证券代码：002025 证券简称：航天电器 公告编号：2025-43 贵州航天电器股份有限公司（以下简称"公司"）第八届监事会第 八次会议通知于 2025 年 5 月 20 日以书面、电子邮件方式发出，2025 年 5 月 26 日上午 10:00 在公司三楼会议室以通讯表决方式召开。会议 由监事会主席蔡景元先生主持,会议应出席监事 3 人，亲自出席监事 3 人。本次会议召集、召开程序符合《公司法》、《公司章程》的规定，本次 会议审议通过以下议案： 贵州航天电器股份有限公司 第八届监事会第八次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 本议案事项已获得 2023 年第一次临时股东大会授权，无需提交 公司股东大会审议。 备查文件 以 3 票同意、0 票反对、0 票弃权的表决结果审议通过《关于 2022 年限制性股票激励计划第一个解除限售期解除限售条件成就的议案》 根据公司《2022 年限制性股票激励计划（草案修订稿）》《2022 年限制性股票激励计划业绩考核办法》的相关规定，公司 2022 年限 制性股票激励计划第一个解除限售期解除限售条件已经 ...

证券代码：002025 证券简称：航天电器 公告编号：2025-42 以 7 票同意、0 票反对、0 票弃权的表决结果审议通过《关于 2022 年限制 性股票激励计划第一个解除限售期解除限售条件成就的议案》 董事李凌志先生作为关联董事，审议本议案时回避表决。 根据公司《2022 年限制性股票激励计划（草案修订稿）》《2022 年限制性 股票激励计划业绩考核办法》的相关规定，公司 2022 年限制性股票激励计划第 一个解除限售期解除限售条件已经成就，本次符合解除限售条件的激励对象共计 238 人，可解除限售的限制性股票数量为 1,357,516 股，占公司当前总股本的 0.2971%。 公司薪酬与考核委员会对本议案发表了同意的审核意见。北京市中伦律师事 务所出具了《关于贵州航天电器股份有限公司 2022 年限制性股票激励计划第一 期解锁相关事项的法律意见书》，上海荣正企业咨询服务（集团）股份有限公司 出具了《关于贵州航天电器股份有限公司 2022 年限制性股票激励计划第一个解 除限售期解除限售条件成就事项之独立财务顾问报告》。 贵州航天电器股份有限公司 本议案事项已获得 2023 年第一次临时股东大会授权，无需 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Insights - NATO is expected to increase defense budgets, presenting new opportunities for military trade, particularly for China [2][35]. - The defense industry is poised for long-term growth, with recovery in demand and a clear roadmap for modernization by 2035 and 2050 [3][36]. - The low-altitude economy is gaining attention, supported by recent policies and strategic partnerships, indicating a potential growth area [31][34]. Summary by Sections Market Review - The Shenwan Defense and Military Index fell by 1.18%, ranking 30th among 31 sectors [1][13]. - The PE (TTM) ratio for the defense sector is 74.26, with aerospace equipment at 133.63 and ground armaments at 138.63 [19][27]. Key Recommendations - Focus on downstream manufacturers such as Hongdu Aviation and AVIC Shenyang Aircraft [4]. - Highlight new technologies in military applications, including companies like Lianchuang Optoelectronics and Guangqi Technology [4]. - Emphasize underwater equipment and missile industry chains, with key players like Hailanxin and Guokai Military Industry [4]. Industry Dynamics - The global military trade market is expected to grow due to increased defense spending, particularly in NATO countries [2][35]. - China's military trade exports are anticipated to rise, benefiting from geopolitical tensions and a competitive edge in weaponry [41][39].

Core Viewpoint - The high-voltage direct current relay market is experiencing significant growth driven by the increasing demand in the power industry, industrial automation, and the rapidly expanding electric vehicle sector. The market size in China is projected to reach approximately 3.288 billion yuan in 2024, with continued growth expected due to the development of renewable energy, smart grids, and electric vehicles [1][16]. Group 1: Industry Overview - High-voltage direct current relays are essential electrical devices used to control current in high-voltage direct current circuits, featuring advantages such as high voltage resistance and impact resistance. They are primarily applied in the power, industrial automation, and electric vehicle industries [3][11]. - The demand for high-voltage direct current relays is increasing due to the rapid growth of the electric vehicle industry, which requires these relays for battery management systems and motor control systems [1][11]. Group 2: Market Demand and Growth - The market for high-voltage direct current relays is projected to grow significantly, with the global market size expected to reach approximately 3.521 billion USD in 2024, driven by the increasing sales of electric vehicles [14]. - In China, the production and sales of new energy vehicles have seen substantial growth, with production increasing from 340,500 units in 2015 to 12.888 million units in 2024, reflecting a compound annual growth rate of 49.74% [11][14]. Group 3: Technical Requirements - High-voltage direct current relays used in electric vehicles must meet various technical requirements, including high voltage resistance, load endurance, impact resistance, strong arc extinguishing capability, and high breaking capacity [5][6]. - The relays must withstand high working voltages and currents, with electric vehicles typically requiring relays that can handle voltages significantly higher than traditional vehicles [5][6]. Group 4: Industry Chain and Key Materials - The upstream of the high-voltage direct current relay industry includes the supply of core raw materials and key components, such as precious metals for contacts and copper for coils, which are crucial for performance and manufacturing costs [7][9]. - The production of copper materials in China is projected to grow from 18.62 million tons in 2017 to 23.503 million tons in 2024, providing a solid raw material foundation for high-voltage direct current relays [9]. Group 5: Competitive Landscape - The global high-voltage direct current relay market exhibits an oligopolistic structure, with major players including Panasonic, Tyco, Gigavac, Omron, and Denso, while domestic manufacturers like Hongfa and Aerospace Electric hold significant market shares [18][20]. - In the domestic market, Hongfa Technology holds approximately 40% of the market share, with other players like BYD and Panasonic also contributing to the competitive landscape [18][20]. Group 6: Future Trends - The demand for high-voltage direct current relays is expected to grow due to the upgrade of high-voltage platforms in electric vehicles, requiring higher voltage ratings and safety standards [24]. - There is a trend towards lightweight design in high-voltage direct current relays, aiming to reduce weight by over 30% while maintaining performance, which is crucial for enhancing the range of electric vehicles [25]. - The integration of smart technologies in high-voltage direct current relays is anticipated to enhance safety and efficiency, with features like real-time monitoring and adaptive protection mechanisms [27][28].

证券代码：002025 证券简称：航天电器 公告编号：2025-41 贵州航天电器股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 本次股东大会未出现否决提案的情形，也未涉及变更前次股东大会决议。 一、会议召开情况 7.本次会议召集、召开程序符合《公司法》、《贵州航天电器股份有限公司章 程》的有关规定。 二、会议出席情况 1.会议召开时间 现场会议时间：2025 年 5 月 16 日上午 9:30 网络投票时间：通过深交所交易系统进行网络投票的时间为 2025 年 5 月 16 日 9:15～9:25，9:30～11:30 和 13:00～15:00；通过深交所互联网投票系统进 行网络投票的时间为 2025 年 5 月 16 日 9:15～15:00。 2.现场会议召开地点：：贵州省贵阳市经济技术开发区开发大道 268 号贵州 航天基础件产业园智能研发中心三楼会议室。 3.会议召开方式：现场会议与网络投票相结合 4.会议召集人：公司董事会 5.会议主持人：李凌志先生 6.会议通知：公司董事会分别于 202 ...

北京市中伦律师事务所 关于贵州航天电器股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年五月 北京市中伦律师事务所 关于贵州航天电器股份有限公司 2024 年度股东大会的 法律意见书 致：贵州航天电器股份有限公司（以下简称"公司"） 北京市中伦律师事务所（以下简称"本所"）接受公司的委托，指派律师出 席并见证公司2024年度股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》 （以下简称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》 （以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政 法规、规章、规范性文件及《贵州航天电器股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人 员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程 ...

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The recent military conflict between India and Pakistan has highlighted the effectiveness of Chinese military equipment, particularly in the context of military exports [2][5] - The global arms trade is expected to enter a new cycle of prosperity due to increased demand driven by geopolitical tensions, with China's military exports likely to gain market share [3][4][26] Summary by Sections 1. Overview of the India-Pakistan Conflict - The conflict began with a terrorist attack in India, leading to India's "Operation Zhusha" and Pakistan's counteraction, showcasing the effectiveness of Chinese military equipment used by Pakistan [13][20] 2. Impact on the Military Industry - Global demand for military equipment is increasing, with military spending projected to reach $2.72 trillion in 2024, a 9.4% increase [23][26] - The arms trade saw a significant increase of 29% in 2022, with a projected export value of $28.938 billion TIV in 2024 [3][26] 3. China's Military Export Potential - China's military exports have surged from $1.358 billion TIV in 2021 to $2.982 billion TIV in 2023, with 45% of exports going to Pakistan [4][33] - The report emphasizes the transition of Chinese military equipment into a "DEEPSEEK" era, indicating advancements in technology and capabilities [42] 4. Investment Recommendations - The report suggests focusing on seven key areas for military trade-related investments: aviation equipment, missile systems, radar systems, drones, low-cost munitions, ground equipment, and communication data links [5][67]

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3][36]. Core Insights - The low-altitude economy index increased by 9.8% this week, with an average daily trading volume of 31.152 billion yuan, indicating a significant rise in market activity and valuation [3][13]. - The military performance of Chinese weaponry in the India-Pakistan conflict has led to a reevaluation of the aerospace sector's value, particularly in the military industry [3][13]. Sector Performance - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index by 7.92% this week [3][13]. - The price-to-earnings ratio (TTM) reached 96.48, placing it in the 99.58% percentile over the past year [3][13]. - The average daily net inflow of main funds was 254 million yuan, indicating a shift towards net inflows from major investors [3][13]. Individual Stock Performance - The top five performing stocks this week were Chenxi Aviation, Aerospace Nanhu, Aileda, Sichuan Electronics, and Andavil, with significant weekly gains [4][18]. - Conversely, the five stocks with the largest declines included Wolong Electric Drive, Yingboer, Bozhong Precision, Xiaopeng Motors-W, and *ST Shengxun [4][18]. Industry Dynamics - The report highlights the release of the "2024 County (District) Low-altitude Economy Industry Development Index Report," which evaluates various indicators across leading counties and cities [5][22]. - A low-altitude regulatory service platform has been established in Qingdao, enhancing the management and monitoring of low-altitude airspace [5][22]. - Four major low-altitude economic projects have been signed in Shanghai's Qingpu District, focusing on various aspects of the low-altitude economy [5][23]. Policy Developments - Sichuan Province has issued several policy measures to support the development of the low-altitude economy, including financial support for the construction of general airports and low-altitude management systems [6][31]. Key Company Developments - Wofei Chang Kong has signed a strategic agreement with China Construction Bank and Jianxin Financial Leasing, securing a total financing amount of 6 billion yuan, marking the highest financing leasing credit in the domestic eVTOL sector [7][32]. - Zero Gravity showcased its ZG-ONE "Que Fei" model at the 2025 World Expo in Osaka, Japan, highlighting advancements in Chinese aviation technology [7][35]. - Zongheng Co., Ltd. has won bids for low-altitude projects in Sichuan, indicating active participation in the sector [7][35].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, primarily due to a slowdown in defense industry demand and adjustments in product structure, but anticipates a recovery in orders and profitability in the future as market conditions improve [2][3]. Financial Performance - 2024 revenue was 50.25 billion yuan, down 19.08%, with a net profit of 3.47 billion yuan, down 53.75%, and a non-recurring net profit of 3.11 billion yuan, down 55.02% [2][3]. - The gross margin increased to 38.34%, up 0.35 percentage points, while the net margin decreased to 8.04%, down 5.94 percentage points [2]. - In Q1 2025, revenue was 14.66 billion yuan, down 9.15%, with a net profit of 0.47 billion yuan, down 79.35%, and a non-recurring net profit of 0.38 billion yuan, down 81.95% [3]. Cost and Expense Analysis - The company's operating expenses increased, with the three expense rates rising to 14.20%, up 3.30 percentage points, driven by higher R&D expenses and asset impairment losses [2][3]. - R&D expenses grew by 7.51 billion yuan, up 7.50%, with the number of R&D personnel increasing by 10.28% to 2,243 [3]. Cash Flow and Inventory - Operating cash flow net amount decreased by 19.01 billion yuan, primarily due to a slowdown in traditional market demand and changes in customer payment terms [3]. - Contract liabilities increased significantly to 1.37 billion yuan, up 87.46%, and inventory rose to 18.51 billion yuan, up 74.16% [3]. Product Segment Performance - Revenue from connectors and interconnection products in 2024 was 33.88 billion yuan, down 23.57%, accounting for 67.43% of total revenue [5]. - Revenue from motors and control components was 11.16 billion yuan, down 11.25%, while relays generated 2.49 billion yuan, down 23.66% [5]. Strategic Initiatives - The company is focusing on high-end connectors, micro motors, and optical devices, with over 30% of revenue coming from new strategic industries [6]. - Recent acquisitions aim to enhance market competitiveness and expand product offerings in the defense sector [6]. Future Outlook - The company expects a recovery in revenue and profitability as downstream demand improves, with significant growth in product orders anticipated [3][6]. - Projections for 2025-2027 indicate revenues of 63.24 billion yuan, 72.97 billion yuan, and 80.50 billion yuan, with corresponding net profits of 8.13 billion yuan, 9.23 billion yuan, and 10.02 billion yuan [8].

Group 1: Company Performance and Challenges - The company has deployed order assurance measures to meet increased demand, focusing on optimizing order scheduling, production line construction, technological upgrades, and supply chain resource expansion [3] - In 2024, the company's revenue decreased by 19.1%, and net profit dropped by 53.5%, with inventory surging by 74.2% [4] - The inventory turnover rate fell from 1.06 times to 0.46 times, raising concerns about potential product oversupply or supply chain management issues [4] Group 2: Strategic Initiatives - The company is increasing investments in new domain equipment and strategic emerging industries to enhance core technology and innovation capabilities [4] - The company plans to adjust inventory levels in response to downstream demand recovery, indicating a close relationship between inventory procurement and market conditions [4]