证券代码：002179 证券简称：中航光电 公告代码：2024-020号 中航光电科技股份有限公司关于变更注册地址、减少 注册资本并修订《公司章程》的进展公告 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"）2023年12 月26日召开的第七届董事会第八次会议、2024年1月12日召开的2024年第一次临 时股东大会审议通过了"关于变更注册地址、减少注册资本并修订《中航光电科 技股份有限公司章程》的议案"，同意公司变更注册地址、减少注册资本并修订 《中航光电科技股份有限公司章程》，同时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。《关于变更注 册地址、减少注册资本并修订<公司章程>的公告》（公告代码：2023-065号）披 露在2023年12 月27日 的《中国 证券报 》《证券 时报》以 及巨潮 资讯网 （www.cninfo.com.cn）。 近日，公司完成了工商变更登记和《公司章程》备案，并取得了洛阳市市场 监督管理局换发的《营业执照》。具体情况如下： ...

证券研究报告：国防军工 | 公司点评报告 2024年3月19日 股票投资评级 中航光电(002179) 买入|首次覆盖 市场开拓与产业化能力提升并举，打造第二增长曲 线 个股表现  事件 中航光电 国防军工 15% 10% 3月16日，中航光电发布2023年年报。2023年，公司实现营业 5% 收入 200.74 亿，同比增长 26.75%，实现归母净利润 33.39 亿，同比 0% -5% 增长22.86%。 -10% -15%  点评 -20% -25% -30% 1、2023 年，公司实现营业收入 200.74 亿，同比增长 26.75%， -35 2% 023-03 2023-05 2023-08 2023-10 2024-01 2024-03 实现归母净利润 33.39 亿，同比增长 22.86%，业绩实现持续较快增 长。公司整体毛利率为 37.95%，同比提升 1.41个百分点，盈利能力 资料来源：聚源，中邮证券研究所 进一步加强；管理费达13.33亿，同比增长46.52%，是因为股权激励 摊销金额增加所致；研发费用达21.97亿，同比增长37.55%，研发投 公司基本情况 入占营收比例保持在 ...

公 司 研 证券研究报告 究 ＃industryId＃ 国防军工 ＃investSuggestion＃ ＃ ＃d 中yCo 航mp 光any＃电 （ 002179 ） investSug 增持 ( 维ges持tion ）Ch 0000 营09 长＃t ，itle 持＃ 收 利 润稳步增 续加 大投资金额 ange＃ ＃ createTime1＃ 2024年 03月 20日 投资要点 公 ＃市场ma数rk据et Data＃ ＃ sum 公ma 司ry 发＃ ⚫ 布 2023 年年报：营收 200.74 亿元，同比增长 26.75%；归母净利润 33.39 亿 司 元，同比增长22.86%；扣非后归母净利润32.45亿元，同比增长23.73%；基本每股 日期 2024-03-19 收益1.62元/股，同比增长22.89%（基本每股收益为年报披露数据，股本口径为截至 点 收盘价（元） 37.31 2023年股本，非最新股本）；加权平均净资产收益率17.68%，同比增加0.86pct。 评 总股本（百万股） 2,119.66 ⚫ 公司2024年度预算：公司2024年度计划实现营业收入221亿元，较2023年完成金 额 ...

证券代码：002179 证券简称：中航光电 公告代码：2024-019号 中航光电科技股份有限公司 关于2023年年度业绩说明会投资者关注主要问题的公告 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。 二、结合公司 2024 年经营目标制定情况，展望公司未来行业需求。 针对以上问题公司将在 2023 年年度业绩说明会上进行回答，具体参会方 式： 1.网络参会 电脑端：点击链接 https://s.comein.cn/AkdHi，进入页面，按指引申请参会。 手机端： （1）登录"进门财经"APP 或"进门财经平台"小程序，搜索"002179" 进入"中航光电（002179）2023 年年度业绩说明会"，点击进入会议页面， 按指引申请参会。 （2）使用手机 App（如微信等）扫描下方二维码，在"申请参会"页面， 按指引点击参会。 中航光电科技股份有限公司（以下简称"公司"或"中航光电"）于 2024 年 3 月 16 日在《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn） 披露了《关于举行 2023 年年度业绩说明会的公告》（公告代码：2 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中航光电（ ） 002179.SZ [中Ta航b光le_电T点itle评] ：高额研发保障技术领先，坚定扩 产迎接景气上行 报告要点 [公Ta司bl依e_托Su防m务m领ar域y]持续纵向一体化以及民品横向品类扩张，保障营收稳健增长，“成本工程”持 续推行，牵引公司盈利稳中有升。防务领域市场拓展实现新突破，互连方案供应商首选地位持 续巩固；民用领域通讯与工业业务经营质效取得新成果，数据中心、石油装备、光伏储能等领 域实现高速增长，新能源汽车业务聚焦“国际一流，国内主流”客户，主流车企覆盖率持续提 ...

公司研究 | 年报点评 中航光电 002179.SZ 营收利润快速增长，加大研发和新兴产业 买入 （维持） 股价（2024年03月18日） 36.29元 拓展 目标价格 38.64元 52周最高价/最低价 46.58/29.66元 总股本/流通A股（万股） 211,966/206,384 A股市值（百万元） 76,923 国家/地区 中国 核心观点 行业 国防军工 事件：公司发布2023年年报，2023年全年实现营收200.74亿元（+26.75%），实现归 报告发布日期 2024年03月19日 母净利润 33.39 亿元（+22.86%）。单季度看，2023Q4 实现营收 47.15 亿元 （+39.34%），归母净利润4.46亿元（+2.92%）。 1周 1月 3月 12月 ⚫ 2023 年公司营收实现快速增长，业绩符合预期，股权激励费用影响后净利率仍维持 绝对表现% 4.31 3.8 -1.25 -9.78 高位。2023 年实现营收 200.74 亿元（+26.75%），归母净利润 33.39 亿元 相对表现% 3.91 -3.29 -9.48 -0.81 （+22.86%），再创历史最好水平，业绩符 ...

[Table_Page] 年报点评|军工电子Ⅱ 证券研究报告 [中Table_航Title] 光电（002179.SZ） [公Tab司le_I评nves级t] 增持 当前价格 35.31元 业绩稳定性强，提质增效推动利润弹性持续释放 合理价值 55.87元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-17 ⚫ 事件：公司公告2023年年报，实现营收200.72亿元（YOY+26.75%）， 相[Ta对ble市_Pi场cQu表ote现] 归母净利润 33.39 亿元（YOY+22.86%）,扣非归母净利润 32.45 亿元 （YOY+23.73%）。毛利率37.95%，较去年同期增加1.41pct，净利率 10% 17.61%，较去年同期减少0.71pct。 3% ⚫ 点评：业绩稳定性强，提质增效推动利润弹性持续释放，毛利率进一步 -5%03/23 05/23 07/23 09/23 11/23 01/24 03/24 增长，净利率下滑主要受股权激励费用摊销影响。报告期内，公司防务 -12% 领域互连方案供应商首选地位持续巩固；通讯与工业业务经营质效取得 -20 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 20.074 billion yuan in 2023, representing a year-on-year growth of 26.75% [2] - The net profit attributable to the parent company was 3.339 billion yuan, with a year-on-year increase of 22.86%, aligning closely with the forecast of 3.4 billion yuan [2] - The company has made significant breakthroughs in market expansion, particularly in the defense sector, and has strengthened its position as a preferred interconnection solution provider [3] - The company is focusing on strategic emerging industries in its civil high-end manufacturing business, achieving notable growth in data centers, oil equipment, and photovoltaic energy storage [3] - The internationalization strategy is accelerating, with a successful implementation of a "major clients + regional" market development model [3] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 4.715 billion yuan, a year-on-year increase of 39.34%, and a net profit of 446 million yuan, up 2.92% year-on-year [2] - Total operating income for 2023 was 20.074 billion yuan, with a growth rate of 26.75% [4] - The net profit for 2023 was 3.339 billion yuan, with a growth rate of 22.86% [4] Cost and Expenses - Management expenses increased significantly to 1.333 billion yuan, a rise of 46.52%, primarily due to the implementation of a restricted stock incentive plan [3] - R&D expenses totaled 2.197 billion yuan, reflecting a 37.55% increase as the company continues to enhance innovation and technology empowerment [3] Cash Flow - The net cash flow from operating activities grew by 45.79% year-on-year, driven by improved customer credit management and innovative accounts receivable management [3] Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2024 and 2025 downwards by 8.44% and 13.96% to 3.891 billion yuan and 4.517 billion yuan, respectively [3] - The projected EPS for 2024, 2025, and 2026 are 1.84 yuan, 2.13 yuan, and 2.50 yuan, with corresponding PE ratios of 19X, 17X, and 14X [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 20.074 billion yuan in 2023, representing a year-on-year growth of 26.75%, and a net profit attributable to shareholders of 3.339 billion yuan, up 22.86% year-on-year. This growth is attributed to the continuous expansion in the defense sector, rapid growth in emerging fields such as data centers, oil equipment, and photovoltaic energy storage, as well as increased coverage among mainstream customers in the new energy vehicle sector and accelerated international market layout [2][3] - The company’s connector production reached 81.72 million units in 2023, a year-on-year increase of 17.89%, driven by expansion projects. Key projects include the operation of the first phase of the South China industrial base, which enhances high-end manufacturing capabilities, and the near completion of the Luoyang basic components industrial park, which is expected to gradually open up growth space for the company’s performance [3] - The company is expected to benefit from macroeconomic policies and its "going out" strategy, with stable expectations for its new energy vehicle business. The company focuses on strategic emerging industries, with connector products that have high added value in both military and civilian applications, supported by a comprehensive marketing network in domestic and international markets [3] - The company’s performance is in line with expectations, and based on the high prosperity of the military industry during the 14th Five-Year Plan period, the company’s leading position in the military connector market, and the rapid development of downstream businesses, net profits for 2024-2026 are projected to be 3.997 billion yuan, 5.019 billion yuan, and 6.083 billion yuan respectively, corresponding to P/E ratios of 19, 15, and 12 times [3] Financial Summary - In 2023, the company reported total revenue of 20.074 billion yuan, with a year-on-year growth rate of 26.75%. The gross profit margin remained stable at over 40% for the main connector business, which generated revenue of 15.5 billion yuan, reflecting the company's strong position as a preferred interconnection solution provider [2][3] - The company’s total assets are projected to grow from 35.57 billion yuan in 2023 to 63.94 billion yuan by 2026, with total liabilities increasing from 13.56 billion yuan to 25.89 billion yuan over the same period [7] - The company’s earnings per share (EPS) for 2023 was 1.58 yuan, with projections of 1.89 yuan for 2024, 2.37 yuan for 2025, and 2.87 yuan for 2026, indicating a positive growth trajectory [2][8]

Financial Performance - Revenue for 2023 reached 20.074 billion yuan, a year-on-year increase of 26.75%[3] - Net profit attributable to shareholders of the listed company was 3.339 billion yuan, a year-on-year increase of 22.86%[4] - Revenue for 2023 reached 20.07 billion yuan, a year-on-year increase of 26.75%[15] - Net profit attributable to shareholders in 2023 was 3.34 billion yuan, up 22.86% year-on-year[15] - Operating cash flow surged to 3.09 billion yuan, a 45.79% increase compared to 2022[15] - Basic earnings per share (EPS) for 2023 stood at 1.6163 yuan, a 22.89% rise from the previous year[15] - Total assets at the end of 2023 amounted to 35.57 billion yuan, an 11.75% increase from 2022[16] - Shareholders' equity reached 20.50 billion yuan, marking a 17.78% growth compared to the end of 2022[16] - Q4 2023 revenue was 4.72 billion yuan, with a net profit of 445.58 million yuan[20] - The company's weighted average return on equity (ROE) for 2023 was 17.68%, up 0.86 percentage points from 2022[16] - Net cash flow from operating activities in 2023 was RMB 2,675,529,799.61, a significant increase from RMB -442,585,322.81 in the previous year[21] - Government subsidies received in 2023 amounted to RMB 80,735,184.15, a decrease from RMB 102,367,476.14 in 2022[22] - The total non-recurring profit and loss for 2023 was RMB 94,655,044.69, slightly lower than RMB 95,633,500.07 in 2022[22] - Revenue for 2023 reached 20,074,439,569.16 yuan, a year-on-year increase of 26.75%[35] - Net profit attributable to the parent company was 3,339,290,323.66 yuan, up 22.86% year-on-year[35] - R&D expenses totaled 2,197,255,902.72 yuan, a 37.55% increase compared to the previous year[36] - The connector industry accounted for 98.83% of total revenue, with 19,839,523,111.48 yuan, a 26.76% year-on-year growth[37] - Sales in Mainland China reached 18,957,615,155.37 yuan, representing 94.44% of total revenue and a 28.56% year-on-year increase[37] - The top five customers contributed 8,518,384,692.64 yuan, accounting for 42.43% of total sales[43] - The top five suppliers accounted for 1,241,368,561.25 yuan, representing 12.73% of total procurement[45] - Sales volume in the connector industry was 79,514 million units, a 21.03% year-on-year increase[40] - Production volume in the connector industry was 81,720 million units, up 17.89% year-on-year[40] - Management expenses increased by 46.52% to 1,332,859,645.33 yuan due to the implementation of a restricted stock incentive plan[35] - Sales expenses increased by 27.23% to 533.69 million yuan due to the company's continuous efforts in market expansion and entering new market areas[46] - Management expenses rose by 46.52% to 1.33 billion yuan, primarily due to the increase in amortization of the third phase of the restricted stock incentive plan[46] - R&D expenses grew by 37.55% to 2.20 billion yuan, reflecting the company's commitment to technological innovation and industrial upgrading[46] - The number of R&D personnel increased by 27.31% to 5,859, with the proportion of R&D personnel reaching 33.20% of the total workforce[48] - R&D investment accounted for 10.95% of the company's operating revenue, an increase of 0.86 percentage points compared to the previous year[48] - Operating cash flow increased by 45.79% to 3.09 billion yuan, driven by improved customer credit management and innovative accounts receivable management[49] - Investment cash flow decreased by 59.56% to -2.34 billion yuan due to significant investments in high-end interconnect technology industrial community projects and other infrastructure projects[49] - Accounts receivable increased by 7.96 percentage points to 23.44% of total assets, reflecting rapid growth in operating income[50] - Fixed assets increased by 2.45 percentage points to 12.58% of total assets, indicating ongoing capital expenditure in infrastructure and equipment[51] - Long-term loans increased by 1.51 percentage points to 1.64% of total assets, reflecting the company's financing activities for expansion projects[51] - The company purchased structured deposits amounting to 1,690,000,000.00 yuan, with a cumulative fair value change income of 545,667.46 yuan[52] - The fair value of Lifan Technology (601777.SH) shares held by the company decreased by 63,687.68 yuan, with the ending fair value at 814,292.48 yuan[53] - The total investment amount for the reporting period was 303,389,300.00 yuan, a decrease of 28.63% compared to the same period last year[55] - The cumulative actual investment in the South China Industrial Base project reached 1,433,268,856.68 yuan, with a project progress of 76.73%[56] - The cumulative actual investment in the Basic Components Industrial Park project (Phase I) reached 1,360,995,707.29 yuan, with a project progress of 99.33%[57] - The total investment in the High-end Interconnection Technology Industrial Community project was 255,474,968.77 yuan, with a project progress of 5.15%[57] - The company did not engage in any foreign exchange hedging activities during the reporting period, and a forward settlement contract worth 4,805,310.00 yuan expired[53] - The fair value of financial liabilities decreased by 14,114,135.66 yuan, with the ending balance at 72,143,492.90 yuan[52] - The total restricted assets included 72,393,787.87 yuan in bill deposits and 1,391,254,466.65 yuan in pledged receivables[54] - The company's financial assets and liabilities were measured and reported in accordance with the relevant accounting standards, with no significant changes compared to the previous reporting period[59] - The company's foreign exchange forward contract expired during the reporting period, resulting in a total investment loss of 3.102 million yuan, with a fair value change loss of 4.8053 million yuan recognized in the previous period and an actual gain of 1.7033 million yuan in the current period[61] - The company conducted forward foreign exchange settlement business for hedging purposes, strictly following legal, prudent, and effective principles, with no speculative or arbitrage transactions, and the overall risk is controllable[61] - The company's foreign exchange hedging business is based on the company's foreign currency holdings, with low liquidity risk and low performance risk, as the counterparties are reputable banks[61] - The company has established strict risk control measures for foreign exchange hedging, including internal audit and legal review, and will disclose information in a timely manner if losses reach the disclosure standard[62] - The company's non-public stock issuance in 2021 raised a total of 3.4 billion yuan, with a net amount of 3.3929 billion yuan after deducting issuance costs[65] - As of December 31, 2023, the company's raised funds account balance was 313.3933 million yuan, with 1.30649 billion yuan spent during the year on project construction and working capital[66] - The total committed investment for the Zhonghang Optoelectronic (Guangdong) Co., Ltd. South China Industrial Base Project is RMB 1.1 billion, with an actual investment of RMB 1.1007288 billion, achieving 100.07% of the adjusted investment target[67] - The Zhonghang Optoelectronic Basic Device Industrial Park Project (Phase I) has a committed investment of RMB 1.3 billion, with an actual investment of RMB 1.0644646 billion, reaching 81.88% of the adjusted investment target[67] - The working capital project has a committed investment of RMB 1 billion, with an actual investment of RMB 998.536 million, exceeding the adjusted investment target by 100.57%[67] - The total committed investment for all projects is RMB 3.4 billion, with an actual investment of RMB 3.1637294 billion[67] - The company used RMB 157.2998 million of non-public offering funds to replace self-raised funds pre-invested in the projects, completed in May 2022[68] - The unused raised funds are stored in special accounts for raised funds as of the end of the reporting period[69] - Shenyang Xinghua Aviation Electric Co., Ltd., a subsidiary, reported total assets of RMB 3.01599947298 billion and net profit of RMB 220.59472135 million[71] - Zhonghang Fujitsu Technology Co., Ltd., a subsidiary, reported total assets of RMB 1.37596472455 billion and net profit of RMB 155.42935091 million[71] - Shenzhen Xiangtong Optoelectronics Technology Co., Ltd., a subsidiary, reported total assets of RMB 645.78790274 million and net profit of RMB 51.78132468 million[72] - Qingdao Xinghang Optoelectronics Technology Co., Ltd., a joint venture, reported total assets of RMB 862.32619038 million and net profit of RMB 263.72040066 million[72] - The company's 2023 revenue was 20,074.44 million yuan, a year-on-year increase of 26.75%[190] - The company's financial statements received a standard unqualified audit opinion from Da Hua Certified Public Accountants[189] - Accounts receivable net value is 13.25 billion yuan, accounting for 37.25% of total assets at the end of the period[191] - Expected credit loss for accounts receivable is 406.8 million yuan[191] - Monetary funds decreased from 9.95 billion yuan to 9.89 billion yuan[195] - Accounts receivable increased from 4.93 billion yuan to 8.34 billion yuan[196] - Inventory decreased from 5.42 billion yuan to 4.19 billion yuan[196] - Fixed assets increased from 3.22 billion yuan to 4.47 billion yuan[196] - Total assets increased from 31.83 billion yuan to 35.57 billion yuan[196] - Short-term borrowings increased from 438 million yuan to 606.5 million yuan[196] - Long-term equity investments increased from 237.6 million yuan to 370.6 million yuan[196] - Intangible assets increased from 605.5 million yuan to 784.3 million yuan[196] - Total liabilities increased to 13,555,459,170.82 yuan in 2023, up from 13,327,000,785.56 yuan in the previous year[197] - Total owner's equity rose to 22,014,445,151.45 yuan in 2023, compared to 18,503,189,493.35 yuan in the previous year[198] - Accounts receivable surged to 6,514,496,050.64 yuan in 2023, up from 3,575,889,468.43 yuan in the previous year[199] - Total assets grew to 30,467,380,398.05 yuan in 2023, compared to 27,297,305,329.32 yuan in the previous year[199] - Long-term loans increased significantly to 584,250,000.00 yuan in 2023, up from 40,000,000.00 yuan in the previous year[197] - Inventory decreased to 3,019,946,345.06 yuan in 2023, down from 4,174,192,247.03 yuan in the previous year[199] - Total current liabilities slightly decreased to 12,498,263,739.46 yuan in 2023, compared to 12,640,362,198.95 yuan in the previous year[197] - Retained earnings increased to 9,854,303,950.25 yuan in 2023, up from 7,953,356,039.76 yuan in the previous year[198] - Fixed assets grew to 2,644,363,476.72 yuan in 2023, compared to 2,349,507,454.57 yuan in the previous year[199] - Construction in progress expanded significantly to 1,489,340,996.85 yuan in 2023, up from 426,380,733.99 yuan in the previous year[199] Dividend and Profit Distribution - The company plans to distribute a cash dividend of 6 yuan per 10 shares (tax included) for 2023[2] - 2022 annual profit distribution plan: cash dividend of 5.5 yuan per 10 shares (tax included) and capital reserve transfer of 3 shares per 10 shares, with a total cash dividend of 896,942,688.4 yuan[120] - The company completed the implementation of the 2022 annual equity distribution on May 16, 2023[120] - Cash dividend policy is in compliance with the company's articles of association and shareholder meeting resolutions[121] - Cash dividend amount is RMB 1,271,796,837.60, with a ratio of 100% of total profit distribution[122] - Profit available for distribution is RMB 8,877,423,351.80[122] - The company plans to distribute a cash dividend of RMB 6 per 10 shares (tax included)[122] Strategic Development and Innovation - The company focuses on strategic emerging industries and aims to create a "second growth curve" in 2024[4] - The company emphasizes innovation-driven development to build sustainable competitive advantages[4] - The company aims to achieve stable growth, sustainability, and high-quality development in 2024[4] - The company has strengthened its supply chain collaboration, R&D innovation, and cost control capabilities[3] - The company has set up R&D centers in cities such as Beijing, Shenzhen, and Shanghai to better respond to customer needs[3] - The company has implemented a "industry + region" management model and promotes integrated R&D and sales[3] - The company achieved breakthroughs in high-speed transmission technology, power transmission technology, and fluid transmission technology, with nearly 100 automated production lines invested throughout the year, significantly improving assembly automation rates[30] - The company's new energy intelligent workshop and South China industrial base intelligent storage and logistics projects were put into use, creating replicable and scalable benchmark application scenarios[30] - The company's civil high-end manufacturing business achieved high-speed growth in data centers, oil equipment, and photovoltaic energy storage sectors[30] - The company's new energy vehicle business secured multiple project contracts with mainstream automakers, enhancing its coverage among leading domestic and international customers[30] - The company's international layout accelerated, with the "major customer + regional" market development model implemented, gradually demonstrating the role of a global platform[30] - The company completed the mid-term evaluation and adjustment of its "14th Five-Year Plan," with the first phase of the basic device industrial park and the South China industrial base successfully completed[30] - The company was awarded the "Science and Technology Reform Demonstration Benchmark" and selected as a "World-Class Professional Leading Demonstration Enterprise" by the State-owned Assets Supervision and Administration Commission[31] - The company implemented a refined full-process control model for "two funds" (inventory and accounts receivable), achieving cost control across the entire value chain[31] - The company was recognized as a "2023 Intelligent Manufacturing Demonstration Factory" by the Ministry of Industry and Information Technology, advancing its high-end electrical connector intelligent manufacturing capabilities[33] - The company focused on talent development, intensifying efforts to attract high-level and international talents, and strengthening the construction of leadership and young backbone talent teams[34] - The company plans to optimize its technological innovation system and enhance independent innovation capabilities in 2024[74] - The company aims to strengthen its position as the preferred interconnect solution provider in the defense sector and improve operational quality in communication and industrial businesses[74] - The company will accelerate international business development, focusing on enhancing the operational capabilities of its German and Vietnamese subsidiaries[74] - The company is accelerating capital operations and industrial extension, with plans to complete the relocation of the Basic Devices Industrial Park (Phase I) and the construction of the South China Industrial Base (Phase II)[75] - The company is advancing the construction of high-end interconnect technology industrial communities and civil aircraft and industrial industrial parks[75] - The company is focusing on improving supply chain management efficiency and accelerating the construction of intelligent manufacturing capabilities[76] - The company is addressing group control risks by building a scientific and efficient group operation and control system[76] - The company is enhancing quality risk management to meet higher quality requirements in the context of national "Quality Power" initiatives[76] - The company obtained over 5,100 authorized patents in 2023, focusing on original technology research and achieving continuous R&D and technological breakthroughs[83] International Expansion and Market Development - The company has established branches and subsidiaries in multiple cities including Shenyang, Qingdao, Xi'an, and Shenzhen, and has expanded globally with investments in Germany and Vietnam[3] - The company's international layout accelerated, with the "major customer + regional" market development model implemented, gradually demonstrating the role of a global platform[30] - The company will accelerate international business development, focusing on enhancing the operational capabilities of its German and Vietnamese subsidiaries[74] - The company established subsidiaries in Germany and Vietnam, with specific positioning and strategic goals[79] Industry and Market Trends - China is expected to account for 30.9% of the global connector market in 2023, with sales reaching approximately $25.8 billion[25] - The company has developed over 500 series and 350,000 varieties of connection products, serving industries such as defense, aerospace, and new energy vehicles[26] - Key product lines include high-speed connectors, RF coaxial connectors, and fiber optic connectors, used in defense, data centers, and medical equipment[27] - The company's fluid connection products are primarily used in defense, data centers, and high-end equipment manufacturing[28] - The company employs a "sales-to-production" model, with production plans based on customer orders and market forecasts