Summary of the Conference Call Company Overview - The conference call was held by AVIC Optoelectronics to discuss the performance for the first three quarters of 2023 and future outlook. The call included key executives such as the General Manager and Chief Accountant. Key Points Financial Performance - The company reported a total sales revenue of 14 billion yuan for the first three quarters of 2023, a year-on-year decrease of 8% [1] - The net profit for the same period was 2.5 billion yuan, reflecting a 13% decline compared to the previous year, although the decline rate narrowed by 1.45 percentage points compared to the first half of the year [2] - The sales profit margin remained stable at 18.8%, consistent with the same period last year [2] Business Segments and Strategies - In the housing sector, the company is focusing on developing system-level solutions and enhancing strategic cost management to improve product competitiveness [2] - The company is targeting key clients with differentiated marketing strategies, which has led to a recovery in orders in the housing sector in the second half of the year [2] - The company is expanding into emerging markets, achieving rapid growth in data centers, new energy equipment, industrial equipment, and medical devices [3] - In the new energy sector, there has been significant growth in domestic procurement, particularly in high-pressure power supplies and intelligent networking [3] Future Outlook - The company anticipates a significant improvement in order volume in the housing sector in the fourth quarter, driven by better engagement with clients [5] - Despite challenges, the company remains committed to achieving its annual targets, although there is pressure to meet these goals [6][7] - The management expressed confidence in achieving positive growth for the year, despite the current pressures [8] Margin and Cost Management - The gross profit margin for the third quarter was reported at 35.5%, which is within the normal range for the industry [9] - The company is adjusting its product mix, with expectations that the growth in civilian products will outpace military products in the coming years [11] - The management is focused on optimizing the gross margin through strategic adjustments in customer and product structures [12] Strategic Partnerships - The establishment of the Luoyang Guanglian Fund aims to support the optical industry cluster and facilitate capital operations for AVIC Optoelectronics [14] - The fund will assist in capitalizing on opportunities within the optical industry, particularly for small and startup projects [15] Industry Trends and Challenges - The company is navigating a complex environment with pressures on pricing and demand, particularly in the defense sector [29] - The management noted that the overall industry growth rate may not return to previous highs, but there are opportunities for growth in new projects and technologies [26] Inventory and Financial Management - The company reported an increase in inventory levels, which reflects a proactive approach to meet confirmed customer demands [24][25] - The management is aware of the need to ensure that fourth-quarter profits exceed those of the third quarter to meet annual targets [22][23] Conclusion - The call concluded with an invitation for investors to attend the upcoming Zhuhai Airshow, which is expected to showcase significant developments in the aerospace and defense sectors [39] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, strategic initiatives, and outlook for the future.

Group 1: Company Performance and Projections - The company anticipates an overall increase in operating performance for the year, despite a temporary decline in the first three quarters due to complex external and internal factors [1] - The company has observed a recovery in overall orders, with positive signals in demand from key business areas for the fourth quarter [1] Group 2: Industrial Project Developments - The company has completed and put into operation its South China industrial base project and Luoyang basic components industrial park project [1] - The high-end interconnect technology industrial community project and the civil aircraft and industrial interconnect industrial park project have reached the main structure completion stage [1] Group 3: Business Growth and Market Trends - The liquid cooling business has experienced rapid growth, with a compound annual growth rate exceeding 50% over the past five years [2] - The company is confident in the future rapid development of the civil aircraft business and is planning to implement the civil aircraft and industrial interconnect industrial park project to meet future capacity demands [3] Group 4: Technological Advancements and Strategic Focus - The company is closely monitoring the development dynamics of cutting-edge technologies in the low-altitude economy and is enhancing its technology and product layout [3] - Future plans include developing interconnected solutions for various low-altitude flying vehicle applications based on demand analysis and market research [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 68.31 [1][7]. Core Views - The defense business is showing signs of recovery, and the company is expected to achieve growth in revenue and profit for the full year despite a decline in the first three quarters due to industry factors [3][4]. - The company has established a strategic partnership with Luoyang Guanglian Fund, which is expected to enhance future capital operations [6]. - Financial indicators remain healthy, with a slight decline in gross margin but significant improvement in operating cash flow [5]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of RMB 4.898 billion, a year-on-year increase of 6.45% but a quarter-on-quarter decrease of 5.52%. For the first three quarters of 2024, revenue totaled RMB 14.095 billion, down 8.23% year-on-year, with a net profit of RMB 2.513 billion, down 13.15% year-on-year [3][4]. - The gross margin for the first three quarters of 2024 was 36.61%, with a slight decline of 0.59 percentage points compared to the first half of the year [5]. Market Position and Strategy - The company is a leading player in the domestic connector industry and is leveraging its industry advantages to provide better investment opportunities for the Luoyang Guanglian Fund [6]. - The company has seen strong growth in sectors such as data centers, new energy equipment, industrial equipment, and medical devices, which are expected to support overall performance [4]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 3.618 billion, RMB 4.392 billion, and RMB 5.186 billion, respectively, with corresponding EPS of RMB 1.71, RMB 2.07, and RMB 2.45 [7][8]. - The company is valued at a PE ratio of 33 times for 2025, leading to a target price of RMB 68.31 [7].

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved a total sales revenue of 14.095 billion CNY, a year-on-year decrease of 8.23%, but a narrowing decline of 6.28 percentage points compared to the first half of the year [2] - The net profit attributable to shareholders was 2.513 billion CNY, down 13.15% year-on-year, with a decline narrowing by 1.45 percentage points compared to the first half of the year [2] - The company's sales net profit margin stood at 18.83%, remaining stable compared to the same period last year [2] Group 2: Business Development and Strategy - The defense sector is focusing on enhancing comprehensive competitiveness through system-level solutions and strategic cost management [2] - The company is expanding in high-end civil manufacturing, particularly in emerging industries and core product promotion, achieving rapid growth in data centers, new energy equipment, and medical devices [2] - The company is actively developing the civil aviation sector, with significant growth in the civil aircraft business and ongoing projects to enhance production capacity [4] Group 3: Future Outlook and Investor Relations - The company anticipates a recovery in overall orders and expects growth in annual operating performance despite a temporary decline in the first three quarters [3] - The gross profit margin for the first three quarters of 2024 was 36.61%, with a decrease of 0.59 percentage points compared to the first half of the year, remaining within a reasonable range [3] - The company is committed to capital operations and seeks new opportunities for mergers and acquisitions aligned with its core business [4]

Investment Rating - The investment rating for the company is "Recommended" [3] Core Views - The company reported a revenue of 140.95 billion yuan for the first three quarters of 2024, a year-over-year decrease of 8.2%, with a net profit attributable to shareholders of 25.13 billion yuan, down 13.2% year-over-year. The performance is generally in line with market expectations [1] - In Q3 2024, the company achieved a revenue of 48.98 billion yuan, representing a year-over-year increase of 6.4%, following declines in the first two quarters of 2024. However, net profit for Q3 2024 was 8.45 billion yuan, down 10.1% year-over-year [1] - The company plans to engage in strategic cooperation with Luoyang Guanglian Fund to leverage its industry advantages and support project exploration and industry assessment without actual capital investment [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company experienced a revenue decline of 8.2% year-over-year, with a net profit decrease of 13.2%. In Q3 2024, revenue increased by 6.4% year-over-year, but net profit continued to decline [1] - The gross margin for the first three quarters of 2024 decreased by 2.2 percentage points to 36.6%, while the net profit margin fell by 1.0 percentage point to 18.8%. In Q3 2024, the gross margin was 35.5%, down 5.0 percentage points year-over-year [1] Cost Management - The company maintained a stable expense ratio, with a total expense ratio increase of 0.5 percentage points to 16.1% for the first three quarters of 2024. The R&D expense ratio increased by 0.2 percentage points to 8.8% [1] Future Outlook - The company aims to expand into strategic emerging industries and enhance its industrial layout to create a "second growth curve." The projected net profits for 2024, 2025, and 2026 are 36.94 billion yuan, 43.45 billion yuan, and 49.75 billion yuan, respectively [1][4]

证券代码：002179 证券简称：中航光电 公告代码：2024-047号 中航光电科技股份有限公司 关于召开2024年第三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。 中航光电科技股份有限公司（以下简称"公司"或"本公司"）2024 年 10 月 29 日召开的第七届董事会第十三次会议审议通过了《关于召开 2024 年 第三次临时股东大会的议案》。公司拟于 2024 年 11 月 19 日召开 2024 年第 三次临时股东大会，现就召开本次股东大会的相关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2024 年第三次临时股东大会 （二）会议召集人：董事会 （四）会议召开的日期、时间： 1、现场会议时间：2024 年 11 月 19 日（星期二）上午 9:30 2、通过深圳证券交易所交易系统投票的时间为 2024 年 11 月 19 日的交 易时间，即 9:15－9:25，9:30－11:30 和 13:00－15:00； 3、通过深圳证券交易所互联网投票系统投票的时间为 2024 年 11 月 19 日 9:15-15:0 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥4,897,782,849.32, an increase of 6.45% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥844,887,413.92, a decrease of 10.14% year-over-year[3]. - The net profit after deducting non-recurring gains and losses was ¥812,852,870.17, down 12.03% from the previous year[3]. - Total operating revenue for Q3 2024 was approximately ¥14.09 billion, a decrease of 8.23% compared to ¥15.36 billion in the same period last year[14]. - The company's net profit for Q3 2024 was approximately ¥2.65 billion, a decrease of 12.7% compared to ¥3.04 billion in Q3 2023[15]. - Operating profit for Q3 2024 was approximately ¥2.89 billion, down from ¥3.34 billion in the same period last year, reflecting a decline of 13.5%[15]. - The total comprehensive income for Q3 2024 was approximately ¥2.65 billion, down from ¥3.04 billion in Q3 2023, reflecting a decrease of 12.7%[16]. - Basic earnings per share for Q3 2024 were ¥0.3976, a decrease of 10.29% year-over-year[3]. - Basic earnings per share for Q3 2024 were ¥1.2019, compared to ¥1.3947 in Q3 2023, representing a decline of 13.8%[16]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥37,901,584,991.23, reflecting a growth of 6.56% from the end of the previous year[3]. - Total liabilities rose to approximately ¥14.02 billion, compared to ¥13.56 billion, indicating an increase of 3.43%[13]. - The equity attributable to shareholders increased to ¥22,284,473,533.04, an 8.72% rise compared to the end of last year[3]. - The equity attributable to shareholders of the parent company reached approximately ¥22.28 billion, an increase of 8.71% from ¥20.50 billion[13]. - The company's goodwill remained stable at approximately ¥69.12 million, unchanged from the previous year[12]. - Deferred tax assets increased to approximately ¥311.51 million, up from ¥244.84 million, reflecting a growth of 27.14%[12]. Cash Flow - The cash flow from operating activities for the year-to-date period was ¥725,490,924.37, showing a significant increase of 75.97%[3]. - The company reported a net cash flow from operating activities of approximately ¥725.49 million, up from ¥412.28 million in the previous year, indicating a growth of 76%[17]. - The company's cash and cash equivalents decreased from 9,886,478,996.98 CNY at the beginning of the period to 8,002,630,235.47 CNY at the end[11]. - Cash and cash equivalents at the end of Q3 2024 were approximately ¥7.94 billion, compared to ¥7.63 billion at the end of Q3 2023, showing an increase of 4.1%[18]. - The company reported a total cash outflow from investing activities of approximately ¥1.10 billion, a decrease of 62.7% from ¥2.96 billion in the previous year[18]. - The net cash flow from financing activities was approximately -¥1.58 billion in Q3 2024, compared to -¥621.34 million in Q3 2023, indicating a worsening of financing conditions[18]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 52,873[7]. - The largest shareholder, China Aviation Technology, holds 36.74% of the shares, totaling 778,663,507 shares[7]. - The report indicates a stable shareholder structure with no significant changes in the top ten shareholders[8]. Operational Insights - The company reported a 67.73% decrease in receivables financing, attributed to a reduction in eligible receivable notes[6]. - The company experienced a 715.34% increase in other income due to tax incentives related to advanced manufacturing[6]. - Accounts receivable increased significantly from 8,339,360,844.10 CNY to 12,939,045,601.78 CNY during the reporting period[11]. - Inventory rose from 4,189,742,188.55 CNY to 4,823,835,098.16 CNY, indicating a growth in stock levels[11]. - The total current assets increased from 27,600,165,839.05 CNY to 28,373,179,654.67 CNY[11]. - Research and development expenses for Q3 2024 amounted to approximately ¥1.24 billion, a decrease of 5.66% from ¥1.32 billion in the previous year[14]. - The company has not reported any new product launches or technological advancements in this quarter[10]. - There were no significant mergers or acquisitions mentioned in the report[10]. - The company has not provided specific future guidance or performance outlook in this report[10].

中航光电科技股份有限公司章程 第一章 总 则 第一条 为确立中航光电科技股份有限公司（以下简称"公司" 或"本公司"）的法律地位，规范公司的组织与行为，坚持和加 强党的全面领导，坚持权责法定、权责透明、协调运转、有效制 衡的公司法人治理机制，完善公司法人治理结构，建设中国特色 现代国有企业制度，维护公司、股东和债权人的合法权益，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人 民共和国企业国有资产法》（以下简称《企业国有资产法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《中国共 第二条 中航光电科技股份有限公司系依照《公司法》和其他 有关规定成立的股份有限公司（以下简称"公司"）。 公司经经济贸易委员会"国经贸企改［2002］959"号文批准， 以发起方式设立。公司在洛阳市市场监督管理局注册登记，取得 企业法人营业执照。 第三条 公司于 2007 年 10 月 10 日经中国证券监督管理委员会 核准，首次向社会公众发行人民币普通股 3000 万股，并于 2007 年 11 月 1 日在深圳证券交易所上市。 第四条 公司注册名称：中航光电科技股份有限公司 英文全称：Jonhon Opt ...

证券代码：002179 证券简称：中航光电 公告代码：2024-045号 中航光电科技股份有限公司 关于与洛阳光联基金开展战略合作的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 中航光电科技股份有限公司（以下简称"公司"或"中航光电"）拟与洛阳 光联产业投资基金合伙企业(有限合伙)（以下简称"洛阳光联基金"）开展战略 合作，拟为洛阳光联基金管理人提供项目挖掘、产业研判等支持，公司不参与洛 阳光联基金的出资及经营管理。公司2024年10月29日召开第七届董事会第十三次 会议审议通过了《关于公司与洛阳光联基金开展战略合作的议案》。该议案在提 交董事会前，已经公司董事会战略与投资委员会2024年第一次会议审议通过并获 全票同意。 一、洛阳光联基金及基金管理人概况 基金名称：洛阳光联产业投资基金合伙企业(有限合伙) 类型：有限合伙企业 成立日期：2024 年 9 月 25 日 出资额：3 亿元人民币 执行事务合伙人：洛阳创业投资有限公司（委派代表:陈博） 注册地址：河南省洛阳市洛龙区开元大道 218 号洛阳日报社报业集团 5 层 501 室 合伙人信息： | ...

证券代码：002179 证券简称：中航光电 公告代码：2024-044号 中航光电科技股份有限公司 关于变更公司英文全称及修订《公司章程》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 中航光电科技股份有限公司（以下简称"公司"或"中航光电"）2024年10 月29日召开的第七届董事会第十三次会议审议通过了《关于变更公司英文全称及 修订<中航光电科技股份有限公司章程>的议案》。该议案在提交董事会前，已 经公司董事会提名与法治委员会2024年第四次会议审议通过并获全票同意。该议 案尚需提交股东大会审议批准。具体情况如下： 一、拟变更公司英文名称及修订公司章程的说明 二、其他说明 （一）除上述变更外，公司中文全称、中文简称、英文简称及证券代码均未 发生变化。 （二）《中航光电科技股份有限公司章程》拟修订内容最终以市场监督管理 部门核准登记为准，同时提请公司股东大会授权公司管理层或其授权代表在股东 大会审议通过该议案后办理工商变更登记、章程备案等相关事宜。 中航光电科技股份有限公司 董 事 会 二〇二四年十月三十日 为适应新形势下中航光电国际市场业务品牌推广 ...