证券代码：002025 证券简称：航天电器 公告编号：2025-70 贵州航天电器股份有限公司 关于召开 2025 年第四次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、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、股东会届次：2025 年第四次临时股东大会 2、股东会的召集人：贵州航天电器股份有限公司董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议召开时间：2025 年 12 月 12 日上午 9:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 12 月 12 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系 统投票的具体时间为 2025 年 12 月 12 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 ...

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、误导性陈述或者重大遗漏。 贵州航天电器股份有限公司（以下简称"公司"）第八届监事会第十一次会 议通知于 2025 年 11 月 17 日以书面、电子邮件方式发出，2025 年 11 月 21 日 上午 11:30 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： 证券代码：002025 证券简称：航天电器 公告编号：2025-66 贵州航天电器股份有限公司 第八届监事会第十一次会议决议公告 特此公告。 贵州航天电器股份有限公司监事会 2025 年 11 月 22 日 以 3 票同意、0 票反对、0 票弃权的表决结果审议通过公司《关于募投项目 结项并将节余募集资金永久补充流动资金的议案》 全体监事认为：公司 2021 年非公开发行股票募集资金投资项目已全部实施 完毕并达到可使用状态，公司将节余募集资金永久补充流动资金，审议程序符合 中国证监会、深圳证券交易所关于上市公司募集资金管理的有关 ...

贵州航天电器股份有限公司（以下简称"公司"）第八届董事会 2025 年第十 二次临时会议通知于 2025 年 11 月 17 日以书面、电子邮件方式发出，2025 年 11 月 21 日上午 9:00 在公司三楼会议室以通讯表决方式召开。会议由公司董事长李凌 志先生主持，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、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 票弃权的表决结果通过《关于修订<公司章 程>的议案》 证券代码：002025 证券简称：航天电器 公告编号：2025-65 贵州航天电器股份有限公司 第八届董事会 2025 年第十二次临时会议决议公告 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。 根据《公司法》《关于新<公司法>配套制度规则实施相关过渡期安排》《上市 公司章程指引（2025年修订）》《深圳证券交易所股票上市规则》（2025年修订）》 《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 （2 ...

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, indicating a turning point in profitability and growth potential [6][4]. Core Insights - The military industry is expected to enter a new growth cycle driven by the initiation of the "14th Five-Year Plan" equipment construction, military trade, and commercial aerospace advancements [2][3]. - The overall revenue for the military sector increased by 3.07% year-on-year in the first three quarters of 2025, while net profit attributable to shareholders decreased by 9.89%, showing a narrowing decline compared to the previous year [6][11]. - Key segments such as components, sub-systems, and assembly levels have shown signs of recovery, with revenue growth turning positive for the first time since 2021 [18][25]. Summary by Sections 1. Performance Analysis - In Q3 2025, revenue growth rates for components, sub-systems, and assembly levels were 8.30%, 3.37%, and 1.16% respectively, marking a positive shift from negative growth in 2024 [18][19]. - The net profit for the components level increased by 6.94% year-on-year, while sub-systems and assembly levels saw declines of 28.98% and 19.48% respectively [18][23]. 2. Cash Flow Improvement - The cash flow from operations for sub-systems and assembly levels improved, while components faced temporary pressure [40][42]. - The sales collection ratio for assembly levels rose significantly by 23.23 percentage points to 92.50% in Q3 2025, indicating better cash flow management [40][41]. 3. Prepayments and Inventory - Prepayments (including contract liabilities) across all levels showed an upward trend, with assembly levels increasing by 21.85% to 63.345 billion yuan [48][49]. - Inventory levels for components, sub-systems, and assembly increased by 12.57%, 8.81%, and 19.82% respectively, suggesting a positive outlook for future performance [53][54]. 4. Segment Performance - The weaponry segment led revenue growth with a remarkable 27.52% increase, while the aerospace segment grew by 6.17% and the information technology segment by 5.37% [35][36]. - The information technology segment achieved a net profit growth rate of 136.38%, indicating strong performance and future growth potential [36][39].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a cumulative operating revenue of 4.349 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.87%. However, the net profit attributable to the parent company decreased by 64.53% to 146 million yuan. In Q3 alone, the operating revenue reached 1.414 billion yuan, showing a year-on-year growth of 31.73%, while the net profit attributable to the parent company increased by 122.54% [6][8]. - The revenue decline is attributed to the ramp-up of production capacity, demand in the defense industry, and issues with revenue recognition. The company is still in the process of ramping up production, and the utilization rate remains low. Additionally, rising prices of precious metals have led to higher costs, impacting profitability [2][6][8]. - The company is focusing on its core business and aims to enhance its delivery capabilities while increasing investment in new domains and strategic emerging industries. Significant growth in orders has been observed in defense, new energy, and data communication sectors [6][8]. Summary by Sections Financial Performance - The company achieved total operating revenue of 5.025 billion yuan in 2024, with projections of 5.717 billion yuan in 2025, 7.454 billion yuan in 2026, and 9.282 billion yuan in 2027. The net profit attributable to the parent company is expected to be 505 million yuan in 2025, 867 million yuan in 2026, and 1.118 billion yuan in 2027, with corresponding year-on-year growth rates of 45%, 72%, and 29% respectively [19][19]. - The earnings per share (EPS) are projected to be 1.10 yuan in 2025, 1.90 yuan in 2026, and 2.45 yuan in 2027 [19]. Market Position and Strategy - The company is enhancing its technological innovation and market expansion efforts, achieving breakthroughs in key technologies. It has secured opportunities for three major new projects and has seen over 30% growth in orders from strategic emerging industries [6][8]. - The company is implementing refined management practices, focusing on cost control and optimizing marketing assessments to improve revenue recognition and cash flow [6][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 52.65 yuan, based on a revised EPS forecast for 2025, 2026, and 2027 of 0.71, 1.35, and 1.79 yuan respectively [3][5]. Core Insights - The company reported a revenue of 4.349 billion yuan for the first three quarters of 2025, reflecting an increase of 8.87%, while the net profit attributable to shareholders decreased by 62.77% to 146 million yuan. In Q3 alone, revenue reached 1.414 billion yuan, a year-on-year growth of 31.73%, and net profit increased by 122.54% year-on-year and 47.88% quarter-on-quarter [2][10]. - The company is experiencing a recovery in operational quality due to cost reduction and efficiency improvement measures, with Q3 showing a rebound in performance and profitability [10]. - The defense market is witnessing a recovery, and the company has seen significant growth in both military and civilian product orders since the beginning of the year, although revenue recognition has been delayed due to extended customer acceptance periods [10]. Financial Summary - For 2025, the company expects revenues of 5.907 billion yuan, with a year-on-year growth of 17.6%. The operating profit is projected at 422 million yuan, a slight increase of 3.8% compared to the previous year. The net profit attributable to shareholders is forecasted to be 325 million yuan, a decrease of 6.5% [4][14]. - The gross margin is expected to decline to 34.3% in 2025, while the net margin is projected at 5.5% [4]. - The company's inventory as of Q3 2025 stood at 2.477 billion yuan, a 33.84% increase from the beginning of the year, indicating strong order demand and production capacity improvements [10].

Core Viewpoint - The company reported a significant increase in Q3 revenue and net profit, indicating strong performance despite challenges in the first three quarters of the year [1] Financial Performance - Q3 revenue reached 1.414 billion yuan, up 31.73% year-on-year but down 3.73% quarter-on-quarter [1] - Q3 net profit attributable to shareholders was 59.35 million yuan, a year-on-year increase of 122.54% and a quarter-on-quarter increase of 47.88% [1] - For the first three quarters of 2025, revenue was 4.349 billion yuan, up 8.87% year-on-year, while net profit dropped 64.53% year-on-year to 146 million yuan [1] - The gross profit margin for Q3 was 29.22%, down 6.56 percentage points year-on-year, and the gross profit margin for the first three quarters was 31.06%, down 13.30 percentage points year-on-year [1][2] Operational Insights - The company experienced a decline in net cash flow from operating activities, with a net cash flow of approximately -800 million yuan for the first three quarters, compared to -477 million yuan in the same period last year [2] - The company maintained a good control over expenses, with a decrease in the expense ratio to 22.65%, down 3.98 percentage points year-on-year [2] Strategic Initiatives - The company is actively expanding into new fields and markets, including AI supercomputing, commercial aerospace, and low-altitude economy, which has led to a steady increase in market share and product orders [3] - Effective measures have been implemented to enhance quality and efficiency, indicating potential improvements in operational management capabilities [4] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025-2027 by 38.24%, 27.32%, and 21.59%, respectively, with projected net profits of 460 million, 738 million, and 985 million yuan [5] - The target price has been adjusted to 56.7 yuan, down from 75.51 yuan, reflecting a 46 times PE for 2025 [5]

Group 1 - The company, Aerospace Electric, announced on October 30 that its temporary board meeting was held on October 28, 2025, to review the proposal for asset impairment provision for the third quarter of 2025 [1] - For the first half of 2025, Aerospace Electric's revenue composition was 98.21% from the electronic components industry and 1.79% from other businesses [1]

Core Insights - Aerospace Electric reported a third-quarter revenue of 1.414 billion yuan, representing a year-on-year increase of 31.73% [1] - The net profit for the third quarter was 59.3486 million yuan, showing a year-on-year growth of 122.54% [1] - For the first three quarters, the total revenue reached 4.349 billion yuan, which is an 8.87% increase compared to the same period last year [1] - However, the net profit for the first three quarters was 146 million yuan, reflecting a year-on-year decline of 64.53% [1]

证券代码：002025 证券简称：航天电器 公告编号：2025-64 关于计提 2025 年第三季度资产减值准备的公告 贵州航天电器股份有限公司 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。 贵州航天电器股份有限公司（以下简称"公司"）于2025年10月28日召开的 第八届董事会2025年第十一次临时会议审议通过《关于计提2025年第三季度资产 减值准备的议案》。现将相关事项公告如下： 一、本次计提资产减值准备情况概述 ㈠本次计提资产减值准备的原因 为真实、准确、客观地反映公司截至2025年9月30日的财务状况、资产价值 和经营情况，根据《企业会计准则》和公司会计政策的相关规定，公司对合并财 务报表范围内截至2025年9月30日的各项资产价值进行了全面检查，对存在减值 迹象的资产进行减值测试，对可能发生资产减值损失的相关资产计提减值准备。 ㈡本次计提资产减值准备的资产范围、总金额、拟计入的报告期间 本着谨慎性原则，公司对合并报表范围内截至2025年9月30日的应收票据、 应收账款、其他应收款、存货、合同资产等资产进行减值测试，经评估及测算， 公司2025年 ...