Investment Rating - The report assigns a "Buy" rating to the company, marking it as the first coverage [4] Core Views - The company is a leading player in the aerospace electronics sector, deeply integrated with national aerospace security and uniquely positioned to benefit from the industry's growth [2] - The company has a robust history of steady performance growth, covering the entire spectrum of aerospace-grade electronic components and leading the charge in the booming commercial aerospace sector [2] - The company is expanding into new unmanned systems, with potential high-growth opportunities in the conversion of R&D to mass production [2] - Under the strategic guidance of high-quality development for state-owned enterprises, the company is shedding inefficient assets, focusing on core competitiveness, and implementing equity incentives for its drone business, signaling strong internal governance improvements [2] Company Overview - The company is the only listed platform under the China Aerospace Times Electronics Technology Corporation (Aerospace Ninth Academy), with a comprehensive integration of assets completed in 2016 [5] - It holds a dominant position in aerospace electronics, covering four major sectors: telemetry and communication, inertial navigation, integrated circuits, and high-end electromechanical components [5] - The company has been increasing R&D investment and talent acquisition to strengthen its technological edge, with 2023 gross margins reaching a post-listing high [5] Aerospace Sector - The company is well-positioned to capitalize on the growing demand for low-orbit satellite constellations, with an estimated need for over 7,000 satellites in the next five years [6] - The commercial aerospace sector is expected to drive demand for rocket and satellite electronic components, with market sizes projected to reach 18.8 billion and 29 billion yuan by 2028, respectively [6] - The company benefits from its close ties with the Aerospace Ninth Academy, giving it a unique advantage in aerospace electronics supply [6] Unmanned Systems - The company is a major player in the military drone market, with a complete product portfolio and strong market competitiveness [7] - It has expanded into the air and naval markets, developing advanced systems like loyal wingmen and underwater unmanned vehicles [7] - The company's drone products are exported to over ten countries, with flexible pricing and high-profit margins in the military export market [7] Operational Efficiency - The company is actively shedding non-core and inefficient assets, focusing on its defense-related main business [8] - It has raised 4.1 billion yuan through a private placement to fund core projects in telemetry, inertial navigation, and unmanned systems [8] - Equity incentives have been implemented for subsidiaries involved in unmanned systems, aiming to boost innovation and operational efficiency [8] Financial Performance - Since the 2016 asset injection, the company has maintained steady revenue growth, with military products driving profitability [20] - Military products account for approximately 70% of revenue, with gross margins consistently between 20%-25%, reaching a historical high in 2023 [22] - R&D expenses have grown at a CAGR of 18.74% from 2016 to 2023, with a significant increase in the proportion of R&D personnel [23] Technological Leadership - The company is a pioneer in aerospace telemetry and satellite navigation technologies, with a comprehensive range of products in telemetry, communication, navigation, and sensors [24] - It has a strong presence in inertial navigation, with leading technologies and a significant market share in the sector [27] - The company's integrated circuit business, managed by subsidiary Times Microelectronics, has a complete industrial chain and abundant wafer processing resources [30] Market Opportunities - The global satellite internet market is projected to reach 560 billion USD by 2025, with low-orbit satellites being a key growth area [32] - The company is expected to benefit from the expansion of the aerospace launch market, with rocket electronic components accounting for 15%-30% of total costs [43] - The low-orbit satellite platform electronics market is estimated to exceed 29 billion yuan by 2028, driven by commercial aerospace demand [44] Strategic Positioning - The company is a core supplier in the aerospace industry, with a high level of integration with the overall planning and development of the Aerospace Ninth Academy [47] - It maintains a leading position in aerospace electronics, with products widely used in missiles, rockets, satellites, and deep-space probes [48] - The company's products are integral to the success of China's major aerospace projects, with approximately two-thirds of the electronic components in a Long March rocket supplied by the Aerospace Ninth Academy [48]

Company Overview - The company's closing price on 2023-05-17 was 7.67 yuan, with a total share capital of 3,299.30 million shares and a circulating share capital of 3,229.17 million shares [1] - The company's net assets were 20,385.43 million yuan, with total assets of 47,035.11 million yuan and net assets per share of 6.18 yuan [1] Financial Performance - In 2023, the company achieved operating revenue of 18,727 million yuan, a year-on-year increase of 7.16%, reaching 98.52% of the annual operating revenue target [2][5] - Net profit attributable to the parent company was 525 million yuan, a year-on-year decrease of 14.35%, with a net profit margin of 3.15%, down 0.59 percentage points year-on-year [2][5] - Basic earnings per share were 0.18 yuan/share, a year-on-year decrease of 21.33%, and the weighted average return on equity was 2.98%, down 1.50 percentage points year-on-year [2][5] - In Q1 2024, the company achieved operating revenue of 3,814 million yuan, a year-on-year decrease of 14.50%, and net profit attributable to the parent company was 143 million yuan, a year-on-year decrease of 21.43% [2][5] Business Segments - In 2023, the company's aerospace product revenue was 14,349 million yuan, a year-on-year increase of 15.46%, accounting for 76.62% of total revenue, up 5.51 percentage points year-on-year [2][8] - Civil product revenue was 4,230 million yuan, a year-on-year decrease of 12.86%, accounting for 22.59% of total revenue, down 5.19 percentage points year-on-year [2][8] - Other business revenue was 148 million yuan, a year-on-year decrease of 23.61%, accounting for 0.79% of total revenue, down 0.32 percentage points year-on-year [2][8] Cash Flow and Profit Distribution - In 2023, the net cash flow from operating activities was -1,020 million yuan, an increase of 357 million yuan compared to the previous year [2] - The net cash flow from investment activities was -1,683 million yuan, a decrease of 798 million yuan compared to 2022 [2] - The net cash flow from financing activities was 2,345 million yuan, a year-on-year decrease of 54.08% [2] - The 2023 profit distribution plan is to distribute a cash dividend of 0.48 yuan per 10 shares (including tax), totaling 158 million yuan [2][5] Subsidiary Performance - Subsidiary Aerospace Feihong achieved operating revenue of 1,102 million yuan, a year-on-year increase of 125.70%, with a net profit of 77 million yuan, a year-on-year increase of 2,800.87% [15] - Subsidiary Aerospace Changzheng achieved operating revenue of 3,758 million yuan, a year-on-year increase of 25.53%, with a net profit of 102 million yuan, a year-on-year decrease of 10.26% [14] Profit Forecast and Investment Rating - The company is expected to achieve net profit attributable to the parent company of 617/749/885 million yuan in 2024-2026, with corresponding P/E ratios of 41.0/33.8/28.6 times (based on the closing price on May 17, 2024) [16] - The company is given an "Overweight" rating [16]

航天电子（600879.SH）2024年一季报点评 多因素影响业绩；军贸及低空经济赋能无人机业务发展 2024年04月29日  事件：公司4月28日发布了2024年一季报，1Q24实现营收38.1亿元， 推荐 维持评级 YoY-14.5%；归母净利润 1.4 亿元，YoY-21.4%；扣非归母净利润 1.2 亿元， 当前价格： 7.99元 YoY-29.6%。公司1Q24业绩下降主要是：1）铜、铝等主要原材料价格上涨及 电缆行业竞争激烈，导致本报告期民品收入减少，净利润减少；2）航天产品一 [Table_Author] 季度交付比上年同期下降，导致航天产品收入和净利润同比有所减少。  利润率水平较为平稳。利润率方面，公司 1Q24 毛利率为 19.2%，同比增 长0.82ppt；净利率为4.0%，同比减少0.05ppt。1Q24利润率水平同比变化不 大。费用方面，公司2024年一季度期间费用率为15.0%，同比增长1.46ppt。 其中：1）销售费用率2.5%，同比增长0.31ppt；销售费用1.0亿元，同比减少 2.5%；2）管理费用率7.8%，同比增长1.22ppt；管理费用3.0亿元，同比增长 分析 ...

2024 年第一季度报告 证券代码：600879 证券简称：航天电子 航天时代电子技术股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | |-----------------------------------------------|----------|-------------------|-------------------------------------| | | | | 单位：元 币种：人民币 | | 项目 | 本报告期 | | 本报告期比上年同期增 减变动幅度 (% ...

证券研究报告 | 公司动态点评 2024 年 04月 08日 航天电子（600879.SH） 坚持创新驱动，稳步高质量发展 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 17,476 18,727 21,593 24,421 27,401 股票信息 增长率yoy（%） 9.3 7.2 15.3 13.1 12.2 归母净利润（百万元） 613 525 696 806 1,060 行业 国防军工 增长率yoy（%） 11.6 -14.3 32.6 15.8 31.5 2024年4月3日收盘价（元） 7.52 ROE（%） 3.4 2.5 3.2 3.6 4.5 总市值（百万元） 24,810.73 EPS最新摊薄（元） 0.19 0.16 0.21 0.24 0.32 流通市值（百万元） 24,283.38 P/E（倍） 35.8 41.7 31.5 27.2 20.7 总股本（百万股） 3,299.30 P/B（倍） 1.4 1.1 1.1 1.0 1.0 流通股本（百万股） 3,229.17 资料来源：公司财报，长城证券产业金融研究院 近3月日均 ...

证券研究报告：国防军工 | 公司点评报告 2024年4月9日 股票投资评级 航天电子(600879) 增持|首次覆盖 航天产品业绩保持较快增长，商业航天与无人装备 前景广阔 个股表现  事件 航天电子 国防军工 4% 近日，公司发布2023年年报，2023年公司实现营业收入187.27 0% -4% 亿，同比增长7.16%，实现归母净利润5.25亿，同比下降14.35%。 -8% -12% -16%  点评 -20% -24% -28% 1、航天产品业绩保持较快增长，民品亏损拖累业绩。2023年， -32% 公司航天产品实现营收 143.49 亿，同比增长 15.46%，毛利率为 -36% 2023-04 2023-06 2023-09 2023-11 2024-01 2024-04 23.09%，同比基本持平；民用产品实现营收 42.30 亿，同比下降 资料来源：聚源，中邮证券研究所 12.86%，毛利率为10.06%，同比基本持平。公司民品业务主要为子公 司航天电工从事的电线电缆业务，受原材料价格波动、外部环境变化 公司基本情况 等因素影响，航天电工营收出现下滑，并计提了资产减值损失和信用 减值损失， ...

证券研究报告·公司点评报告·航天装备Ⅱ 航天电子（600879） 2023 年年报点评：航天领域电子龙头，业绩 2024 年 03月 25日 增长稳定 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 执业证书：S0600523060002 营业总收入（百万元） 17,476 18,727 22,311 25,184 27,633 xumu@dwzq.com.cn 同比 9.30% 7.16% 19.13% 12.88% 9.72% 研究助理 高正泰 归母净利润（百万元） 612.75 524.85 737.42 923.50 1,103.96 执业证书：S0600123060018 同比 11.57% -14.35% 40.50% 25.23% 19.54% gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 0.19 0.16 0.22 0.28 0.33 P/E（现价&最新摊薄） 39.14 45.70 3 ...

航天电子（600879.SH）2023年年报点评 利润有所波动；看好卫星与无人系统业务未来发展 2024年03月24日  事件：公司2024年3月22日发布2023年报，全年实现营收187.3亿元， 推荐 维持评级 YoY +7.2%；归母净利润 5.2 亿元，YoY-14.3%；扣非归母净利润 4.1 亿元， 当前价格： 7.27元 YoY-24.2%。公司收入完成全年经营计划（190.08亿元）的98.5%，整体业绩 表现低于市场预期，净利润下降主要受费用增长以及航天飞鸿、航天电工、上海 [Table_Author] 航天三家子公司未能完成年度预算等影响共同导致。综合点评如下：  4Q23 净利润有所下降；航天产品需求保持增长。单季度看，1）4Q23 实 现营收57.7亿元，YoY+11.2%；归母净利润0.1亿元，YoY-88.8%。4Q23收 入实现增长，但业绩有所下降。2）4Q23毛利率同比增加0.6ppt至21.7%；净 利率同比减少1.5ppt至1.1%。2023年综合毛利率同比增加0.7ppt至20.3%； 净利率同比减少 0.6ppt 至 3.2%。分产品看，2023 年：1）航天产品实 ...

2023 年年度报告 公司代码：600879 公司简称：航天电子 航天时代电子技术股份有限公司 2023 年年度报告 1 / 223 2023 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 中证天通会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人姜梁、主管会计工作负责人徐洪锁及会计机构负责人（会计主管人员）姚磊声 明：保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经中证天通会计师事务所（特殊普通合伙）审计，截至2023年12月31日，公司可供股东分配 利润为297,774,457.70元（母公司）。 公司拟定2023年度利润分配方案为：公司拟以2023年12月31日公司总股本3,299,299,334股 为基数，向全体股东每10股派发现金红利0.48元（含税）。合计拟派发现金红利158,366,368.03 元。剩余未分配利润139 ...

2023 年第三季度报告 单位：元 币种：人民币 证券代码：600879 证券简称：航天电子 航天时代电子技术股份有限公司 2023 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 本报告期 年初至报告 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|--------------------------------|-------------------|------------------------ ...