● 拟续聘的会计师事务所名称：中证天通会计师事务所（特殊普通合伙） 航天时代电子技术股份有限公司（以下简称"公司"）于2025年9月29日召 开董事会2025年第十一次会议，审议通过了《关于聘请2025年度公司财务报告审 计机构的议案》及《关于聘请2025年度公司内部控制审计机构的议案》，公司董 事会同意聘请中证天通会计师事务所（特殊普通合伙）为2025年度公司财务报告 和内部控制审计机构，该事项尚需提交公司股东会审议。现将有关事项公告如下： 一、拟续聘会计师事务所的基本情况 证券代码：600879 证券简称：航天电子 公告编号：临2025-062 航天时代电子技术股份有限公司 关于续聘会计师事务所的公告 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： （一）机构信息 1、中证天通会计师事务所（特殊普通合伙）（以下简称"中证天通"）成 立于2014年1月2日，组织形式为特殊普通合伙，注册地址为北京市海淀区西直门 北大街甲43号1号楼13层1316-1326,首席合伙人为张先云。中证天通具有财政部、 中国证监会颁 ...

证券代码：600879 证券简称：航天电子 公告编号：2025-064 航天时代电子技术股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 15 日 14 点 45 分 召开地点：朗丽兹西山花园酒店（北京市海淀区丰智东路 13 号）会议室 (五)网络投票的系统、起止日期和投票时间。 1 股东会召开日期：2025年10月15日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票系统：上海证券交易所股东会网络投票系统 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | ...

航天时代电子技术股份有限公司 2025 年第二次临时股东会 会议资料 航天时代电子技术股份有限公司 2025 年第二次临时股东会 会 议 资 料 二〇二五年十月 航天时代电子技术股份有限公司 2025 年第二次临时股东会 会议资料 目 录 | 航天时代电子技术股份有限公司 | 2025 年第二次临时股东会会议议程 | | 2 | | --- | --- | --- | --- | | 航天时代电子技术股份有限公司 | 2025 年第二次临时股东会会场纪律 | | 3 | | | 2025 年第二次临时股东会会议议案 | | 5 | | 一、 | 关于补选公司第十三届董事会董事的议案 | | 5 | | 二、关于聘请 | 2025 年度公司财务报告审计机构的议案 | | 5 | | 三、关于聘请 | 2025 年度公司内部控制审计机构的议案 | | 6 | | 四、关于调整智能综合电子信息系统产业化项目建设地点及建设内容的议案 | | | 6 | 1 航天时代电子技术股份有限公司 2025 年第二次临时股东会会议议程 时间：2025 年 10 月 15 日下午 14：45 地点：朗丽兹西山花园酒店（北京市海淀区 ...

证券代码：600879 证券简称：航天电子 公告编号：临 2025-061 航天时代电子技术股份有限公司 董事会 2025 年第十一次会议决议公告 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 3、本次董事会会议于 2025 年 9 月 29 日（星期一）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、 阎俊武先生、戴利民先生、杨雨先生、陈建国先生，独立董事张松岩先生、唐水 源先生、胡文华女士全部亲自参加投票表决。 二、董事会会议审议情况 1、关于聘请 2025 年度公司财务报告审计机构的议案 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聘请 2025 年度公司财务报告审计机构的议 案。 公司董事会审计委员会审核认为，中证天通会计师事务所（特殊普通合伙） 较好的完成了 2024 年度公司财务报告审计工作，具备作为公司财务报告审计机 构所必需的专业胜任能力、投资者保护能力，其独立性和诚信状况等符合有关规 定。建议继续聘请中证天通 ...

Market Performance - The aerospace equipment sector increased by 1.63% on September 29, with leading gains from LIGONG Navigation, which rose by 7.51% to a closing price of 49.95 [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Key stocks in the aerospace equipment sector showed varied performance, with China Satellite up 3.47% and China Telecom up 1.70%, while Aerospace Electronics and New Meeting Guoke experienced slight declines of -0.27% and -0.29% respectively [1] - The trading volume and turnover for LIGONG Navigation reached 24,600 hands and 121 million yuan, respectively [1] Capital Flow - The aerospace equipment sector experienced a net outflow of 44.67 million yuan from institutional investors and 46.71 million yuan from retail investors, while individual investors saw a net inflow of 91.38 million yuan [1] - Detailed capital flow data indicates that China Satellite had a net inflow of 12.92 billion yuan from institutional investors, while LIGONG Navigation had a net inflow of 10.50 million yuan [2]

Investment Rating - The report assigns a "Buy" rating to the company for the first time, with a target price of 13.20 CNY based on a 55x adjusted average valuation for comparable companies in 2026 [3][5]. Core Insights - The small and medium-sized drone market has significant growth potential, driven by the demand for unmanned combat systems in the military trade market [8][17]. - The company is a leader in the military small and medium-sized drone sector, with strong electronic information capabilities, and is expected to benefit from both domestic and international demand [9][10]. - The company has developed the "Hongzhan" unmanned equipment management system, which is anticipated to lead new trends in unmanned combat [8][9]. Financial Forecast and Investment Recommendations - The company is projected to have earnings per share (EPS) of 0.17, 0.24, and 0.32 CNY for the years 2025, 2026, and 2027 respectively [3]. - Revenue forecasts for 2021-2023 are 18,727 million CNY, 14,280 million CNY, and 15,651 million CNY, with a growth rate of 7.2% in 2023 [4]. - The company’s net profit attributable to the parent company is expected to reach 1,042 million CNY by 2027, reflecting a growth rate of 29.2% [4]. Market Trends and Opportunities - The demand for small and medium-sized drones is expected to expand significantly due to their low cost and high efficiency, particularly in modern warfare scenarios [19][21]. - The commercial space sector is in a rapid growth phase, with the company positioned to benefit from increased satellite launches and the development of low-orbit satellites [10][11]. - The traditional business segments are expected to recover as the defense market improves, with a focus on missile, satellite, and rocket components [8][11]. Competitive Advantages - The company has a comprehensive range of drone products, including the FH-901 loitering munition, which boasts superior performance and collaborative combat capabilities [27][32]. - The company’s drones are designed for various military applications, with a focus on electronic information integration and system capabilities [30][31]. - The FH-901 loitering munition is noted for its long endurance and high explosive power, making it competitive against international counterparts [32][33].

Core Insights - The aerospace equipment sector experienced a 1.05% increase on September 25, with Aerospace Electronics leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Sector Performance - Aerospace Electronics (600879) closed at 11.26, up 3.30% with a trading volume of 1,007,200 shares and a turnover of 1.123 billion yuan [1] - StarNet Yuda (002829) closed at 23.69, up 2.64% with a trading volume of 204,800 shares and a turnover of 484 million yuan [1] - China Satellite (601698) closed at 20.94, up 0.82% with a trading volume of 309,800 shares and a turnover of 648 million yuan [1] - China Inner Star (600118) closed at 34.96, up 0.63% with a trading volume of 129,760 shares and a turnover of 1.044 billion yuan [1] - Aerospace Huaiyu (688523) closed at 23.04, up 0.09% with a trading volume of 24,800 shares and a turnover of 57.3274 million yuan [1] - Zhongtian Rocket (003009) closed at 48.23, down 0.47% with a trading volume of 28,800 shares and a turnover of 140 million yuan [1] - Ligong Navigation (688282) closed at 43.70, down 1.47% with a trading volume of 4,523 shares and a turnover of 1.98109 million yuan [1] - Xinyu Guoke (300722) closed at 30.88, down 1.94% with a trading volume of 34,200 shares and a turnover of 107 million yuan [1] Capital Flow - The aerospace equipment sector saw a net inflow of 171 million yuan from institutional investors, while retail investors experienced a net outflow of 193 million yuan [1] - The detailed capital flow for key stocks indicates varying levels of net inflow and outflow among institutional and retail investors [2]

Core Viewpoint - The aerospace and defense sector in the A-share market shows strong performance, particularly in the aerospace ETF, which is the largest in the market and has seen significant trading volume and positive stock performance [1][2]. Group 1: Market Performance - As of September 25, the three major A-share indices showed mixed results, with the technology sector continuing to rise strongly and the military industry experiencing slight upward fluctuations [1]. - The aerospace ETF (159227) turned positive with a trading volume of 90.37 million yuan, leading its category [1]. Group 2: Industry Financials - In Q2 2025, the military industry reported revenues of 164.48 billion yuan, a year-on-year increase of 17.18%, and a net profit attributable to shareholders of 9.93 billion yuan, up 5.21%, marking the first positive growth in seven quarters [1]. Group 3: Future Outlook - Short-term expectations indicate that the military sector is likely to stabilize as the post-"September 3" fund adjustments near completion, and upcoming equipment procurement orders are anticipated to increase [1]. - Mid-term projections suggest a positive outlook for the "14th Five-Year Plan" equipment procurement, with potential order growth expected in Q4, alongside increased military spending from NATO countries [1]. - Long-term perspectives highlight the potential for military trade growth due to regional conflicts and the upcoming centennial of the military establishment in 2027, which may sustain high demand for military equipment [1]. Group 4: ETF Characteristics - The aerospace ETF (159227) tracks the National Aerospace Index and has a high military industry representation of 97.96%, focusing on the aerospace sector and covering a wide range of key components in the military supply chain [2].

Core Viewpoint - Aerospace Electronic's stock has shown a positive trend with a 24.80% increase year-to-date, despite a recent decline over the past 20 days [1][2]. Group 1: Stock Performance - On September 25, Aerospace Electronic's stock rose by 2.02%, reaching 11.12 CNY per share, with a trading volume of 339 million CNY and a turnover rate of 0.94% [1]. - The stock's market capitalization stands at 36.688 billion CNY [1]. - Year-to-date, the stock has increased by 24.80%, with a 7.75% rise over the last five trading days, a 4.79% decline over the last 20 days, and a 10.10% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Aerospace Electronic reported a revenue of 5.822 billion CNY, a year-on-year decrease of 24.51%, and a net profit attributable to shareholders of 174 million CNY, down 30.37% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 1.124 billion CNY, with 514 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Aerospace Electronic reached 154,400, an increase of 13.22% from the previous period [2]. - The top ten circulating shareholders include new entrants such as the Fortune CSI Military Industry Leader ETF and E Fund Defense Industry Mixed A, holding 50.656 million shares and 48.223 million shares, respectively [3].

Group 1 - Aerospace ETF Tianhong (159241) closed at a gain of 0.35% as of September 22, 2025, marking two consecutive days of increase with a turnover rate of 27.34% and a transaction volume of 120 million yuan, indicating active market trading [2] - The latest scale of Aerospace ETF Tianhong reached 491 million yuan with a total of 429 million shares, achieving a new high in nearly one month [2] - The net inflow of funds into Aerospace ETF Tianhong was 47.7466 million yuan, with a total of 51.0593 million yuan accumulated over the last five trading days [2] Group 2 - Aerospace ETF Tianhong (159241) serves as an efficient tool to capture core military aerospace opportunities, tracking the National Securities Aerospace Index, with a military attribute of 97.86%, making it the highest military content index in the market [3] - The weight of aerospace equipment in the ETF is as high as 66.8%, significantly exceeding that of the CSI Military and CSI National Defense indices [3] Group 3 - The recent successful launch and recovery training of the Navy's third type of carrier-based aircraft on the Fujian ship marks a significant breakthrough in China's aircraft carrier development, contributing to the transformation of the Navy [4] - The Navy's carrier-based aviation has accelerated its development, achieving a significant leap from single aircraft to a system, from land-based to carrier-based operations, and from conventional takeoff to electromagnetic catapult [4] Group 4 - Zhonghang Securities assesses that the military industry sector is currently in a state with ample upward potential and a solid bottom, with short-term volatility risks in rapidly rising sub-sectors and individual stocks, but a relatively low likelihood of structural deep adjustments [5] - The military industry is expected to perform better in the second half of the year compared to the first half, with emerging themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military intelligence likely to remain active [5]