（文章来源：证券日报） 证券日报网讯 12月17日，鸿远电子在互动平台回答投资者提问时表示，公司自产业务客户主要为大型 央企集团，该类客户信用优良，同时公司严格按照会计准则要求计提坏账准备。公司高度重视应收账款 管理工作，通过将销售回款情况纳入销售人员绩效考核体系、建立客户信用管理体系等针对性举措，持 续强化应收账款管控。公司将持续关注财务健康状况，通过提升运营效率、优化资本结构、加强现金流 管理等措施，不断夯实财务稳健性，稳步提升经营业绩水平，切实增强投资者信心。 ...

证券日报网讯12月17日，鸿远电子（603267）在互动平台回答投资者提问时表示，公司自产业务客户主 要为大型央企集团，该类客户信用优良，同时公司严格按照会计准则要求计提坏账准备。公司高度重视 应收账款管理工作，通过将销售回款情况纳入销售人员绩效考核体系、建立客户信用管理体系等针对性 举措，持续强化应收账款管控。公司将持续关注财务健康状况，通过提升运营效率、优化资本结构、加 强现金流管理等措施，不断夯实财务稳健性，稳步提升经营业绩水平，切实增强投资者信心。 ...

Core Viewpoint - Hongyuan Electronics (603267) is committed to enhancing market expansion efforts and improving performance, while acknowledging that profitability is influenced by various factors such as economic environment, industry trends, customer demand, and product structure [1] Group 1: Business Strategy - The company plans to actively promote research and development innovation [1] - It aims to deepen its core business and consolidate market advantages while exploring new businesses and emerging fields [1] - The focus will be on expanding high-quality customer resources in key industries [1] Group 2: Operational Efficiency - The company will continue to strengthen cost control [1] - It seeks to enhance operational efficiency and profitability through refined management practices [1]

证券日报网讯12月17日，鸿远电子（603267）在互动平台回答投资者提问时表示，公司始终以客户需求 为导向，持续推进适配客户应用场景及市场发展趋势的新产品研发；依托现有技术储备与产品积累，积 极开拓商业航天等新兴市场。车规级产品业务，相关产品从车载通信系统向高附加值车规级应用领域拓 展；产能释放及客户拓展工作，公司将结合市场、行业发展等情况，有序推进。 ...

证券日报网讯 12月17日，鸿远电子在互动平台回答投资者提问时表示，公司核心产品高可靠电容器、 滤波器、微波模块及微纳系统集成陶瓷管壳等产品，具备商业航天领域的适配能力，中国商业航天的崛 起将为公司核心产品带来新机遇。未来，公司将以客户需求为导向，持续推进新产品研发，积极开拓商 业航天等新兴市场，进一步拓宽业务增长空间。 （编辑 楚丽君） ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

证券日报网讯12月10日，鸿远电子（603267）在互动平台回答投资者提问时表示，中国商业航天的崛起 将为公司核心产品高可靠电容器MLCC带来新机遇。同时，公司滤波器、微波模块、微纳系统集成陶瓷 管壳等产品，也具备商业航天领域的适配能力。未来，公司将以客户需求为导向，持续推进新产品研 发，积极开拓商业航天等新兴市场，进一步拓宽业务增长空间。 ...

鸿远电子在互动平台表示，公司与航天、航空、电子信息、兵器、船舶等高可靠领域客户保持了良好、 稳定的合作关系，并已成功参与多个商业航天项目配套。 ...

Core Viewpoint - The company is actively focusing on the development of the commercial aerospace industry and has established a leadership team to oversee related business initiatives [1] Group 1: Company Initiatives - The company has formed a leadership group consisting of senior management, marketing personnel, and technical staff to coordinate efforts in the commercial aerospace sector [1] - The company is participating in the formulation and review of standards related to ceramic capacitors and filters for the commercial aerospace sector [1] Group 2: Market Position and Future Prospects - The company has conducted customer visits to deepen cooperation and has secured a certain market share in the commercial aerospace field [1] - The company is expected to benefit from the rapid development of China's commercial aerospace industry in the future [1]

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Viewpoints - The commercial aerospace sector is experiencing significant catalytic growth, leading to a substantial increase in industry prosperity [8][17]. - The establishment of a dedicated Commercial Aerospace Administration by the China National Space Administration marks a new phase in the development of commercial aerospace, enhancing stability and transparency in the industry [21]. - The successful launch of the Zhuque-3 reusable rocket signifies a breakthrough in China's commercial liquid rocket capabilities, supporting satellite internet and commercial remote sensing needs [10][21]. Summary by Sections Industry Overview - The industry comprises 142 listed companies with a total market capitalization of 2,915.34 billion yuan and a circulating market value of 2,530.17 billion yuan [2]. Key Developments - The Zhuque-3 rocket's successful launch on December 3, 2025, represents a critical milestone in the commercial aerospace sector, enabling a payload capacity of over 20 tons and reducing launch costs significantly [10][25]. - The 2025 China (Zhengzhou) Military Technology Information and Equipment Expo highlights advancements in military technology and the integration of civilian and military sectors [13][26]. Focus Areas - **Aerospace Equipment**: The Civil Aviation Administration is seeking opinions on emergency medical equipment for large aircraft, indicating a focus on enhancing safety standards [11][23]. - **Military Electronics**: Companies such as Gaode Infrared and Tianjian Technology are highlighted as key players in the military electronics sector [19][22]. - **Nuclear Equipment**: China and France are enhancing cooperation in the peaceful use of nuclear energy, focusing on technology innovation and safety [30][32]. Market Performance - The defense and military industry index rose by 2.82% in the past week, outperforming other major indices [33][38]. - The current PE (TTM) for the defense and military industry is 69.3 times, with aerospace equipment at 73.6 times and space equipment at 317.8 times, indicating high investor interest [39][44].