航天时代电子技术股份有限公司 关于 2024 年度第十一期超短期融资券完成发行及 证券代码：600879 股票简称：航天电子 公告编号：临 2024-075 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）。 近日，公司完成了 2024 年度第十一期超短期融资券的发行工作，发行额为 2.63 亿元人民币，票面利率为 2.16%，期限为 68 天，主承销商为招商银行股份 有限公司。 公司 2024 年度第八期超短期融资券于 2024 年 8 月发行，发行额为 7.33 亿 元人民币，票面利率为 2.09%，期限为 89 天。近日，公司已按照约定时限完成 2024 年度第八期超短期融资券的兑付工作。 特此公告。 航天 ...

Investment Rating - The report initiates coverage with a **Buy** rating for the company, citing its strong position in the aerospace electronics sector and the potential for rapid growth driven by both aerospace and unmanned systems businesses [3][6] Core Views - The company is a leading platform in the aerospace electronics industry, with a dominant position in aerospace electronic information and unmanned systems equipment [3][6] - The aerospace products segment, particularly inertial navigation, laser communication terminals, and measurement & control communication, is expected to be a key driver of future performance [3][7] - The unmanned systems business is poised for high growth, benefiting from the increasing demand for informatization and intelligentization in both military and civilian applications [3][8] Financial Projections - The company's revenue is expected to grow from 15.71 billion yuan in 2024E to 19.61 billion yuan in 2026E, with a CAGR of 11.7% [4] - Net profit attributable to shareholders is projected to increase from 615 million yuan in 2024E to 930 million yuan in 2026E, with a CAGR of 22.9% [4] - The company's PE ratio for 2024E is 56x, which is lower than the industry average of 70x, indicating potential undervaluation [6] Aerospace Products - The inertial navigation business is deeply integrated into major national aerospace projects, with applications in low-orbit satellite constellations and deep-space exploration [3][7] - The laser communication terminal business is a core component of inter-satellite communication, with an estimated market potential of 152.8 billion yuan [3][7] - The measurement & control communication business is critical for aerospace engineering, with stable revenue expected from its high market share in related projects [3][7] Unmanned Systems - The company has a strong foothold in the unmanned systems market, with its "Feihong" series of drones and "Feiteng" series of loitering munitions gaining traction both domestically and internationally [3][8] - The unmanned systems business is expected to benefit from the rapid growth in demand for military drones and the expansion into civilian applications, such as low-altitude logistics [3][8] Key Assumptions - The aerospace military products segment is expected to generate revenues of 13.42 billion yuan, 15.86 billion yuan, and 19.26 billion yuan in 2024E, 2025E, and 2026E, respectively, with a CAGR of 19.8% [7] - The civilian products segment, primarily consisting of integrated circuits, is expected to see a significant decline in revenue due to the divestiture of the loss-making wire and cable business, with revenues projected at 212 million yuan, 6 million yuan, and 7 million yuan in 2024E, 2025E, and 2026E, respectively [7] Industry Context - The aerospace electronics industry is entering a period of significant opportunity, driven by increased national investment in aerospace and the rapid development of commercial aerospace [8] - The unmanned systems market is expected to grow rapidly, supported by the increasing demand for intelligent and information-based military equipment, as well as the potential of low-altitude economy in civilian applications [8]

证券代码：600879 股票简称：航天电子 公告编号：临 2024-074 公司 2024 年度第九期超短期融资券于 2024 年 9 月发行，发行额为 10.68 亿元人民币，票面利率为 2.18%，期限为 54 天。近日，公司已按照约定时限完 成 2024 年度第九期超短期融资券的兑付工作。 特此公告。 航天时代电子技术股份有限公司 2024 年 11 月 8 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。 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）。 近日，公司完成了 2024 年度第十期超短期融资券的发行工作，发 ...

证券简称：航天电子 证券代码：600879 航天时代电子技术股份有限公司 投资者关系活动记录表 | --- | --- | --- | |--------------------------|------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关 \n系活动类 \n别 | □ \n□ \n□ 新闻发布会 □路演活动 \n□ | 特定对象调研 □分析师会议 \n媒体采访 ■业绩说明会 \n现场参观 □一对一沟通 | | | □ 其他 2024 年 11 月 5 | 日(星期二) 下午 14:00-15:00 | | 时间及方 式 | 网络文字互动 ...

证券研究报告 航天电子 (600879 CH) 聚焦航天军工主业,长期发展向好 | --- | --- | |---------------------------------|----------| | 年春研究 | 更新报告 | | 2024 年 11 月 04 日 \| 中国内地 | 航空航天 | 航天电子发布三季报:Q3实现营收 15.22 亿元(yoy-54.14%,qoq-60.95%), 归母净利 3.12 亿元(yoy+149.41%,goq+193.44%)。2024年 Q1-Q3 实 现营收 92.34 亿元（yoy-28.74%）,归母净利 5.62 亿元（yoy+9.39%）,扣 非净利 2.01 亿元(yoy-57.40%)。航天产品受用户采购节奏调整需求不足, 公司扣费净利润有所下滑,但考虑到军工行业"十四五"装备建设计划性较 强,同时人事调整逐步到位,行业需求和订单有望迎来拐点,明年公司业绩 或有较大的提升空间,我们维持"买入"评级。 投资受益改善表现净利润水平,毛利率水平提升明显 公司前三季度收入和扣货归母净利润有所下滑,主要系航天产品用户结算计 划调签,需求和订单有所不足,同 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.83 yuan [5]. Core Views - The company reported a revenue of 9.23 billion yuan for the first three quarters of 2024, a year-on-year decrease of 28.7%, while the net profit attributable to shareholders was 560 million yuan, an increase of 9.4% year-on-year [2]. - The significant increase in net profit for Q3 2024 was primarily due to investment income from the transfer of equity in the aerospace electrical company, with Q3 net profit reaching 310 million yuan, a year-on-year increase of 150.9% [2]. - The company has improved its profitability significantly after divesting its cable assets, with a gross margin of 39.8% in Q3 2024, up 14.13 percentage points year-on-year [2]. - The company is focusing on its core business in aerospace electronics and unmanned systems, capitalizing on opportunities in satellite internet and low-altitude economy development [3]. Financial Summary - For the first three quarters of 2024, the company reported a gross margin of 22.8%, an increase of 3.11 percentage points year-on-year, and a net margin of 6.4%, an increase of 2.37 percentage points year-on-year [2]. - The company’s R&D expenses for the first three quarters of 2024 were 550 million yuan, a decrease of 3.9% year-on-year, while the R&D expense ratio increased to 6.0% [2]. - The forecast for net profit attributable to shareholders for 2024 to 2026 is adjusted to 799 million, 726 million, and 896 million yuan, respectively, with corresponding PE ratios of 36x, 40x, and 33x [3][4].

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 2024-073 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 特此公告。 航天时代电子技术股份有限公司董事会 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 31 日，公司已累 计使用自有资金 0.58 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为 25.92 亿元。 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 0.175 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 25.745 亿元。 20 ...

证券研究报告·公司点评报告·航天装备Ⅱ 航天电子（600879） 2024 年三季报点评：积极布局商业航天，有 望深度受益 2024 年 10 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 17476 | 18727 | 19310 | 22185 | 25043 | | 同比 | 9.30 | 7.16 | 3.11 | 14.88 | 12.89 | | 归母净利润（百万元） | 612.75 | 524.85 | 765.98 | 881.60 | 1,027.30 | | 同比 | 11.57 | (14.35) | 45.94 | 15.09 | 16.53 | | EPS- 最新摊薄（元 / 股） | 0.19 | 0.16 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,522,196,070.97, a decrease of 54.14% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 312,351,400.46, an increase of 149.41% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was CNY 15,341,197.03, down 84.92% compared to the previous year[3]. - The basic earnings per share for Q3 2024 was CNY 0.094, reflecting a 154.05% increase year-on-year[3]. - The company's operating revenue for the reporting period decreased by 54.14% compared to the same period last year, primarily due to adjustments in user settlement plans and a decline in delivery volume[6]. - Net profit attributable to shareholders increased by 149.41% in the reporting period, influenced by investment income from the transfer of equity in Aerospace Electric[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 57.48% year-to-date, reflecting a reduction in operating profit due to decreased revenue[6]. - The basic earnings per share for the reporting period was 154.05 RMB, an increase attributed to the investment income from the equity transfer despite reduced operating profit[6]. - Total operating revenue for the first three quarters of 2024 was ¥9,233,829,083.13, a decrease of 28.0% compared to ¥12,958,653,653.24 in the same period of 2023[16]. - Net profit for the first three quarters of 2024 reached ¥595,464,825.68, an increase of 12.5% from ¥529,356,707.09 in the same period of 2023[18]. - The total comprehensive income for the first three quarters of 2024 was ¥545,762,840.20, compared to ¥531,288,728.71 in 2023, reflecting a slight increase[19]. Cash Flow and Assets - The net cash flow from operating activities was CNY -3,823,500,290.19, indicating a significant cash outflow[3]. - The net cash flow from operating activities for the reporting period decreased by 84.88%, primarily due to reduced cash inflows from sales[6]. - The company's cash and cash equivalents decreased to approximately CNY 3.64 billion from CNY 4.74 billion, representing a decline of about 23.14%[13]. - The total cash and cash equivalents at the end of the period were 2,639,750,070.14 CNY, down from 3,234,111,668.00 CNY at the end of the previous year[23]. - The net cash flow from investing activities was 201,408,597.81 CNY, a significant improvement from -307,368,487.14 CNY in the previous year[22]. - Cash outflow for operating activities totaled 11,092,682,340.43 CNY, slightly decreased from 11,281,388,613.96 CNY year-over-year[22]. - The company reported a cash inflow from the disposal of subsidiaries and other business units amounting to 744,404,617.00 CNY[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 45,533,924,308.34, a decrease of 1.94% from the end of the previous year[3]. - As of September 30, 2024, the company's total assets amounted to approximately CNY 45.53 billion, a decrease from CNY 46.44 billion at the end of 2023, reflecting a decline of about 1.96%[13]. - The total liabilities decreased to approximately CNY 21.45 billion from CNY 22.79 billion, a reduction of about 5.86%[15]. - The company's equity attributable to shareholders increased to approximately CNY 20.66 billion from CNY 20.26 billion, reflecting a growth of about 1.98%[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 128,583[7]. - The largest shareholder, China Aerospace Times Electronics Co., Ltd., holds 586,634,344 shares, representing 17.78% of the total shares[7]. Legal and Regulatory Matters - The company reported a significant legal case involving a claim of approximately CNY 29.57 million related to a patent transfer dispute, with a first-instance judgment requiring payment of CNY 1.69 million[11]. - The company plans to actively assist its subsidiaries in responding to legal challenges and will fulfill its disclosure obligations as necessary[11]. Research and Development - Research and development expenses for the first three quarters of 2024 were ¥550,589,739.20, a slight decrease of 3.9% compared to ¥573,037,233.01 in 2023[18]. - The company’s development expenditures slightly increased to approximately CNY 248.15 million from CNY 245.77 million, indicating a growth of about 0.97%[14]. Investment and Income - Non-recurring gains and losses totaled CNY 297,010,203.43 for the current period[4]. - The company received government subsidies amounting to CNY 9,254,685.89 during the reporting period[5]. - Investment income for the first three quarters of 2024 was ¥270,392,915.39, significantly higher than ¥2,043,746.94 in the same period of 2023[18]. - Other income for the first three quarters of 2024 was ¥89,807,073.84, an increase of 68.3% from ¥53,194,402.60 in 2023[18]. Accounting and Standards - The company did not adopt new accounting standards for the current reporting period[24].

证券代码：600879 证券简称：航天电子 公告编号：临 2024-071 航天时代电子技术股份有限公司 董事会 2024 年第十二次会议决议公告 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 10 月 25 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 10 月 28 日（星期一）采用通讯表决方式召开； 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、阎俊武先生、杨雨先生、陈雷先生、唐磊先生，独立董事张松岩先 生、朱南军先生、唐水源先生全部亲自参加投票表决。 二、董事会会议审议情况 1、关于公司 2024 年第三季度报告的议案 本议案同意 9 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 年第三季度报告的议案。 本次董事会会议召开前，公司董事会审计委员会召开 2024 年第三次会议审 议通过公司 ...