证券代码：002025 证券简称：航天电器 公告编号：2024-26 贵州航天电器股份有限公司 关于对控股子公司深圳市航天电机系统有限公司同比例增资的 关联交易公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、关联交易概述 贵州航天电器股份有限公司（以下简称"公司"或"航天电器"）控股子公 司深圳市航天电机系统有限公司（以下简称"航电系统"）成立于2015年4月， 注册资本:500万元(其中,航天电器持股68.00%、航天科工深圳（集团）有限公司 持股32.00%)。 2024年6月11日，公司第七届董事会2024年第四次临时会议审议通过《关于 对控股子公司深圳市航天电机系统有限公司同比例增资的议案》，为满足航电系 统业务发展资金需求，持续拓宽民用电机产业发展空间，促进航电系统高质量发 展。经审议，董事会同意公司与关联企业航天科工深圳（集团）有限公司（以下 简称"深圳科工"）以现金方式同比例增资航电系统4,500万元，其中公司对航 电系统增资3,060万元，深圳科工对航电系统增资1,440万元，增资完成后，航电 系统注册资本由500万元增加至5,000万元 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-24 贵州航天电器股份有限公司 2023 年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）2023 年年度权益分派方 案，已获 2024 年 4 月 19 日召开的公司 2023 年度股东大会审议通过,现将权益分 派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1.公司于2024年4月19日召开的2023年度股东大会审议通过《2023年度利润 分配方案》，具体分配方案为：以公司现有总股本456,870,256股为基数，向全 体股东每10股派发现金红利3.80元（含税），共计分配利润173,610,697.28元（含 税）。2023年度公司不以公积金转增股本。 2.自本次利润分配方案披露后至分配方案实施前，因公司出现股份回购等事 项导致股本总额发生变动的，将以分配方案实施时公司实际总股本为基数，向全 体股东每10股派发现金红利3.80元（含税），即按照分配比例不变原则，相应调 整分配总额。 3.自本次分配方案披露至实施期间公司 ...

股 票 研 究 [Table_industryInfo] 军工/可选消费品 [ Table_Main[航ITnaf 天bol]e 电_Ti器tle]( 002025) [评Tab级le_：Inv est] 增持 上次评级： 增持 24Q1 盈利水平提升，单季度净利润环比改善 目标价格： 82.10 上次预测： 82.10 公 ——航天电器2024年一季报点评 当前价格： 40.57 司 彭磊(分析师) 宋博(分析师) 2024.05.02 更 010-83939806 010-83939829 [交Ta易bl数e_M据a rket] 新 penglei018712@gtjas.com songbo027618@gtjas.com 证书编号 S0880518100003 S0880522120007 52周内股价区间（元） 33.81-66.08 报 总市值（百万元） 18,535 告 本报告导读： 总股本/流通A股（百万股） 457/453 流通 B股/H股（百万股） 0/0 1Q24 公司净利润环比大幅改善，超出市场预期，公司持续优化治理结构，实现降本 流通股比例 99% 增效，单季度盈利能力提升。 日均成 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.614 billion yuan in Q1 2024, a year-on-year decrease of 9.47%, but achieved a net profit attributable to shareholders of 226 million yuan, a year-on-year increase of 2.68% [4][5]. - The company has shown significant improvement in revenue on a quarter-on-quarter basis, with net profit reaching a historical high for a single quarter [5]. - The inventory balance at the end of Q1 2024 was 1.004 billion yuan, indicating strong short-term delivery capabilities, while fixed assets and construction in progress continue to grow, enhancing long-term growth resilience [5]. - Profit forecasts for 2024-2026 estimate net profits attributable to shareholders at 1.016 billion, 1.322 billion, and 1.708 billion yuan, with year-on-year growth rates of 35.4%, 30.1%, and 29.2% respectively, corresponding to price-to-earnings ratios of 21, 16, and 12 times [5]. Summary by Sections Financial Performance - Q1 2024 revenue was 1.614 billion yuan, down 9.47% year-on-year, while net profit was 226 million yuan, up 2.68% year-on-year [4][5]. - The company expects total revenue for 2024 to be 7.141 billion yuan, with a projected net profit of 1.016 billion yuan [9]. Inventory and Assets - The inventory balance at the end of Q1 2024 was 1.004 billion yuan, the second highest since 2023, ensuring short-term delivery capabilities [5]. - Fixed assets and construction in progress are at high levels, supporting long-term growth [5]. Profit Forecasts - Expected net profits for 2024, 2025, and 2026 are 1.016 billion, 1.322 billion, and 1.708 billion yuan, with corresponding growth rates of 35.4%, 30.1%, and 29.2% [5][9].

股 票 研 究 [Table_industryInfo] 军工/可选消费品 [ Table_Main[航ITnaf 天bol]e 电_Ti器tle]( 002025) [评Tab级le_：Inv est] 增持 上次评级： 增持 营收稳健增长，净利率创 19 年来最高水平 目标价格： 82.10 上次预测： 82.10 公 ——航天电器 2023年年报点评 当前价格： 38.37 司 彭磊(分析师) 宋博(分析师) 2024.04.29 更 010-83939806 010-83939829 [交Ta易bl数e_M据a rket] 新 penglei018712@gtjas.com songbo027618@gtjas.com 证书编号 S0880518100003 S0880522120007 52周内股价区间（元） 33.81-66.66 报 总市值（百万元） 17,530 告 本报告导读： 总股本/流通A股（百万股） 457/453 流通 B股/H股（百万股） 0/0 持续发展新赛道，公司业绩有望较快增长。2023年实现营收62.10亿元（同比+3.16%）， 流通股比例 99% 归母净利润7.50亿元 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 52.52 yuan, based on a 26x PE for 2024 [2][3]. Core Insights - The company reported a revenue of 1.614 billion yuan in Q1 2024, a year-on-year decrease of 9.47%, but a significant quarter-on-quarter increase of 60.27% compared to Q4 2023 [1]. - The net profit attributable to shareholders reached 226 million yuan in Q1 2024, marking a 2.68% increase year-on-year and setting a new quarterly profit record [1]. - The company's net profit margin improved to 15.75%, up by 1.80 percentage points, driven by a gross margin increase to 40.30%, which is up by 4.35 percentage points [1]. - The company is expected to benefit from a recovery in industry demand and improved revenue recognition, leading to continued quarter-on-quarter revenue growth [1]. Financial Performance Summary - For 2024, the company forecasts earnings per share (EPS) of 2.02 yuan, with projected revenues of 7.251 billion yuan, reflecting a year-on-year growth of 16.8% [6]. - The company’s gross profit margin is projected to be 36.7% in 2024, with a net profit margin of 12.7% [6]. - The company’s total assets are expected to grow from 11.148 billion yuan in 2023 to 12.533 billion yuan in 2024 [8]. - The report indicates a significant increase in prepaid expenses, which grew by 49.97% compared to the beginning of the year, indicating increased procurement activities [1].

航天电器（002025.SZ）2024年一季报点评 1Q24 净利润环比增长 45%；盈利能力提升 2024年04月25日 ➢ 事件：4月25日，公司发布2024年一季报，1Q24实现营收16.1亿元， 推荐 维持评级 YoY -9.5%；归母净利润2.3亿元，YoY +2.7%；扣非净利润2.1亿元，YoY -2.8%。 当前价格： 39.12元 业绩表现符合市场预期。公司下游需求放缓，营收同比下滑，利润同比增速放缓。 ➢ 1Q24 营收/利润环比增长；盈利能力提升。1）营收端：3Q23，公司营收 [Table_Author] 同比增长0.01%，增速有所放缓；4Q23~1Q24，公司营收连续两个季度同比下 滑，主要系需求端节奏放缓所致。1Q24，公司营收同比减少9.5%，但环比实现 60.3%的增长。2）利润端：1Q23~4Q23，公司归母净利润保持较高增速，同 比增长分别为38.1%、40.9%、24.0%、36.7%。1Q24归母净利润同比增长2.7%， 增速放缓，但环比实现45.4%的增长。3）盈利能力：公司1Q24毛利率同比增 加4.4ppt至40.3%；净利率同比增加1.8ppt至15.8%。 ...

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 2023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 2024 年贵州辖区上市公司投资者集体接待日暨 2023 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：2024 年 5 月 9日 15:40-17:30 证券代码：002025 证券简称：航天电器 公告编号：2024-23 贵州航天电器股份有限公司 关于参加 2024 年贵州辖区上市公司投资者集体接待日 暨 2023 年度业绩说明会并征集问题的公告 特此公告。 贵州航天电器股份有限公司董事会 2024 年 4月 26 日 2 出席本次活动人员有：公司董事长王跃轩先生、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 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-19 贵州航天电器股份有限公司 第七届董事会 2024 年第三次临时会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）第七届董事会 2024 年第三 次临时会议通知于 2024 年 4 月 20 日以书面、电子邮件方式发出，2024 年 4 月 25 日上午 9:00 在公司办公楼三楼会议室以通讯表决方式召开。会议由公司董事 长王跃轩先生主持，公司应出席董事 9 人，亲自出席董事 9 人。本次会议召集、 召开程序符合《公司法》、《公司章程》的规定。公司监事、高级管理人员和董事 会秘书列席会议。经与会董事审议，会议形成如下决议： 一、以 9 票同意，0 票反对，0 票弃权的表决结果审议通过公司《2024 年第 一季度报告》 公司《2024 年第一季度报告》详见 2024 年 4 月 26 日刊登在《证券时报》《中 国证券报》和巨潮资讯网上的公告。 二、以 9 票同意、0 票反对、0 票弃权的表决结果审议通过公司《关于会计 政策变更的议案》 2023 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥1,613,746,590.12, a decrease of 9.47% compared to ¥1,782,508,589.39 in the same period last year[3] - Net profit attributable to shareholders was ¥225,504,083.74, representing an increase of 2.68% from ¥219,621,738.62 year-on-year[3] - The net cash flow from operating activities was -¥366,584,114.30, a decline of 26.30% compared to -¥290,237,402.35 in the previous year[3] - Total revenue for Q1 2024 was CNY 1,613,746,590.12, a decrease of 9.47% compared to CNY 1,782,508,589.39 in the same period last year[19] - The net profit for the first quarter of 2024 was CNY 254,172,594.36, an increase from CNY 248,740,638.86 in the same period last year, representing a growth of approximately 1.73%[20] - Operating profit for the first quarter was CNY 280,802,581.49, compared to CNY 274,963,561.80 in the previous year, reflecting an increase of about 2.99%[20] - The total profit for the quarter was CNY 280,816,380.05, up from CNY 275,107,718.20 year-over-year, indicating a growth of around 2.58%[20] - The company reported a decrease in sales expenses to CNY 36,197,760.29, down from CNY 40,407,098.60 in the same period last year[19] - The total comprehensive income for the quarter was CNY 254,172,594.36, compared to CNY 248,740,638.86 in the same quarter last year, reflecting a growth of about 2.03%[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥11,418,125,848.86, reflecting a growth of 2.43% from ¥11,147,663,498.68 at the end of the previous year[3] - The total liabilities amounted to CNY 3,873,680,282.19, an increase of 0.33% from CNY 3,866,448,308.78 in the previous period[18] - The company's equity attributable to shareholders increased to CNY 6,517,471,575.60, up from CNY 6,283,491,749.90 in the previous period[18] - The company's cash and cash equivalents at the end of Q1 2024 were CNY 2,968,903,048.67, a decrease of 13.00% from CNY 3,407,953,843.79 at the beginning of the period[16] - Cash and cash equivalents at the end of the period totaled CNY 2,928,937,604.50, compared to CNY 1,791,991,304.08 at the end of the same period last year, marking an increase of approximately 63.4%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 27,212[10] - Aerospace Jiangnan Group Co., Ltd. holds 37.25% of the shares, amounting to 170,164,760 shares[10] - Guizhou Meiling Power Supply Co., Ltd. holds 3.61% of the shares, amounting to 16,504,995 shares[10] - The top ten shareholders collectively hold significant stakes, with the largest shareholder controlling 41.37% of the company through subsidiaries[11] - The company has no shareholders participating in margin financing and securities lending activities[11] - The report indicates that there are no changes in the top ten shareholders due to margin financing activities[13] - The total number of preferred shareholders is not applicable, as there are no preferred shares issued[15] - The company maintains a stable shareholder structure with no significant changes in shareholding percentages among major shareholders[12] Operational Metrics - The net accounts receivable increased by 32.80% to ¥4,158,476,506.13 due to changes in the settlement model of defense sector clients[6] - The balance of prepayments rose by 49.97% to ¥73,210,407.46, primarily due to increased procurement prepayments[7] - Other income increased by 255.77% to ¥25,099,140.41, attributed to higher government subsidies received during the reporting period[8] - The weighted average return on equity was 3.53%, down from 3.79% in the same period last year, indicating a decrease of 0.26%[3] - The company's financial expenses decreased by 311.37% to -¥2,608,676.26, mainly due to increased interest income[8] - The net cash flow from financing activities was -¥3,552,317.49, a significant decline of 118.55% compared to ¥19,151,875.18 in the previous year[8] Research and Development - The net profit margin for Q1 2024 was impacted by increased R&D expenses, which rose to CNY 136,425,957.62, up 12.14% from CNY 121,640,932.20 in Q1 2023[19] Audit and Reporting - The company has not undergone an audit for the first quarter report[22] - The company has not disclosed any new strategies or product developments in the current report[14] - The report does not indicate any market expansion or acquisition activities during the quarter[14]