中航光电 20250412 摘要 Q&A 请介绍中航光电 2024 年度的业绩表现及相关指标完成情况。 • 中航光电 2024 年营收 206 亿元，同比增长 3%，归母净利润 33.54 亿元， 同比增长 0.45%。公司有效应对防务领域需求波动，同时抓住新能源汽车、 数据中心等行业机会，毛利率维持在 36.6%高位，拟每十股派发现金红利 八元，分红比例超 50%。 • 公司积极进行市值管理，制定年度计划，通过传递投资价值、监测市场反 应、加强投资者关系管理等措施，稳定市场预期，提振投资者信心，并适 时运用高管增持等资本运营项目。 • 展望 2025 年，受益于国防开支保持较高增速及装备建设规划收官，军工行 业呈现复苏增长态势，公司对防务领域行业增长持乐观态度，并致力于成 为防务领域首选互联方案提供商。 • 公司通过技术引领、快速响应和成本可控三个方面赢得客户青睐，实现客 户忠诚。在技术上，公司处于国内军事光电领域领先地位；在响应速度上， 与客户进行装备预先研究，提供完整解决方案；在成本控制上，通过新技 术应用等方式提升资效人效。 • 中航光电积极布局战略性新兴产业和未来产业，通过有机增长、技术研发、 投资 ...

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 编号：[2025]第 001 号 | 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：长江证券、兴业证券、博时基金、东方证券、工 | | | 银瑞信基金、广发证券、嘉实基金、汇添富基金、景顺长城基金、 | | | 民生加银基金、民生证券、鹏华基金、上海大朴资产、高毅资产、 | | | 上海瓴仁私募基金、申万宏源证券、中金公司、中信证券、财通证 | | | 券、红杉资本、华泰柏瑞基金、安信基金、安中投资、百川财富、 | | | 诚旸投资、北京鼎萨投资、汉和汉华资本、红珊瑚资产、北京泓澄 | | | 投资、橡果资产、诚旸资产、创金合信基金、大家保险、东方财富 | | | 证券、东兴基金、东兴证券、敦和资产、方正证券、丰源正鑫(上 | | | 海)股权投资管理、富荣基金、高盛、工银安盛人寿保险、共青城 | ...

Core Viewpoint - The company, AVIC Optoelectronics Technology Co., Ltd., is set to hold its 2024 annual performance briefing on April 11, 2025, to enhance communication with investors and provide insights into its operational status [1]. Group 1: Company Performance and Strategy - The company aims to become the preferred interconnection solution provider in the defense sector by 2025, coinciding with the conclusion of the "14th Five-Year Plan" [1]. - The company is focusing on new business growth points in line with the government's emphasis on cultivating emerging and future industries, as stated in the 2025 government work report [2]. - The company will discuss its performance outlook and operational strategies for 2025 during the annual performance briefing [2]. Group 2: Technology and Market Trends - The rapid development of artificial intelligence technology has led to an exponential increase in computing power demand, which in turn is driving the market demand for liquid cooling technology [2]. - The company is expected to introduce its main products in the liquid cooling business, along with its competitive advantages and future development outlook during the performance briefing [2].

中航光电科技股份有限公司（以下简称"公司"或"中航光电"）于 2025 年 3 月 29 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 2024 年度业绩说明会的公告》（公告编号：2025-017 号）， 为加强与投资者交流，使投资者更全面、深入地了解公司经营情况，公司将于 2025 年 4 月 11 日（星期五）15:00—17:00 以网络视频直播+电话会议方式举办 2024 年度业绩说明会。 为充分尊重投资者、提升交流的针对性，公司就 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。截至本公告披露日， 公司已完成投资者问题的征集，并梳理出以下投资者普遍关注的问题： 1、2025 年是"十四五"规划收官之年，请问公司对防务领域 2025 年行 业增长情况如何展望？如何理解公司提出的"打造防务领域首选互连方案提供 商"定位。 2、2025 年政府工作报告明确提出"培育壮大新兴产业、未来产业""深 入推进战略性新兴产业融合集群发展"，在此背景下，公司着力布局了哪些新 的业务增长点？ 3、请公司介绍 2025 年业绩展望与经营 ...

证券代码：002179 证券简称：中航光电 公告代码：2025-018号 中航光电科技股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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"）于2025 年4月8日收到公司董事长郭泽义先生（以下简称"提议人"）《关于提议回 购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 （一）提议人：公司董事长郭泽义先生 （二）提议时间：2025年4月8日 二、提议回购股份的原因和目的 （二）回购股份的用途：拟用于未来实施股权激励计划，若公司未能在 披露股份回购实施结果公告后3年内完成授予完毕已回购股份，未授予的股 份将依法予以注销。 （三）回购股份的方式：通过深圳证券交易所交易系统以集中竞价方式 回购公司股份。 （四）回购股份的价格：回购价格上限不高于公司董事会审议通过回购 股份方案决议前30个交易日公司股票交易均价的150%，具体以董事会审议通 过的回购股份方案为准。 （五）回购股份的总金额：人民币1亿元-2亿元，具体以董事会审议通过 的回购股 ...

Investment Rating - The report maintains a "Positive" investment rating for the aerospace and defense industry [2]. Core Insights - The report emphasizes that the aerospace sector is experiencing short-term fluctuations in fundamentals, with expectations for demand to be released during the 14th Five-Year Plan, potentially leading to a new cycle of prosperity [7][24]. - The drone segment is becoming an indispensable force in modern warfare, driven by the rapid development of AI, which is facilitating intelligent and autonomous upgrades [7][3]. - The report highlights the importance of selecting companies that can enhance product capabilities, increase penetration rates, and improve average transaction values as the 14th Five-Year Plan concludes [7][4]. Summary by Sections Section 1: Tariff Friction and National Security - The report discusses the perspective of offensive realism in understanding tariff friction, asserting that great power competition necessitates safeguarding national security [9][18]. Section 2: Aerospace and Engine Sector - The aerospace sector's performance in 2024 is under pressure, with revenue and profit growth rates of -4.69% and -15.41%, respectively, indicating a further slowdown compared to 2023 [27][30]. - The main engine manufacturers showed slight revenue declines, while the intermediate and upstream segments experienced significant fluctuations [27][30]. - The report notes that the main engine manufacturers have maintained strong profitability, while the intermediate segment has faced notable volatility due to price reductions [30][34]. Section 3: Company-Specific Insights - **AVIC Shenyang Aircraft Corporation**: Achieved a record high in quarterly profitability, with a 50.99% year-on-year increase in Q4 revenue to 17.54 billion yuan, despite an overall annual revenue decline of 7.37% [39][43]. - **AVIC Xi'an Aircraft Industry Group**: Reported a 21.09% increase in Q4 revenue, with a 39.14% rise in net profit, although the gross margin decreased [59][63]. - **AVIC Optical-Electrical Technology**: Demonstrated strong growth in defense and civil sectors, with a focus on high-quality delivery and market expansion [69][73]. Section 4: Engine Sector Performance - The engine sector maintained stable revenue growth, with a 9.48% increase in revenue for AVIC Engine, although profitability was impacted by rising costs and increased R&D expenses [92][97]. - The report highlights the growth potential in the civil aviation engine market, with significant contracts signed at the Zhuhai Airshow [102][104]. Section 5: Material Supply Sector - The material supply sector showed steady revenue growth, with a focus on increasing R&D investments for future development [105].

Core Viewpoint - The article emphasizes the importance of companies with high return on equity (ROE) in the A-share market, especially in the context of increasing external risks and market volatility. It highlights that companies maintaining a high ROE are likely to attract investment due to their stability and profitability [1][2]. Group 1: High ROE Companies - Seven A-share companies have maintained a net asset return rate (ROE) of over 15% for the past ten years, with foreign income accounting for less than 10% of their revenue [2][4]. - These companies are recognized for their strong market positions and competitive advantages, including excellent management, patented technologies, and industry leadership [2][4]. Group 2: Company Performance and Market Position - Guizhou Moutai and Haitian Flavoring are the leading companies in their respective industries, with market capitalizations exceeding 200 billion yuan [5]. - Tonghuashun, Shuanghui Development, and AVIC Optoelectronics also have significant market capitalizations, each exceeding 50 billion yuan, indicating their strong market presence [5]. - The net profit compound growth rates for companies like Enhua Pharmaceutical and Morning Glory have exceeded 10% over the past decade, showcasing their growth potential [5]. Group 3: Financial Performance - Tonghuashun reported a revenue of 4.187 billion yuan in 2024, a year-on-year increase of 17.47%, with a net profit of 1.823 billion yuan, up 30% [6]. - Guizhou Moutai is projected to achieve a revenue of 174.144 billion yuan in 2024, with a net profit of 86.228 billion yuan, reflecting a growth of 15.66% and 15.38% respectively [9]. Group 4: Institutional Investment - Guizhou Moutai has attracted significant institutional investment, with a net buy amounting to 1.317 billion yuan, indicating strong market confidence [9]. - Enhua Pharmaceutical also saw institutional net buying of 60.138 million yuan, reflecting positive market sentiment towards its growth strategy [10].

Core Insights - The company reported a revenue of 20.686 billion yuan in 2024, a year-on-year increase of 3.04%, and a net profit attributable to shareholders of 3.354 billion yuan, up 0.45% year-on-year [1] - The company experienced significant growth in Q4 2024, with revenue reaching 6.591 billion yuan, an increase of 39.77%, and a net profit of 841 million yuan, up 88.79% [1] - The company maintains a strong position in the high-end interconnect solutions market, focusing on defense and civil aviation sectors, with a diverse product range [3] Financial Performance - The company's gross margin for the main products, such as electrical connectors, is 39.37%, while the overall sales gross margin is 36.61%, a decrease of 1.34 percentage points [2] - The net profit margin stands at 17.15%, down 0.46 percentage points, with a period expense ratio of 7.87%, down 0.68 percentage points [2] - Accounts receivable and notes increased by 26.98% to 16.735 billion yuan, indicating higher sales and increased acceptance bills [2] Business Segments - Revenue from electrical connectors, optoelectronic devices, motors, and switches accounted for 78.36% of total revenue, totaling 16.210 billion yuan [1] - Revenue from optical devices and optoelectronic equipment was 2.842 billion yuan, making up 13.74% of total revenue [1] - The company is expanding its presence in high-end consumer manufacturing, particularly in the electric vehicle sector, and has achieved full coverage of major clients in the civil aviation sector [3] Future Outlook - The company is projected to achieve net profits of 3.826 billion yuan, 4.405 billion yuan, and 5.067 billion yuan for the years 2025 to 2027, with corresponding EPS of 1.81, 2.08, and 2.39 yuan [3] - The company is expected to maintain a leading position in the connector industry, with a PE ratio forecasted at 23.23, 20.17, and 17.54 for the same period [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [30]. Core Views - The company, AVIC Optoelectronics (002179), reported a total revenue of 20.686 billion yuan for 2024, reflecting a year-on-year growth of 3.04%. The net profit attributable to shareholders was 3.354 billion yuan, with a slight increase of 0.45% year-on-year [7][8]. - The fourth quarter showed significant recovery in defense orders, leading to a substantial increase in performance, with quarterly revenue reaching 6.591 billion yuan, up 39.77% year-on-year, and net profit increasing by 88.79% [8][12]. - The company is focusing on expanding its civil products and maintaining a strong position in the defense sector, with a strategic emphasis on high-end manufacturing and emerging industries [12]. Financial Performance - The gross profit margin for 2024 was reported at 36.61%, a slight decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points [9]. - The revenue from the electrical connector segment was 16.21 billion yuan, growing by 4.58% and accounting for 78.36% of total revenue. The optical connector segment saw a decline of 9.7%, generating 2.842 billion yuan [11]. - The company has effectively managed its expenses, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9]. Business Outlook - The company is expected to see continued growth in defense and civil sectors, with projected revenues of 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan for 2025, 2026, and 2027 respectively [13][14]. - The report highlights a positive outlook for the defense sector, anticipating a recovery in demand and an upward trend in the company's performance as it approaches the end of the 14th Five-Year Plan [12][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company achieved a total revenue of 20.686 billion yuan in 2024, representing a year-on-year growth of 3.04%. The net profit attributable to shareholders was 3.354 billion yuan, with a slight increase of 0.45% year-on-year [7][8] - The fourth quarter showed significant recovery in defense orders, leading to a substantial increase in performance, with a quarterly revenue of 6.591 billion yuan, up 39.77% year-on-year, and a net profit of 841 million yuan, up 88.79% year-on-year [8][12] - The company is focusing on expanding its civil products and has made significant progress in various sectors, including defense, low-altitude economy, and new energy vehicles, which are expected to drive future growth [12][13] Financial Performance - The gross profit margin for 2024 was 36.61%, a decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points year-on-year [9] - The company maintained good cost control, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9] - Revenue from the electrical connector segment was 16.21 billion yuan, up 4.58% year-on-year, while revenue from optical connectors and other optical devices was 2.842 billion yuan, down 9.7% [11] Business Segmentation - The electrical connector segment continues to dominate, accounting for 78.36% of total revenue, while the liquid cooling solutions segment saw a revenue increase of 14.44% to 1.634 billion yuan [11] - The company is enhancing its position as a preferred supplier in the defense sector and is expanding into high-end manufacturing in civil applications [12] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan, respectively, with corresponding net profits of 3.931 billion yuan, 4.681 billion yuan, and 5.291 billion yuan [13][14] - The company is expected to benefit from a recovery in defense demand and a positive industry trend, indicating a potential turning point in performance [13][12]