天电子 | | 股票代码 | 600879.SH | | 董事会秘书 | 吕凡 | | 联系电话 | 010-88106362 | | 电子邮箱 | lvfan@catec-ltd.cn 民用航天与运载火箭及配套设备、计算机技术及软硬件、 | | | 电子测量与自动控制、新材料、通信产品、记录设备、仪 器仪表、卫星导航与卫星应用技术及产品、卫星电视接收 | | | 和有线电视产品（仅限分支机构经营）及上述产品的技术 | ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [2]. Core Insights - The report emphasizes that the aerospace sector is experiencing short-term fluctuations in fundamentals, with expectations for demand to be released during the 14th Five-Year Plan, potentially leading to a new cycle of prosperity [7][24]. - The drone segment is becoming an indispensable force in modern warfare, driven by the rapid development of AI, which is facilitating intelligent and autonomous upgrades [7][3]. - The report highlights the importance of selecting companies that can enhance product capabilities, increase penetration rates, and improve average transaction values as the 14th Five-Year Plan concludes [7][4]. Summary by Sections Section 1: Tariff Friction and National Security - The report discusses the perspective of offensive realism in understanding tariff friction, asserting that great power competition necessitates safeguarding national security [9][18]. Section 2: Aerospace and Engine Sector - The aerospace sector's performance in 2024 is under pressure, with revenue and profit growth rates of -4.69% and -15.41%, respectively, indicating a further slowdown compared to 2023 [27][30]. - The main engine manufacturers showed slight revenue declines, while the intermediate and upstream segments experienced significant fluctuations [27][30]. - The report notes that the main engine manufacturers have maintained strong profitability, while the intermediate segment has faced notable volatility due to price reductions [30][34]. Section 3: Company-Specific Insights - **AVIC Shenyang Aircraft Corporation**: Achieved a record high in quarterly profitability, with a 50.99% year-on-year increase in Q4 revenue to 17.54 billion yuan, despite an overall annual revenue decline of 7.37% [39][43]. - **AVIC Xi'an Aircraft Industry Group**: Reported a 21.09% increase in Q4 revenue, with a 39.14% rise in net profit, although the gross margin decreased [59][63]. - **AVIC Optical-Electrical Technology**: Demonstrated strong growth in defense and civil sectors, with a focus on high-quality delivery and market expansion [69][73]. Section 4: Engine Sector Performance - The engine sector maintained stable revenue growth, with a 9.48% increase in revenue for AVIC Engine, although profitability was impacted by rising costs and increased R&D expenses [92][97]. - The report highlights the growth potential in the civil aviation engine market, with significant contracts signed at the Zhuhai Airshow [102][104]. Section 5: Material Supply Sector - The material supply sector showed steady revenue growth, with a focus on increasing R&D investments for future development [105].

Core Viewpoint - The company successfully completed a non-public offering of shares, raising a total of RMB 413.56 million, with a net amount of RMB 411.59 million after deducting issuance costs [1][2]. Group 1: Non-Public Offering Details - The company issued 64,618,750 shares at a price of RMB 7.13 per share, approved by the China Securities Regulatory Commission [1]. - The funds raised will be subject to verification by the accounting firm Zhongxing Caiguanghua, which confirmed the funds' arrival on July 18, 2023 [1]. - The Shanghai Branch of China Securities Depository and Clearing Co., Ltd. completed the securities change registration related to this issuance on July 31, 2023 [1]. Group 2: Continuous Supervision by Sponsor - The sponsor, CITIC Securities, established a continuous supervision work system and a corresponding work plan, clarifying the requirements for on-site inspections [2]. - A sponsorship agreement was signed between the sponsor and the company, outlining the rights and obligations during the supervision period [2]. - Continuous supervision included daily communication, on-site visits, and compliance with relevant regulations and normative documents [3]. Group 3: Review of Information Disclosure - The sponsor reviewed the company's governance documents, financial management, internal control systems, and internal audit reports [3]. - The sponsor conducted interviews with senior management and monitored media reports related to the company [3][4]. - The sponsor found that the company had established and executed an information disclosure system in accordance with relevant laws and regulations during the supervision period [5]. Group 4: Reporting Matters - During the continuous supervision period, the sponsor did not identify any matters that required reporting to the China Securities Regulatory Commission or the Shanghai Stock Exchange [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company's revenue is expected to decline by 23.75% due to fluctuations in demand from aerospace defense downstream customers, alongside the exclusion of the civil products subsidiary's revenue from August to December [2][7] - The company achieved a historical high gross margin of 20.99% for the year, benefiting from the divestiture of its civil products business [2][7] - The company is positioned for high-quality growth driven by its dual main businesses in aerospace support and unmanned systems, with expectations of a recovery in demand in the aerospace defense sector as the "14th Five-Year Plan" concludes [2][7] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.28 billion, a decrease of 23.75% year-on-year; net profit attributable to shareholders was 548 million, an increase of 4.42% year-on-year; and net profit excluding non-recurring items was 167 million, a decrease of 59.44% year-on-year [7] - For Q4 2024, the company achieved revenue of 5.05 billion, a decrease of 12.52% year-on-year, and a net loss of 14 million, a decrease of 213.60% year-on-year [7] Market Dynamics - The company’s military product deliveries fell short of expectations due to industry demand fluctuations, impacting overall revenue [12] - The company’s inventory remains at historically high levels, with a year-end inventory of 20.25 billion, indicating potential for rapid delivery as demand recovers [12] Future Outlook - The company is expected to achieve net profits of 651 million, 803 million, and 1.115 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19%, 23%, and 39% [12] - The company’s focus on high-intensity R&D investments is expected to solidify its position in the unmanned systems industry and explore emerging markets such as commercial aerospace and low-altitude economy [12]

1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 中信证券股份有限公司 关于航天时代电子技术股份有限公司 2024年度持续督导报告书 | 上市公司：航天时代电子技术股份有限公司（以下简称"航天电子"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：黄凯 | 联系电话：010-60837525 | | 保荐代表人姓名：张大伟 | 联系电话：13301281883 | 经中国证券监督管理委员会《关于核准航天时代电子技术股份有限公司非公 开发行股票的批复》（证监许可[2022]2374 号）核准，并经上海证券交易所同意， 公司于 2023 年 7 月 12 日非公开发行人民币普通股（A 股）64,618.75 万股，每 股发行价格为 7.13 元，募集资金总额为 413,560.00 万元，扣除各类发行费用之 后实际募集资金净额 411,591.39 万元。中兴财光华会计师事务 ...

Meeting Overview - The annual general meeting of shareholders for Aerospace Electronic Technology Co., Ltd. is scheduled for April 21, 2025 [1][2] - The meeting will utilize both on-site and online voting methods, with specific voting times outlined [2][3] Voting Procedures - Shareholders must complete voting on all proposals before submission [3] - Duplicate voting through different platforms will be disregarded, with the first vote counted [3] Attendance and Registration - Shareholders registered by the close of business on the equity registration date (April 15, 2025) are eligible to attend [4][5] - Registration requirements for both corporate and individual shareholders are specified, including necessary documentation [5] Agenda Items - The meeting will review 15 proposals, including a financial services agreement, with specific disclosure dates for each [2] - Certain related shareholders are required to abstain from voting on specific proposals [2] Additional Information - Shareholders or their representatives are responsible for their own travel and accommodation expenses [6]

航天时代电子技术股份有限公司 关于召开 2024 年年度股东大会的通知 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。 证券代码：600879 证券简称：航天电子 公告编号：2025-019 股东大会召开日期：2025年4月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 21 日 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年年度股东大会 召开的日期时间：2025 年 4 月 21 日 14 点 15 分 召开地点：朗丽兹西山花园酒店（北京市海淀区丰智东路 13 号）会议室 至 2025 年 4 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 ...

0 航天时代电子技术股份有限公司 2024 年年度股东大会 会议资料 航天时代电子技术股份有限公司 2024 年年度股东大会 会 议 资 料 二〇二五年四月 | 航天时代电子技术股份有限公司 2024 年年度股东大会会议议程 2 | | | --- | --- | | 航天时代电子技术股份有限公司 2024 年年度股东大会会场纪律 3 | | | 2024 年年度股东大会会议议案 5 | | | 一、关于公司 年度财务工作报告的议案 5 | 2024 | | 二、关于公司 年度利润分配方案的议案 9 | 2024 | | 三、关于公司 年度资本公积金转增股本方案的议案 10 | 2024 | | 四、关于公司独立董事 2024 年度述职报告的议案 11 | | | 五、关于调整公司独立董事报酬方案的议案 27 | | | 六、关于公司 年度董事会工作报告的议案 28 | 2024 | | 七、关于公司 年度监事会工作报告的议案 34 | 2024 | | 八、关于公司 年年度报告及摘要的议案 37 | 2024 | | 九、关于公司 年度财务预算的议案 38 | 2025 | | 十、关于公司 年度日常经营性 ...

证券代码：600879 证券简称：航天电子 公告编号：临 2025-018 航天时代电子技术股份有限公司 3、本次董事会会议于 2025 年 3 月 31 日（星期一）以通讯表决方式召开。 4、本次董事会会议应出席董事8人，实际出席董事8人。公司董事姜梁先生、 王亚军先生、阎俊武先生、杨雨先生、陈雷先生，独立董事张松岩先生、朱南军 先生、唐水源先生全部亲自参加投票表决。 二、董事会会议审议情况 （一）关于同意航天时代飞鹏有限公司开展股权融资暨航天时代飞鸿技术 有限公司放弃认购权的议案 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。 一、董事会会议召开情况 1、本次董事会会议的召开符合《中华人民共和国公司法》和《公司章程》 的有关规定。 董事会 2025 年第三次会议决议公告 2、公司于 2025 年 3 月 28 日发出召开董事会会议的通知。 本议案同意 8 票，反对 0 票，弃权 0 票。 序号 股东名称 出资金额 （万元） 持股比例 1 航天时代飞鸿技术有限公司 5,223.0626 22.27% 2 昆山飞鹏鸿达企业管理 ...

Core Viewpoint - The company reported its 2024 annual results, showing a revenue of 14.28 billion, a year-over-year decrease of 23.7%, while the net profit attributable to shareholders was 550 million, an increase of 4.4% year-over-year. The performance met market expectations despite a decline in revenue due to reduced aerospace product deliveries and other factors [1]. Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 5.05 billion, a year-over-year decrease of 12.5%, with a net profit of -14 million compared to 12 million in the same period last year [1]. - The gross margin for Q4 2024 decreased by 4.1 percentage points to 17.7%, while the net margin fell by 1.0 percentage point to 0.1% [1]. - The gross margin for 2024 improved by 0.7 percentage points to 21.0%, and the net margin increased by 1.1 percentage points to 4.2% [1]. Group 2: Revenue Breakdown - In 2024, the company generated 11.82 billion from aerospace products, a year-over-year decrease of 17.6%, accounting for 83% of total revenue, with a gross margin slightly down by 1.20 percentage points to 21.9% [2]. - The revenue from civilian products was 2.37 billion, a year-over-year decrease of 43.9%, representing 17% of total revenue, with a gross margin increasing by 5.18 percentage points to 15.2% [2]. Group 3: Operational Insights - The company made significant progress in the development of unmanned system military trade products, achieving record delivery numbers and revenue in 2024, with expanded military trade cooperation channels [2]. - The company is aligning with major aerospace model support tasks and accelerating product layout in emerging markets such as commercial aerospace and low-altitude economy [2]. Group 4: Cash Flow and Financial Health - The company's expense ratio increased by 2.3 percentage points to 18.4% in 2024, with sales expenses at 2.1%, management expenses at 9.0%, and financial expenses at 1.2% [3]. - As of the end of 2024, accounts receivable and notes totaled 7.84 billion, a decrease of 14.4% from the beginning of the year, while inventory increased by 3.8% to 20.25 billion [3]. - The net cash flow from operating activities improved to -400 million in 2024 from -1.02 billion in 2023 [3]. Group 5: Future Outlook - The company aims to achieve a revenue of 14.409 billion in 2025, representing a year-over-year increase of 0.90% [1]. - The projected net profits for 2025 to 2027 are 582 million, 669 million, and 774 million respectively, with corresponding price-to-earnings ratios of 52x, 45x, and 39x [4].