科创50指数今日上涨0.36%，报收1030.19点，科创板全日成交量32.65亿股，成交额1110.93亿元，加权 平均换手率为1.94%。 证券时报·数据宝统计显示，今日可交易科创板股中，291只股收盘上涨，涨幅超过10%的有5只，其 中，精进电动、纬德信息等2股涨停，涨幅在5%至10%的有20只，收盘下跌的有288只。 科创板股换手率区间分布显示，换手率超过20%的有1只，换手率10%~20%的有12只，换手率5%~10% 的69只，换手率3%~5%的107只，换手率1%~3%的298只，换手率不足1%的有99只。 换手率最高的是中研股份，该股今日收盘上涨4.21%，全天换手率20.93%，成交额6.15亿元，其次是航 天南湖，该股今日收盘上涨9.13%，全天换手率19.85%，成交额4.27亿元，换手率居前的还有精进电 动、思看科技、国科军工等，换手率分别为17.70%、17.24%、16.38%。 市场表现看，换手率超5%的个股中，今日上涨的有49只，涨幅居前的有精进电动、纬德信息、新光光 电等，分别上涨20.05%、20.02%、11.95%。跌幅居前的有荣昌生物、大地熊、安恒信息等，分别下跌 6 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the defense industry, including 中航沈飞 (AVIC Shenyang Aircraft Corporation), 航天彩虹 (Aerospace Rainbow), 航天南湖 (Aerospace South Lake), 国睿科技 (Guorui Technology), 国科军工 (National Science Military Industry), 长盈通 (Changying Technology), and 国博电子 (Guobo Electronics) [5][8][11]. Core Insights - The military trade market is entering an upward cycle due to increased global military spending and frequent geopolitical conflicts, with significant opportunities in drone and radar exports from China [1]. - The demand for air defense early warning radars is expected to rise due to advancements in ballistic missile technology, leading to a new wave of foreign trade demand [2]. - Military drones are becoming essential in modern warfare due to their advantages such as no personnel casualties and high cost-effectiveness, with the Wing Loong series being a key export model for China [3]. - China's military trade is transitioning to a phase dominated by self-researched equipment, achieving a net surplus in military trade, with aircraft, ships, armored vehicles, and missiles being the main export products [4]. Summary by Sections Military Trade Market - The military trade market is predicted to grow significantly due to geopolitical tensions and increased military budgets globally [1]. - Key segments for export opportunities include drones, air defense radars, consumable equipment, and military aircraft [1]. Air Defense Radar - The demand for air defense early warning radars is expected to increase as missile defense systems face greater interception challenges [2]. - Companies like 航天南湖 and 国睿科技 are actively expanding their radar product lines and market presence [2]. Drone Market - Military drones are increasingly utilized in modern combat, with the Wing Loong series being a major export success for China [3]. - Companies such as 中无人机 and 航天彩虹 are leading in the international drone market, benefiting from their proven performance in real combat scenarios [3]. Export Opportunities - China's military exports are characterized by high cost-performance ratios, with products like 歼-10CE fighter jets and 彩虹-4A drones gaining international recognition [4]. - The report highlights several companies to watch, including 中航沈飞, 航天彩虹, 航天南湖, 国睿科技, 国科军工, 长盈通, and 国博电子, all of which are positioned to benefit from the growing military trade market [4].

航天南湖电子信息技术股份有限公司 2024 年年度股东会会议资料 证券代码：688552 证券简称：航天南湖 航天南湖电子信息技术股份有限公司 2024 年年度股东会 会议资料 二〇二五年五月 第 1 页 共 26 页 航天南湖电子信息技术股份有限公司 2024 年年度股东会会议资料 | 目录 | | --- | | 航天南湖电子信息技术股份有限公司 | 2024 年年度股东会会议须知 3 | | --- | --- | | 航天南湖电子信息技术股份有限公司 | 2024 年年度股东会会议议程 4 | | 议案一：关于《2024 年董事会工作报告》的议案 | 6 | | 议案二：关于《2024 年监事会工作报告》的议案 | 13 | | 议案三：关于《2024 年度财务决算报告》的议案 | 16 | | 议案四：关于《2025 年度财务预算报告》的议案 | 22 | | 议案五：关于 2024 | 年年度报告及其摘要的议案 24 | | 议案六：关于 2024 | 年利润分配预案的议案 25 | | 议案七：关于董事、监事 2024 | 年薪酬的议案 26 | 第 2 页 共 26 页 航天南湖电子信息技术股 ...

证券代码：688552 证券简称：航天南湖 公告编号：2025-012 航天南湖电子信息技术股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 重要内容提示： 会议召开时间：2025 年 5 月 14 日 （星期三） 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsho w.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 7 日 （星期三） 至 5 月 13 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 board_nh@casic.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 航天南湖电子信息技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 22 日发布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者 更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司 计划于 2025 年 5 月 14 日 （星期三） 11:00-12:00 举行 2 ...

公司发布2025 年一季报，公司收入3.58 亿元，同比增长1201.58%；归母净利润5660 万元，同比增长 450.48%；扣非净利润5591 万元，同比增长425.41%。 在手订单饱满，业绩拐点已到。2024 年，公司实现营业收入2.18 亿元，同比-69.98%，主要是国内业务 受主要客户采购计划影响，部分既定采购项目合同签署延期，军贸业务受国际运输条件等多种不确定性 因素影响，产品交付进度延期所致；实现归属于上市股东的净利润-7823.4 万元，同比-176.36%，归母 扣除非经常性损益后的净利润-8141.9 万元，同比-205.01%。2025 年第一季度，公司收入3.58 亿元，同 比1201.58%，主要是交付产品较上年同期增加；归母净利润5660 万元，同比450.48%；扣非净利润5591 万元，同比425.41%。根据公司发布的2024 年业绩快报，截至2024 年末公司累计在手订单约14 亿元。 2025 年，关联销售约3.73 亿元，相对2024 年实际发生值同比增长192.39%；关联采购约1.56 亿元，相 对2024 年实际发生值同比增长584.32%。 背靠北京无线电 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has reached an inflection point in its performance, with a significant increase in revenue and net profit in Q1 2025 compared to the previous year [6][7] - The company is backed by the Beijing Institute of Radio Measurement, which provides a strong technological advantage in the defense radar sector [6] - The company is actively expanding into foreign trade and low-altitude economy sectors, aiming to establish a second growth curve [6] Financial Performance Summary - In 2024, the company reported total revenue of 218 million, a decrease of 69.98% year-on-year, and a net loss of 78.23 million, down 176.36% year-on-year [6][9] - For Q1 2025, the company achieved revenue of 358 million, a year-on-year increase of 1201.58%, and a net profit of 56.60 million, up 450.48% year-on-year [6][9] - The company expects revenues of 1.23 billion, 1.69 billion, and 2.14 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 172 million, 217 million, and 257 million [2][9] Order Backlog and Market Position - As of the end of 2024, the company had an order backlog of approximately 1.4 billion [6] - The company is focusing on expanding its military trade business and developing new products for international markets [6] Key Financial Ratios - The company’s asset-liability ratio is projected to increase from 18.4% in 2023 to 68.1% in 2027 [10] - The return on equity (ROE) is expected to improve from -3.0% in 2024 to 8.6% in 2027 [10] - The company’s earnings per share (EPS) is projected to recover from -0.23 in 2024 to 0.76 in 2027 [10]

Core Viewpoint - Aerospace Nanhu (688552.SH) reported mixed results in its 2024 annual report and 2025 Q1 report, with a significant decline in 2024 but a strong recovery in Q1 2025 [1][3]. Group 1: 2024 Annual Report Summary - In 2024, Aerospace Nanhu's total revenue was 218 million yuan, a decrease of 69.98% year-on-year [1]. - The company reported a net loss attributable to shareholders of 78.23 million yuan, a significant decline of 176.36% compared to the previous year [1]. - The company's R&D investment was 96.79 million yuan, accounting for 44.44% of total revenue, indicating a strong commitment to innovation despite financial challenges [2]. Group 2: Q1 2025 Performance Summary - In Q1 2025, Aerospace Nanhu achieved revenue of 358 million yuan, a staggering increase of 1201.6% year-on-year [3]. - The net profit attributable to shareholders was 56.60 million yuan, a turnaround from a loss of 16.15 million yuan in the same period last year, representing a growth of 450.48% [3]. - The company reported a significant improvement in cash flow, with a net cash flow from operating activities of 81.85 million yuan, up 175.4% year-on-year [3]. Group 3: Market Position and Future Outlook - As of the end of 2024, Aerospace Nanhu had an order backlog of 1.4 billion yuan, providing strong support for its operations in 2025 [4]. - The company is focusing on its core business of air defense early warning radar while expanding into low-altitude and high-end manufacturing sectors [5]. - Collaborations with research institutions and universities are enhancing technological innovation and product development, positioning the company favorably in both domestic and international markets [4].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company reported a significant revenue increase of 1201.6% year-on-year in Q1 2025, recovering from a decline in previous quarters, indicating a potential demand turning point [3]. - The 2024 annual performance was in line with market expectations, while Q1 2025 performance exceeded expectations, suggesting improvement in operational conditions [3]. - The company is actively advancing new military trade export projects and transitioning research products into mass production [4][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 220 million yuan, a decrease of 70% year-on-year, with a net profit attributable to shareholders of -80 million yuan [3]. - For Q1 2025, revenue reached 360 million yuan, marking a year-on-year increase of 1201.6%, with a net profit of 60 million yuan [3]. - The gross margin for 2024 decreased by 14.8 percentage points to 18.6%, while Q1 2025 saw a recovery to 27.55% [3]. Product Segmentation - In 2024, revenue from radar and supporting equipment was 90 million yuan, down 84.9% year-on-year, while radar components generated 110 million yuan, up 4.1% year-on-year [4]. - The company is focusing on developing new models and has begun mass production for some products, alongside pursuing new military trade model exports [4]. Cost and Cash Flow - The company's period expenses decreased by 28.9% to 130 million yuan in 2024, but the expense ratio increased due to reduced revenue scale [5]. - As of Q1 2025, accounts receivable increased by 54.5% to 400 million yuan, while inventory decreased by 17.7% to 340 million yuan [5]. Future Outlook - The company is projected to achieve net profits of 105 million yuan, 193 million yuan, and 400 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 74x, 40x, and 19x [6][7]. - The company is positioned as a key player in the domestic air defense radar sector and is expanding into international markets [6].

证券代码：688552 证券简称：航天南湖 公告编号：2025-007 航天南湖电子信息技术股份有限公司 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。 1 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 根据中国证券监督管理委员会《关于同意航天南湖电子信息技术股份有限公 司首次公开发行股票注册的批复》（证监许可〔2023〕483号），公司首次公开 发行人民币普通股（A股）84,312,701股，每股发行价格为人民币21.17元，募集 资金总额为人民币1,784,899,880.17元，扣除发行费用人民币128,276,144.65 元，公司本次募集资金净额为人民币1,656,623,735.52元，致同会计师事务所（特 殊普通合伙）已于2023年5月10日对公司首次公开发行股票募集资金到位情况进 行了审验，并出具了《验资报告》（致同验字〔2023〕第110C000219号）。 （二）募集资金使用及余额情况 报告期内，公司使用募集资金17,780.52万元，收到的银行存款利息扣除手 续费等的净额为2,039.40万 ...

证券代码：688552 证券简称：航天南湖 公告编号：2025-011 航天南湖电子信息技术股份有限公司 关于 2024 年度计提资产减值准备的公告 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。 一、计提资产减值准备的情况概述 航天南湖电子信息技术股份有限公司（以下简称"公司"）根据《企业会计 准则第 8 号——资产减值》《企业会计准则第 22 号——金融工具确认和计量》 （以下合称"《企业会计准则》"）和相关会计政策的规定，结合公司的实际情 况，为客观、公允地反映公司截至 2024 年 12 月 31 日的财务状况和 2024 年度的 经营成果，对截至 2024 年 12 月 31 日存在减值迹象的资产进行了减值测试并计 提了相应的减值准备，2024 年度公司确认的计提信用减值损失及资产减值损失 共计人民币 1,703.96 万元，具体情况如下： | 项目 | 2024年度计提金额 （元） | 备注 | | --- | --- | --- | | 信用减值损失 | 13,110,312.41 | 含应收票据坏账准备、应收账 ...