中航光电科技股份有限公司 第七届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）第七届董 事会第十四次会议于2024年12月2日以通讯方式召开。本次会议的通知及会议资 料已于2024年11月28日以书面、电子邮件方式送达全体董事。会议应参加表决董 事9人，实际参加表决董事9人。本次会议的通知、召开以及参会董事人数均符合 相关法律法规、规则及《公司章程》的有关规定。 本次会议由董事长郭泽义主持，与会董事经认真审议和表决，通过了以下议 案： 证券代码：002179 证券简称：中航光电 公告代码：2024-049号 三、以9票同意、0票反对、0票弃权审议通过了《关于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》。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年第五次会议审议通过并获全票同意。《关于减 少注册资本并修订〈公司章程〉的公告》披露在2024年12月3日的《中国证券报》 《证券时报》和巨潮资讯网（www.cninfo.com.cn），修订后的《 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][29]. Core Viewpoints - The company has entered into a strategic partnership with Luoyang Guanglian Fund, providing project exploration and industry analysis support without participating in the fund's capital or management [1][7]. - The company's profit is under short-term pressure, with a revenue of 14.095 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.23%, and a net profit of 2.513 billion yuan, down 13.15% year-on-year [2][8]. - The company aims to achieve an annual revenue target of 22.1 billion yuan and a profit target of 4.11 billion yuan, requiring significant growth in Q4 2024 [2][27]. - Historical data shows that the net profit in Q4 typically accounts for a lower proportion of the annual total, indicating potential challenges in achieving quarterly targets [3][28]. - Profit forecasts have been adjusted, with expected net profits of 3.439 billion yuan, 4.375 billion yuan, and 5.324 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 25.2, 19.8, and 16.3 times [4][29]. Financial Summary - For the first three quarters of 2024, the company reported a gross margin of 36.61%, a decrease of 2.18 percentage points year-on-year, and a net profit margin of 17.83%, down 1.01 percentage points year-on-year [19]. - The company’s cash flow from operating activities for the first three quarters was 725 million yuan, a year-on-year increase of 75.97% [23]. - As of the end of Q3 2024, accounts receivable totaled 12.939 billion yuan, an increase of 55.16% from the beginning of the year [24].

北京市金杜律师事务所 关于中航光电科技股份有限公司 2024 年第三次临时股东大会之法律意见书 致：中航光电科技股份有限公司 北京市金杜律师事务所（以下简称本所）接受中航光电科技股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人 民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章和规范性文件和现行有效的《中航光电科技股份有限公司章程》（以下 简称《公司章程》）有关规定，指派律师出席了公司于 2024 年 11 月 19 日召开 的公司 2024 年第三次临时股东大会（以下简称本次股东大会），并就本次股东 大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2024 年第一次临时股东大会审议通过的《公司章程》； 2. 公司 2024 年 10 月 30 日刊登于 ...

证券代码：002179 证券简称：中航光电 公告代码：2024-048号 中航光电科技股份有限公司 2024年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、重要提示 （一）本次股东大会未出现否决议案的情况； （二）本次股东大会未涉及变更以往股东大会决议。 二、会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议时间：2024 年 11 月 19 日（星期二）上午 09:30 2、现场出席股东和网络投票股东情况 网络投票时间：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；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 9:15-15:00。 2、现场会议召开地点：中国（河南）自由贸易试验区洛阳片区浅井南 路 6 号中航光电科技股份有限公司 11 楼会议室（一） 3、会议表决方式：现场记名投票与网络投票相结合 4、召集人：公司董事会 5、主持人：董事长郭泽义先生 6、本次股东 ...

Investment Rating - The report maintains a "Buy" rating for AVIC Optoelectronics (002179) [1] Core Views - AVIC Optoelectronics achieved a year-on-year revenue growth of 6.45% in Q3 2024, with a narrowing decline in net profit [1] - The company's overall orders have shown signs of recovery, and full-year performance is expected to grow [1] - The company's gross margin slightly declined, but cost control remained effective, maintaining stable profitability [1] - The company's military and civilian businesses are expected to sustain growth, driven by downstream demand in sectors such as military, communications, new energy vehicles, data centers, and photovoltaic energy storage [2] Financial Performance - In the first three quarters of 2024, AVIC Optoelectronics reported revenue of 14.095 billion yuan, a year-on-year decrease of 8.23%, and net profit of 2.513 billion yuan, a year-on-year decrease of 13.15% [1] - Q3 2024 revenue was 4.898 billion yuan, a year-on-year increase of 6.45%, while net profit was 845 million yuan, a year-on-year decrease of 10.14% [1] - The company's gross margin and net margin for the first three quarters of 2024 were 36.61% and 18.83%, respectively, down by 2.18 and 0.98 percentage points year-on-year [1] - The company's sales, management, R&D, and financial expense ratios were 2.1%, 5.64%, 8.82%, and -0.46%, respectively, with a total expense ratio of 16.1%, up 0.49 percentage points year-on-year [1] Business Segments - The company's civil business focuses on strategic emerging industries, with rapid development in liquid cooling, achieving a compound growth rate of over 50% in the past five years [2] - The company is actively expanding its civil aircraft business and providing supporting products and technical services for domestic large aircraft [2] - The company is also developing low-altitude economy solutions and promoting low-altitude aircraft interconnection solutions [2] Industry Outlook - The aerospace industry's financial performance has shown marginal improvement, with orders gradually recovering [2] - With the 14th Five-Year Plan entering its final year, military orders are expected to recover and grow, releasing delayed orders from previous years [2] - The company's downstream industries, including military, communications, new energy vehicles, data centers, and photovoltaic energy storage, are expected to maintain steady demand growth [2] Valuation and Forecast - The report revises down the company's revenue forecasts for 2024-2026 to 20.835 billion yuan, 24.931 billion yuan, and 28.764 billion yuan, respectively [3] - The net profit forecasts for 2024-2026 are revised down to 3.507 billion yuan, 4.373 billion yuan, and 5.149 billion yuan, respectively [3] - The corresponding P/E ratios for 2024-2026 are 26.13X, 20.96X, and 17.8X, indicating a relatively low valuation level [3] Historical Financial Data - In 2023, the company achieved revenue of 20.074 billion yuan, a year-on-year increase of 26.75%, and net profit of 3.339 billion yuan, a year-on-year increase of 22.86% [4] - The company's gross margin and net margin in 2023 were 37.95% and 16.63%, respectively [11] - The company's ROE in 2023 was 16.29%, with a debt-to-asset ratio of 38.11% [11]

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]