航天时代电子技术股份有限公司2025 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 2025 年年度报告 公司拟向全体股东每10股派发现金红利0.21元（含税）。截至2025年12月31日，公司总股本 3,299,299,334股，以此计算合计拟派发现金红利69,285,286.01元（含税）。本年度公司现金分红占 合并报表当年实现归属于上市公司普通股股东净利润的比例为30.53%。 1 / 206 航天时代电子技术股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、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）王建东 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2025 ...

证券代码：600879 证券简称：航天电子 公告编号：临 2026-014 航天时代电子技术股份有限公司 关于召开 2025 年度业绩暨现金分红说明会的公告 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。 重要内容提示： 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱进行提问，邮箱地址： nbyjsmh600879@126.com。公司将在 2025 年度业绩暨现金分红说明会（以下简称"业 绩说明会"）上对投资者普遍关注的问题进行回答。 航天时代电子技术股份有限公司（以下简称"公司"）将于 2026 年 3 月 28 日发 布公司 2025 年年度报告，详情请届时查阅《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.com.cn）相关公告。为便于广大投资者更全面 深入地了解公司 2025 年度业绩及经营情况，公司拟于 2026 年 4 月 2 日下午 14:00-15:00 举行 2025 年度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次业绩说明会以网络 ...

Group 1 - The report emphasizes the high-quality development of the marine economy and the rising demand in commercial aerospace and gas turbines, driven by strategic initiatives and technological advancements [5][13][14] - The report highlights the importance of the "S-curve" cycle evolution, focusing on supply chain reforms and the trends of automation and intelligence in the defense industry, with specific companies recommended for investment [15][16] - The report discusses the impact of geopolitical tensions, particularly the military actions involving the U.S. and Israel against Iran, which have led to significant disruptions in global energy and supply chains [5][13] Group 2 - The report identifies key companies in the defense and aerospace sectors, such as AVIC, which is expected to benefit from the modernization of military equipment and the growing demand for high-end aviation engines [23][24][26] - The report provides financial forecasts for various companies, indicating expected net profits and corresponding PE ratios, such as AVIC's projected net profit of 11.90 billion CNY in 2025 with a dynamic PE of approximately 59X [26][27] - The report highlights the potential of companies like Feiliwa and Guorui Technology in the semiconductor and aerospace materials sectors, emphasizing their competitive advantages and growth prospects in domestic and international markets [21][22][18]

Core Insights - The report identifies a new cycle in China's defense equipment construction driven by "steady growth in traditional military industry" and "rapid development of civilian conversion of military technology" [4] - Traditional military industry is expected to continue its systematic and long-term progress, supported by key milestones such as the centenary of the People's Liberation Army in 2027 and the modernization goals by 2035 [4] - The civilian conversion of military technology is accelerating, creating new growth opportunities in various emerging industries, significantly enhancing the industry's elasticity [4] Group 1: Domestic and International Market Dynamics - The domestic market is expected to stabilize, while the international market presents new expansion opportunities for military trade [5][17] - The "14th Five-Year Plan" is initiating a new construction cycle, with a focus on enhancing military capabilities through mechanization and information technology [7][19] - The military trade landscape is evolving, with a shift towards a more integrated and systematic approach to military exports [52][56] Group 2: Military Technology Spillover - Military technology is increasingly spilling over into civilian applications, broadening the growth space and enhancing elasticity in the military industry [70][73] - Key areas of focus include commercial aerospace, advanced aircraft engines, controllable nuclear fusion, and deep-sea technology, which are expected to drive long-term growth [4][80] - The report emphasizes the importance of technological breakthroughs and cost reductions in facilitating the transition from military to civilian applications [76] Group 3: Investment Opportunities - The report highlights specific sectors for investment, including commercial aerospace, the dual-use aircraft industry, and controllable nuclear fusion [4][19] - The commercial aerospace sector is positioned for rapid growth, supported by national policies that prioritize aerospace as a key emerging industry [80][82] - The dual-use aircraft industry is expected to benefit from a resonance of military and commercial development, enhancing overall market potential [4][19]

证券代码：600879 证券简称：航天电子 公告编号：临 2026-013 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。 重要内容提示： 截至 2026 年 3 月 16 日，航天时代电子技术股份有限公司（以下简称 "公司"）已累计归还临时补充流动资金的闲置募集资金人民币 23,450 万元。 根据公司募集资金使用计划，近日公司使用自有资金4,000万元提前归还了 部分用于暂时补充流动资金的闲置募集资金。本次用于暂时补充流动资金的闲置 募集资金已累计归还23,450万元，尚未归还的募集资金金额154,550万元。公司 已将上述归还情况及时通知了公司保荐机构和保荐代表人。 公司本次使用部分闲置募集资金暂时补充流动资金事项未超过公司董事会 审议通过的期限，尚未归还的募集资金用途将仅限于与公司主营业务相关的经营 活动。后续公司将在使用期限内根据募投项目资金使用需求，随时使用销售回款、 金融机构贷款等方式及时归还募集资金，确保募投项目建设顺利进行。 | ...

Investment Rating - The report suggests focusing on investment targets with large market space, high barriers, and high performance elasticity, particularly in sectors expected to experience high growth such as new aviation equipment, missiles, unmanned equipment, military trade, domestic large aircraft, gas turbines, and commercial aerospace [5][30]. Core Insights - The report highlights that the military industry is driven by three macro factors: national defense policy, geopolitical environment, and domestic military expenditure, indicating an upward trend for the industry [2][31]. - It emphasizes the structural characteristics of traditional equipment showing steady growth while new combat power equipment is expected to see high growth, with military trade and civil-military integration opening up growth ceilings for military enterprises [2][30]. - The analysis of the military industry from 2020 to 2025 indicates that significant price inflation in certain segments, driven by equipment upgrades and increased usage, has led to substantial profit elasticity [1][23]. Summary by Sections Review of Military Industry Trends - The report reviews the military industry from 2020 to 2025, noting that the growth was primarily driven by national defense policies and the release of new equipment, leading to a "Davis double-click" market dynamic [14][16]. - It also discusses the impact of geopolitical events, such as the Russia-Ukraine war, on military stock performance, particularly in the U.S. market, where military stocks have seen significant valuation increases despite not achieving rapid growth in fundamentals [25][26]. Key Sectors to Watch - The report identifies key sectors to focus on, including: - **Aviation New Equipment**: Emphasizing the importance of new models and increased usage [8]. - **Missiles**: Highlighting the potential for high elastic growth due to low baselines and strong consumption attributes [8]. - **Unmanned Equipment**: Noting the maturation of China's unmanned equipment industry and its expected high growth during the 14th Five-Year Plan [8]. - **Military Trade**: Recognizing military trade as a significant growth driver for established military enterprises [8]. - **Domestic Large Aircraft**: Indicating that the large aircraft industry is entering a period of accelerated development [8]. - **Gas Turbines**: Focusing on the high demand driven by data center electricity needs [9]. - **Commercial Aerospace**: Identifying it as a super track with significant growth potential [9]. Investment Recommendations - The report recommends identifying investment targets that are positioned in high-growth sectors with large market potential and high barriers to entry, ensuring that these companies can benefit from the overall industry growth [5][30]. - It suggests focusing on companies with strong market positions and high performance elasticity, particularly those involved in high-demand segments such as military AI, unmanned systems, and commercial aerospace [5][30].

Investment Rating - The report assigns an "Accumulate" rating for the defense industry [1] Core Insights - Global defense spending is projected to grow by 2.5% in 2025, reaching $2.63 trillion, driven by great power competition and prolonged conflicts [3][9][28] - The proportion of defense spending to global GDP is expected to rise from 1.89% to 2.01% [9][28] - The increasing complexity of the international environment necessitates advanced military capabilities, including aircraft, missiles, and efficient support systems [9][28] - The trend of intensified great power competition is expected to continue, with a focus on the Indo-Pacific region [9][28] Summary by Sections Industry Performance - The defense industry index fell by 2.67%, underperforming the broader market by 1.74 percentage points, ranking 16th out of 29 sectors [12][13] - The Shanghai Composite Index decreased by 0.93%, while the ChiNext Index dropped by 2.45% [12][13] Key Events - The "Blue Flame" engine, a 220-ton liquid oxygen-methane rocket engine, successfully completed its full-system test, marking a significant advancement in China's heavy-lift rocket engine capabilities [25] - The tenth C919 domestic aircraft was officially inducted into service by China Southern Airlines [26] - India plans to procure five additional Russian S-400 missile systems, potentially doubling its existing inventory [27] Investment Focus - Key investment areas include: 1. Assembly: AVIC Shenyang Aircraft, Aerospace South Lake, AVIC Xi'an Aircraft, and High De Infrared 2. Components: AVIC Optoelectronics, Unisoc, Shaanxi Huada, Zhenhua Technology, and others 3. Subsystems: Aero Engine Corporation of China, AVIC Avionics, North Navigation, and Aerospace Electronics 4. Materials and Processing: AVIC High-Tech, Filihua, Guangwei Composite, and others [10][11]

Group 1: Gas Turbine Sector - The gas turbine sector is emphasized due to deep penetration into overseas supply chains and the dual logic of domestic aviation reform, which is expected to resonate positively[3] - The North American AIDC demand expansion, coupled with aging power grids, is leading to a structural power supply gap that is continuously increasing[6] - The global gas turbine market is highly concentrated, with GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries collectively holding about 85% market share[32] Group 2: Commercial Aerospace - The commercial aerospace sector is expected to see a new round of catalysts with the successful testing of reusable rocket technology, enhancing the prospects for commercial space ventures[38] - China's G60 satellite constellation plans to launch 1,296 satellites by the end of 2027 and 15,000 by 2030, indicating a significant demand for satellite launches[51] - The application end of the aerospace sector is focusing on core components such as communication terminal basebands, RF chips, and phased array antennas, which are expected to see stable or increasing value under cost reduction trends[55] Group 3: 3D Printing - The industrial-grade 3D printing sector is poised for a breakthrough due to material cost reductions and equipment efficiency improvements, marking a significant turning point for mass adoption[58] - The consumer-grade 3D printing market is accelerating towards a creative era, driven by AI empowerment, ecosystem strengthening, and supply chain cost reductions[68] - In 2025, the export value of 3D printers from China is projected to reach 11.355 billion yuan, reflecting a year-on-year growth of 39.1%[73] Group 4: Tungsten Market - The price of tungsten has surged significantly, with 65% black tungsten concentrate reaching 800,000 yuan per ton, up 73.91% since the beginning of 2026[80] - The increase in tungsten prices is driven by tightened supply and strategic pricing, with China's export controls on tungsten and other strategic metals contributing to this trend[79] - Companies with mining assets or expectations of asset injections, such as Zhongtung High-tech and Xiamen Tungsten, are expected to benefit directly from rising tungsten prices[81]

Investment Rating - The report maintains a recommendation for the defense and military industry [4] Core Insights - The geopolitical risks have escalated following the US and Israel's joint attack on Iran, which is expected to strengthen the growth expectations for military spending [6][15] - The Chinese military trade is anticipated to experience structural expansion opportunities due to the high cost-performance ratio and the absence of political conditions attached to Chinese military equipment [16][18] - The report highlights a significant calendar effect observed in the military industry index before and after the National People's Congress meetings [21][24] - The defense budget in China is projected to grow steadily by 7%-7.5% in 2026, driven by geopolitical tensions [21][24] Summary by Sections Section 1: Geopolitical Risks - The US and Israel launched a coordinated attack on Iran on February 28, 2026, leading to a significant military response from Iran [8][15] - The escalation of geopolitical risks is expected to enhance military spending growth expectations, with a focus on main battle equipment and new domains [15] Section 2: National Congress Outlook - The military industry index typically outperforms the Shanghai Composite Index before the National Congress meetings, with a notable increase of 4.4% one month prior and 1.7% one week prior [21][22] - The focus of the upcoming National Congress is expected to be on domestic innovation and emerging sectors within the military industry [24][25] Section 3: Military Trade Opportunities - Chinese military equipment is positioned as a core alternative for Middle Eastern countries, with expectations for military trade to increase from the current 3.82% to 10%-15% [16][18] - The report suggests focusing on key players in military trade, including 中航沈飞 (AVIC Shenyang Aircraft Corporation) and 中航成飞 (AVIC Chengfei), among others [18][47] Section 4: Investment Recommendations - Short-term opportunities are identified in commercial aerospace and military trade, with significant growth expected in the next five years [45] - Long-term prospects remain strong, with defense spending expected to maintain a growth rate of around 7% leading up to the centenary of the military [45]

Core Insights - The report highlights the upward trend in commercial aerospace, particularly with AIDC's power supply and server sectors, military trade, and large aircraft [2][3] - The military trade, AI, and large aircraft sectors are expected to see significant growth, driven by geopolitical events and advancements in technology [5][14] - The report emphasizes the importance of the "S-curve" cycle evolution, focusing on supply chain reforms, military trade, and emerging industries such as commercial aerospace and AI [5][15] Industry Overview - The commercial aerospace sector is experiencing a boost, with the launch of the Qianfan constellation for commercial communication services in Brazil starting in 2026 [5][13] - Military trade is gaining momentum, with geopolitical tensions influencing demand, as seen in recent events involving Israel and Iran [5][14] - The report notes the strategic importance of large aircraft manufacturing, with a focus on enhancing competitiveness in the global market [5][14] Company Analysis - AIDC is positioned well in the power supply and server markets, with expectations of increased demand from military and aerospace sectors [5][14] - The report identifies key companies in the defense and aerospace sectors, such as航发动力 (Aero Engine Corporation), 中航高科 (AVIC High-tech), and 航天电器 (Aerospace Electric), highlighting their growth potential and market positioning [6][23][24] - The analysis includes financial projections for various companies, indicating expected earnings growth and valuation metrics, such as PE ratios and ROE [6][23][24] Investment Recommendations - The report suggests a focus on companies that are adapting to the "S-curve" cycle, emphasizing supply chain reforms and technological advancements [5][15] - Specific companies are recommended for investment based on their strategic positioning and growth potential in the defense and aerospace sectors [5][15][23][24] - The report encourages monitoring emerging industries, including commercial aerospace and AI, for potential investment opportunities [5][15]