财报显示，广发基金旗下广发中证国新央企股东回报ETF进入飞亚达前十大股东，且为去年四季度新进，持股比例为0.36%。今年以来收益率-10.52%，同类 排名2522(总3067)。 4月7日，飞亚达股票盘中跌停，飞亚达精密科技股份有限公司创立于1987年,系中国航空工业集团下属中航科创的主要投资企业之一。 | ○ 基金经理：罗国庆 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：9年又179天 | | | | 基金经理简介:罗国庆先生:中国籍,经济学硕士,持有中国证券投资基金业从业证书,曾任深圳 | | | | | | 任职起始日期：2015-10-13 | | | | 证券信息有限公司研究员.华富基金管理有限公司产品设计研究员、广发基金管理有限公司产品 | | | | | | | 现任基金公司：广发基金管理有限公司 | | | 经理及量化研究员。广发深证100指数分级证券投资基金基金经理(自2015年10月13日至2020 | | | | | | | | | | 年5月25日)、广发中证医疗 ...

Group 1: Business Performance - The company's overall revenue for 2024 was 3.941 billion yuan, a year-on-year decrease of 13.77% due to a decline in watch sales [1] - As of the end of 2024, the company's inventory balance was 1.984 billion yuan, a year-on-year decrease of 0.45% [5] Group 2: Brand and Market Position - The "Fiyta" brand has established a strong market presence over 30 years, currently holding a leading position in the domestic watch market [2] - The brand is focusing on a new positioning as a high-quality Chinese watch brand featuring aerospace characteristics, with stable sales proportions in the aerospace series [2] Group 3: Strategic Initiatives - The company is actively adjusting its product, channel, and marketing strategies to adapt to changing market conditions and competition [2] - Plans for strategic transformation include a focus on precision technology and smart wearable devices, with ongoing research and exploration in these areas [4] Group 4: Risk Management - The company has implemented measures to control inventory risks, ensuring that the total inventory aligns with actual business operations [5] - Strict adherence to accounting standards is maintained for potential impairment risks in inventory [5] Group 5: Future Outlook - The company aims to enhance its core competitiveness and operational performance while accelerating the transformation and upgrading process [1] - Future marketing efforts will leverage new media platforms to strengthen brand positioning and create differentiated products [2]

Group 1: Financial Performance - The company's main watch business achieved revenue of 3.656 billion yuan in 2024, a year-on-year decline of 14.32% [1] - The company aims to stabilize its watch business and enhance operational efficiency through various management measures [1] Group 2: Strategic Direction - The company is focusing on "high-quality development" as its guiding principle to strengthen its watch industry and enhance core competitiveness [1] - Plans to accelerate the development of strategic emerging industries, including precision technology and smart wearables [2] Group 3: Product Innovation and Market Positioning - The "Feiyada" brand will continue to position itself as a high-quality Chinese watch brand with a focus on aerospace-themed products [2] - The company is enhancing product differentiation and marketing strategies to align with consumer preferences and cultural elements [2] Group 4: Market Expansion and Technology Integration - The company is actively exploring the integration of third-party AI applications in its smart watch products, enhancing features like DIY watch faces [3] - Ongoing efforts to expand into sectors such as medical devices and laser technology through its precision technology business [4] Group 5: Shareholder Engagement and Value Management - The company has implemented multiple share buyback programs, utilizing approximately 279.14 million HKD to repurchase and cancel 41.06 million B shares [4] - Continuous communication with investors and high-quality information disclosure are prioritized to enhance company value and mitigate asset loss [4] Group 6: Asset Management and Corporate Governance - The company is monitoring the market changes in property leasing, with a total area of approximately 170,000 square meters across various locations [5] - Management is committed to improving performance evaluation and incentive mechanisms for executives to ensure accountability [5]

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [7][10]. Core Views - The company is positioned as a leading player in the domestic watch industry, focusing on its own brand development and precision technology to foster new growth points. It emphasizes shareholder returns through dividends [7][6]. - The traditional watch consumption market is facing challenges such as demand contraction and intensified competition, with luxury goods and discretionary spending under pressure. The report cites a significant decline in personal luxury goods sales in mainland China, particularly in the watch category, which has been impacted by increased overseas consumption [5][4]. Financial Performance Summary - In 2024, the company achieved revenue of 3.941 billion yuan, a year-on-year decrease of 13.77%. The net profit attributable to the parent company was 220 million yuan, down 33.86% year-on-year [3][9]. - The gross profit margin for 2024 was 37.16%, reflecting a slight increase of 0.74 percentage points year-on-year. The net profit margin was 5.59%, down 1.7 percentage points year-on-year [6][9]. - The company's retail service business for watches generated revenue of 2.935 billion yuan, a decrease of 15.4% year-on-year, while the watch brand business revenue was 722 million yuan, down 9.5% year-on-year [5][3]. Future Earnings Forecast - The report slightly lowers the company's growth rate expectations, forecasting revenue growth of 6% in 2025, 6% in 2026, and 7% in 2027. The net profit growth is projected at 8% in 2025, 7% in 2026, and 10% in 2027 [7][9]. - The expected earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.62 yuan in 2026, and 0.68 yuan in 2027, with the current stock price corresponding to a price-to-earnings (P/E) ratio of 19 times for 2025 [7][9].

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [7][10]. Core Views - The company is positioned as a leading player in the domestic watch industry, focusing on its own brand development and precision technology to foster new growth points. It emphasizes shareholder returns through dividends [7][6]. - The traditional watch consumption market is facing challenges such as demand contraction and intensified competition, with luxury goods and discretionary spending under pressure. The report cites a significant decline in personal luxury goods sales in mainland China, particularly in the watch category, which has been impacted by increased overseas consumption [5][4]. Financial Performance Summary - In 2024, the company achieved revenue of 3.941 billion yuan, a year-on-year decrease of 13.77%. The net profit attributable to shareholders was 220 million yuan, down 33.86% year-on-year [3][9]. - The gross profit margin for 2024 was 37.16%, reflecting a slight increase of 0.74 percentage points year-on-year. The net profit margin was 5.59%, down 1.7 percentage points year-on-year [6][9]. - The company's retail service business for watches generated revenue of 2.935 billion yuan, a decrease of 15.4% year-on-year, while the watch brand business revenue was 722 million yuan, down 9.5% year-on-year [5][3]. Future Earnings Forecast - The report slightly lowers the company's growth rate expectations, forecasting revenue growth of 6% in 2025, 6% in 2026, and 7% in 2027. The net profit growth is projected at 8% in 2025, 7% in 2026, and 10% in 2027 [7][9]. - The expected earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.62 yuan in 2026, and 0.68 yuan in 2027 [7][9].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 13.20, up from the previous forecast of 12.20 [1][13]. Core Views - The company is actively promoting brand upgrades and channel optimization, awaiting business stabilization and recovery [2]. - The report highlights a significant decline in revenue and net profit for 2024, with revenue expected to be 39.41 billion and net profit at 2.2 billion, reflecting a decrease of 13.8% and 33.9% respectively compared to the previous year [13]. Financial Summary - **Revenue Forecast**: - 2023A: 4,570 million - 2024A: 3,941 million - 2025E: 4,336 million - 2026E: 4,723 million - 2027E: 5,102 million - Revenue growth rates: -13.8% in 2024, followed by 10.0% in 2025 [4][14]. - **Net Profit (Attributable to Parent)**: - 2023A: 333 million - 2024A: 220 million - 2025E: 243 million - 2026E: 265 million - 2027E: 286 million - Net profit growth rates: -33.9% in 2024, followed by 10.5% in 2025 [4][14]. - **Earnings Per Share (EPS)**: - 2023A: 0.82 - 2024A: 0.54 - 2025E: 0.60 - 2026E: 0.65 - 2027E: 0.71 [4][14]. - **Return on Equity (ROE)**: - 2023A: 10.0% - 2024A: 6.5% - 2025E: 7.0% - 2026E: 7.5% - 2027E: 7.9% [4][14]. Market Data - **Current Price**: 11.03 - **52-week Price Range**: 8.61 - 11.53 - **Market Capitalization**: 4,476 million - **Total Shares**: 406 million, with 365 million in circulation [5][14]. Valuation Overview - The company is valued at a PE of 22 times for 2025, leading to a reasonable valuation of 13.20 [15][17].

RSM 容诚 内部控制审计报告 飞亚达精密科技股份有限公司 容诚审字[2025]350Z0002 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 " 内部控制审计报告 容诚审字[2025]350Z0002 号 我们认为,飞亚达公司于 2024年 12月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告内部控制。 (此页无正文,为飞亚达公司容诚审字|2025]350Z0002 号报告之签字盖章页。) 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是飞亚 达公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表 审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性 ...

RSM | 容 诚 审计报告 飞亚达精密科技股份有限公司 容诚审字|2025|350Z0001 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 签："扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行了 " 【 容诚会计 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9-100 | 审计报告 容诚审字[2025]350Z0001 号 飞亚达精密科技股份有限公司全体股东: 一、审计意见 我们审计了飞亚达精密科技股份有限公司( ...

容诚会计师事务所(特殊普通合伙) 中国 ·北京 RSM 容诚 涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 飞亚达精密科技股份有限公司 容诚专字|2025|350Z0001 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 "我 容诚会计 目 录 | 序号 | 容 内 | 页码 | | --- | --- | --- | | | 关于飞亚达精密科技股份有限公司涉及财务公司 关联交易的存款、贷款等金融业务的专项说明 | 1-2 | | 2 | 飞亚达精密科技股份有限公司 2024 年度涉及财务 | | 公司存款、贷款等金融业务汇总表 关于飞亚达精密科技股份有限公司 涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 容诚专字[2025]350Z0001 号 飞亚达精密科技股份有限公司全体股东: 我们接受委托,根据中国注册会计师审计准则审计了飞亚达精密科技股份有 限公司(以下简称飞亚达公司)2024年 12月 31 日的合并及母公司资产负债表, 2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有 者权益变动表以 ...

飞亚达精密科技股份有限公司 独立董事 2024 年度述职报告（唐小飞） 各位股东： 作为飞亚达精密科技股份有限公司（以下简称"公司"）的独立董事，本人严格按照《公 司法》、《上市公司独立董事管理办法》、《公司章程》和《独立董事工作制度》等相关规定，勤 勉尽职，充分发挥独立董事作用，维护了全体股东的合法权益。现将2024年度本人履职情况汇 报如下： 一、基本情况 本人唐小飞，1974年5月出生，西南交通大学管理学博士，现任西南财经大学工商管理学 院教授、博士生导师，西南财经大学城市品牌战略研究所所长，教育部新世纪优秀人才，中国 市场学会理事，千禾味业食品股份有限公司独立董事。2018年9月至2024年9月，任飞亚达公司 独立董事，连任时间届满6年。 经自查，本人的任职符合《上市公司独立董事管理办法》规定的独立性要求，不存在影响 独立性的情况。 二、年度履职概况 1、出席董事会及股东会情况 （3）作为提名、薪酬与考核委员会委员，本人认真审核了公司股权激励计划实施情况、 董事及高级管理人员的任职资格、薪酬等事项。 报告期内，本人任职期间，公司共召开4次董事会，董事会召集召开2次股东会，会议的召 集、召开程序合法合规 ...