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 投资者关系活动记录表 | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------|----------------------------------------------------|--------|----------| | | | | 编号： | 2024-016 | | | √特定对象调研 | 分析师会议 | | | | | □媒体采访 □业绩说明会 | | | | | 投资者关系活 动类别 | □新闻发布会 □路演活动 | | | | | | √现场参观 □券商策略会 | | | | | | □其他 | | | | | | 参与单位名称 长江证券、西部利得、平安基金、国寿资产、鑫元基金 | | | | | 时间 2024 | 年 9 月 11 日 | | | | | 参与方式 现场会议 | | | | | | 上市公司接待 | 副总经理、董事会 ...

证券代码：688552 证券简称：航天南湖 公告编号：2024-022 2024 年 9 月 11 日 航天南湖电子信息技术股份有限公司（以下简称"公司"）董事会于近日收 到董事付晓先生、赵耀升先生、钱昊萌女士递交的书面辞职报告，付晓先生、赵 耀升先生、钱昊萌女士因工作调整申请辞去公司董事职务，并相应辞去在公司董 事会各专门委员会中担任的职务，董事付晓先生、钱昊萌女士辞职后将不在公司 担任任何职务，赵耀升先生辞去董事职务后仍担任公司党委副书记、纪委书记职 务。 付晓先生、赵耀升先生、钱昊萌女士的辞职未导致公司董事会成员低于法定 最低人数，不影响公司董事会正常运作。根据《公司法》《公司章程》等有关规 定，付晓先生、赵耀升先生、钱昊萌女士的辞职报告自送达董事会时生效。公司 已收到控股股东北京无线电测量研究所出具的董事候选人推荐函，将按照《公司 章程》等规定尽快完成董事的补选工作。 截至本公告披露日，付晓先生、赵耀升先生、钱昊萌女士未持有公司股份。 付晓先生、赵耀升先生、钱昊萌女士在担任公司董事期间恪尽职守、勤勉尽 责，为公司规范运作、健康发展发挥了积极作用。公司及公司董事会对付晓先生、 赵耀升先生、钱昊萌女士在任 ...

证券代码：688552 证券简称：航天南湖 公告编号：2024-021 航天南湖电子信息技术股份有限公司 关于获得政府补助的公告 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。 董事会 2024 年 9 月 9 日 根据《企业会计准则第16号——政府补助》等有关规定，上述政府补助属于 与资产相关的政府补助，具体的会计处理以及对公司当期损益的影响情况最终以 审计机构年度审计确认后的结果为准，敬请广大投资者注意投资风险。 三、后续进展情况的披露 截至本公告披露日，上述政府补助款项尚未收到，公司将持续关注该事项的 进展并及时履行信息披露义务。 特此公告。 航天南湖电子信息技术股份有限公司 一、获得政府补助的基本情况 航天南湖电子信息技术股份有限公司（以下简称"公司"）于近日收到荆州 经济技术开发区经济发展局下发的《关于转发下达2024年中央预算内投资计划的 告知函》，公司某项目被纳入2024年中央预算内投资计划，获得中央预算投资补 助5,283.00万元。 二、补助的类型及其对上市公司的影响 ...

证券代码：688552 证券简称：航天南湖 公告编号：2024-020 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 2024 年 09 月 04 日（星期三）至 09 月 10 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 2024 年 08 月 26 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 09 月 11 日（星期三） 下午 14:00-15:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的 ...

证券研究报告 资料来源：Wind 航天南湖 (688552 CH) 国防核心装备，静待下游需求释放 华泰研究 中报点评 2024 年 8 月 26 日│中国内地 航空航天 24H1 归母净利润同比下滑 233.34%，维持"买入"评级 航天南湖发布半年报，2024 年 H1 实现营收 0.66 亿元（yoy-81.78%），归 母净利-3935.97 万元（yoy-233.34%）。我们预计公司 2024-2026 年归母净 利润分别为 0.96/1.64/2.15 亿元（前值 2024-2026 年 1.32/1.81/2.44 亿元）， 下调原因为公司下游用户采购节奏变动。可比公司 24 年 Wind 一致预期 PE 均值为 43 倍，考虑公司防空预警雷达产品在装备建设中重要性提升，同时 也是低空经济中空管硬件的核心组成，后续发展有望受到装备建设和低空经 济发展的双重拉动，给予公司 24 年 55 倍 PE，目标价 15.92 元（前值 23.79 元），维持"买入"评级。 下游客户需求放缓，中期业绩对全年业绩参考有限 上半年公司受用户采购政策调整、国际市场不确定性以及季节性特点等因素 影响，产品交付进度 ...

航天南湖（688552.SH）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 业绩阶段性承压；加快培育新质生产力 2024 年 08 月 26 日 ➢ 事件：8 月 25 日，公司发布 2024 年半年报，1H24 实现营收 0.66 亿元， YOY -81.8%；归母净利润-0.39 亿元，1H23 为 0.30 亿元；扣非净利润-0.41 亿元，1H23 为 0.22 亿元。业绩表现基本符合市场预期。公司业绩同比下滑主要 系雷达整机产品交付减少所致，我们综合点评如下： ➢ 受行业影响连续 2 个季度亏损；利润率有所波动。1）单季度角度：2Q24 公司实现营收 0.38 亿元，同比下滑 87.66%，环比增长 39.32%；实现归母净利 润-0.23 亿元，2Q23 为 0.47 亿元。受行业因素影响，公司 1Q24 和 2Q24 连续 两个季度出现亏损。2）利润率方面：1H24 公司毛利率同比下滑 15.1ppt 至 12.8%，利润率有所波动。3）分产品看：1H24，雷达及配套装备业务实现营收 0.33 亿元，YOY -89.3%；雷达零部件业务实现营收 0.25 亿元，YO ...

[Definitions](index=4&type=section&id=Item%20I%20Definitions) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key financial performance metrics [Company Basic Information](index=5&type=section&id=I.%20Company%20Basic%20Information) Aerospace Nanhua Electronic Information Technology Co., Ltd. (ASNH, stock code 688552) is registered in Shashi District, Jingzhou City, with Luo Huihua as its legal representative, primarily engaged in R&D, production, sales, and service of air defense early warning radar products - The company's Chinese name is Aerospace Nanhua Electronic Information Technology Co., Ltd., abbreviated as Aerospace Nanhua, and its English abbreviation is **ASNH**[8](index=8&type=chunk) - The company's legal representative is Luo Huihua, and its registered address is No. 51 Jinlong Road, Shashi District, Jingzhou City[8](index=8&type=chunk) - The company's shares are listed on the STAR Market of the Shanghai Stock Exchange, with stock code **688552**[11](index=11&type=chunk) [Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) Board Secretary He Min and Securities Affairs Representative Xiao Xiaohong are responsible for information disclosure and investor relations, with the contact address at No. 9 Jiangjin East Road, Jingzhou Economic and Technological Development Zone, Jingzhou City, Hubei Province - The Board Secretary (domestic representative for information disclosure) is He Min, and the Securities Affairs Representative is Xiao Xiaohong[9](index=9&type=chunk) - The contact address is No. 9 Jiangjin East Road, Jingzhou Economic and Technological Development Zone, Jingzhou City, Hubei Province, with telephone **0716-4167788** and email **board_nh@casic.com.cn**[9](index=9&type=chunk) [Information Disclosure and Document Custody Location Changes](index=5&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) The company designates Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily for information disclosure, publishes its semi-annual report on the Shanghai Stock Exchange website (www.sse.com.cn), and maintains document custody at its Securities Affairs Department - The company's designated newspapers for information disclosure are Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[10](index=10&type=chunk) - The website address for publishing the semi-annual report is **www.sse.com.cn**[10](index=10&type=chunk) - The company's semi-annual report is available for inspection at the company's Securities Affairs Department, No. 9 Jiangjin East Road, Jingzhou Economic and Technological Development Zone, Jingzhou City, Hubei Province[10](index=10&type=chunk) [Company Stock/Depositary Receipt Overview](index=5&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipt%20Overview) The company's A-shares are listed on the STAR Market of the Shanghai Stock Exchange, with the stock abbreviation Aerospace Nanhua and stock code 688552, and there were no depositary receipt-related matters during the reporting period - The company's stock type is A-shares, listed on the **STAR Market of the Shanghai Stock Exchange**[11](index=11&type=chunk) - The stock abbreviation is Aerospace Nanhua, and the stock code is **688552**[11](index=11&type=chunk) - The company has no depositary receipts overview[12](index=12&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VI.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2024, the company's operating revenue significantly decreased by 81.78% to CNY 65.83 million, with a net loss of CNY 39.36 million attributable to shareholders, a 233.34% decrease, primarily due to reduced radar product deliveries and accounts receivable collection, while R&D investment as a percentage of revenue increased to 71.10% Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :------------------------------------------- | :----------------------------- | :------------------- | :-------------------------- | | Operating Revenue | 65,833,671.28 | 361,375,921.30 | -81.78 | | Net Profit Attributable to Shareholders | -39,359,717.83 | 29,519,094.86 | -233.34 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -40,738,979.03 | 21,893,720.50 | -286.08 | | Net Cash Flow from Operating Activities | -156,589,971.63 | 281,153,588.93 | -155.70 | | Net Assets Attributable to Shareholders (End of Period) | 2,597,579,992.72 | 2,668,175,875.37 | -2.65 | | Total Assets (End of Period) | 3,121,378,990.22 | 3,270,002,574.85 | -4.55 | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :---------------------------------------------------- | :----------------------- | :----------- | :-------------------------- | | Basic Earnings Per Share (CNY/share) | -0.12 | 0.11 | -209.09 | | Diluted Earnings Per Share (CNY/share) | -0.12 | 0.11 | -209.09 | | Basic EPS (Excluding Non-Recurring Items) (CNY/share) | -0.12 | 0.08 | -250.00 | | Weighted Average ROE (%) | -1.49 | 2.36 | decrease of 3.85 percentage points | | Weighted Average ROE (Excluding Non-Recurring Items) (%) | -1.54 | 1.76 | decrease of 3.30 percentage points | | R&D Investment as % of Operating Revenue (%) | 71.10 | 18.90 | increase of 52.20 percentage points | - Operating revenue, net profit attributable to shareholders, net profit attributable to shareholders (excluding non-recurring items), and net cash flow from operating activities all significantly decreased year-on-year, primarily due to reduced radar product deliveries and lower accounts receivable collection[14](index=14&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to CNY 1.38 million, primarily comprising government grants recognized in current profit or loss and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts for H1 2024 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :------------------------------------------ | :------------- | | Government Grants Recognized in Current Profit or Loss | 1,525,404.62 | | Other Non-Operating Income and Expenses (Excluding Above) | 70.10 | | Other Items Meeting the Definition of Non-Recurring Gains and Losses | 97,185.52 | | Less: Income Tax Impact | 243,399.04 | | Total | 1,379,261.20 | [Management Discussion and Analysis](index=8&type=section&id=Item%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's operations, financial condition, and future outlook [Industry and Main Business Overview During the Reporting Period](index=8&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company's main business is the R&D, production, sales, and service of air defense early warning radar products, falling under "Radar and Supporting Equipment Manufacturing" within the "Computer, Communication and Other Electronic Equipment Manufacturing" sector, primarily serving the national defense military field, with the industry driven by increased national defense budgets, military modernization, and low-altitude economy opportunities, while the company actively expands into military trade exports and low-altitude detection equipment - The company primarily engages in R&D, production, sales, and service of air defense early warning radar products, belonging to "Radar and Supporting Equipment Manufacturing (C3940)", with products mainly applied in the national defense military sector[18](index=18&type=chunk) - The national defense budget continues to increase (7.20% year-on-year growth in 2024), with a focus on investment in military radar and other information technology equipment, indicating an urgent demand for new air defense early warning radars[18](index=18&type=chunk) - The complex and volatile international situation has heightened security demands globally, while domestic military radar technology advancements present opportunities for military trade exports[18](index=18&type=chunk) - The development of the low-altitude economy creates opportunities for building security assurance systems, including low-altitude target detection and flight control[18](index=18&type=chunk) [(I) Industry Development](index=8&type=section&id=%28I%29%20Industry%20Development) The company's radar and supporting equipment manufacturing industry benefits from continuous growth in national defense budgets, strategic requirements for military modernization, and increased air defense early warning demands due to international geopolitical conflicts, while the rapid development of the low-altitude economy also brings new market opportunities for low-altitude target detection and air traffic control equipment - The company belongs to "Computer, Communication and Other Electronic Equipment Manufacturing" specifically "Radar and Supporting Equipment Manufacturing", with products primarily used in national defense[18](index=18&type=chunk) - The 2024 national defense budget expenditure is projected to reach approximately **CNY 1.69 trillion**, a **7.20% year-on-year increase**, supporting investment in military radar and other information technology equipment[18](index=18&type=chunk) - The development of the low-altitude economy, included in the government work report, and the introduction of general aviation equipment innovation application plans, create development opportunities for low-altitude target detection and flight control[18](index=18&type=chunk) [(II) Main Business and Products](index=8&type=section&id=%28II%29%20Main%20Business%20and%20Products) The company's main business has not significantly changed, remaining centered on the R&D, production, sales, and service of air defense early warning radars, including surveillance radars and target indication radars, widely used by military clients and actively expanding into international markets, while also leveraging its technological expertise to develop diversified products such as radar supporting equipment, low-altitude detection equipment, and air traffic control equipment - The company's main business has not undergone significant changes, primarily focusing on the R&D, production, sales, and service of air defense early warning radars[18](index=18&type=chunk) - Key products include air defense early warning radars (surveillance radars, target indication radars), radar supporting equipment (protection, testing, simulation, anti-jamming training systems), and radar components (maintenance materials, supporting parts and assemblies)[18](index=18&type=chunk)[19](index=19&type=chunk) - The company's products cover multiple military branches and it has developed various air defense early warning radar products for export, actively expanding into international markets[18](index=18&type=chunk) [(III) Main Business Model](index=9&type=section&id=%28III%29%20Main%20Business%20Model) The company primarily adopts an independent R&D model, with product development centered on model research and active participation in national scientific research projects; its procurement model is "procurement based on production" supplemented by inventory, strictly adhering to supplier access and management systems; the production model is mainly "production based on sales" and customized production, with military products strictly following national military quality standards; the sales model includes direct sales to domestic military clients and military industrial groups, as well as military trade exports through prime contractors or military trade companies, with pricing primarily determined through military review or negotiation - The R&D model is primarily independent R&D, centered on model development, adhering to regulations such as the "Weapon Equipment Development Management Measures", and actively undertaking national and military scientific research projects[19](index=19&type=chunk) - The procurement model is "procurement based on production" supplemented by reasonable inventory, strictly implementing supplier access and tiered management, and determining suppliers and prices through bidding, negotiation, and comparison[19](index=19&type=chunk) - The production model primarily adopts "production based on sales" and customized production, with military products strictly adhering to national military quality standards and subject to user representative supervision and acceptance[19](index=19&type=chunk)[20](index=20&type=chunk) - The sales model includes direct sales to domestic military clients and military industrial groups, as well as military trade exports through weapon system prime contractors or military industrial group-affiliated military trade companies[20](index=20&type=chunk) - For pricing, military products' final prices are mainly determined through military review, unreviewed products are settled at provisional prices, and products sold to military industrial groups are priced through negotiation[20](index=20&type=chunk) [Core Technologies and R&D Progress](index=10&type=section&id=II.%20Core%20Technologies%20and%20R%26D%20Progress) The company continues to increase R&D investment, mastering 7 core technologies including phased array radar overall design, software-defined radar, adaptive anti-jamming, target classification and recognition, high-mobility and high-integration structural design, phased array antenna design, and transceiver module design, and obtained 4 invention patents (including 3 national defense patents) and 2 utility model patents during the reporting period; R&D investment as a percentage of operating revenue significantly increased to 71.10%, mainly due to decreased operating revenue, with several ongoing projects in the state appraisal or engineering development phase, expected to be mass-equipped by users - The company has mastered 7 core technologies, including phased array radar overall design, software-defined radar, adaptive anti-jamming, target classification and recognition, high-mobility and high-integration structural design, phased array antenna design, and transceiver module design[21](index=21&type=chunk) - During the reporting period, the company obtained **4 invention patents** (including 3 national defense patents) and **2 utility model patents**[24](index=24&type=chunk) R&D Investment Situation | Indicator | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :------------------------------------ | :------------------- | :--------------- | :------------ | | Expensed R&D Investment | 46,808,813.36 | 68,302,729.40 | -31.47 | | Total R&D Investment | 46,808,813.36 | 68,302,729.40 | -31.47 | | Total R&D Investment as % of Operating Revenue (%) | 71.10 | 18.90 | 52.20 | | Capitalized R&D Investment as % | - | - | - | - Total R&D investment decreased by **31.47%** year-on-year, primarily due to changes in the R&D stages of some company projects, leading to reduced material input[26](index=26&type=chunk) - The proportion of total R&D investment to operating revenue increased by **52.20 percentage points** year-on-year, reaching **71.10%**, mainly due to the decrease in operating revenue during the current reporting period[14](index=14&type=chunk)[25](index=25&type=chunk) - The company has multiple ongoing R&D projects, including new air defense early warning radars and detection and identification equipment, most of which are in the state appraisal or engineering development phase, reaching international advanced technical levels, and are expected to be mass-equipped by users[27](index=27&type=chunk) [1. Core Technologies, Their Advancement, and Changes During the Reporting Period](index=10&type=section&id=1.%20Core%20Technologies%2C%20Their%20Advancement%2C%20and%20Changes%20During%20the%20Reporting%20Period) The company has accumulated 7 core technologies in air defense early warning radar, including phased array radar overall design, software-defined radar, adaptive anti-jamming, target classification and recognition, high-mobility and high-integration structural design, phased array antenna design, and transceiver module design, which demonstrate advanced capabilities in detection range, anti-jamming, target recognition, and mobility, with no significant changes to core technologies during the reporting period - The company has mastered 7 core technologies, including phased array radar overall design, software-defined radar, adaptive anti-jamming, target classification and recognition, high-mobility and high-integration structural design, phased array antenna design, and transceiver module design[21](index=21&type=chunk) - Phased array radar overall design technology demonstrates advancement in transmitting power, detection range, anti-jamming capability, automated testing, broadband design, adaptive resource scheduling, and low-altitude target detection[21](index=21&type=chunk)[22](index=22&type=chunk) - The company's core technologies did not undergo significant changes during the reporting period[22](index=22&type=chunk) [2. R&D Achievements During the Reporting Period](index=12&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) During the reporting period, the company achieved 4 invention patents (including 3 national defense patents) and 2 utility model patents in intellectual property, accumulating a total of 52 invention patents and 83 utility model patents List of Intellectual Property Obtained During the Reporting Period | Category | Newly Obtained in Current Period (units) | Cumulative Number Obtained (units) | | :------- | :----------------------------------- | :------------------------------- | | Invention Patents | 4 | 52 | | Utility Model Patents | 2 | 83 | | Total | 6 | 135 | [3. R&D Investment Table](index=12&type=section&id=3.%20R%26D%20Investment%20Table) During the reporting period, the company's total R&D investment was CNY 46.81 million, a year-on-year decrease of 31.47%, primarily due to reduced material input resulting from changes in the R&D stages of some projects; R&D investment as a percentage of operating revenue significantly increased to 71.10%, an increase of 52.20 percentage points compared to the prior year, mainly influenced by the decrease in operating revenue R&D Investment Situation | Indicator | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :------------------------------------ | :------------------- | :--------------- | :------------ | | Expensed R&D Investment | 46,808,813.36 | 68,302,729.40 | -31.47 | | Total R&D Investment | 46,808,813.36 | 68,302,729.40 | -31.47 | | Total R&D Investment as % of Operating Revenue (%) | 71.10 | 18.90 | 52.20 | - Total R&D investment decreased year-on-year, primarily due to changes in the R&D stages of some company projects, leading to reduced material input[26](index=26&type=chunk) - R&D investment as a percentage of operating revenue increased year-on-year, mainly due to the decrease in operating revenue during the current reporting period[14](index=14&type=chunk) [4. Ongoing R&D Projects](index=13&type=section&id=4.%20Ongoing%20R%26D%20Projects) The company currently has multiple ongoing R&D projects, including new air defense early warning radars and protection systems, and new detection and identification equipment, most of which have entered the state appraisal or engineering development phase, achieving international advanced technical levels, and are expected to be mass-equipped by users; these projects have a total estimated investment of CNY 523.48 million, with CNY 43.06 million invested in the current period and a cumulative investment of CNY 341.06 million Main Ongoing R&D Projects | No. | Project Name | Progress or Phased Achievements | Target | Technical Level | Specific Application Prospects | | :-- | :----------- | :------------------------------ | :----------------------------- | :-------------- | :--------------------------- | | 1 | Project 2 | State appraisal phase | Develop a new type of air defense early warning radar | International advanced | Expected to be mass-equipped by users | | 2 | Project 3 | State appraisal phase | Develop a new type of air defense early warning radar | International advanced | Expected to be mass-equipped by users | | 3 | Project 6 | Engineering development phase | Develop a new type of air defense early warning radar protection system | International advanced | Expected to be mass-equipped by users | | 4 | Project 7 | State appraisal phase | Develop a new type of detection and identification equipment | International advanced | Expected to be mass-equipped by users | | 5 | Project 27 | Prototype development phase | Develop a new type of air defense early warning radar | International advanced | Expected to be mass-equipped by users | - The total estimated investment for major R&D projects is **CNY 523.48 million**, with **CNY 43.06 million** invested in the current period, and a cumulative investment of **CNY 341.06 million**[27](index=27&type=chunk) [5. R&D Personnel](index=13&type=section&id=5.%20R%26D%20Personnel) As of the end of the reporting period, the company had 326 R&D personnel, accounting for 40.85% of the total workforce, with total R&D personnel compensation of CNY 35.65 million and an average compensation of CNY 0.11 million; the R&D team is primarily composed of bachelor's and master's degree holders, with over 80% of R&D personnel aged 30 and below or between 31-40 years old Basic Information of R&D Personnel | Indicator | Current Period (people) | Prior Period (people) | | :------------------------------------ | :---------------------- | :-------------------- | | Number of Company R&D Personnel | 326 | 331 | | Proportion of R&D Personnel to Total Employees (%) | 40.85 | 40.66 | | Total R&D Personnel Compensation (CNY 10,000) | 3,564.95 | 3,781.49 | | Average R&D Personnel Compensation (CNY 10,000) | 10.94 | 11.42 | Educational Background of R&D Personnel | Educational Background | Number (people) | Proportion (%) | | :--------------------- | :-------------- | :------------- | | PhD | 6 | 1.84 | | Master's | 101 | 30.98 | | Bachelor's | 191 | 59.59 | | Below Bachelor's | 28 | 8.59 | | Total | 326 | 100.00 | Age Structure of R&D Personnel | Age Range | Number (people) | Proportion (%) | | :-------- | :-------------- | :------------- | | Under 30 | 143 | 43.87 | | 31-40 | 132 | 40.49 | | 41-50 | 39 | 11.96 | | 51-60 | 12 | 3.68 | | Total | 326 | 100.00 | [Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness remained largely unchanged during the reporting period, primarily demonstrated by strong R&D capabilities and technological advantages, extensive industry experience, a stringent quality management system, a positive brand image, and stable sales channels with a comprehensive after-sales service system, supported by continuous high R&D investment, multiple core technologies, a high-caliber R&D team, and various quality certifications to ensure product quality and market competitiveness - The company's core competitiveness remained largely unchanged, encompassing R&D capabilities and technological advantages, extensive industry experience, quality advantages, brand advantages, and sales channel and after-sales service advantages[29](index=29&type=chunk) - The company possesses strong independent R&D capabilities, mastering 7 core technologies, is recognized as a high-tech enterprise and a national "little giant" enterprise specializing in niche sectors, with R&D investment accounting for **71.10%** of operating revenue[29](index=29&type=chunk) - The company has accumulated decades of research achievements and production experience in the field of air defense early warning radar, establishing a complete R&D, procurement, production, and sales system[29](index=29&type=chunk) - The company strictly adheres to national military standards, has passed GJB9001C quality system certification and GJB5000B software quality certification, and its product quality is highly recognized by customers[29](index=29&type=chunk) - The company maintains stable sales channels and a comprehensive after-sales service system, having built stable customer resources and business relationships[29](index=29&type=chunk) [(I) Core Competitiveness Analysis](index=14&type=section&id=%28I%29%20Core%20Competitiveness%20Analysis) The company's core competitiveness is reflected in its strong R&D capabilities (mastering 7 core technologies, R&D investment accounting for 71.10% of revenue, with 326 R&D personnel), decades of industry experience, a stringent quality management system (certified with GJB9001C and GJB5000B), a positive brand image, and stable sales channels with comprehensive after-sales service - The company has mastered 7 core technologies, including phased array radar overall design, is a high-tech enterprise and a national "little giant" enterprise specializing in niche sectors, with R&D investment accounting for **71.10%** of operating revenue[29](index=29&type=chunk) - The company has accumulated decades of research achievements and production experience in the field of air defense early warning radar, forming a complete R&D, procurement, production, and sales system[29](index=29&type=chunk) - The company has passed GJB9001C quality system certification and GJB5000B software quality certification, implementing full lifecycle reliability assurance engineering for equipment[29](index=29&type=chunk) - The company possesses stable sales channels, continuously supplying products to domestic military clients and military industrial groups, and has established a comprehensive after-sales service assurance system[29](index=29&type=chunk) [Discussion and Analysis of Operating Results](index=15&type=section&id=IV.%20Discussion%20and%20Analysis%20of%20Operating%20Results) In the first half of 2024, the company's operating performance was affected by user procurement policy adjustments, international market uncertainties, and seasonal factors, leading to an 81.78% year-on-year decrease in operating revenue to CNY 65.83 million and a net loss of CNY 39.36 million; the company actively responded by strengthening Party building leadership, focusing on market expansion and new industry layouts (such as the low-altitude economy), adhering to innovation-driven development (with multiple R&D projects entering the appraisal stage), advancing new industrial park construction, and continuously deepening management reforms and implementing a "grand security" concept - In the first half of 2024, the company's operating revenue was **CNY 65.83 million**, a year-on-year decrease of **81.78%**; net profit attributable to shareholders was **-CNY 39.36 million**, a year-on-year decrease of **233.34%**[30](index=30&type=chunk) - The decline in performance was primarily due to factors such as user procurement policy adjustments, international market uncertainties, and seasonal characteristics, resulting in delayed product deliveries[30](index=30&type=chunk) - The company actively expanded its market, strengthened communication with domestic clients, promoted international market development, and strategically planned for new industries such as the low-altitude economy[30](index=30&type=chunk) - The company maintained high R&D investment, with multiple key R&D projects entering physical comparison tests or state appraisal phases, the PLM system launched for trial operation, **13 patent applications submitted**, and **6 patents granted** in the first half of the year[30](index=30&type=chunk) - Construction of the new industrial park is nearing completion, expected to be operational in the second half of 2024, which will enhance scientific research and production capabilities and digitalization levels[30](index=30&type=chunk) - The company continuously advanced management reforms, including the "Digital Nanhua" initiative, cost control, quality management (GJB5000B Level 3 formal evaluation passed), and human resource management (salary system reform, talent acquisition and development)[30](index=30&type=chunk)[31](index=31&type=chunk) - The company continued to implement a "grand security" concept, strengthening control in areas such as safety, confidentiality, environmental protection, and compliance, and improving its internal control system[31](index=31&type=chunk) [Risk Factors](index=16&type=section&id=V.%20Risk%20Factors) The company faces multiple risks including significant performance decline, core competitiveness (technology R&D, talent loss), operations (high customer concentration, single product structure, management challenges with scale expansion), financial (gross margin fluctuations, high accounts receivable, inventory impairment), industry-specific (military qualification renewal, state secret leakage, after-sales custody, seasonal operations), and macroeconomic environment (defense policy, military trade export) factors, all of which could adversely affect its future operating performance and sustainable development - Risk of significant performance decline: Operating revenue and net profit significantly decreased during the reporting period, and future performance may continue to decline due to factors such as defense budget, procurement policies, market competition, R&D capabilities, and product delivery[32](index=32&type=chunk) - Core competitiveness risk: Long R&D cycles and high investment, with uncertainty in R&D outcomes, mean that if R&D projects fail to achieve mass production or products do not meet market demand, investments may not be recovered; loss of core technical personnel or key staff could adversely affect the company's competitiveness[32](index=32&type=chunk) - Operating risk: High customer concentration (primarily military clients and military industrial groups), a relatively single product structure (air defense early warning radars), and increased management complexity due to expanding scale[33](index=33&type=chunk) - Financial risk: Significant fluctuations in main business gross margin (current period **12.52%**, a year-on-year decrease of **15.41 percentage points**), high accounts receivable balance (end of period **CNY 258.18 million**), and inventory impairment risk (end of period **CNY 451.60 million**)[33](index=33&type=chunk) - Industry risk: Risks specific to military products include the renewal of military qualifications, leakage of state secrets, after-sales custody, and seasonal operating performance (revenue concentrated in the fourth quarter)[33](index=33&type=chunk)[34](index=34&type=chunk) - Macroeconomic environment risk: The defense industry is influenced by international environment, security situation, geopolitics, and other macroeconomic factors, where national defense budget cuts or policy adjustments could adversely affect the company's operations; military trade exports are affected by international security situations and policy changes[34](index=34&type=chunk) [(I) Risk of Significant Performance Decline](index=16&type=section&id=%28I%29%20Risk%20of%20Significant%20Performance%20Decline) During the reporting period, the company's operating revenue decreased by 81.78% year-on-year, and net profit decreased by 233.34% year-on-year, with future performance potentially continuing to decline due to factors such as defense budget cuts, procurement policy changes, market competition, insufficient R&D capabilities, and delayed product deliveries - During the reporting period, the company's operating revenue was **CNY 65.83 million**, a year-on-year decrease of **81.78%**; net profit attributable to shareholders was **-CNY 39.36 million**, a year-on-year decrease of **233.34%**[32](index=32&type=chunk) - Future performance decline risks are influenced by various factors including international situations, macroeconomic conditions, industrial policies, tax policies, industry competition, management decisions, and the implementation of fundraising projects[32](index=32&type=chunk) - Specific risks include significant defense budget cuts, changes in military procurement policies, entry of new competitors, inability of R&D capabilities to meet demand, and failure to deliver products on schedule[32](index=32&type=chunk) [(II) Core Competitiveness Risk](index=16&type=section&id=%28II%29%20Core%20Competitiveness%20Risk) The company faces risks associated with long R&D cycles, high investment, uncertain R&D outcomes, and the potential loss of core technical talent; if R&D projects fail to achieve mass production or product technologies do not meet market demand, it will adversely affect the company's future performance and competitiveness - Technology R&D risk: R&D cycles for air defense early warning radar products are long, capital investment is high, and customers have stringent requirements for product advancement, safety, reliability, and confidentiality[32](index=32&type=chunk) - If new R&D models fail to achieve mass production, it may result in unrecoverable R&D investments and failure to achieve expected benefits[32](index=32&type=chunk) - Talent loss risk: High-tech barrier industries heavily rely on core technical talent, and the loss of core technical personnel or key staff could adversely affect the company's core competitiveness, business development, and reputation[32](index=32&type=chunk) [(III) Operating Risk](index=16&type=section&id=%28III%29%20Operating%20Risk) The company faces operating risks such as high customer concentration (primarily military clients and military industrial groups), a relatively single product structure (mainly air defense early warning radars and supporting equipment), and increased management complexity due to expanding operational scale; these factors could lead to fluctuations in the company's revenue and profit or adversely affect normal production and operations - High customer concentration risk: The company's products are primarily sold to domestic military clients and military industrial groups, with a high proportion of sales revenue from the top five customers, and performance may fluctuate if competitiveness cannot be maintained or customer policies change[33](index=33&type=chunk) - Relatively single product structure risk: The company specializes in air defense early warning radar, and if customer procurement demand decreases or products fail to meet upgrade requirements, sales volume may decline[33](index=33&type=chunk) - Operating management risk due to scale expansion: As the operating scale and fundraising projects expand, the company faces increased challenges in R&D, procurement, production, sales, and internal management, and mismatched management measures could have an adverse impact[33](index=33&type=chunk) [(IV) Financial Risk](index=17&type=section&id=%28IV%29%20Financial%20Risk) The company faces financial risks including gross margin fluctuations (current period main business gross margin of **12.52%**, a year-on-year decrease of **15.41 percentage points**), a high balance of accounts receivable (end of period **CNY 258.18 million**), and inventory impairment (end of period **CNY 451.60 million**); these risks could impact the company's profitability, cash flow, and asset quality - Risk of gross margin fluctuations: The main business gross margin for the reporting period was **12.52%**, a year-on-year decrease of **15.41 percentage points**, primarily influenced by seasonal revenue factors and differences in the sales product mix[33](index=33&type=chunk) - Risk of high accounts receivable balance: The book value of accounts receivable at the end of the reporting period was **CNY 258.18 million**, and collection may not be timely due to the planned and seasonal nature of military client procurement[33](index=33&type=chunk) - Risk of inventory impairment: The book value of inventory at the end of the reporting period was **CNY 451.60 million**, and due to long production cycles and complex processes, changes in market conditions could lead to inventory impairment[33](index=33&type=chunk) [(V) Industry Risk](index=17&type=section&id=%28V%29%20Industry%20Risk) The company's military business faces industry-specific risks such as the renewal of military qualifications, leakage of state secrets, after-sales custody, and seasonal operating performance (revenue concentrated in the fourth quarter); any loss of qualifications, leakage incidents, or damage to custodied products could have a significant adverse impact on the company's operations - Risk of military qualification renewal: Military product business is the main source of revenue, subject to strict qualification review and market access systems, and failure to renew or update qualifications will adversely affect operations[33](index=33&type=chunk) - Risk of state secret leakage: The company's military product business involves state secrets, and despite strict confidentiality systems, the risk of leakage due to unforeseen circumstances cannot be ruled out[33](index=33&type=chunk) - After-sales custody risk: Products sold by the company to military clients are custodied by the company before shipment, and the company may bear liability for compensation if products are damaged or lost during the custody period[33](index=33&type=chunk) - Seasonal operating performance risk: The sales of the company's main products exhibit seasonal characteristics, with a higher proportion of revenue typically recognized in the fourth quarter, so investors should not simply extrapolate full-year performance[34](index=34&type=chunk) [(VI) Macroeconomic Environment Risk](index=18&type=section&id=%28VI%29%20Macroeconomic%20Environment%20Risk) The company's military revenue is influenced by macroeconomic factors such as the international environment, security situation, and geopolitics; if the country reduces military spending or adjusts relevant budgets, or if global macroeconomic and political situations change, it could adversely affect the company's production, operations, and military trade business - The company's main business revenue primarily comes from military products, which are influenced by multiple factors such as the international environment, security situation, geopolitics, and national defense development level[34](index=34&type=chunk) - If the country reduces military spending or adjusts budget allocations related to the company's products in the future, it may adversely affect the company's production and operations[34](index=34&type=chunk) - Military trade exports are affected by international security situations, bilateral relations between importing and exporting countries, policy changes, and market competition, and changes in the macroeconomic environment could adversely affect military trade business[34](index=34&type=chunk) [Key Operating Results During the Reporting Period](index=18&type=section&id=VI.%20Key%20Operating%20Results%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue significantly decreased by 81.78% year-on-year, primarily due to reduced radar product deliveries; operating costs decreased in line with revenue, and financial expenses decreased due to increased bank deposits; R&D expenses decreased due to reduced material input resulting from changes in project R&D stages; net cash flow from operating activities significantly decreased, mainly due to reduced accounts receivable collection; net cash flow from investing activities significantly increased, primarily due to increased maturity of bank time deposits and large-denomination certificates of deposit; net cash flow from financing activities significantly decreased, mainly due to a high base from the previous year's stock issuance and listing Main Accounting Data Change Analysis | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--------------------------------- | :------------------- | :------------------- | :------------ | | Operating Revenue | 65,833,671.28 | 361,375,921.30 | -81.78 | | Operating Cost | 57,375,374.34 | 260,301,024.00 | -77.96 | | Financial Expenses | -17,306,477.59 | -11,708,742.68 | -47.81 | | R&D Expenses | 46,808,813.36 | 68,302,729.40 | -31.47 | | Net Cash Flow from Operating Activities | -156,589,971.63 | 281,153,588.93 | -155.70 | | Net Cash Flow from Investing Activities | -102,914,179.67 | -1,090,580,311.74 | 90.56 | | Net Cash Flow from Financing Activities | -32,582,306.52 | 1,664,596,165.20 | -101.96 | - Operating revenue decreased year-on-year, primarily due to reduced radar product deliveries during the current reporting period[35](index=35&type=chunk) - Net cash flow from operating activities decreased year-on-year, primarily due to reduced accounts receivable collection during the current reporting period[35](index=35&type=chunk) - Net cash flow from investing activities increased year-on-year, primarily due to increased maturity of bank time deposits and large-denomination certificates of deposit during the current reporting period[35](index=35&type=chunk) - Net cash flow from financing activities decreased year-on-year, primarily because the company's stock issuance and listing in the prior year resulted in a significant increase in financing cash inflows, with no such inflows in the current period[35](index=35&type=chunk) [(I) Main Business Analysis](index=18&type=section&id=%28I%29%20Main%20Business%20Analysis) During the reporting period, both the company's main business revenue and costs significantly decreased, with operating revenue down 81.78% year-on-year and operating costs down 77.96% year-on-year, primarily due to reduced radar product deliveries; financial expenses decreased due to increased bank deposits, and R&D expenses declined due to reduced material input resulting from changes in project R&D stages Financial Statement Related Items Change Analysis | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :----------- | :------------------- | :------------------- | :------------ | | Operating Revenue | 65,833,671.28 | 361,375,921.30 | -81.78 | | Operating Cost | 57,375,374.34 | 260,301,024.00 | -77.96 | | Financial Expenses | -17,306,477.59 | -11,708,742.68 | -47.81 | | R&D Expenses | 46,808,813.36 | 68,302,729.40 | -31.47 | - Operating revenue decreased compared to the prior year, primarily due to reduced radar product deliveries during the current reporting period[35](index=35&type=chunk) - The change in financial expenses was mainly due to an increase in the average monthly balance of bank deposits during the current reporting period compared to the prior year[35](index=35&type=chunk) - The change in R&D expenses was mainly due to changes in the R&D stages of some company projects, leading to reduced material input[35](index=35&type=chunk) [(III) Analysis of Assets and Liabilities](index=18&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, both the company's total assets and net assets attributable to shareholders decreased; within current assets, monetary funds decreased by 13.76%, notes receivable decreased by 100% (due to maturity and payment), other receivables decreased by 96.02% (government grants received), and inventory increased by 16.62%; within non-current assets, construction in progress increased by 40.01% (industrial park project construction), and deferred income tax assets increased by 161.20% (due to deductible losses); on the liability side, notes payable decreased by 89.22% (due to maturity and payment), and contract liabilities increased by 30.33% (due to advance payments from customers for projects) Major Changes in Assets and Liabilities | Item | Current Period End (CNY) | Proportion of Total Assets at Period End (%) | Prior Period End (CNY) | Proportion of Total Assets at Prior Period End (%) | Change from Prior Period End (%) | | :--------------------- | :----------------------- | :------------------------------------------- | :----------------------- | :------------------------------------------- | :----------------------------------- | | Monetary Funds | 1,798,254,488.24 | 57.61 | 2,085,071,044.67 | 63.76 | -13.76 | | Notes Receivable | - | - | 28,078,166.78 | 0.86 | -100.00 | | Other Receivables | 607,589.08 | 0.02 | 15,250,878.20 | 0.47 | -96.02 | | Inventory | 451,601,553.59 | 14.47 | 387,255,163.63 | 11.84 | 16.62 | | Construction in Progress | 355,493,506.79 | 11.39 | 253,911,730.83 | 7.76 | 40.01 | | Deferred Income Tax Assets | 22,290,606.58 | 0.71 | 8,534,062.11 | 0.26 | 161.20 | | Notes Payable | 11,704,467.46 | 0.37 | 108,583,236.02 | 3.32 | -89.22 | | Contract Liabilities | 153,663,772.10 | 4.92 | 117,901,042.38 | 3.61 | 30.33 | - Reason for change in notes receivable: Primarily due to all notes receivable maturing and being paid during the current reporting period[38](index=38&type=chunk) - Reason for change in construction in progress: Primarily due to increased progress in the company's industrial park project during the current reporting period[38](index=38&type=chunk) - Reason for change in deferred income tax assets: Primarily due to an increase in deferred income tax assets arising from deductible losses during the current reporting period[38](index=38&type=chunk) - Reason for change in contract liabilities: Primarily due to advance payments received from customers for projects during the current reporting period[38](index=38&type=chunk) [Corporate Governance](index=21&type=section&id=Item%20IV%20Corporate%20Governance) This section details the company's governance structure, including shareholder meetings, changes in key personnel, and incentive plans [Shareholders' Meeting Information](index=21&type=section&id=I.%20Shareholders%27%20Meeting%20Information) During the reporting period, the company convened its first extraordinary general meeting of shareholders in 2024 and the 2023 annual general meeting of shareholders, approving relevant proposals, with resolutions disclosed on the Shanghai Stock Exchange website - The first extraordinary general meeting of shareholders in 2024 was held on March 25, 2024, with the resolution announcement disclosed on March 26, 2024[41](index=41&type=chunk) - The 2023 annual general meeting of shareholders was held on May 17, 2024, with the resolution announcement disclosed on May 18, 2024[41](index=41&type=chunk) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=21&type=section&id=II.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, there was a change in the company's senior management, with Mr. Zhao Qian resigning from his position as Deputy General Manager due to personal reasons, though he remains employed by the company - On March 5, 2024, Mr. Zhao Qian, the company's Deputy General Manager, applied to resign from his position due to personal reasons[42](index=42&type=chunk) - After resigning as Deputy General Manager, Mr. Zhao Qian remains employed by the company[42](index=42&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=21&type=section&id=III.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) During the reporting period, the company did not propose any profit distribution or capital reserve to share capital conversion plan - The company's profit distribution or capital reserve to share capital conversion plan for the current reporting period is not applicable, meaning no distribution or conversion[42](index=42&type=chunk) [Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impacts](index=22&type=section&id=IV.%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impacts) During the reporting period, the company had no progress or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had no equity incentive matters that were disclosed in interim announcements and subsequently had no further progress or changes[43](index=43&type=chunk) - During the reporting period, the company had no incentive situations, including equity incentives, employee stock ownership plans, or other incentive measures, that were not disclosed in interim announcements or had subsequent progress[43](index=43&type=chunk) [Environment and Social Responsibility](index=23&type=section&id=Item%20V%20Environment%20and%20Social%20Responsibility) This section outlines the company's environmental protection efforts and social responsibility initiatives [Environmental Information](index=23&type=section&id=I.%20Environmental%20Information) The company has established environmental protection mechanisms, investing CNY 0.12 million in environmental protection during the reporting period; as a key polluting unit, the company's wastewater and exhaust gas emissions meet standards, and it has equipped pollution control facilities such as a comprehensive wastewater treatment plant, exhaust gas purification facilities, and a hazardous waste warehouse, all operating effectively; the company has conducted environmental impact assessments for construction projects as required and obtained permits, formulated emergency plans for environmental incidents, and regularly conducts self-monitoring of the environment, with all results meeting standards; the company has obtained ISO14001 environmental management system certification and actively practices green development principles - The company has established environmental protection mechanisms, investing **CNY 0.12 million** in environmental protection during the reporting period[44](index=44&type=chunk) - The company's wastewater and exhaust gas emissions both meet standards, adhering to "Wastewater Discharge Standard into Urban Sewers" and "Integrated Emission Standard of Air Pollutants" among others[44](index=44&type=chunk) - The company is equipped with a comprehensive wastewater treatment plant, exhaust gas purification facilities (activated carbon fiber adsorption, spray scrubbers), and a hazardous waste warehouse for pollution control, all operating effectively[45](index=45&type=chunk)[46](index=46&type=chunk) - The company has conducted environmental impact assessments for construction projects in accordance with laws and regulations, obtained administrative permits, and formulated and regularly drills "Emergency Plans for Environmental Incidents"[47](index=47&type=chunk)[48](index=48&type=chunk) - The company entrusts qualified units to monitor wastewater monthly and exhaust gas and noise quarterly, with all results meeting standards[49](index=49&type=chunk) - The company has obtained **ISO14001 environmental management system certification** and actively practices green development principles[50](index=50&type=chunk)[51](index=51&type=chunk) [(I) Environmental Information for Companies and Their Main Subsidiaries Designated as Key Polluting Units by Environmental Protection Authorities](index=23&type=section&id=%28I%29%20Environmental%20Information%20for%20Companies%20and%20Their%20Main%20Subsidiaries%20Designated%20as%20Key%20Polluting%20Units%20by%20Environmental%20Protection%20Authorities) As a key polluting unit, the company's wastewater and exhaust gas emissions met national standards during the reporting period, and it is equipped with pollution control facilities such as a comprehensive wastewater treatment plant, exhaust gas purification facilities, and a hazardous waste warehouse, all operating effectively; the company has completed environmental impact assessments for construction projects and obtained permits, formulated emergency plans for environmental incidents, and regularly conducts environmental self-monitoring, without receiving any administrative penalties for environmental issues Main Pollution Discharge Information | Pollutant | Concentration Limit | Unit | Compliance Status | Executive Standard | | :------------------- | :------------------ | :--- | :---------------- | 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证券代码：688552 证券简称：航天南湖 公告编号：2024-019 航天南湖电子信息技术股份有限公司 2024 年半年度募集资金存放与实际使用情况 的专项报告 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、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，公司使用募集资金为11,953.30万元，收 ...

证券代码：688552 证券简称：航天南湖 公告编号：2024-018 航天南湖电子信息技术股份有限公司 第四届监事会第六次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 航天南湖电子信息技术股份有限公司（以下简称"公司"）第四届监事会第 六次会议于 2024 年 8 月 23 日以现场与通讯结合方式召开，会议通知已于 2024 年 8 月 19 日送达各位监事。本次会议由公司监事会主席王东梅女士主持，本次 会议应出席监事 5 人，实际出席会议监事 5 人。本次会议的召集、召开程序符合 《公司法》等有关法律、法规及《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 经与会监事审议，形成决议如下： （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 经审核，监事会认为：公司编制和审议 2024 年半年度报告及其摘要的程序 符合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了 公司 2024 年半年度的财务状况和经营情况，不存在虚假记载、误导性陈述 ...

证券研究报告 投资评级:增持(首次) 核心观点 | --- | --- | |--------------------|------------| | 基本数据 | 2024-08-14 | | 收盘价(元 ) | 15.44 | | 流通股本 (亿股) | 0.84 | | 每股净资产 (元) | 7.86 | | 总股本(亿股 ) | 3.37 | | 最近 12 月市场表现 | | 分析师 佘炜超 SAC 证书编号：S0160522080002 shewc@ctsec.com IPO 融资促进扩产，推进募投项目。公司于 2023 年进行了 IPO 募资，募 资金额约 9.1 亿元，主要投资于生产智能化改造和研发测试基地建设项目。募 投项目将提升雷达整体智能化生产水平，提升关键工序生产效率和产品质量， 同时为公司研发提供更为良好的测试环境。 航天南湖(688552) / 军工电子Ⅱ / 公司深度研究报告 / 2024.08.14 立足防空预警雷达，推进业务多元化 防空预警雷达龙头企业，产品品类全面。公司是国内防空预警雷达设计和 生产制造的龙头企业之一，由于行业的高门槛，同赛道内竞争对手较少。公 司的主要业 ...