证券代码：688523 证券简称：航天环宇 公告编号：2024-025 湖南航天环宇通信科技股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席 （一） 股东大会召开的时间：2024 年 5 月 20 日 （二） 股东大会召开的地点：长沙市岳麓区学田湾路 50 号环宇航空产业园 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 12 | | --- | --- | | 普通股股东人数 | 12 | | 2、出席会议的股东所持有的表决权数量 | 309,691,092 | | 普通股股东所持有表决权数量 | 309,691,092 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 76.5790 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 76.5790 | （四） 表 ...

湖南航天环宇通信科技股份有限公司 2023 年年度股东大会会议资料 证券代码：688523 证券简称：航天环宇 湖南航天环宇通信科技股份有限公司 2023 年年度股东大会 会议资料 二〇二四年五月 湖南航天环宇通信科技股份有限公司 2023 年年度股东大会会议资料 目 录 | 2023 | | 年年度股东大会会议须知 1 | | --- | --- | --- | | 2023 | | 年年度股东大会会议议程 3 | | | 议案一：关于《2023 | 年度董事会工作报告》的议案 5 | | | 议案二：关于《2023 | 年度监事会工作报告》的议案 13 | | | 议案三：关于《2023 | 年度财务决算报告》的议案 17 | | | 议案四：关于《2023 | 年度利润分配预案》的议案 22 | | | 议案五：关于《2023 | 年年度报告》及其摘要的议案 23 | | | 议案六： | 关于《2024 年度董事薪酬方案》的议案 24 | | | 议案七：关于《2024 | 年度监事薪酬方案》的议案 25 | | | 议案八：关于 | 2024 年度日常关联交易预计的议案 26 | | | 议案九： ...

联系电话：010-59219558 2024年05月09日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | |-------------------------------------------------------------------|--------------------------------------------------------------------------------------------|-------------| | | | | | 航天环宇 (688523) | 投资评级 | 买入 | | 2023 年报及 2024 年一季报点评:业务横跨"卫星 | | 维持评级 | | | 2024年 05月08 日 | | | 互联网"、"低空经济"与"民机"，构建公司快速发展 | 收盘价(元): | 22.85 | | | 目标价(元): | | | 驱动力 | 公司基本数据 | | | | 总股本(百万股) | 406.88 | | 报告摘要 | 总市值(百万) | 9,297.21 | | ◆ 事件: 公司 4 月 30 日公告, 2023 ...

Investment Rating - The report maintains an "Accumulate-B" rating for the company, with a target price of 20.94 yuan [3]. Core Insights - The company achieved a revenue of 456 million yuan in 2023, representing a year-on-year growth of 13.65%, and a net profit attributable to shareholders of 134 million yuan, up 9.63% year-on-year [3][15]. - In Q1 2024, the company reported a significant revenue increase of 71.79% year-on-year, reaching 44 million yuan, although the net profit decreased by 27.27% to 4.05 million yuan [3]. - The company is actively expanding its capabilities in commercial aerospace and low-altitude economy sectors, aligning with national development priorities [3][15]. - The company has made substantial investments in R&D, totaling 48 million yuan in 2023, which is a 6.55% increase from the previous year [3]. Financial Data and Valuation - The company’s projected revenues for 2024-2026 are 636 million yuan, 870 million yuan, and 1.155 billion yuan, with year-on-year growth rates of 39.4%, 36.9%, and 32.7% respectively [5][15]. - The net profit for the same period is expected to be 187 million yuan, 253 million yuan, and 339 million yuan, with corresponding growth rates of 38.8%, 35.4%, and 34.1% [5][15]. - The company’s gross margin for 2023 was 51.19%, a decrease of 8.47 percentage points compared to the previous year [3]. Business Development - The company has successfully secured a significant order for the C929 project, valued at up to 175 million yuan, which is expected to positively impact its operational performance [14][15]. - The company is enhancing its production capabilities in the drone industry, with a new drone industrial park project expected to partially commence production in the first half of 2024 [3][15].

证券代码：688523 证券简称：航天环宇 公告编号：2024-024 湖南航天环宇通信科技股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 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： 公司本次实际回购的股份数量、回购价格、使用资金总额符合董事会审议通 过的公司回购股份方案及相关法律法规的规定。 三、 其他事项 一、 回购股份的基本情况 2024 年 2 月 5 日，湖南航天环宇通信科技股份有限公司（以下简称"公司"） 召开第三届董事会第十六次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用首次公开发行人民币普通股取得的部分超募资 金通过上海证券交易所股票交易系统以集中竞价交易方式回购公司已发行的部分 人民币普通股（A 股）股份，并将回购股份在未来适宜时机全部用于员工持股计 划或股权激励。回购股份的价格不超过人民币 30 元/股（含），回购的资金总额不 低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含），回购期限自董事 会审议通过本次股份回购 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company reported a significant revenue increase of 72% year-on-year in Q1 2024, driven by growth in aerospace and large aircraft business [1]. - The company has a strong position in the aerospace sector, benefiting from the accelerating demand for aviation equipment and satellite internet [1]. - The forecasted net profit for 2024-2026 is adjusted to 188 million, 261 million, and 364 million respectively, with corresponding PE ratios of 45x, 33x, and 23x [1]. Financial Performance Summary - In 2023, the company achieved a revenue of 460 million, a year-on-year increase of 13.7%, and a net profit of 130 million, up 9.6% [1]. - The gross margin for 2023 was 51.2%, down 8.66 percentage points year-on-year, while the net margin was 30.3%, down 1.65 percentage points [1]. - For Q1 2024, the gross margin decreased to 36.0%, a decline of 23.38 percentage points year-on-year, and the net margin was 10.3%, down 10.50 percentage points [1]. Business Development - The subsidiary, Feiyu Company, won a major order for the C929 project worth up to 175 million [1]. - The company has completed the design and manufacturing of key tooling for various aircraft models, positioning itself to benefit from the booming large aircraft industry [1]. Research and Development - The company increased its R&D investment, with R&D expenses reaching 50 million in 2023, a year-on-year growth of 6.6% [1]. - The R&D expense ratio for 2023 was 10.5%, a decrease of 0.70 percentage points year-on-year [1].

Environmental Protection - The company emphasizes environmental protection by implementing energy-efficient equipment, significantly reducing electricity consumption[1] - The company has established a complete environmental protection archive and emergency response plan for environmental incidents, ensuring compliance with pollution discharge standards[2] - The company has implemented carbon reduction measures, although specific metrics for CO2 equivalent reduction are not applicable[35] - The company adheres to the Environmental Protection Law and has established an Environmental Protection Management System to manage environmental risks[32] - The company has a policy for the disposal of solid waste, wastewater, and emissions, ensuring compliance with environmental regulations[31] - The company has taken measures to manage high noise equipment through soundproofing and vibration reduction[31] Employee and Shareholder Engagement - The company has a total of 167 employees participating in the employee stock ownership plan, accounting for 21.74% of the total workforce[9] - The total number of shares held by employees is 24,372.32 million, representing a significant portion of the company's total equity[9] - The controlling shareholders and key personnel have committed to shareholding restrictions for 36 months post-IPO, ensuring alignment with shareholder interests[23] - Shareholders are restricted from transferring or managing their shares for 36 months post-IPO, with specific conditions for share reduction during the lock-up period[43] - The company has a long-term commitment from major shareholders and executives to uphold governance standards and protect shareholder rights[26] Investor Relations - The company conducted two earnings briefings in 2023, on September 7 and November 9, to enhance investor relations[15] - The company actively participates in investor protection activities, including an online collective reception day for investors organized by regulatory bodies[15] - The company maintains a dedicated investor relations section on its official website to facilitate communication with stakeholders[15] - The company actively manages investor relations to enhance transparency and build a stable investor base, aiming for long-term market support[18] - The company has established a comprehensive information disclosure management system to ensure timely and accurate information release, protecting the rights of investors and stakeholders[19] - The company has implemented various communication channels with investors, including dedicated email, hotline, and performance briefings, to maintain good relationships[18] - The company has a structured approach to investor communication, ensuring that all significant information is disclosed in accordance with regulatory requirements[19] Financial Performance - The company reported a revenue of 1.5 billion yuan for the fiscal year 2023, representing a year-over-year increase of 20%[110] - The company's operating revenue for 2023 was RMB 456,204,382.93, representing a 13.65% increase compared to RMB 401,416,182.37 in 2022[116] - The net profit attributable to shareholders for 2023 was RMB 134,377,995.41, which is a 9.63% increase from RMB 122,572,077.53 in the previous year[116] - The net cash flow from operating activities decreased by 62.97% to RMB 39,261,381.40, down from RMB 106,031,486.03 in 2022, primarily due to increased cash payments for goods and services[119] - The company's total assets grew by 82.07% to RMB 2,328,537,273.14 in 2023, compared to RMB 1,278,901,669.59 in 2022[116] - The net assets attributable to shareholders increased by 134.02% to RMB 1,671,007,460.70, up from RMB 714,032,500.67 in the previous year[116] - Basic earnings per share for 2023 were RMB 0.3447, compared to RMB 0.3349 in 2022[117] Research and Development - Research and development expenses increased by 15%, totaling 300 million yuan, to support innovation initiatives[110] - The company has developed 11 core technologies, including high-precision antenna design and manufacturing, which are widely applied in various aerospace products and equipment[182] - The company has established a new technology and product R&D center to enhance its capabilities in aerospace and communication sectors, ensuring efficient resource allocation[182] - The R&D process includes stages such as feasibility analysis, design verification, detailed engineering, and final product validation to ensure compliance with customer requirements[177] - The company emphasizes customized products, with pricing based on technical complexity, estimated labor hours, and material consumption, ensuring competitive and reasonable quotes[174] Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[110] - A strategic acquisition of a local tech firm is anticipated to be completed by Q2 2024, expected to add 500 million yuan in annual revenue[110] - The company is focusing on enhancing its supply chain efficiency, aiming for a 20% reduction in operational costs by 2024[110] - The company aims to leverage its experience in national major projects to enhance its service offerings in defense and aerospace sectors, driving revenue and profit growth[174] Compliance and Governance - The company has a legal responsibility for any false statements or omissions in its IPO documentation, ensuring accountability to investors[53] - The company has committed to fulfilling all obligations related to its public commitments made during the IPO process, including timely disclosure of any failures to meet these commitments[54] - The controlling shareholders have pledged to avoid any business activities that may compete with the company's main operations, both domestically and internationally[56] - The company has established measures to reduce and regulate related party transactions to protect the interests of all shareholders[60] - The company has confirmed that there are no undisclosed related party transactions between the controlling shareholders and the company[60] Audit and Legal Standing - The company has appointed Tianzhi International Accounting Firm as its auditor for the 2023 fiscal year, with an audit fee of 880,000[65] - The audit report issued by Tianzhi International Accounting Firm was a standard unqualified opinion, ensuring the accuracy of the financial statements[74] - The company reported no significant litigation or arbitration matters during the year, indicating a stable legal standing[88] - The company has maintained a good integrity status, with no undisclosed major litigation or overdue debts[89] - The company has not faced any delisting risks or bankruptcy restructuring matters[84] Technological Advancements - The company has successfully delivered multiple high-precision projects, solidifying its competitive position in the field of compact field reflectors[167] - The company is advancing automation, intelligence, and information technology initiatives, establishing a comprehensive information platform covering all operational aspects[170] - The company has focused on high-quality, low-cost R&D efforts in response to the demands of emerging industries such as commercial aerospace and low-altitude economy[167] - The company has developed a high-precision composite material component molding technology, achieving a surface accuracy of up to 10^-5 m for composite antenna reflectors[11] - The company’s new tracking control technology does not rely on high-precision inertial devices, utilizing multi-loop feedback control and position memory-based scanning algorithms[9]

Financial Performance - The company's operating revenue for Q1 2024 reached ¥43,605,579.70, representing a year-on-year increase of 71.79%[4] - Net profit attributable to shareholders decreased by 27.27% to ¥4,052,850.90, while the net profit after deducting non-recurring gains and losses was -¥2,100,663.20[4] - Basic and diluted earnings per share were both ¥0.01, reflecting a decline of 34.21% compared to the previous year[5] - Total operating revenue for Q1 2024 reached ¥43,605,579.70, a significant increase of 72% compared to ¥25,383,076.83 in Q1 2023[19] - Net profit for Q1 2024 was ¥4,504,789.62, down 14% from ¥5,288,880.41 in Q1 2023[20] - Earnings per share for Q1 2024 were ¥0.0100, compared to ¥0.0152 in Q1 2023, indicating a decrease of 34.2%[20] Expenses and Costs - Research and development expenses totaled ¥9,485,758.46, accounting for 21.75% of operating revenue, a decrease of 11.81 percentage points year-on-year[5] - Total operating costs for Q1 2024 were ¥48,599,346.36, up from ¥27,505,900.03 in Q1 2023, reflecting a 76.7% increase[19] - Research and development expenses for Q1 2024 were ¥9,485,758.46, compared to ¥8,517,940.83 in Q1 2023, marking an increase of 11.4%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,243,034,024.26, down 3.67% from the end of the previous year[5] - Total assets as of Q1 2024 amounted to ¥2,243,034,024.26, a decrease from ¥2,328,537,273.14 in the previous year[17] - Total liabilities for Q1 2024 were ¥555,124,088.43, down from ¥626,166,475.61 in Q1 2023, showing a reduction of 11.4%[17] - Non-current assets totaled ¥913,887,704.01 in Q1 2024, an increase from ¥856,727,699.07 in Q1 2023, reflecting a growth of 6.7%[17] Cash Flow - The company reported a net cash flow from operating activities of -¥69,568,994.32, indicating a significant cash outflow[4] - Cash flow from operating activities for Q1 2024 showed a positive trend, indicating improved liquidity management compared to the previous quarter[21] - In Q1 2024, the company reported cash inflows from operating activities of ¥60,359,257.66, an increase of 64.5% compared to ¥36,699,693.61 in Q1 2023[23] - The net cash flow from operating activities was -¥69,568,994.32, an improvement from -¥85,117,602.05 in the same period last year[23] - The company experienced a total net decrease in cash and cash equivalents of -¥141,672,129.61 in Q1 2024, compared to -¥127,611,830.39 in Q1 2023[24] Share Repurchase - The company repurchased a total of 910,000 shares, representing 0.22% of the total share capital, with a total expenditure of approximately RMB 18,897,900[13] - The maximum repurchase price was RMB 22.37 per share, while the minimum was RMB 18.00 per share[13] - The company plans to use the repurchased shares for employee stock ownership plans or equity incentives[12] - The total amount allocated for the share repurchase is between RMB 50 million and RMB 100 million[12] Inventory and Receivables - The company reported an increase in inventory to RMB 152,050,817.89 from RMB 126,854,567.46, marking a rise of approximately 19.8%[15] - Accounts receivable increased to RMB 328,656,211.99 from RMB 315,048,511.31, showing a growth of about 4.1%[15] - The company’s other receivables rose to RMB 4,203,839.45 from RMB 2,616,669.70, indicating a growth of about 60.6%[15] Non-Recurring Gains - Non-recurring gains included government subsidies amounting to ¥2,814,508.83 and fair value changes of financial assets totaling ¥4,420,462.73[6] Revenue Drivers - The increase in operating revenue was primarily driven by higher sales in aerospace equipment[7] - The decline in net profit was attributed to changes in product pricing and structure, increased management and R&D expenses[7] Cash and Cash Equivalents - The company's cash and cash equivalents were RMB 145,320,847.52, down from RMB 290,675,168.20, indicating a decline of 50%[15] - The ending balance of cash and cash equivalents was ¥138,062,212.71, up from ¥36,700,855.64 in Q1 2023[24] Accounting Standards - The company has not adopted new accounting standards for the current year, maintaining consistency in financial reporting[24]

证券代码：688523 证券简称：航天环宇 公告编号：2024-014 1、项目名称：上海飞机制造有限公司 C929 项目复材工装框架协议项目 2、项目标号：SAMC-GZ24007 3、招标单位：上海飞机制造有限公司 4、中标单位：湖南飞宇航空装备有限公司 5、成交金额：不超过（RMB）175,000,000.00（不超过人民币壹亿柒仟伍佰万元 整） 湖南航天环宇通信科技股份有限公司 关于控股子公司项目中标的自愿性披露公告 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、准确性和完整性依法承担法律责任。 湖南航天环宇通信科技股份有限公司（以下简称"公司"）的控股子公司湖南飞宇 航空装备有限公司（以下简称"飞宇公司"）于近日收到上海飞机制造有限公司（以下 简称"上飞公司"）发来的《成交通知书》，飞宇公司在"上海飞机制造有限公司 C929 项目复材工装框架协议项目"（编号为 SAMC-GZ24007）中的投标已成交，成交金额 为不超过（RMB）175,000,000.00（不超过人民币壹亿柒仟伍佰万元整），现将有关情 况说明如下： 一、成交通知书的主要内容 ...

湖南航天环宇通信科技股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 证券代码：688523 证券简称：航天环宇 公告编号：2024-013 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间应于每月的前三个交易日内 披露截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2024 年 3 月，公司通过上海证券交易所交易系统以集中竞价交易方式已累计 回购 72.50 万股，占公司总股本的比例 0.18%，回购成交的最高价为 22.37 元/股， 最低价为 20.36 元/股，支付的资金总额约为人民币 1,529.05 万元（不含交易佣金 等交易费用）。 截至 2024 年 3 月 29 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 91.00 万股，占公司总股本的比例为 0.22%，回购成交的 最高价为 22.37 元/股，最低价为 18.00 元/股，支付的资金总额约为人民币 1,889.79 万元（不含交易佣金等交易费用）。 公司本次实际回购的股份数量、回购价格、使用资金总额符合董事会审议通 过 ...