Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company focuses on aerospace and unmanned systems, entering a new stage of high-quality development [1] - The company reported a revenue of 14.28 billion yuan for 2024, a decrease of 23.75% year-on-year, while the net profit attributable to shareholders was 548 million yuan, an increase of 4.42% year-on-year [5][7] - The company aims to recover growth in aerospace and unmanned systems products as demand is expected to release [7] - The company has made significant progress in the development of unmanned system military trade products, achieving historical highs in delivery quantity and revenue [7] Financial Data and Profit Forecast - The total revenue for 2024 is projected at 14.28 billion yuan, with a year-on-year decline of 23.8%, while the net profit is expected to be 548 million yuan, reflecting a growth of 4.4% [6] - The company anticipates a recovery in revenue to 15.38 billion yuan in 2025, with a projected net profit of 611 million yuan [6] - The gross margin for 2024 is reported at 20.99%, an increase of 0.67 percentage points year-on-year [7] - The company has adjusted its profit forecast for 2025-2026, with expected net profits of 611 million yuan and 772 million yuan respectively [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In 2024, the company achieved operating revenue of 14.28 billion yuan, a decrease of 23.75% year-on-year, while the net profit attributable to shareholders was 548 million yuan, an increase of 4.42% year-on-year. The revenue decline was primarily due to reduced deliveries of aerospace products and a decrease in revenue from the wire and cable business, which will no longer be included in the consolidated financial statements starting August 2024. The net profit growth was attributed to investment gains from the transfer of equity in Aerospace Electric [2] - The company made significant progress in the unmanned systems field, with its independently developed "Hongzhan" autonomous mission system undergoing continuous upgrades. Key technological breakthroughs were achieved in autonomous planning, game decision-making, and distributed cross-domain collaborative autonomous cognition. The company applied for 275 patents and was granted 219 patents throughout the year, laying a solid foundation for future development in aerospace electronic information and unmanned system equipment [3] Financial Summary - The company’s total revenue for 2024 is projected at 14.28 billion yuan, with a year-on-year decrease of 23.75%. The net profit attributable to the parent company is expected to be 548 million yuan, reflecting a year-on-year increase of 4.42%. The earnings per share (EPS) for 2024 is estimated at 0.17 yuan, with a price-to-earnings (P/E) ratio of 57.01 [1][2] - The company’s cash flow from operating activities was -403 million yuan, an improvement of 60.53% compared to the previous period. This was mainly due to a reduction in cash outflows for purchasing goods and services [2] - The company completed the transfer of 51% equity in Aerospace Electric, marking a significant breakthrough in its industrial structure adjustment, allowing it to focus more on aerospace electronic information and unmanned system product development [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 12.27 [7][8]. Core Views - The company achieved a revenue of RMB 14.28 billion in 2024, a year-on-year decrease of 23.75%, while the net profit attributable to shareholders was RMB 548 million, an increase of 4.42% year-on-year. The decline in revenue is attributed to weak downstream demand in the aerospace electronics business [1]. - The company is expected to see a rapid release of previously accumulated demand as the end of the "14th Five-Year Plan" approaches, alongside continued high demand in the unmanned systems business, which is projected to drive significant profit growth from 2025 to 2027 [1][4]. - The company is focusing on optimizing its business and resource integration, which is expected to enhance overall profit margins starting in 2025 [2]. Summary by Sections Revenue and Profitability - The aerospace military products business is projected to generate revenue of RMB 11.82 billion in 2024, down 17.36% year-on-year due to industry demand slowdown. The company completed a 51% equity transfer of its subsidiary, which will contribute approximately RMB 2.373 billion in revenue with a gross margin of 15.24%, lower than the military business's 21.89% [2]. - The company plans to increase focus on aerospace electronics and unmanned systems, which are expected to significantly improve overall gross margins [2]. Unmanned Systems Growth - The subsidiary, Aerospace Feihong, achieved revenue of RMB 1.57 billion in 2024, marking a year-on-year increase of 42.48%, indicating strong demand for unmanned systems [3]. - The company is expanding its unmanned equipment system offerings, with new products like the "Hongzha" autonomous task system and the FH-96V carrier-based composite wing drone, which are expected to meet the growing market demand for unmanned systems during the "14th Five-Year Plan" and beyond [3]. Profit Forecast and Valuation - The company has adjusted its profit forecasts, expecting net profits attributable to shareholders of RMB 731 million, RMB 936 million, and RMB 1.161 billion for 2025, 2026, and 2027 respectively, reflecting a downward revision of 17% and 11% for 2025 and 2026 [4]. - The target price is based on a price-to-earnings (PE) ratio of 56 times for 2025, with a revised target price of RMB 12.27, down from RMB 14.58 [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 14.28 billion yuan in 2024, a decrease of 23.75% year-on-year, while the net profit attributable to shareholders was 548 million yuan, an increase of 4.42% year-on-year [2] - The decline in revenue is attributed to reduced deliveries of aerospace products and a decrease in revenue from the wire and cable business, which will no longer be included in the consolidated financial statements starting August 2024 [2] - The increase in net profit is primarily due to investment gains from the transfer of the aerospace electrical business [2] - The company has made significant progress in the unmanned systems field, with continuous upgrades to its independently developed "Hongzhan" autonomous mission system and breakthroughs in various technical areas [3] Financial Summary - Total revenue for 2023 was 18.73 billion yuan, with a projected revenue of 14.28 billion yuan for 2024, followed by 14.81 billion yuan in 2025 [1][10] - The net profit for 2023 was 524.85 million yuan, with projections of 548.02 million yuan for 2024 and 735.32 million yuan for 2025 [1][10] - The latest diluted EPS is projected to be 0.17 yuan for 2024, increasing to 0.22 yuan in 2025 [1][10] - The company’s operating cash flow was -403 million yuan in 2024, an improvement from -1.02 billion yuan in the previous period [10]

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 年度募集资金存放与实际使用情况的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为航天时 代电子技术股份有限公司（以下简称"航天电子"或"公司"）向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 以及《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 等相关规定，对航天电子 2024 年度募集资金存放与使用情况发表核查意见，具 体情况如下： 一、募集资金基本情况 2023 年 7 月，公司完成 2021 年向特定对象发行 A 股股票工作，募集资金 总额为 413,560.00 万元，扣除不含税的发行费用后，实际募集资金净额为 411,591.39 万元。上述募集资金已于 2023 年 7 月 18 日到账，经中兴财光华会 计师事务所（特殊普通合伙）验证并出具了《航天时代电子技术股份有限公司 验资报告》（中兴财光华审验字（2023）第 400003 号）。 截止 2024 年 12 月 31 ...

航天时代电子技术股份有限公司 2024 年度 内部控制审计报告 目 录 内部控制审计报告 1-2 中证天通会计师事务所（特殊普通合伙） 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是航天电子公司董事会的责任。 中证天通会计师事务所 （特殊普通合伙） 中国·北京 海淀区西直门北大街 43 号 金运大厦 B座 13层 邮编 100044 电话 010 6221 2990 传真 010 6225 4941 网址 www.zzttcpa.com 内部控制审计报告 中证天通（2025）证专审 21100001 号 航天时代电子技术股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要 求，我们审计了航天时代电子技术股份有限公司（以下简称航天电子公司） 2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的 ...

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 金融服务协议及相关风险控制措施执行情况的专项核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为航天时 代电子技术股份有限公司（以下简称"航天电子"或"公司"）向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上 海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等相关规定， 对航天电子 2024 年度金融服务协议及相关风险控制措施执行情况发表核查意 见，具体情况如下： 一、金融服务协议条款的完备性 （一）金融服务协议条款内容 经 2024 年第一次临时股东大会审议，公司与航天科技财务有限责任公司 （以下简称"财务公司"）于 2024 年 5 月 20 日签订了 2024 年度《金融服务协 议》。 《金融服务协议》主要条款内容如下： 1、交易双方 甲方：航天时代电子技术股份有限公司 乙方：航天科技财务有限责任公司 2、交易内 ...

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