航天时代电子技术股份有限公司在航天科技财务有限责任公司 存款业务的风险处置预案 为有效防范航天时代电子技术股份有限公司（以下简称"公司"）在航天科 技财务有限责任公司（以下简称"财务公司"）存款业务的资金风险，保障资金 安全，特制定本风险处置预案。 第一章 风险处置组织机构及职责 第一条 公司成立存款风险处置领导小组（以下简称"领导小组"），由公司 总裁任组长，公司财务总监任副组长，领导小组成员包括财务部、审计与风险管 理部/法律事务部、经营投资部/证券部等部门负责人。负责组织开展存款风险的 防范和处置工作，领导小组下设办公室，办公地点设在财务部，财务部为风险处 置办公室的常设机构，具体负责日常的监督与管理工作。 第二条 存款风险处置机构职责： （一）领导小组统一领导存款风险的应急处置工作，全面负责存款风险的防 范和处置工作； （二）财务部、审计与风险管理部/法律事务部、经营投资部/证券部及相关 部门按照职责分工，积极落实各项防范化解风险的措施，相互协调，共同防范和 化解风险。 （三）风险处置办公室实时关注财务公司经营情况，一旦发现问题，及时向 领导小组报告，并采取果断措施，防止风险扩散和蔓延，将存款风险降到 ...

证券代码：600879 证券简称：航天电子 公告编号：临 2024-030 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。 近日，公司监事会收到监事李伯文先生的书面辞呈，由于工作变动原因，李 伯文先生辞去公司监事职务。 李伯文先生的辞职未导致公司监事会低于法定最低人数。根据《公司章程》 规定，李伯文先生的辞呈自送达公司监事会之日起生效。 特此公告。 航天时代电子技术股份有限公司 2024 年 6 月 12 日 航天时代电子技术股份有限公司 关于公司监事辞职的公告 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company is a key player in domestic aerospace electronics, being the only publicly listed platform under the Aerospace Science and Technology Corporation's Ninth Academy [2][6]. - The company is expected to benefit significantly from the burgeoning satellite internet and laser communication markets, with projected sales from related activities increasing by 91.15% to 7.5 billion yuan in 2024 [2][22]. - The demand for laser communication terminals is anticipated to exceed 170 billion yuan, driven by the Starlink and G60 satellite constellations [24]. Summary by Sections Company Overview - The company operates in several sectors including measurement and control communication, inertial navigation, electromechanical components, integrated circuits, unmanned systems, and electrical cables (the latter is planned for divestiture) [2][7]. - In 2023, the company achieved revenue of 18.727 billion yuan, a year-on-year increase of 7.16%, with a net profit of 525 million yuan [2][13]. Business Segments - The company has a strong presence in satellite internet and laser communication, with its laser communication terminals already being integrated into user equipment [2][24]. - The unmanned systems segment, particularly through its subsidiary Feihong, has seen significant growth, with a revenue increase of 126% in 2023 [30]. Financial Projections - The company is expected to achieve revenues of 17.157 billion yuan, 19.665 billion yuan, and 21.977 billion yuan from 2024 to 2026, with corresponding net profits of 755 million yuan, 916 million yuan, and 1.145 billion yuan [4][16]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.23 yuan, 0.28 yuan, and 0.35 yuan, respectively [4]. Investment Strategy - The company is focusing on core aerospace electronics and plans to divest its loss-making civil cable business to enhance overall profitability [13][16]. - A recent capital increase raised 4.136 billion yuan to invest in unmanned systems, satellite communication, and inertial navigation, aimed at expanding its product offerings and technological capabilities [16][17].

国浩律师（上海）事务所 关于 航天时代电子技术股份有限公司 2023 年年度股东大会 之 法律意见书 上海市北京西路 968 号嘉地中心 23-25 层邮编：200041 23-25th Floor, Garden Square, No. 968 West Beijing Road, Shanghai 200041, China 电话/Tel: (+86)(21) 5234 1668 传真/Fax: (+86)(21) 5234 1670 网址/Website: http://www.grandall.com.cn 二〇二四年六月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于航天时代电子技术股份有限公司 2023 年年度股东大会之 法律意见书 致：航天时代电子技术股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受航天时代电子技术股份 有限公司（以下简称"公司"）委托，指派汤恩琪律师、凌宇斐律师（以下简称 "本所律师"）出席并见证公司 2023 年年度股东大会（以下简称"本次股东大会"）。 本所根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股 东大会规则》等有关法律 ...

证券代码：600879 证券简称：航天电子 公告编号：2024-029 航天时代电子技术股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 52 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,069,315,232 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 32.4103 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司董事长姜梁先生主持现场会议。会议以现场表 1 (一) 股东大会召开的时间：2024 年 06 月 04 日 (二) 股东大会召开的地点：朗丽兹西山花园酒店（北京市海淀区丰智东路 13 号） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 决与网络投票相结 ...

关于 2024 年度第五期超短期融资券完成发行及 2023 年度第五期超短期融资券完成兑付的公告 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个别及连带责任。 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 亿元人民币的超短期融资券。2023 年 8 月 18 日，中国银行间市场交易商协会接受公司注册并签发了《接受注册通知书》 （中市协注［2023］SCP357 号）（详见 2023 年 8 月 31 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上的相关公告）。 证券代码：600879 股票简称：航天电子 公告编号：临 2024-028 航天时代电子技术股份有限公司 近日，公司完成了 2024 年度第五期超短期融资券的发行工作，发行额为 5 亿元人民币，票面利率为 2.09%，期限为 83 天，主承销商为招商银行股份有限 公司。 公司 2023 年度第五期超短期融资券于 2023 年 11 ...

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]

证券代码：600879 证券简称：航天电子 公告编号：临 2024-027 航天时代电子技术股份有限公司 关于参加中国航天科技集团有限公司控股上市公司 2023 年度集体业绩说明会的公告 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： 航天时代电子技术股份有限公司（以下简称"公司"）已于 2024 年 3 月 23 日在上海证券交易所网站披露了《2023 年年度报告》。为加强与投资者沟通，推 进公司高质量发展，根据中国航天科技集团有限公司（以下简称"航天科技集 团"）统一安排，公司将与航天科技集团控股的其他 11 家上市公司共同参加 2023 年度集体业绩说明会。现将有关事项公告如下： 一、说明会类型 本次业绩说明会以现场交流、视频直播和网络文字互动形式召开，公司将针 对 2023 年度的经营成果、财务指标等相关事宜与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回复。 会议召开时间：2024 年 5 月 31 日（星期五）下午 14:30-17:30 网络直播地址：上证路演中心平 ...

证券代码：600879 证券简称：航天电子 公告编号：临 2024-004 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 2023 年度第三期超短期融资券兑付完成的公告 航天时代电子技术股份有限公司(以下简称"公司")于 2023 年 4 月 27 日发 行了 2023 年度第三期超短期融资券，发行总额为人民币 5 亿元，发行利率为 2.47%，期限为 270 天（详见 2023 年 5 月 5 日登载于中国证券报、上海证券报、 证券时报及上海证券交易所网站（http://www.sse.com.cn）的相关公告）。 近日，公司已按照约定时限全部完成了 2023 年第三期超短期融资券的兑付 工作。 特此公告。 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。 2024 年 1 月 26 日 ...