公司副总经理王跃峰保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。本公司及董事会全体成员保证公告内容与信息披露义务人 提供的信息一致。 特别提示： 证券代码：002179 证券简称：中航光电 公告代码：2024-024号 中航光电科技股份有限公司 关于部分高级管理人员增持公司股份计划的进展公告 1、中航光电科技股份有限公司（以下简称"中航光电"或"公司"）于2024 年2月3日在《中国证券报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）披 露了《关于部分高级管理人员增持公司股份及后续增持计划的公告》（公告代码： 2024-005号），公司副总经理王跃峰先生，拟在2024年2月2日起6个月内，增持本 公司股份，拟累计增持股份数量不低于6,000股且不超过10,000股（含2月2日增持 数量）。 2、截至本公告披露日，本次增持计划实施期限已过半，王跃峰先生通过深交 所 交 易 系 统 以 集 中 竞 价 方 式 已 累 计 增 持 公 司 股 份 5,000股 ， 占 公 司 总 股 本 的 0.0002%，增持金额15.08万元。 公司于近日收到公司副总经理王 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company's revenue has experienced a short-term decline due to industry demand fluctuations, but internal cost control measures have led to a significant improvement in performance for Q1 2024 [6]. - The overall operational quality of the company has improved significantly, with short-term borrowing reaching a new low since 2016, and inventory levels increasing compared to the beginning of the period to ensure product delivery [6]. - The company is committed to expanding production, reinforcing the certainty of long-term growth [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 4.013 billion yuan, a year-on-year decrease of 24.87%, and a net profit attributable to shareholders of 751 million yuan, down 24.41% year-on-year [5][6]. - Despite the revenue decline, the gross margin improved to 35.55%, and the net profit margin significantly increased to 19.79% [6]. Cost Management - The company has effectively managed costs, with sales expenses decreasing by 42.03% to 73 million yuan and management expenses down by 46.87% to 186 million yuan [6]. - The quality of inventory and accounts receivable management has improved, leading to a reduction in credit and asset impairment losses [6]. Inventory and Capacity Expansion - The inventory balance at the end of Q1 2024 increased to 4.481 billion yuan, ensuring the release of short-term demand [6]. - The balance of construction in progress rose to 2.034 billion yuan, indicating strong confidence in long-term development through significant capacity expansion [6]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 4.16 billion, 5.25 billion, and 6.63 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25%, 26%, and 26% [6]. - Corresponding price-to-earnings ratios for these years are projected to be 17, 14, and 11 times [6].

[Table_Page] 季报点评|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 33.92元 一季度阶段性业绩回落，全年稳增向好趋势不变 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 2024-04-28 ⚫ 事件：公司发布24年一季报，实现营收40.13亿元（YOY-24.87%）， 相[Ta对ble市_Pi场cQu表ote现] 归母净利润7.51亿元（YOY-24.41%），扣非归母净利润7.36亿元（YOY -24.80%）。毛利率35.55%（YOY-3.96pps），净利率19.79%（YOY 11% -0.27pps）。 3% ⚫ 点评：一季度业绩虽阶段性同比下滑，看好全年稳增向好趋势的持续性。 -4%04/23 06/23 08/23 10/23 12/23 02/24 04/24 公司一季度实现营收40.13亿元，同比减少24.87%，环比减少14.89%； -12% 归母净利润7.51亿元，同比减少24.41%，环比增加68.52%。毛利率 ...

中航光电（002179.SZ）2024年一季报点评 1Q24 归母净利润环比增长 69%；高质量治理赋能发展 2024年04月27日 ➢ 事件：4月26日，公司发布2024年一季报，1Q24实现营收40.1亿元， 推荐 维持评级 YoY -24.9%；归母净利润7.5亿元，YoY -24.4%；扣非净利润7.4亿元，YoY 当前价格： 33.92元 -24.8%。业绩表现略低于市场预期。受到行业需求节奏总体放缓的影响，公司 1Q24业绩阶段性承压。 [Table_Author] ➢ 1Q24 归母净利润环比增长 69%；净利率保持在较高水平。1）单季度： 1Q24，公司营收同比下滑，是自 2Q20 以来单季度首次出现了同比下滑，需求 端阶段性承压；归母净利润同比下滑，但环比有所增长，增速在68.5%。2）盈 利能力：公司1Q24毛利率同比减少4.0ppt至35.6%；净利率同比增加0.3ppt 至19.8%，净利率保持在较高水平。 ➢ 期间费用率同比减少；经营活动净现金流有所改善。1Q24期间费用率同比 分析师 尹会伟 减少2.8ppt至13.5%，具体看：1）销售费用率同比减少0.5ppt至1.8%；2） ...

[Main Financial Data](index=2&type=section&id=Item%20I.%20Main%20Financial%20Data) [Core Financial Indicators](index=2&type=section&id=Item%20(I)%20Main%20Accounting%20Data%20and%20Financial%20Indicators) The company experienced a significant year-over-year decline in Q1 2024 revenue and net profit, despite improved operating cash flow and slight growth in total assets and equity Core Financial Indicators (CNY) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,013,364,008.24 | 5,342,014,790.70 | -24.87 | | Net Profit Attributable to Shareholders | 750,886,082.59 | 993,316,742.83 | -24.41 | | Net Cash Flow from Operating Activities | -144,904,942.11 | -442,585,322.81 | 67.26 | | Basic Earnings Per Share (CNY/share) | 0.3645 | 0.4752 | -23.30 | | Weighted Average Return on Net Assets (%) | 3.57 | 5.48 | Decrease by 1.91 percentage points | | **Indicator** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Year-End (%)** | | Total Assets | 35,610,504,201.91 | 35,569,904,322.27 | 0.11 | | Total Equity Attributable to Shareholders | 21,534,535,351.97 | 20,496,289,780.79 | 5.07 | [Non-Recurring Gains and Losses Analysis](index=2&type=section&id=Item%20(II)%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled CNY 14.74 million, mainly from government grants and other non-operating income and expenses Non-Recurring Gains and Losses (CNY) | Item | Amount for Current Period (CNY) | | :--- | :--- | | Government Grants Included in Current Profit/Loss | 8,408,964.01 | | Other Non-Operating Income and Expenses | 11,591,953.37 | | Gains/Losses from Disposal of Non-Current Assets | -1,032,771.44 | | **Total** | **14,739,407.74** | [Major Financial Item Changes and Reasons](index=3&type=section&id=Item%20(III)%20Changes%20and%20Reasons%20for%20Major%20Accounting%20Data%20and%20Financial%20Indicators) Significant fluctuations occurred in financial items, including a **54.15%** decrease in short-term borrowings, a **628.17%** surge in other income, and reductions in sales and administrative expenses Major Financial Item Changes and Reasons (%) | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | **Balance Sheet Items** | | | | Short-Term Borrowings | -54.15 | Due to loan repayment | | Taxes Payable | 117.89 | Due to increased corporate income tax payable in the period | | Long-Term Payables | 216.33 | Due to increased R&D investment in the period | | **Income Statement Items** | | | | Sales Expenses | -42.03 | Due to business expenses fluctuating with revenue | | Administrative Expenses | -46.87 | Due to business expenses fluctuating with revenue | | Asset Impairment Losses | -86.74 | Due to decreased provision for inventory impairment losses | | Other Income | 628.17 | Due to tax incentives for advanced manufacturing VAT deductions | [Shareholder Information](index=3&type=section&id=Item%20II.%20Shareholder%20Information) [Shareholding Structure](index=3&type=section&id=Item%20(I)%20Total%20Number%20of%20Common%20Shareholders%20and%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%20and%20Top%20Ten%20Shareholders%27%20Holdings) The company had **73,003** common shareholders with a highly concentrated equity structure, dominated by state-owned entities including the largest shareholder holding **36.74%** - As of the end of the reporting period, the company had **73,003** common shareholders[7](index=7&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Type | Holding Percentage (%) | Number of Shares Held | | :--- | :--- | :--- | :--- | | AVIC Jonhon Optronic Technology Co., Ltd. | State-owned Legal Entity | 36.74 | 778,663,507.00 | | Henan Investment Group Co., Ltd. | State-owned Legal Entity | 7.98 | 169,118,704.00 | | China Airborne Missile Academy | State-owned Legal Entity | 1.46 | 30,969,843.00 | | E Fund Defense & Military Industry Mixed Securities Investment Fund | Other | 1.38 | 29,163,264.00 | | China Life Insurance Company Limited | Other | 1.07 | 22,680,334.00 | - Among the top ten shareholders, AVIC Jonhon Optronic Technology Co., Ltd., Sawei Avionics Technology Co., Ltd., and China Airborne Missile Academy are all affiliated companies of Aviation Industry Corporation of China, indicating related party relationships[8](index=8&type=chunk) [Other Significant Matters](index=5&type=section&id=Item%20III.%20Other%20Significant%20Matters) Senior executives increased their shareholdings through the secondary market, signaling confidence in the company's future, with one vice general manager planning further acquisitions - On February 2, 2024, Mr. Liang Guowei, the company's Chief Legal Officer, and Mr. Wang Yuefeng, Vice General Manager, increased their shareholdings by **20,000** shares and **5,000** shares respectively[9](index=9&type=chunk) - Vice General Manager Mr. Wang Yuefeng plans to cumulatively increase his shareholding by no less than **6,000** shares and no more than **10,000** shares within six months from February 2, 2024[9](index=9&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) This section provides the unaudited Q1 2024 consolidated financial statements, including the balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=5&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of March 31, 2024, total assets were **CNY 35.61 billion** (up **0.11%**), total liabilities decreased, and equity attributable to parent company owners grew **5.07%** to **CNY 21.54 billion** Consolidated Balance Sheet (CNY) | Item | Period-End Balance (CNY) | Period-Start Balance (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 35,610,504,201.91 | 35,569,904,322.27 | +0.11 | | Total Liabilities | 12,519,003,521.67 | 13,555,459,170.82 | -7.65 | | Total Equity Attributable to Parent Company Owners | 21,534,535,351.97 | 20,496,289,780.79 | +5.07 | | Total Owners' Equity | 23,091,500,680.24 | 22,014,445,151.45 | +4.89 | [Consolidated Income Statement](index=7&type=section&id=2.%20Consolidated%20Income%20Statement) Q1 2024 operating revenue decreased **24.87%** to **CNY 4.01 billion**, resulting in a **23.70%** decline in operating profit and a **24.41%** drop in net profit attributable to parent company owners Consolidated Income Statement (CNY) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 4,013,364,008.24 | 5,342,014,790.70 | -24.87 | | Operating Profit | 892,204,120.87 | 1,169,337,063.47 | -23.70 | | Total Profit | 903,268,925.07 | 1,177,113,228.73 | -23.26 | | Net Profit Attributable to Parent Company Owners | 750,886,082.59 | 993,316,742.83 | -24.41 | | Basic Earnings Per Share (CNY/share) | 0.3645 | 0.4752 | -23.30 | [Consolidated Cash Flow Statement](index=9&type=section&id=3.%20Consolidated%20Cash%20Flow%20Statement) Operating cash flow significantly improved, with net outflow narrowing to **CNY -145 million** (**67.26%** improvement), but net cash and cash equivalents decreased by **CNY 879 million** due to investing and financing outflows Consolidated Cash Flow Statement (CNY) | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -144,904,942.11 | -442,585,322.81 | | Net Cash Flow from Investing Activities | -334,864,790.66 | -509,749,946.95 | | Net Cash Flow from Financing Activities | -402,809,870.39 | 209,411,769.50 | | Net Increase in Cash and Cash Equivalents | -879,115,990.14 | -751,178,161.94 |

证券代码：002179 证券简称：中航光电 公告代码：2024-022号 中航光电科技股份有限公司 关于参加深圳证券交易所集体业绩说明会的公告 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"）将于 2024 年 4 月 18 日参加深圳证券交易所以"新质生产力主战场"为主题的集体业绩 说明会。现将有关事项公告如下： 一、业绩说明会安排 1.召开时间：2024 年 4 月 18 日（星期四）15:00—17:00 2.召开地址：深交所上市大厅 3.召开方式：图文与直播视频转播 4.参会人员：公司董事长郭泽义先生；董事会秘书、总会计师王亚歌女士； 独立董事王秀芬女士。 二、投资者参与方式 本次业绩说明会将通过深圳证券交易所提供的"互动易"平台举行，投资 者可登录"互动易"网站（http://irm.cninfo.com.cn），进入"云访谈"栏目参 与本次业绩说明会。也可通过扫描以下二维码观看直播及参与交流： 1 本次业绩说明会二维码 董 事 会 二〇二四年四月十三日 2 中航光电科技股份有限公司 具体事宜 ...

证券代码：002179 证券简称：中航光电 公告代码：2024-021号 中航光电科技股份有限公司 2023年度股东大会决议公告 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 （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 2、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 1、会议召开情况 （1）召开时间： 现场会议时间：2024 年 4 月 11 日（星期四）上午 9:30 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 4 月 11 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 4 月 11 日 9:15-15:00。 （5）主持人：董事长郭泽义先生 1、本次股东大会未出现否决议案的情况； （2）现场出席股东和网络投票股东情况 现场出席股东大会的股东及 ...

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 8. 公司本次股东大会议案及涉及相关议案内容的公告等文件； 北京市金杜律师事务所 关于中航光电科技股份有限公司 2023 年度股东大会之法律意见书 1. 经公司 2024 年第一次临时股东大会审议通过的《中航光电科技股份有 限公司章程》（以下简称《公司章程》）； 2. 公司 2024 年 3 月 16 日刊登于《中国证券报》《证券时报》、巨潮资 讯网及深圳证券交易所网站的《中航光电科技股份有限公司第七届董事 会第九次会议决议公告》； 3. 公司 2024 年 3 月 16 日刊登于《中国证券报》《证券时报》、巨潮资 讯网及深圳证券交易所网站的《中航光电科技股份有限公司第七届监事 会第七次会议决议公告》； 4. 公司 2024 年 3 月 16 日刊登于《中国证券报》《证券时报》、巨潮资 讯网及深圳证券交易所网站的《中航光电科技股份有限公司关于召开公 司 2023 年度股东大会的通知》（以下简称《股东大会通知》）； 5. 公司本次股东大会股权登记日的股东名册； 6. 出席现场会议的股东的到会登记记录及凭证资料； 致：中航光电科技股份有限 ...

航空航天 分析师：刘智 登记编码：S0730520110001 年报稳健增长，军民业务齐头并进 l iuzhi@ccnew.com 021-50586775 ——中航光电(002179)2023 年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-04-01) 发布日期：2024年04月02日 收盘价(元) 34.68 投资要点： 一年内最高/最低(元) 56.96/30.23 中航光电公布2023年年报。2023年全年实现营业收入200.74亿元，同 沪深300指数 3,595.65 比增长26.75%，归属于上市公司股东的净利润33.39亿元，同比增长 市净率(倍) 3.59 22.86%，再创新高。 流通市值(亿元) 715.74 ⚫ 年报稳健增长，军民业务齐头并进 基础数据(2023-12-31) 每股净资产(元) 9.67 2023年实现营业收入200.74亿元，同比增长26.75%，归母净利润33.39 每股经营现金流(元) 1.46 亿元，同比增长22.86%，扣非归母净利润32.45亿，同比增长23.73%。 毛利率(%) 37.95 分季度看，2023年Q1-Q4公司营业收入 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 57.97 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company is expected to benefit from the high growth prospects in the aerospace and defense sectors during the 14th Five-Year Plan, alongside continuous upgrades in product business structure and strategic synergies, leading to sustained high growth rates [1][2]. - The company's revenue for 2023 is projected to be 20.074 billion CNY, representing a 26.75% increase year-on-year, with a net profit attributable to shareholders of 3.339 billion CNY, up 23% [1][2]. Summary by Sections Financial Performance - The company achieved a revenue of 20.074 billion CNY in 2023, a 26.75% increase from the previous year, with a net profit of 3.339 billion CNY, reflecting a 23% growth [1][2]. - The gross profit margin for 2023 was 37.95%, an increase of 1.41 percentage points year-on-year [1]. - The company’s operating profit margin is projected to improve to 18.9% in 2024, with a net profit margin of 16.3% [2]. Business Strategy - The company is focusing on enhancing its R&D capabilities, with a research and development expense ratio of 10.95% in 2023, an increase of 0.86 percentage points [1]. - The company is expanding its international market presence and modernizing its production capacity, with significant progress in various projects [1][2]. Market Position - The company is recognized as a leading supplier of interconnection solutions in the defense sector, with ongoing expansion in markets such as data centers, oil equipment, and photovoltaic energy storage [1][2]. - The company aims to cover mainstream automotive manufacturers in the electric vehicle sector, focusing on becoming a top-tier player both domestically and internationally [1].