Financial Performance - The company's operating revenue for Q1 2024 was ¥3,813,786,521.08, representing a decrease of 14.50% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥143,003,007.95, down 21.43% year-on-year[4]. - The net profit after deducting non-recurring gains and losses was ¥121,637,268.22, reflecting a decline of 29.57% compared to the previous year[4]. - Basic and diluted earnings per share were both ¥0.043, a decrease of 35.31% year-on-year due to an increase in share capital from a previous issuance[4][9]. - Total revenue for Q1 2024 was CNY 3,813,786,521.08, a decrease of 14.5% compared to CNY 4,460,822,259.01 in Q1 2023[18]. - Net profit for Q1 2024 was CNY 153,584,144.63, a decline of 15.5% from CNY 181,673,739.58 in Q1 2023[20]. - Earnings per share for Q1 2024 were CNY 0.043, compared to CNY 0.067 in Q1 2023[21]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥1,255,439,572.94, an increase of 13.36% in outflow compared to the same period last year[4]. - The company's cash and cash equivalents decreased to ¥3,603,797,172.17 from ¥4,735,405,577.93, representing a decline of about 23.96%[14]. - In Q1 2024, the company's operating cash inflow totaled CNY 2,245,129,416.87, a decrease of 12.4% from CNY 2,562,364,700.00 in Q1 2023[23]. - The net cash flow from operating activities was -CNY 1,255,439,572.94, improving from -CNY 1,449,000,182.66 in the same period last year[23]. - The company reported a cash and cash equivalents balance of CNY 3,477,628,532.25 at the end of Q1 2024, down from CNY 3,866,515,700.22 at the end of Q1 2023[24]. - The company experienced a net decrease in cash and cash equivalents of CNY 1,020,028,308.91 in Q1 2024, compared to a decrease of CNY 989,166,798.94 in Q1 2023[24]. Assets and Liabilities - Total assets at the end of Q1 2024 were ¥47,035,111,357.71, an increase of 1.29% from the end of the previous year[5]. - Total liabilities rose to CNY 23,250,215,110.93 in Q1 2024, up from CNY 22,791,488,119.52 in Q1 2023[17]. - As of March 31, 2024, the company's total current assets amounted to ¥39,528,272,110.73, an increase from ¥39,010,999,727.91 as of December 31, 2023, reflecting a growth of approximately 1.32%[14]. - Non-current assets totaled ¥7,506,839,246.98 as of March 31, 2024, compared to ¥7,425,381,029.77 at the end of 2023, reflecting an increase of approximately 1.49%[15]. Shareholder Equity - Shareholders' equity attributable to the parent company was ¥20,385,428,340.77, up 0.62% from the previous year-end[5]. - The total equity attributable to shareholders increased to CNY 20,385,428,340.77 in Q1 2024 from CNY 20,260,350,179.12 in Q1 2023[17]. Operational Challenges - The decline in net profit was attributed to rising prices of key raw materials like copper and aluminum, as well as increased competition in the cable industry[9]. - The company reported a decrease in long-term equity investments to ¥202,663,589.30 from ¥211,442,911.33, a decline of about 4.00%[15]. Future Outlook - There are no significant new strategies or product developments mentioned in the report for the upcoming quarters[13]. - The company has not disclosed any plans for market expansion or mergers and acquisitions in the current report[13]. - The company plans to focus on market expansion and new product development in the upcoming quarters[20]. - The report indicates that there are no significant risks or reminders for investors regarding the company's operational status during the reporting period[13].

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， ...

本报告依据中国资产评估准则编制 杭州航天电子技术有限公司 拟处置房地产评估项目 资产评估报告 天兴评报字(2023)第 0910 号 (共一册,第一册) 京天健兴业资产评估有限公司 CHINA ASSETS APPRAISAL CO .,LTD -日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1111020141202400168 | | --- | --- | | 合同编号: | 3022023073 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 天兴评报字(2023)第0910号 | | 报告名称: | 杭州航天电子技术有限公司拟处置房地产评估项目 资产评估报告 | | 评估结论: | 79,087,800.00元 | | 评估报告日: | 2024年01月31日 | | 评估机构名称: | 北京天健兴业资产评估有限公司 | | 签名人员: | (资产评估师) 会员编号:11090068 张勇 | | | (资产评估师) 会员编号:62050019 王兴杰 | (可扫描二维码查询备案业务信息) 说明:报告备案回执仅证明此报告已在业务报备管理系统进行了备案, ...

证券代码：600879 证券简称：航天电子 公告编号：临2024-018 航天时代电子技术股份有限公司 董事会2024年第二次会议决议公告 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 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、公司于2024年4月1日向公司全体董事发出书面召开董事会会议的通知。 3、本次董事会会议于2024年4月3日（星期三）以通讯表决方式召开。 4、本次董事会会议应出席董事8人，实际出席董事8人。公司董事姜梁先生、 王亚军先生、阎俊武先生、杨雨先生、陈雷先生，独立董事张松岩先生、朱南军 先生、唐水源先生全部亲自参加投票表决。 连接器、电缆网组件、连接器测试设备、抗辐射加固器件以及航天用分离机构等。 杭州航天近三年的经营情况如下： 单位：万元 二、董事会会议审议情况 《关于公司全资子公司杭州航天电子技术有限公司转让土地及房产的议案》 本议案同意 8 票，反对 0 票，弃权 0 票。 会议以投票表决方式通过《关于公司全资子公司杭州航天电子技术有 ...

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 2023年度持续督导报告书 1 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； | 上市公司：航天时代电子技术股份有限公司（以下简称"航天电子"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：黄凯 | 联系电话：010-60837525 | | 保荐代表人姓名：张大伟 | 联系电话：13301281883 | 经中国证券监督管理委员会《关于核准航天时代电子技术股份有限公司非公 开发行股票的批复》（证监许可[2022]2374 号）核准，并经上海证券交易所同意， 公司于 2023 年 7 月 12 日非公开发行人民币普通股（A 股）64,618.75 万股，每 股发行价格为 7.13 元，募集资金总额为 413,560.00 万元，扣除各类发行费用之 后实际募集资金 ...

航天时代电子技术股份有限公司 近日，公司完成了 2024 年度第三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 2.20%，期限为 120 天，主承销商为招商银行股份有 限公司。 证券代码：600879 股票简称：航天电子 公告编号：临 2024-017 关于 2024 年度第三期超短期融资券发行结果的公告 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。 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）。 特此公告。 航天时代电子技术股份有限公司董事会 2024 年 3 月 27 日 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 18.727 billion yuan in 2023, representing a year-on-year growth of 7.16%. However, the net profit attributable to shareholders was 524.85 million yuan, showing a decline of 14.35% year-on-year due to increased management, sales, and R&D expenses [2][3] - The company is advancing multiple high-tech projects, focusing on critical areas such as inertial and navigation technology, measurement and control communication, microelectronics, and electromechanical components. Significant breakthroughs have been made in key technologies, supporting future industrial development [3] - The company is steadily progressing its industrial strategic layout, expanding into new domestic and international markets, which aids in continuous innovation. The company has secured multiple bids in the unmanned systems sector, reinforcing its leading position in domestic tactical unmanned equipment [3] - The earnings forecast has been adjusted for 2024-2026, with net profit estimates of 737.42 million yuan, 923.50 million yuan, and 1.10 billion yuan respectively, corresponding to P/E ratios of 33, 36, and 32 times [3] Financial Summary - Total revenue for 2023 was 18.727 billion yuan, with a gross profit margin of 20.32%, an increase of 0.72 percentage points [2][3] - The company’s total assets are projected to grow from 46.436 billion yuan in 2023 to 58.390 billion yuan by 2026, with total liabilities increasing correspondingly [7] - The company’s cash flow from operating activities is expected to improve from a negative 1.020 billion yuan in 2023 to a positive 3.094 billion yuan in 2026 [8]

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company achieved a revenue of 18.73 billion yuan in 2023, representing a year-on-year increase of 7.2%, but the net profit attributable to shareholders decreased by 14.3% to 520 million yuan due to rising costs and underperformance of subsidiaries [1][2] - The demand for aerospace products remains strong, with a revenue increase of 15.5% in this segment, while civil products saw a decline of 12.9% [1][6] - The company is focusing on enhancing its research and development efforts, with R&D expenses increasing by 20.3% to 1.07 billion yuan [1][6] - The unmanned systems business is growing rapidly, with a subsidiary achieving a revenue increase of 125.7% [1][6] - The company plans to divest its traditional cable business to streamline operations and improve overall quality [1][6] Financial Summary - In 2023, the company reported a total revenue of 18.73 billion yuan, with a net profit of 520 million yuan [1][2] - The gross margin for 2023 increased by 0.7 percentage points to 20.3%, while the net margin decreased by 0.6 percentage points to 3.2% [1][6] - The company aims for a revenue target of 20.5 billion yuan in 2024, with projected net profits of 738 million yuan [1][2] - The forecasted revenue growth rates for 2024 to 2026 are 15.3%, 15.5%, and 15.5%, respectively [2][6] - The projected PE ratios for 2024 to 2026 are 33x, 27x, and 21x, respectively [2][6]

Financial Performance - The company's operating revenue for 2023 was approximately ¥18.73 billion, an increase of 7.16% compared to ¥17.48 billion in 2022[19]. - The net profit attributable to shareholders for 2023 was approximately ¥524.85 million, a decrease of 14.35% from ¥612.75 million in 2022[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥412.72 million, down 24.15% from ¥544.11 million in 2022[19]. - The net cash flow from operating activities for 2023 was approximately -¥1.02 billion, an improvement of 25.93% compared to -¥1.38 billion in 2022[19]. - The net assets attributable to shareholders at the end of 2023 were approximately ¥20.26 billion, an increase of 29.49% from ¥15.65 billion at the end of 2022[19]. - The total assets at the end of 2023 were approximately ¥46.44 billion, a 4.91% increase from ¥44.26 billion at the end of 2022[19]. - Basic earnings per share for 2023 were ¥0.177, a decrease of 21.33% from ¥0.225 in 2022[20]. - The weighted average return on net assets for 2023 was 2.981%, a decrease of 1.52 percentage points from 4.498% in 2022[20]. - The gross profit margin for 2023 was 20.34%, up from 19.62% in 2022[30]. - The company's total liabilities decreased by 9.12% to 22.791 billion yuan, with interest-bearing loans making up 24.60% of total liabilities[30]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 0.48 RMB per 10 shares, totaling 158,366,368.03 RMB, which represents 30.17% of the net profit attributable to shareholders for the year[4]. - As of December 31, 2023, the company's distributable profits amounted to 297,774,457.70 RMB, with retained earnings of 139,408,089.67 RMB to be carried forward to the next year[4]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits, indicating a focus on reinvestment or other strategic uses of profits[106]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongzheng Tiantong Accounting Firm for the fiscal year[3]. - The company's financial report has been audited and confirmed by the accounting firm, ensuring compliance with regulatory standards[3]. - The board of directors and senior management have confirmed the authenticity, accuracy, and completeness of the annual report[2]. - The internal control audit report for 2023 received a standard unqualified opinion from the board of directors[111]. - The company has implemented effective internal control systems to ensure compliance and asset safety[109]. Risks and Challenges - The company faces various risks including market risk, financial risk, operational risk, and competition risk in the wire and cable industry, which are detailed in the management discussion section[6]. - The main risks for 2024 include market risk, financial risk, operational risk, and competition risk in the wire and cable industry[67]. - Rising prices of high-quality components and increasing labor costs are expected to contribute to a decline in profit margins[67]. - The wire and cable industry is experiencing severe overcapacity, leading to increased competition and pressure on profit margins[70]. Research and Development - The company is focusing on enhancing its research and development capabilities, particularly in inertial and navigation technology, microelectronics, and command control systems[29]. - R&D expenses increased by 20.31% compared to 2022, reflecting the company's commitment to innovation and technology development[30]. - The total R&D investment for the period was CNY 1,074,569,922.59, with no capitalized R&D expenses reported[50]. - The number of R&D personnel is 1,134, accounting for 7.04% of the total workforce[51]. Market and Industry Trends - The demand for special cables in industries such as shipbuilding, rail transportation, clean energy, aerospace, petrochemicals, and new energy vehicles is rapidly increasing, providing new opportunities for the development of special wires and cables[34]. - The aerospace technology sector is recognized as a crucial support for the modern industrial system, with significant potential for economic development through technology transfer and application[32]. - The company anticipates significant growth opportunities in the aerospace sector due to increasing demand for military, civilian, and commercial aerospace, as well as advancements in information technology and intelligent equipment[64]. Corporate Governance - The company has a strategic focus on expanding its market presence and developing new technologies, although specific figures were not disclosed in the call[78]. - The current board includes independent directors with diverse backgrounds, enhancing governance and oversight[78]. - The company has maintained a consistent leadership structure with no major changes in executive roles during the reporting period[78]. - The company has appointed new independent directors to strengthen governance and oversight[85]. Environmental and Social Responsibility - The company invested 12.35 million yuan in environmental protection during the reporting period[114]. - The company achieved a reduction of 3,100 tons in carbon dioxide equivalent emissions through the implementation of carbon reduction technologies in production processes[127]. - The company has developed and implemented a comprehensive environmental emergency response plan, which has been filed with local ecological environment protection authorities[123]. - The company’s subsidiaries, including Hubei Aerospace Cable Company, were recognized as national green factories, contributing to the overall green manufacturing system[126]. Strategic Initiatives - The company completed a non-public stock issuance on July 31, 2023, raising a net amount of 4.115 billion yuan[30]. - The company plans to focus on the development of special cables, which are expected to be a major growth point in the wire and cable industry, as the market shifts towards high-end products[64]. - The company aims to achieve a revenue of 20.5 billion yuan in 2024[67]. - The company is actively involved in research and development, aiming to innovate and improve its product offerings[78].