证券研究报告·公司点评报告·军工电子Ⅱ 航天电器（002025） 2023 年年报点评：降本增效收效显著，行业 2024年 03月 31日 发展空间广阔，有望带动公司成长 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 执业证书：S0600523060002 营业总收入（百万元） 6,020 6,210 7,738 9,492 11,243 xumu@dwzq.com.cn 同比 16.96% 3.16% 24.61% 22.67% 18.45% 研究助理 高正泰 归母净利润（百万元） 555.44 750.48 987.33 1,267.71 1,575.07 执业证书：S0600123060018 同比 13.59% 35.11% 31.56% 28.40% 24.25% gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 1.22 1.64 2.16 2.77 3.45 P/E（现价&最新摊薄） 31.1 ...

Financial Performance - The company's operating revenue for 2023 was CNY 6,209,820,336.41, representing a 3.16% increase from CNY 6,019,695,184.60 in 2022[11]. - The net profit attributable to shareholders for 2023 was CNY 750,480,376.13, a significant increase of 35.11% compared to CNY 555,443,939.33 in 2022[11]. - The company reported a net profit margin of approximately 12.09% for 2023, up from 9.23% in 2022[11]. - The total profit amounted to CNY 936,556,344.92, reflecting a growth of 32.54% year-on-year[28]. - The company achieved a total operating revenue of ¥6,209,820,336.41 in 2023, representing a year-on-year growth of 3.16%[36]. - The net profit attributable to shareholders reached ¥750,480,376.13, an increase of 35.11% compared to the previous year[25]. - The company reported a significant increase in revenue for the first half of 2023, with a year-on-year growth of 15%[171]. - The company plans to achieve a revenue growth target of 15% year-over-year, reflecting confidence in market expansion and product demand[100]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 3.80 per 10 shares, based on a total of 456,870,256 shares[2]. - The total cash dividend distributed to shareholders amounts to CNY 173,610,697.28, representing 100% of the distributable profit[127]. - The company maintained a high cash dividend level since 2009, with a cash dividend of CNY 3.80 per 10 shares, totaling CNY 173.61 million for the reporting period[126]. Business Expansion and Development - The company has expanded its business scope to include electronic components manufacturing, power electronic components manufacturing, and industrial robot manufacturing as of May 2023[9]. - The company is actively pursuing market expansion strategies to enhance its competitive position in the industry[9]. - The company is focusing on new product development and market expansion in response to market demand fluctuations[73]. - The company is focusing on strategic emerging industries such as data centers, new energy vehicles, and intelligent networking to enhance market competitiveness and economic benefits[75]. - The company is actively pursuing technological innovation and market development, with new products like aerospace connectors and high-speed series connectors achieving market breakthroughs[31]. Research and Development - The company completed 12 major scientific research tasks assigned by national ministries, with 6 reaching domestic leading and international advanced levels[27]. - The company holds a total of 2,309 authorized patents, including international invention patents, as of December 31, 2023[27]. - R&D expenses increased by 11.81% to ¥698,756,782.12, focusing on new industry developments and advanced technology projects[36]. - The company is investing heavily in R&D, with a budget allocation of 200 million yuan for the development of new technologies and products in the upcoming year[107]. Market Trends and Industry Insights - The total sales of China's electronic components industry is expected to reach CNY 2.1 trillion by 2023, consolidating its position as a global production powerhouse[20]. - The demand for high-voltage DC relays is expected to continue growing due to the ongoing electrification in the new energy vehicle and defense sectors[22]. - The micro motor manufacturing industry in China is anticipated to exceed CNY 400 billion in sales revenue in 2023, with an average annual growth rate of approximately 7.5% in the coming years[22]. - The company operates in the electronic components industry, focusing on high-end connectors, micro motors, and integrated solutions[17]. Risk Management and Challenges - The company has identified potential risks in its future development, including market competition and supply chain disruptions[2]. - The company is facing challenges in maintaining continuous business growth due to uneven demand in the civilian market, necessitating a focus on quality improvement and efficiency enhancement[77]. - The company recognizes the need to adapt to the evolving competitive landscape driven by technological advancements and increasing domestic and international competition[74]. Governance and Compliance - The company has established a performance evaluation system for senior management remuneration based on individual work performance and company operating results[112]. - The company emphasizes the importance of performance evaluation and incentive mechanisms for senior management, linking compensation to operational metrics[130]. - The company has a robust management structure with clearly defined departmental responsibilities[91]. - The company has established an independent financial accounting department and maintains a separate accounting system and financial management policies[91]. Environmental and Social Responsibility - The company has committed to quarterly payments of environmental protection taxes and regular maintenance of pollution control facilities[146]. - The company purchased local agricultural products worth CNY 1.2367 million to support poverty alleviation and rural revitalization efforts in Guizhou[148]. - The company donated CNY 200,000 to assist five underprivileged children in Guizhou, helping them complete their education[148]. - The company actively discloses its environmental, social, and governance (ESG) reports on public platforms[147]. Shareholder Structure and Capital Management - The largest shareholder, Aerospace Jiangnan Group Co., Ltd., holds 37.25% of the shares, totaling 170,164,760 shares, with a decrease of 3,975,016 shares during the reporting period[190]. - The company has a total of 13 directors and supervisors, with 8 of them receiving no remuneration from the company[113]. - The company reported a significant increase in user data, with a 0.94% rise in the proportion of restricted shares held by domestic investors[175]. - The company has received approval from the State-owned Assets Supervision and Administration Commission for its stock incentive plan, demonstrating regulatory compliance[176].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 37.86 CNY [1] Core Views - The company achieved a net profit of 750 million CNY in 2023, representing a year-on-year growth of 35.1%, which aligns with market expectations [1] - The company is focusing on emerging industries to enhance economic efficiency, with a projected revenue growth of 9.5% in 2024 [2] - The company is a core supplier of special connectors and is expanding its main business while accelerating its layout in commercial aerospace, data centers, and low-altitude economy sectors [1][2] Financial Performance Summary - In 2023, the company reported total revenue of 6.21 billion CNY, with a year-on-year increase of 3.2% [2] - The gross profit margin for 2023 increased to 38.0%, up 5.0 percentage points from the previous year [1] - The company expects to achieve net profits of 913 million CNY, 1.1 billion CNY, and 1.33 billion CNY for the years 2024, 2025, and 2026 respectively, with growth rates of 21.7%, 20.9%, and 20.2% [2] Business Segment Performance - The relay segment generated revenue of 330 million CNY, while the connector and interconnection integrated products segment saw revenue growth of 8.5% [1] - The company is actively increasing R&D investment, particularly in high-reliability optoelectronic interconnects, new energy, microwave components, and machine vision technology [1] Cash Flow and Financial Health - The operating cash flow improved significantly in 2023, with net cash flow from operating activities reported at 1.64 billion CNY [2] - The company has optimized its supply chain management, leading to a reduction in inventory by 55.9% compared to the beginning of the year [1]

关于贵州航天电器股份有限公司 2023 年度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 关于贵州航天电器股份有限公司 2023 年度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 XYZH/2024BJAG1F0162 贵州航天电器股份有限公司 贵州航天电器股份有限公司董事会： 我们按照中国注册会计师审计准则审计了贵州航天电器股份有限公司(以下简称航 天电器公司)2023年度财务报表，包括2023年12月31日的合并及母公司资产负债表、2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表， 以及相关财务报表附注，并于2024年3月28日出具了XYZH/2024BJAG1B0109号无保留意见 的审计报告。 本专项说明仅供航天电器公司2023年度报告披露之目的使用，未经本事务所书面同 意，不得用于其他任何目的。 根据深圳证券交易所相关规定，航天电器公司编制了本专项说明所附的《贵州航天 电器股份有限公司2023年度涉及财务公司关联交易的存款、贷款等金融业务汇总表》（以 下简称汇总表）。 编制和对外披露汇总表，并确保其真实性、准确性及完整性是航天电器公司的责任 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-13 贵州航天电器股份有限公司 关于召开 2023 年度股东大会的通知 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。 一、召开会议的基本情况 1.股东大会召开届次：2023 年度股东大会 2.会议召集人：贵州航天电器股份有限公司董事会 3.会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》等的规定。 4.会议召开日期和时间 (1)现场会议时间：2024 年 4 月 19 日上午 9:00。 (2)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 2024 年 4 月 19 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 2024 年 4 月 19 日 9:15～15:00。 5.会议召开方式：本次股东大会采用现场表决与网络投票相结合的方式。 (1)现场投票：股东本人出席现场会议或者授权委托代理人出席现场会议进 行表决。 (2)网络投票：公司将通 ...

关于对航天科工财务有限责任公司的风险评估报告 2024年3月28日，贵州航天电器股份有限公司（以下简称"公司"） 召开第七届董事会第六次会议，审议通过了《关于对航天科工财务有限责 任公司的风险评估报告》，关联董事王跃轩、李凌志、张晨、于思京、陈 勇、饶伟先生回避了表决，非关联董事以3票同意、0票反对、0票弃权的 表决结果通过上述议案。按照《深圳证券交易所股票上市规则》的有关规 定，上述关联交易事项无需提交股东大会审议。 根据《深圳证券交易所上市公司自律监管指引第7号—交易和关联交 易》的要求，公司通过查验航天科工财务有限责任公司的《金融许可证》、 《企业法人营业执照》等证照资料，并审阅该公司2023年度财务报告，对 航天科工财务有限责任公司的经营资质、业务和风险状况进行了评估，具 体情况报告如下： 一、科工财务公司基本情况 航天科工财务有限责任公司（以下简称"科工财务公司"）经中国银 行保险监督管理委员会批准（金融许可证编号：L0009H211000001）、北 京市市场监督管理局登记注册（统一社会信用代码：911100007109288907） 的非银行金融机构，依法接受银保监会的监督管理。 证券代码：00 ...

（一） 募集资金金额及到位时间 贵州航天电器股份有限公司 关于募集资金 2023 年度存放与使用情况的专项报告 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、误导性陈述或重大遗漏。 证券代码：002025 证券简称：航天电器 公告编号：2024-14 一、募集资金基本情况 截至 2023 年 12 月 31 日，本公司募集资金专户银行利息累计净 额为 34,224,935.95 元（2023 年银行利息收入净额 10,436,939.96 元、2022 年银行利息收入净额 18,001,175.54 元、2021 年银行利息 收入净额 5,786,820.45 元），其中累计投入项目金额 2,237,213.02 元。 | | 目 | | | | | | --- | --- | --- | --- | --- | --- | | 4 | 贵州林泉微特电机产业化建 设项目 | 19,830.00 | 10,420.00 | 10,420.00 | 林泉电机 | | 5 | 收购航天林泉经营性资产 | 36,616.92 | 19,625.00 | 19,625.00 | 林泉电机 | ...

1 贵州航天电器股份有限公司 2023 年 12 月 31 日 内部控制审计报告 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控 制审计结果推测未来内部控制的有效性具有一定风险。 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，并评价其有效性是航天电器公司董 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 内部控制审计报告 XYZH/2024BJAG1B0110 贵州航天电器股份有限公司 贵州航天电器股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了贵州航天电器股份有限公司（以下简称航天电器公司）2023 年 12 月 31 日财务报告内 部控制的有效性。 一、 企业对内部控制的责任 四、 财务报告内部控制审计意见 我们认为，航天电器公司于 ...

贵州航天电器股份有限公司董事会 关于独立董事独立性情况的专项意见 （五）公司独立董事不属于与公司及其控股股东、实际控制人或 者其各自的附属企业有重大业务往来的人员，或者在有重大业务往来 的单位及其控股股东、实际控制人任职的人员； （六）公司独立董事不属于为公司及其控股股东、实际控制人或 者其各自附属企业提供财务、法律、咨询、保荐等服务的人员，包括 1 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》《贵州航天电器股份有限公司独立董事工作制度》的 有关规定，贵州航天电器股份有限公司（以下简称"公司"）董事会 结合独立董事提交的自查报告，就公司第七届董事会独立董事史际春、 刘桥、胡北忠先生独立性情况进行评估并出具专项意见如下： （一）公司独立董事及其配偶、父母、子女、主要社会关系不属 于在公司或者附属企业任职的人员； （二）公司独立董事及其配偶、父母、子女不属于直接或者间接 持有公司已发行股份百分之一以上或者是公司前十名股东中的自然 人股东； （三）公司独立董事及其配偶、父母、子女不属于直接或者间接 持有公司已发行股份百分之 ...

贵州航天电器股份有限公司 2023 年面对复杂的经济形势，公司深化落实航天电器"把握三 个新发展、坚持三个有利于"经营理念，聚焦主责主业，围绕"1+5" 战略实施，持续强化"市场开发、产品开发和供应链开发"，发挥"四 个中心"核心功能作用，依托公司技术创新平台，围绕商业航天、深 海业务、新能源、民用通讯、低空经济等新兴产业，开辟产业发展新 赛道并取得了市场突破，较好完成年度目标任务，主要经济指标再创 新高。2023 年公司圆满完成国家重大工程项目型号配套任务，获评 "国资委 2022 年度'科改'示范标杆企业"，并实施完成首期限制 性股票激励计划授予登记。 2023 年公司实现营业总收入 6,209,820,336.41 元，较上年同期 增长 3.16%；实现利润总额 936,556,344.92 元，较上年同期增长 32.54%；实现净利润 868,202,504.92 元，较上年同期增长 33.29%； 实现归属于母公司股东的净利润 750,480,376.13 元，较上年同期增 1 长 35.11%。 1.公司紧紧围绕国家经济政策、技术变革和产业发展趋势制定经 营策略 报告期内，公司经营管理层积极研究国 ...