本公司及监事会全体成员保证公告内容真实、准确、完整，并对公告中 的虚假记载、误导性陈述或者重大遗漏承担责任。 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 届监事会第十次会议于 2024 年 9 月 13 日在公司十一楼会议室（二）以现场 及视频结合通讯方式召开，会议通知及会议资料已于 2024 年 9 月 9 日以书 面、电子邮件方式送达各位监事。会议应参加表决监事 5 人，实际参加表决 监事 5 人，其中监事吴筠、卢双成以通讯方式表决，部分高级管理人员以视 频方式列席。本次会议的召开和表决程序符合《公司法》《公司章程》等有 关法律法规的规定。 证券代码：002179 证券简称：中航光电 公告代码：2024-041号 中航光电科技股份有限公司 第七届监事会第十次会议决议公告 参会监事共同推举王焕文先生主持本次会议，经与会监事认真审议并投 票表决，以赞成票 5 票、反对票 0 票、弃权票 0 票，审议通过了"关于选举 公司第七届监事会主席的议案"。 经审议，监事会成员一致认为：同意王焕文先生担任公司第七届监事会 主席，任期自本次监事会审议通过之日起至公司第七届监事会届满之日止。 王焕文先生简 ...

Group 1: Company Overview and Business Focus - AVIC Optoelectronics specializes in high-end optical, electrical, and fluid connection technologies, providing interconnection solutions for aviation, defense, and high-end manufacturing sectors with over 500 series and 350,000 varieties of products [2] - Key products include electrical connectors, optical devices, cable assemblies, fluid devices, and liquid cooling equipment, widely used in defense, commercial aerospace, telecommunications, data centers, and other high-end manufacturing fields [2] Group 2: Strategic Development and Future Planning - The company is actively pursuing strategic emerging industries and future industries, focusing on low-altitude economy, commercial aviation, satellite internet, data centers, and new energy equipment [3] - Plans to enhance product diversification and accelerate business growth by investing in liquid cooling, microwave components, high-end sensors, and advanced ceramics [3] Group 3: Liquid Cooling Business - AVIC Optoelectronics is one of the early suppliers of comprehensive liquid cooling solutions in China, with a compound annual growth rate exceeding 50% over the past five years [3] - Main products include liquid cooling connectors, pipelines, and systems, applied in supercomputing, data centers, and telecommunications [3] Group 4: Civil Aviation and Low-altitude Economy - The company is committed to supporting domestic large aircraft manufacturing, providing connectors and electronic equipment, with several products certified for airworthiness [4] - Plans to establish a civil aviation and industrial interconnection industrial park to meet future capacity needs [5] Group 5: Financial Performance and Market Outlook - The company experienced a decline in performance in the first half of 2024 due to a slowdown in defense sector orders, but there is a recovery trend in orders [4] - The company aims to achieve stable growth in performance throughout the year, adhering to the targets set by the board [4] Group 6: Competitive Advantages - AVIC Optoelectronics competes with international firms like Amphenol and TE Connectivity, leveraging its ability to provide customized interconnection solutions and strong technical development capabilities [4] - The company emphasizes rapid response and service assurance, optimizing delivery capabilities to meet customer demands efficiently [4] Group 7: New Energy Vehicle Market - The company has been involved in the new energy vehicle connector business since 2009, focusing on interconnection and charging solutions [5] - Products include high-voltage connectors and charging solutions, supplied to major domestic and international automotive manufacturers [5] Group 8: Capital Operations and Investor Relations - AVIC Optoelectronics is committed to capital operations, seeking opportunities for mergers and acquisitions aligned with its core business [6] - The company has implemented 17 cash dividend distributions since its listing, with a total of approximately 2.8 billion yuan in cash dividends over the past three years, maintaining a payout ratio exceeding 30% [6]

Investment Rating - The report does not explicitly state an investment rating for the company [12]. Core Insights - The demand order rhythm in the defense sector has slowed compared to the early stages of the "14th Five-Year Plan," leading to a temporary fluctuation in the company's overall operating performance. However, the current order backlog is showing a recovery trend, with significant improvement in Q2 2024 compared to Q1 2024 [5][4]. - In H1 2024, the company achieved revenue of 9.197 billion yuan, a year-on-year decrease of 14.51%, and a net profit attributable to shareholders of 1.668 billion yuan, down 14.61% year-on-year. In Q2 2024, revenue was 5.184 billion yuan, a year-on-year decrease of 4.28%, but a quarter-on-quarter increase of 29.16%, with net profit of 917 million yuan, down 4.47% year-on-year but up 22.16% quarter-on-quarter [4][5]. - The company is focusing on expanding its product categories and enhancing its product mix, particularly in the defense sector, where it aims to solidify its position as a preferred supplier. In the civil aviation sector, it is aligning with the development needs of domestic large aircraft and general aviation models, while also exploring new industries related to the low-altitude economy [5][4]. Summary by Sections Financial Performance - In H1 2024, the company's revenue decreased by 14.51% to 9.197 billion yuan, and net profit decreased by 14.61% to 1.668 billion yuan. In Q2 2024, revenue was 5.184 billion yuan, down 4.28% year-on-year but up 29.16% quarter-on-quarter, with net profit at 917 million yuan, down 4.47% year-on-year but up 22.16% quarter-on-quarter [4][5]. - The revenue from electrical connectors decreased by 15.63% to 7.119 billion yuan, while revenue from optical connectors fell by 17.41% to 1.326 billion yuan. Conversely, revenue from liquid cooling solutions and other products grew by 5.30% to 752 million yuan [5]. Business Strategy - The company is actively developing its business in new industries such as civil aviation, satellite internet, data centers, and smart connected vehicles, while accelerating its layout in the low-altitude economy. It is also enhancing its modern industrial capacity and expanding its product offerings [5][4]. - The company has seen a 23.65% increase in construction in progress, reaching a historical high of 2.515 billion yuan, indicating ongoing expansion efforts [5].

股 票 研 究 证 券 研 究 报 告 ——中航光电 2024 年中报点评 | --- | --- | --- | |----------|-----------------------------------|----------------------------| | | | | | | [table_Authors] 彭磊 ( 分析师 ) | 周明 頔 ( 研究助理 ) | | | 010-83939806 | 010-83939792 | | | penglei018712@gtjas.com | zhoumingdi028698@gtjas.com | | 登记编号 | S0880518100003 | S0880123070156 | 本报告导读： 公司 2024 年半年报发布，二季度业绩环比明显改善，盈利能力持续提升，目前在手 订单呈现恢复趋势，预计全年有望实现稳定增长。 投资要点： [Table_Summary] 维持目标价 57.04 元，维持"增持"。公司 2024 二季度营收及净利环 比改善明显，反映出下游需求韧性较强，公司全年有望实现稳定增 长。下调公司 2024-26 年 EPS ...

证券研究报告 非金融公司|公司点评|中航光电（002179） 单季度利润降幅环比显著收窄，下半年 业绩可期 glzqdatemark1 证券研究报告 |报告要点 公司公告 2024 年半年报，2024H1 实现营收 91.97 亿元，同比-14.5%，单 Q2 实现营收 51.84 亿元，同比-4.3%；2024H1 实现归母净利润 16.68 亿元，同比-14.6%，单 Q2 实现归母净利润 9.17 亿元，同比-4.5%。 |分析师及联系人 吴爽 叶鑫 SAC：S0590523110001 SAC：S0590524030004 请务必阅读报告末页的重要声明 1 / 5 中航光电(002179) 单季度利润降幅环比显著收窄，下半年业绩 可期 股价相对走势 -40% -23% -7% 10% 2023/9 2024/1 2024/5 2024/8 中航光电 沪深300 相关报告 1、《中航光电（002179）：单季度毛利率提升， 归母净利润稳步增长》2023.10.25 扫码查看更多 事件 公司发布半年报，2024H1 实现营收 91.97 亿元，同比-14.5%；2024H1 实现归母净 利润 16.68 ...

证券代码：002179 证券简称：中航光电 中航光电科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------|-----------------------|---------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类 | | □特定对象调研 □分析师会议 | | 别 | □媒体采访 | ■业绩说明会 | | | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | | 活动参与人员 投资者参会人员：易方达基金、长江证券、南方基金、鹏华基金、 | | | | 华夏基金、惠华基金、广发基金、汇添富基金、富国基金、银华基 | | | | 金、嘉实基金、交银施罗德基金、银河证券、中航证券、国泰君安 | | | | 证券、中金公司、中欧基金、中信建投证券、中信证券、兴全基 | | | | 金、安信 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 34.47 yuan [1]. Core Views - The company's performance in Q2 2024 showed a significant improvement compared to Q1 2024, with a revenue of 51.84 billion yuan, a year-on-year decrease of 4.3%, but a quarter-on-quarter increase of 22.2% [1]. - The company is positioned as a leader in the domestic special connector market and aims to become a "global first-class" interconnection solution provider, focusing on expanding strategic emerging industries and enhancing its industrial layout [1][2]. - The company has a solid foundation for long-term development with the completion of its basic component industrial park, which is expected to contribute to future growth [1]. Financial Summary - For the first half of 2024, the company achieved a revenue of 91.97 billion yuan and a net profit attributable to shareholders of 16.68 billion yuan, both showing a year-on-year decline of approximately 14.5% [1]. - The gross profit margin remained stable at 37.2%, with a net profit margin of 19.2% in Q2 2024, indicating a slight improvement in profitability [1]. - The company expects net profits attributable to shareholders to reach 36.94 billion yuan, 43.45 billion yuan, and 49.75 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting a growth trajectory [2]. Revenue and Profit Forecast - The projected total revenue for 2024 is 22.13 billion yuan, with a growth rate of 10.3% compared to 2023 [2]. - The net profit attributable to shareholders is expected to be 3.69 billion yuan in 2024, representing a growth rate of 10.6% [2]. - The earnings per share (EPS) is forecasted to be 1.74 yuan for 2024, with a price-to-earnings (PE) ratio of 20 [2]. Operational Efficiency - The company has shown improvement in operating cash flow, with a net cash flow from operating activities of 1.43 billion yuan in the first half of 2024 [1]. - The inventory turnover days are projected to decrease from 122.78 days in 2023 to 110.81 days by 2026, indicating enhanced operational efficiency [2]. Dividend Policy - The company has maintained a balanced approach to dividends, with a cumulative cash dividend of 1.46 billion yuan over the past three years, reflecting its commitment to shareholder returns [1].

Financial Performance - The company's operating revenue for the first half of 2024 was ¥9,197,213,461.57, a decrease of 14.51% compared to ¥10,757,837,805.16 in the same period last year[11]. - Net profit attributable to shareholders was ¥1,668,172,500.62, down 14.61% from ¥1,953,481,816.68 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥1,639,193,094.14, reflecting a decrease of 14.59% compared to ¥1,919,316,677.77 in the previous year[11]. - Basic earnings per share decreased by 15.63% to ¥0.7930, down from ¥0.9399 in the previous year[11]. - The diluted earnings per share also fell by 14.06% to ¥0.7866, compared to ¥0.9153 last year[11]. - The weighted average return on equity decreased by 2.77 percentage points to 7.86% from 10.63% in the previous year[11]. - The total profit for the same period was 195.49 million yuan, down 14.12% year-on-year, while the net profit attributable to shareholders was 166.82 million yuan, a decline of 14.61%[15]. - The company's operating revenue for the reporting period was ¥9,197,213,461.57, a decrease of 14.51% compared to ¥10,757,837,805.16 in the same period last year[21]. - The gross profit margin for the connector industry was 37.28%, a decrease of 0.77% compared to the previous year[24]. - The company reported a net profit for the first half of 2024 of CNY 1,762,306,576.99, representing a decline of 14.2% from CNY 2,054,378,436.42 in the previous year[107]. Cash Flow and Investments - The net cash flow from operating activities increased by 91.89% to ¥1,135,152,940.97, compared to ¥591,574,684.41 in the same period last year[11]. - Cash and cash equivalents at the end of the reporting period amounted to CNY 8,843,409,893, accounting for 24.62% of total assets, a decrease of 3.17% compared to the previous year[26]. - The company reported a net cash decrease of ¥1,055,004,757.20 for the first half of 2024, compared to a decrease of ¥1,166,837,930.41 in the same period of 2023[112]. - Total investments during the reporting period were CNY 118,863,639, a decrease of 38.27% compared to CNY 192,544,300 in the same period last year[30]. - The company achieved an increase in investment income cash receipts to ¥79,626,120.20, compared to ¥46,296,224.04 in the previous year, representing a growth of 71.8%[112]. Assets and Liabilities - Total assets at the end of the reporting period were ¥35,917,209,332.06, an increase of 0.98% from ¥35,569,904,322.27 at the end of the previous year[11]. - Total liabilities decreased to CNY 27,225,014,016.10 from CNY 27,600,165,839.05, a reduction of approximately 1.36%[99]. - Accounts receivable increased to CNY 11,423,400,360, representing 31.80% of total assets, an increase of 8.36% due to uncollected receivables during the reporting period[26]. - Inventory stood at CNY 4,401,153,881, accounting for 12.25% of total assets, with no significant changes observed[26]. - The company's long-term borrowings remained stable at CNY 589,165,164.58, maintaining a ratio of 1.64% of total liabilities[26]. Research and Development - The company's R&D investment amounted to ¥836,075,982.09, down 11.68% from ¥946,645,198.75 year-on-year[21]. - The company holds over 5,600 authorized patents and has participated in the formulation of more than 880 domestic and international standards[18]. - The company is investing in research and development for new products and technologies, aiming to lead industry innovation and drive future growth[42]. - Research and development expenses were CNY 836,075,982.09, a reduction of 11.7% compared to CNY 946,645,198.75 in the first half of 2023[106]. Market and Industry Focus - The global connector market is projected to grow to $105 billion in 2024, with an expected growth rate of 4%[15]. - The company is focusing on new industries and future sectors, including civil aviation, satellite internet, and data centers, to ensure sustainable development[16]. - The company is actively expanding its international business operations, particularly in Germany and Vietnam, to enhance overall operational capabilities[17]. - The company aims to enhance its brand influence and accelerate its internationalization process in the connector industry[18]. Quality and Environmental Management - The company is committed to improving supply chain management and enhancing supplier quality control mechanisms[17]. - The company has established an energy management information platform to effectively reduce carbon emissions[59]. - The company achieved zero discharge of certain pollutants, with all wastewater treated and reused in production lines[56]. - The company invested CNY 5.2656 million in environmental governance and protection in the first half of 2024[56]. Shareholder Relations and Governance - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[2]. - The company achieved a cash dividend distribution of 6 CNY per 10 shares (before tax) for the 2023 fiscal year, totaling approximately 2.793 billion CNY in cash dividends over the last three years[45]. - The company is focused on shareholder returns, emphasizing the importance of maintaining investor confidence and recognizing the value of its stock[44]. - The company held its annual general meeting with a participation rate of 61.17% on April 11, 2024, and a temporary shareholders' meeting with a participation rate of 60.01% on January 12, 2024[47]. Risk Management and Compliance - The company has not reported any significant changes in risk factors during the reporting period, maintaining a proactive approach to risk management[43]. - The company strictly adhered to environmental protection laws and regulations, with no penalties for violations during the reporting period[54]. - The company has no major litigation or arbitration matters during the reporting period[66]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[71]. Accounting and Financial Reporting - The financial statements have been prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status and operating results[134]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its ongoing viability[133]. - The company recognizes gains or losses from financial liabilities measured at fair value through profit or loss in the current period[146]. - The company assesses expected credit losses for receivables based on credit risk characteristics, with bank acceptance bills considered to have low credit risk and no expected credit loss recognized[150].

第七届董事会第十二次会议决议公告 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 事会第十二次会议于2024年8月26日在中航光电杜预厂区创新中心大楼213会议 室以现场及视频结合通讯方式召开。本次会议的通知及会议资料已于2024年8月 16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，其中独立董事王秀芬以视频方式参会，董事何毅敏、独立董事鲍 卉芳以通讯方式表决，公司全体监事及部分高级管理人员列席。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：2024-032号 中航光电科技股份有限公司 "关于与关联方签订建设合作合同暨关联交易的公告"披露在2024年8月28 日的《中国证券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）。 五、在郭泽义、李森、郭建忠、韩丰、张砾5位关 ...

证券代码：002179 证券简称：中航光电 公告代码：2024-039号 中航光电科技股份有限公司 关于召开2024年第二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 8 月 26 日召开的第七届董事会第十二次会议审议通过了《关于召开 2024 年第 二次临时股东大会的议案》。公司拟于 2024 年 9 月 13 日召开 2024 年第二次 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 年第二次临时股东大会 （二）会议召集人：董事会 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、 行政法规、部门规章、规范性文件、深圳证券交易所相关业务规则和《公司 章程》等文件的规定。 （四）会议召开的日期、时间： 1、现场会议时间：2024 年 9 月 13 日（星期五）上午 10:00 2、通过深圳证券交易所交易系统投票的时间为 2024 年 9 月 13 日的交易 时间，即 9:15－9:25，9:3 ...