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 ...

公司主要从事高端连接器与互连一体化产品、微特电机与控制组件、继电器、光电器件等产品的研制和 销售，以及为客户提供系统集成互联一体化解决方案。 具体来看： 持续加大研发投入力度，存货与合同负债高速增长 费用方面，2024年公司三费费率（14.20%，+3.30pcts）有所上升，具体来看，销售费用率（+3.15%， +0.81pcts）基本维持稳定；管理费用率（+11.42%，+2.50pcts）有所增长，主要系报告期公司薪酬费用 增加所致：财务费用率（-0.37%，+0.00pcts）维持稳定。公司研发费用（+7.51亿元 +7.50%）稳定增 长，研发人员数量（2243人，+10.28%）快速增长，在研项目主要围绕航天、航空、通讯、电子、新能 源等领域用连接器及线束，光电模块，高端微特电机等主营业务、有望成为公司收入拓展、业绩持续快 速增长的核心驱动力现金流方面，2024年公司经营活动现金流净额（-2.59亿元，同比减少19.01亿元） 大幅减少，主要系受传统配套市场阶段性需求放缓及客户货款结算模式调整影响、货款回笼低于上年同 期所致；投资活动现金流净额（ 3.17亿元，同比增加1.37亿元）明显增加，主要 ...

贵州航天电器股份有限公司 关于参加 2025 年贵州辖区上市公司投资者集体接待日暨 2024 年度业绩说明会投资者关系活动记录表 证券代码：002025 证券简称：航天电器 编号：2025-002 | 投资者关系活动 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 | 公司参加贵州证监局指导，贵州证券业协会联合深圳市全景网络 | | | 人员姓名 | 有限公司举办的"2025 年贵州辖区上市公司投资者集体接待日 | | | | 暨 2024 年度业绩说明会"，投资者网上提问。 | | | 时间 | 年 月 日 (周一) 下午 2025 12 15:40~17:40 | 5 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 | 1、董事长 李凌志 | | | 员姓名 | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002025 证券简称：航天电器 公告编号：2025-40 贵州航天电器股份有限公司 关于参加2025年贵州辖区上市公司 投资者集体接待日暨2024年度业绩 说明会并征集问题的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为加强上市公司与投资者的交流互动，便于投资者进一步了解公司2024年度经营情况及其他关切问题， 在贵州证监局指导下，贵州证券业协会联合深圳市全景网络有限公司举办2025年贵州辖区上市公司投资 者集体接待日暨2024年度业绩说明会并征集相关问题。现将有关事项公告如下： 一、业绩说明会召开时间和方式 召开时间：2025年5月12日15:40-17:40 召开方式：网络远程方式。 出席本次活动人员有：公司董事长李凌志先生、独立董事胡北忠先生、财务总监孙潇潇女士、董事会秘 书张旺先生。 参与方式：投资者可登录http://rs.p5w.net进入专区页面参与交流。 二、投资者问题提前征集 为广泛听取投资者的意见和建议、提升交流效率及针对性，本次业绩说明会公司将提前向广大投资者开 展 ...

Group 1 - The company reported Q1 revenue of 1.466 billion yuan, a year-on-year decrease of 9.15%, and a net profit attributable to shareholders of 47 million yuan, down 79.35% year-on-year [1] - Q1 defense demand is expected to significantly recover, with improvements in revenue and profitability anticipated in Q2. Product orders in Q1 saw a substantial year-on-year increase, but production and delivery confirmation require a certain period [2] - The gross profit margin decreased by 8.87 percentage points to 31.43% due to a decline in high-margin defense product revenue and rising costs from some bulk raw materials [2] Group 2 - The company has a high inventory balance of 1.771 billion yuan, which is above the overall revenue level for the quarter, ensuring strong short-term delivery confirmation [2] - R&D expenses increased by 33.15% year-on-year, reflecting the company's commitment to investing in new quality and new domain equipment, commercial aerospace, low-altitude economy, and artificial intelligence [2] - The company is focusing on market development and product development integration, targeting key markets and emerging fields to capture market growth [3] Group 3 - The company forecasts net profits attributable to shareholders for 2025-2027 to be 894 million, 1.153 billion, and 1.402 billion yuan, representing year-on-year growth of 158%, 29%, and 22%, respectively, with corresponding PE ratios of 27, 21, and 17 times [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report indicates a significant recovery in defense demand expected in Q1, with improvements in revenue and profitability anticipated in Q2. High inventory levels ensure short-term delivery capabilities, while substantial R&D investments solidify long-term growth certainty [2][12]. - The company reported Q1 revenue of 1.466 billion yuan, a year-on-year decrease of 9.15%, and a net profit attributable to shareholders of 47 million yuan, down 79.35% year-on-year [6][12]. Summary by Sections Demand and Revenue - A substantial recovery in defense demand is expected in Q1, which will reflect in the financial statements and revenue improvements in Q2. The company experienced a significant increase in product orders in Q1, although production and delivery confirmations require time [12]. Financial Performance - The revenue structure showed a decline in high-margin defense product revenue, coupled with rising costs due to increased prices of raw materials, leading to a gross margin decrease of 8.87 percentage points to 31.43%. R&D expenses grew by 33.15%, indicating a strong commitment to technological advancements [12]. Inventory and R&D - The company maintains a high inventory balance of 1.771 billion yuan, exceeding the overall revenue level for Q1, which supports strong short-term delivery certainty. Non-current assets increased by 77.69%, primarily due to higher prepayments for equipment purchases, suggesting potential capacity enhancements [12]. Market Development - The company is focused on integrating market development with product development, targeting large markets and key users. It aims to enhance technological research capabilities and accelerate core technology breakthroughs to support strategic emerging industries [12]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 894 million, 1.153 billion, and 1.402 billion yuan, representing year-on-year growth rates of 158%, 29%, and 22%, respectively. The corresponding price-to-earnings ratios are projected to be 27, 21, and 17 times [12].

贵州航天电器股份有限公司 关于参加 2025 年贵州辖区上市公司投资者集体接待日 暨 2024 年度业绩说明会并征集问题的公告 本公司及董事会全体成员保证信息披露内容的真实、准 确和完整，没有虚假记载、误导性陈述或者重大遗漏。 为加强上市公司与投资者的交流互动，便于投资者进一 步了解公司 2024 年度经营情况及其他关切问题，在贵州证 监局指导下，贵州证券业协会联合深圳市全景网络有限公司 举办 2025 年贵州辖区上市公司投资者集体接待日暨 2024 年 度业绩说明会并征集相关问题。现将有关事项公告如下： 一、业绩说明会召开时间和方式 证券代码：002025 证券简称：航天电器 公告编号：2025-40 参与方式：投资者可登录 http://rs.p5w.net 进入专区 页面参与交流。 二、投资者问题提前征集 为广泛听取投资者的意见和建议、提升交流效率及针对 性，本次业绩说明会公司将提前向广大投资者开展问题征集， 1 提问通道自本公告发出之日起开放至 2025年5月8日截止， 请通过微信关注"贵州资本市场"公众号，发送关键词"提 问"即可进入专区提问。公司将在本次业绩说明会上对投资 者普遍关注的问题进行回答 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 71.41 CNY, based on a 37x PE for 2025 [2][4]. Core Views - The company's Q1 2025 performance showed a revenue of 1.466 billion CNY, down 9.15% year-on-year, and a net profit attributable to shareholders of 47 million CNY, down 79.35% [1][8]. - The decline in performance is attributed to a temporary slowdown in defense demand, high inventory levels, and increased production costs due to high raw material prices [8]. - Despite the short-term challenges, the company expects a recovery in profitability starting from Q2 2025, driven by improved defense demand and better revenue recognition [8]. Financial Summary - Revenue projections for 2025 to 2027 are 7.264 billion CNY, 8.423 billion CNY, and 9.674 billion CNY, respectively, with expected growth rates of 44.6%, 15.9%, and 14.9% [3][9]. - The company's net profit is projected to recover significantly, with estimates of 883 million CNY in 2025, 1.073 billion CNY in 2026, and 1.267 billion CNY in 2027, reflecting growth rates of 154.5%, 21.5%, and 18.1% [3][9]. - The gross margin is expected to stabilize around 38.1% to 38.2% from 2025 to 2027, while the net margin is projected to improve from 12.2% in 2025 to 13.1% in 2027 [3][9]. Inventory and Orders - The company's inventory remains high at 1.771 billion CNY as of Q1 2025, a 76.38% increase compared to the same period last year [8]. - There has been a significant increase in product orders, indicating a potential for improved output and customer satisfaction in the near future [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.41 CNY, based on a 37x PE ratio for 2025 [2][4]. Core Insights - The company reported Q1 2025 revenue of 1.466 billion CNY, a decrease of 9.15% year-over-year, and a net profit attributable to shareholders of 47 million CNY, down 79.35% [1][8]. - The decline in performance is attributed to a temporary slowdown in defense demand, high inventory levels, and increased production costs due to elevated raw material prices [8]. - Despite the short-term challenges, the company expects a recovery in profitability starting from Q2 2025 as defense demand improves and revenue recognition stabilizes [8]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2025 to 2027 are 7.264 billion CNY, 8.423 billion CNY, and 9.674 billion CNY, reflecting growth rates of 44.6%, 15.9%, and 14.9% respectively [3][9]. - **Net Profit**: Expected net profit for 2025 is 883 million CNY, with a growth rate of 154.5% compared to 2024 [3][9]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2025 is 1.93 CNY, increasing to 2.35 CNY in 2026 and 2.77 CNY in 2027 [2][3]. - **Profitability Ratios**: The gross margin is expected to remain stable around 38.1% to 38.2% from 2025 to 2027, while the net margin is projected to improve from 12.2% in 2025 to 13.1% in 2027 [3][9]. Inventory and Orders - The company's inventory at the end of Q1 2025 was 1.771 billion CNY, a 76.38% increase year-over-year, indicating a buildup in stock due to the slowdown in demand [8]. - The company has seen a significant increase in product orders, which is expected to drive production and better meet customer needs moving forward [8].

北京市中伦律师事务所 关于贵州航天电器股份有限公司 2025 年第二次临时股东大会的 法律意见书 二〇二五年四月 北京市中伦律师事务所 关于贵州航天电器股份有限公司 2025 年第二次临时股东大会的 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2025年第二次临时股东大会（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"《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： 法律意见书 3．本所律师已经按照《股东大会规则》的要求，对公司本次会议所涉及的 相关事项 ...