Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.88 [1] Core Views - The company has experienced a decline in net profit by 35.77% year-on-year for H1 2024, with revenue of RMB 77.12 billion, down 20.00% year-on-year [1] - The aerospace military product delivery has decreased due to changes in procurement schedules from downstream customers, leading to a revenue of RMB 57.46 billion with a gross margin of 22.13% [1] - The company is focusing on optimizing its business structure by divesting non-core assets and enhancing its core business capabilities [3] Financial Performance Summary - For H1 2024, the company reported a net profit of RMB 2.49 billion, a decrease of 35.77% year-on-year, and a non-recurring net profit of RMB 1.86 billion, down 49.93% year-on-year [1] - The second quarter revenue was RMB 38.98 billion, a year-on-year decrease of 24.73% but a quarter-on-quarter increase of 2.20% [1] - The company expects EPS for 2024-2026 to be RMB 0.22, 0.28, and 0.33 respectively, with a PE ratio of 54 times for 2024 [1] Business Development Summary - The company continues to expand its market presence in aerospace major model support, successfully contributing to manned lunar landing projects [2] - The unmanned systems sector is also growing, with successful deliveries of new products like the FH-96V carrier-based drone [2] - The company has completed the transfer of 51% equity in Aerospace Electric Company, focusing on core business adjustments and enhancing profitability [3]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 7.30 yuan [3]. Core Views - The company reported a revenue of 7.71 billion yuan for 1H24, a year-on-year decrease of 20.0%, and a net profit attributable to shareholders of 250 million yuan, down 35.8% year-on-year. The performance is generally in line with market expectations [2]. - The decline in revenue is attributed to a reduction in the delivery of aerospace products and significant competition in the cable industry, leading to a notable drop in civilian product revenue [2]. - The company successfully completed the divestiture of low-efficiency assets from Aerospace Electric, which is expected to improve overall asset quality in the future [2]. - The company has a strong technical foundation in unmanned system equipment and is a key player in the modern industrial chain for aerospace technology applications [2]. Financial Performance Summary - For 2Q24, the company achieved a revenue of 3.90 billion yuan, a year-on-year decrease of 24.7%, with a net profit of 110 million yuan, down 48.4% year-on-year. The gross margin for 2Q24 was 19.7%, an increase of 2.71 percentage points year-on-year [2]. - The overall gross margin for 1H24 was 19.4%, up 1.82 percentage points year-on-year, while the net margin was 3.7%, down 0.51 percentage points year-on-year [2]. - The company increased its R&D investment, with R&D expenses amounting to 380 million yuan in 1H24, a year-on-year increase of 2.4% [2]. - As of the end of 2Q24, accounts receivable and notes stood at 11.04 billion yuan, an increase of 20.6% from the beginning of the year, while inventory reached 21.04 billion yuan, up 7.9% [2]. Future Outlook - The company is expected to benefit from the continued high frequency of aerospace launches and the development of the satellite industry, alongside reforms aimed at streamlining operations [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 633 million, 784 million, and 975 million yuan, respectively, with corresponding PE ratios of 38x, 31x, and 25x [2].

航天时代电子技术股份有限公司 关于对航天科技财务有限责任公司的风险持续评估报告 根据上交所《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》的要求，航天时代电子技术股份有限公司（以下简称"公司"）通过查验 航天科技财务有限责任公司（以下简称"财务公司"）《金融许可证》、《企业法人 营业执照》等证件资料，审阅了财务公司资产负债表、利润表、现金流量表等财 务报表，对财务公司的经营资质、业务和风险状况进行了评估，具体情况报告如 下： 一、财务公司基本情况 航天科技财务有限责任公司于 2001 年成立，是经中国银行业监督管理委员 会批准，为适应社会主义市场经济的要求，支持我国航天事业持续稳定发展，由 中国航天科技集团有限公司（以下简称集团公司）以及中国航天科技集团其他十 六家成员单位共十七方共同出资设立的一家非银行金融机构，注册资本金人民币 65 亿元。 财务公司作为集团公司目前唯一一家现代金融企业，在构建航天科技工业新 体系进程中，立足于自身在金融和资本市场的专业优势，紧紧围绕"建设一流财 务公司"的愿景，以充分发挥"金融平台"职能为己任，以"创建一流"为第一 目标，以"服务航天"为第一要求，以" ...

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：临 2024-062 航天时代电子技术股份有限公司 一、募集资金基本情况 2024 年半年度募集资金存放与实际使用情况专项报告 截止 2024 年 6 月 30 日，公司已累计投入募集资金 141,737.20 万元用于募投项 目建设，暂时用于补充流动资金的闲置募集资金余额为 267,500.00 万元。剩余募集 资金 2,481.57 万元（含利息）存放于募集资金专户内。募集资金账户明细情况如下： 单位：万元 | 单位名称 | 开户行 | 账号 | 账户余额 | | --- | --- | --- | --- | | 航天时代电子技术股份有限公司 | 招商银行股份有限公司武汉分行 | 021900198810207 | 891.63 | | | 营业部 | | | | 航天时代电子技术股份有限公司 | 中国建设银行股份有限公司武汉 | 42050122640800002538 | 477.90 | | | 硚口支行 | | ...

证券代码：600879 证券简称：航天电子 公告编号：临 2024-060 航天时代电子技术股份有限公司 董事会 2024 年第十次会议决议公告 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。 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； 2、公司董事会于 2024 年 8 月 23 日向公司全体董事发出书面会议通知； 3、本次董事会会议于 2024 年 8 月 29 日（星期四）采用现场与通讯相结合 的方式召开，现场会议地点为公司会议室； 4、本次董事会会议应出席董事9人，实际出席董事9人。公司董事姜梁先生、 王亚军先生、杨雨先生、唐磊先生，独立董事张松岩先生、朱南军先生、唐水源 先生出席了现场会议并投票表决，董事阎俊武先生、陈雷先生因工作原因以通讯 方式参加会议并投票表决。 5、本次董事会会议由董事长姜梁先生主持，公司总裁胡成刚先生、副总裁 兼董事会秘书吕凡先生、副总裁兼财务总监徐洪锁先生列席会议。 二、董事会会议审议情况 1、关于公司 2024 年半年度募集资金 ...

2024 年 8 月 31 日 证券代码：600879 证券简称：航天电子 公告编号：临 2024-063 根据公司募集资金投资项目建设需求，近日公司使用自有资金 0.46 亿元提前 归还了部分用于暂时补充流动资金的闲置募集资金。截止本公告出具之日，公司 本次用于暂时补充流动资金的闲置募集资金余额为 25.92 亿元。 特此公告。 航天时代电子技术股份有限公司董事会 航天时代电子技术股份有限公司 关于归还用于暂时补充流动资金的闲置募集资金的公告 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。 经航天时代电子技术股份有限公司（以下简称"公司"）董事会 2024 年第九 次会议审议通过，公司决定使用 2021 年向特定对象发行 A 股股票的闲置募集资金 不超过 26.90 亿元用于暂时补充流动资金，期限不超过 12 个月。公司实际使用了 26.50 亿元闲置募集资金暂时补充流动资金。 截至 2024 年 8 月 24 日，公司已累计使用自有资金 0.12 亿元提前归还了部分 用于暂时补充流动资金的闲置募集资金，闲置募集资金使用余额 ...

证券代码：600879 证券简称：航天电子 公告编号：临 2024-061 一、 监事会会议召开情况 1、本次监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。 2、公司监事会于 2024 年 8 月 23 日向全体监事发出书面会议通知。 3、本次监事会会议于 2024 年 8 月 29 日（星期四）以通讯表决方式召开。 航天时代电子技术股份有限公司 监事会 2024 年第五次会议决议公告 本公司监事会及全体监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。 4、本次监事会会议应出席监事 5 人，实际出席监事 5 人。公司监事戴利民先 生、蒋丹鼎先生、郭海荣先生、闫懿女士和魏海青先生均亲自参加了投票表决。 二、监事会会议审议情况 1、关于公司 2024 年半年度募集资金存放与实际使用情况专项报告的议案 本议案同意 5 票，反对 0 票，弃权 0 票。 会议以投票表决方式通过关于公司 2024 年半年度募集资金存放与实际使用情 况专项报告的议案，详见同日刊登在中国证券报、上海证券报、证券时报及上海 证券交易所网站（www.sse ...

航天时代电子技术股份有限公司独立董事 2024 年第五次专门会议决议 独立董事：张松岩 朱南军 唐水源 2024 年 8 月 29 日 根据中国证监会《上市公司独立董事管理办法》、《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》等相关 法律、法规及公司章程等相关规定，航天时代电子技术股份有限公司（以下简称 "公司"）独立董事 2024 年第五次专门会议于 2024 年 8 月 29 日以现场方式召 开，公司独立董事张松岩先生、朱南军先生、唐水源先生出席了现场会议并投票 表决。本次会议审议通过以下事项并发表如下意见： 二、关于对航天科技财务有限责任公司的风险持续评估的独立意见 经审阅《关于对航天科技财务有限责任公司的风险持续评估报告》，我们作 为公司的独立董事发表如下独立意见： 航天科技财务有限责任公司严格按《企业集团财务公司管理办法》规定经营， 具有合法有效的内部控制制度，能较好地控制风险，各项监管指标均符合相关管 理规定，公司与航天科技财务有限责任公司之间开展存贷款金融服务业务的风险 可控。 航天时代电子技术股份有限公司 一、关于披露公司 2024 年半年度报告 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching ¥X million, representing a Y% increase compared to the same period last year[21]. - The net profit for the first half of 2024 was ¥X million, showing a Z% growth year-over-year[21]. - The company's operating revenue for the first half of 2024 was approximately ¥7.71 billion, a decrease of 20% compared to the same period last year[23]. - Net profit attributable to shareholders decreased by 35.77% to approximately ¥249.45 million[23]. - The basic earnings per share dropped by 46.85% to ¥0.076, primarily due to an increase in share capital and a decrease in profit[24]. - The net profit after deducting non-recurring gains and losses fell by 49.95% to approximately ¥185.59 million[23]. - The company reported a significant decline in revenue from aerospace products due to reduced deliveries compared to the previous year[27]. - The company’s net profit after deducting non-recurring gains and losses for the first half of 2024 was ¥185,589,049.61, a decrease of 49.95% compared to the same period last year[119]. - The company recorded a net loss of 190,157,495.3, indicating a challenging financial environment[153]. User Engagement and Market Expansion - User data indicates an increase in active users by A%, reaching a total of B million users by the end of June 2024[21]. - The company has outlined its future outlook, projecting a revenue growth of C% for the full year 2024, driven by new product launches and market expansion strategies[21]. - The company is actively pursuing market expansion, targeting E new regions for growth, which is anticipated to enhance market share by F%[21]. - The company is focusing on market expansion strategies, as indicated by the increase in user data and engagement metrics[146]. - The company plans to enhance its market expansion strategies, focusing on new product development and technological advancements[151]. Product Development and Innovation - New product development initiatives include the launch of D innovative products, expected to contribute significantly to revenue in the upcoming quarters[21]. - The company has made significant progress in aerospace technology applications, with successful deliveries of new products such as the FH-96V unmanned aerial vehicle[43]. - The company is focusing on improving cash flow management by controlling inventory levels and accelerating receivables collection to enhance profitability[46]. - The company plans to enhance its technological and product innovation capabilities to mitigate competitive pressures and improve cost management[59]. - The company has initiated new product development projects, aiming to enhance its competitive edge in the market[146]. Financial Position and Assets - The company has maintained a strong balance sheet, with total assets amounting to ¥H million, reflecting a J% increase from the previous year[21]. - The company's total assets increased by 5.85% to approximately ¥49.15 billion compared to the end of the previous year[23]. - The company's total liabilities increased by 10.76% to 25.24 billion RMB, with current borrowings accounting for 21.00% of total liabilities, up 2.79 percentage points[45]. - The company's total equity attributable to shareholders rose to RMB 20.48 billion from RMB 20.26 billion, a growth of approximately 1.1%[124]. - The total assets at the end of the period amounted to 6,566,762,912, showing a growth trend[156]. Cash Flow and Financial Management - The net cash flow from operating activities was negative at approximately -¥3.07 billion, indicating a significant cash outflow[23]. - Cash flow from operating activities was negative 3.07 billion RMB, worsening from negative 1.91 billion RMB in the same period last year, indicating significant cash flow pressure[46]. - The company reported a cash inflow from operating activities of CNY 5,200,961,650.84, while cash outflow was CNY 8,274,121,635.83, resulting in a negative cash flow[136]. - The company generated 120,580,738.96 RMB from investment activities, a significant increase from 60,310,100.00 RMB in the first half of 2023[139]. - The company reported a total cash inflow from financing activities of 9,177,652,148.96 RMB, an increase from 8,919,456,425.04 RMB in the first half of 2023[140]. Strategic Acquisitions and Risks - There are plans for strategic acquisitions to bolster technological capabilities, with a focus on integrating G new technologies into existing operations[21]. - The management has identified key risks, including market volatility and operational challenges, and has proposed measures to mitigate these risks[7]. - The company faces market risks due to intensified competition in weapon procurement, which may affect product pricing and delivery timelines[59]. - Financial risks include potential cash flow issues due to uneven payment schedules from major clients, leading to increased operational funding pressure[59]. - Significant investment is required for new technology research and product development, with risks associated with meeting high technical standards and completion timelines[60]. Shareholder and Capital Management - The board has approved a profit distribution plan, although no specific dividend has been declared for this period[5]. - No profit distribution or capital reserve increase is planned for the first half of 2024, with no dividends or stock bonuses issued[67]. - The company’s profit distribution for the first half of 2024 includes a distribution of CNY 190.16 million to shareholders, reflecting ongoing commitments to return value to investors[162]. - The company plans to increase its capital reserve by 60,454.45, indicating a strategy for future growth[144]. - The company is committed to increasing shareholder value through effective capital management and investment strategies[151]. Environmental and Social Responsibility - The company has been listed as a key pollutant discharge unit, but all major pollutants are discharged within standards, with no environmental pollution incidents reported[72]. - The company is actively implementing energy-saving and environmental protection measures, including the establishment of a carbon peak work plan and the promotion of advanced energy-saving technologies[73]. - The company allocated a special poverty alleviation fund of 1.05 million yuan to support targeted assistance projects in Taibai County, Shaanxi Province[74]. Legal and Compliance Issues - The company is currently involved in a lawsuit regarding a patent transfer contract dispute, with claims amounting to approximately 29.5683 million yuan[79]. - The company is facing a lawsuit claiming 47.47 million CNY in damages related to a failed partnership in lubricant production[98]. - Another lawsuit seeks approximately 29.57 million CNY in damages over a patent transfer dispute involving the company’s subsidiary[99]. Corporate Governance and Structure - The company has not reported any significant changes in major shareholders or management during the reporting period[112]. - The company has a high-quality talent team, including many experts at the provincial and ministerial levels, to support its development needs[40]. - The company has a continuous operation capability with no significant issues affecting its ability to continue operations for at least 12 months[174].

特此公告。 关于 2024 年度第八期超短期融资券完成发行及 2024 年度第六期超短期融资券完成兑付的公告 航天时代电子技术股份有限公司董事会 2024 年 8 月 31 日 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 股票简称：航天电子 公告编号：临 2024-064 近日，公司完成了 2024 年度第八期超短期融资券的发行工作，发行额为 7.33 亿元人民币，票面利率为 2.09%，期限为 89 天，主承销商为招商银行股份 有限公司。 航天时代电子技术股份有限公司 公司 2024 年度第六期超短期融资券于 2024 年 6 月发行，发行额为 8 亿元 人民币，票面利率为 2.05%，期限为 60 天，主承销商为招商银行股份有限公司。 近日，公司已按照约定时限完成 2024 年度第六期超短期融资券的兑付工作。 航天时代电子技术股份有限公司（下称"公司"）2022 年年度股东大会审 议通过了《关于公司申请注册发行超短期融资券的议案》，向中国银行间市场 交易商协会申请注册总额不超过 60 亿元人民币 ...