第七届监事会第十九次会议决议公告 本公司及监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"）第七届监事会第十九次会 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 10:30 在公司办公楼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： 以 3 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》 全体监事认为：董事会编制和审核贵州航天电器股份有限公司 2024 年第一 季度报告的程序符合法律、行政法规的规定，报告内容真实、准确、完整地反映 了公司的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 证券代码：002025 证券简称：航天电器 公告编号：2024-21 贵州航天电器股份有限公司 备查文件： 第七届监事会第十九次会议决议 特此公告。 贵州航天电器股份有限公司监事会 2024 年 4 月 2 ...

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]

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")于 2024 年 4 月 25 日召开第七届董事会 2024 年第三次临时会议，审议通过《关于会 计政策变更的议案》，本次会计政策变更无需提交股东大会审议。具 体变更情况如下： 一、本次会计政策变更概述 ㈠变更原因 证券代码：002025 证券简称：航天电器 公告编号：2024-22 贵州航天电器股份有限公司 关于会计政策变更的公告 的相关规定。其他未变更部分继续执行财政部前期颁布的《企业会计 准则——基本准则》和各项具体会计准则、企业会计准则应用指南、 企业会计准则解释公告以及其他相关规定。 2023 年 10 月 25 日，财政部发布《关于印发<企业会计准则解释 第 17 号>的通知》（财会〔2023〕21 号）（以下简称"《解释第 17 号》"）， 规定了"关于流动负债与非流动负债的划分"、"关于供应商融资安排 的披露"、"关于售后租回交易的会计处理"等内容，解释第 17 号自 2024 年 1 月 1 日起施行。 根据上述文件要求，公司需要对会计政策进行相应变更。 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-18 贵州航天电器股份有限公司 2023 年度股东大会决议公告 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。 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 1.出席本次股东大会的股东及股东授权委托代表共 48 人，代表有表决权的 股份总数 208,090,487 股，占公司总股本的 45.5470%。 1.会议召开时间 现场会议时间：2024 年 4 月 19 日上午 9:00 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。 2.现场会议召开地点：贵州航天电器股份有限公司办公楼三楼会议室（贵州 省贵阳经济技术开发区红河路 7 号）。 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：王跃轩先生 6.会议通 ...

北京市中伦律师事务所 关于贵州航天电器股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年四月 北京市朝阳区金和东路 20 号院正大中心 3 号南塔 22-31 层 邮编：100020 22-31/F, South Tower of CP Center, 20 Jin He East Avenue, Chaoyang District, Beijing l00020, P.R. China 电话/Tel : +86 10 5957 2288 传真/Fax : +86 10 6568 1022/1838 www.zhonglun.com 北京市中伦律师事务所 关于贵州航天电器股份有限公司 2023 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2023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 ...

证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d航yCo天mpa电ny＃器 （ 002025 ） investSug 增持 ( 维ges持tionC）h 000009 ＃title＃ 盈利能力显著提升，多点布局新兴产业 ange＃ ＃createTime1＃ 2024 年04 月18 日 投资要点 ＃市场ma数rk据etData＃ ＃ sum 公ma 司ry＃ 发布2023年年报：公司发布2023年年报，实现营收62.10亿元，同比 日期 2024-04-16 增长3.16%；归母净利润7.50亿元，同比增长35.11%；扣非后归母净利润 6.92亿元，同比增长37.22%；基本每股收益1.65元/股，同比增长34.15%； 收盘价（元） 38.04 加权平均净资产收益率12.57%，同比增加2.49pct。 总股本（百万股） 456.87  2024年度预算：2023年公司计划完成营业收入72亿元，实际实现62.10亿 元，完成率为86.25%，2022年完成率为104.70%。2024年公司计划完成营 流通股本（百万股） 452.56 业收入65亿元，较 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-17 贵州航天电器股份有限公司 关于举办 2023 年度业绩说明会的通知 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 年年度报告及 2023 年 年 度 报 告 摘 要 》 已 于 2024 年 3 月 30 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）上披露。为让广大投资者全面了解公司 2023 年 度报告内容及年度经营情况，公司定于 2024 年 4 月 17 日（星期三）下午 15:00-17:00 举办 2023 年度网上业绩说明会。 本次年度业绩说明会采用网络远程方式召开，投资者可登录深圳证券交易所 "互动易"平台（http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次年 度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长王跃轩先生，总经理李凌志 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。 为充分尊重投资者、提升交流的针对性，现就公司 202 ...

[Table_Page] 年报点评|国防军工 证券研究报告 [航Table_天Title] 电器（002025.SZ） [公Tab司le_I评nves级t] 买入 当前价格 37.73元 盈利能力改善明显，积极拓展新兴市场成长可期 合理价值 49.40元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-07 ⚫ 事件：公司公告23年年报，实现营收62.10亿元（YoY+3.16%），归 [相Tab对le_P市icQ场uote表] 现 母净利润 7.50 亿元（YoY+35.11%），扣非归母净利润 6.92 亿元 （YoY+37.22%），毛利率 37.99%（YoY+4.99pct），净利率 13.98% 12% （YoY+3.16pct）。 1% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% ⚫ 点评：盈利能力改善明显，积极拓展新兴市场成长可期。2023年，公 -20% 司围绕商业航天、深海业务、新能源、民用通讯、低空经济等新兴产 -31% 业开辟新赛道并取得了市场突破。单季度看，2023Q4营收和归母净利 -4 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's 2023 performance met market expectations, with revenue of 6.21 billion yuan, a year-on-year increase of 3.16%, and a net profit attributable to shareholders of 750 million yuan, up 35.11% year-on-year [5]. - The connector segment showed strong growth, with revenue reaching 4.43 billion yuan, a year-on-year increase of 14.28%, while other segments like motors and relays experienced declines [5]. - The company's gross margin improved to 37.99%, an increase of 4.99 percentage points from 2022, driven by higher sales of high-end connectors [5]. - The company is positioned as a core supplier in the aerospace connector market, benefiting from increased demand in both military and civilian sectors, particularly with the growth of 5G infrastructure [5]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 6.21 billion yuan, with a year-on-year growth rate of 3.16% [6]. - The net profit attributable to shareholders was 750 million yuan, reflecting a year-on-year increase of 35.11% [6]. - The company's gross margin for 2023 was 37.99%, up from 33.0% in 2022 [6][7]. Revenue Breakdown - Connector revenue was 4.43 billion yuan, up 14.28% year-on-year [5]. - Motor revenue decreased by 16.21% to 1.26 billion yuan, while relay revenue fell by 9.21% to 326 million yuan [5]. - The company is expanding its product lines, including aerospace, high-speed, deep-water sealing, and liquid cooling connectors [5]. Future Projections - The report projects a decrease in net profit estimates for 2024 and 2025 to 900 million yuan and 1.17 billion yuan, respectively, due to increased costs from stock incentive plans [5]. - The company is expected to continue benefiting from high demand in the aerospace sector and the expansion of its production capacity [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 52.52 yuan, based on a projected EPS of 2.02 yuan for 2024 and a PE ratio of 26 times [2][4]. Core Insights - The company reported a revenue of 6.21 billion yuan for 2023, reflecting a year-on-year growth of 3.16%, and a net profit of 750 million yuan, which is a significant increase of 35.11% [1][3]. - The fourth quarter of 2023 saw a revenue decline of 23.37% to 1.007 billion yuan, attributed to lower revenue recognition, but the company expects a recovery in growth as industry demand rebounds [1][3]. - The net profit margin improved to 13.98%, with a notable increase in gross margin to 37.99%, driven by effective cost control measures including design optimization and procurement cost reductions [1][3]. - The company plans to achieve a revenue target of 6.5 billion yuan in 2024, with cost control measures aimed at keeping expenses below 5.48 billion yuan [1][3]. - The company is positioned to benefit from high demand in military products and has made significant breakthroughs in key markets, including aerospace and telecommunications, which are expected to enhance profitability [1][3]. Financial Summary - For 2023, the company achieved a revenue of 6.21 billion yuan, with a projected revenue growth of 16.8% for 2024 and 23.8% for 2025 [3][9]. - The net profit for 2024 is estimated at 922 million yuan, with a growth rate of 22.8% [3][9]. - The gross margin is expected to stabilize around 36.6% from 2024 to 2026, while the net profit margin is projected to reach 12.9% by 2026 [3][9].