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：[2024]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：易方达基金、工银瑞信、南方基金、华夏基金、 东方证券、博时基金、方正证券、银河基金、富国基金、兴业证 券、长江证券、国金基金、国泰君安证券、华泰证券、嘉实基金、 平安基金、大朴资产、申万宏源证券、金舵投资、天风证券、招商 基金、中欧基金、中信建投证券、源峰私募、博道基金、渤海证 券、淡水泉投资、东方阿尔法基金、东吴证券、敦和资产、广发证 券、国华基金、国金证券、国联证券、果实私募、杭银理财、弘毅 远方基金、华安基金、华创证券、宽远资产、域秀资产、上海证 券、太平洋资产、西部利得基金、阳光资管、园信永丰基金、长盛 基金等机构相关人员。 上市公司参会人员：董事长：郭泽义 董事、总经理：李森 总会计师、董事会秘书：王亚歌 独立董事：王秀芬、翟国富 保荐代表人：黄凯 ...

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： ...

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 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company relies on continuous vertical integration in the defense sector and horizontal expansion in civilian products to ensure steady revenue growth. The ongoing "cost efficiency project" drives stable profit growth [7]. - In 2023, the company achieved a revenue of 20.074 billion yuan, a year-on-year increase of 26.75%, and a net profit attributable to shareholders of 3.339 billion yuan, with a growth rate of 22.86% [6][7]. - The company has made breakthroughs in the defense market and solidified its position as a preferred supplier for interconnection solutions. In the civilian sector, it has seen significant growth in data centers, oil equipment, photovoltaic energy storage, and the new energy vehicle business [7]. Financial Summary - The company reported a revenue of 20.074 billion yuan in 2023, with a gross profit of 7.619 billion yuan, resulting in a gross margin of 38% [12]. - The projected net profits for 2024, 2025, and 2026 are 4.163 billion yuan, 5.245 billion yuan, and 6.630 billion yuan, respectively, with year-on-year growth rates of 25%, 26%, and 26% [7][12]. - The company's overall gross margin has reached a historical high, driven by the implementation of the "cost efficiency project" and strategic cost control [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.64 CNY, based on a 21x PE ratio for 2024 [2][4]. Core Views - The company achieved a revenue of 20.074 billion CNY in 2023, representing a year-on-year growth of 26.75%, and a net profit of 3.339 billion CNY, up 22.86% [1][3]. - The fourth quarter of 2023 saw a revenue of 4.715 billion CNY, marking a 39.34% increase, with a net profit of 446 million CNY, a 2.92% rise [1]. - The company plans to achieve a revenue of 22.1 billion CNY in 2024, reflecting a growth of 10.09%, and a total profit of 4.11 billion CNY, also up 10.08% [1][2]. Financial Summary - Revenue for 2022 was 15.838 billion CNY, which increased to 20.074 billion CNY in 2023, with projected revenues of 24.012 billion CNY in 2024 and 29.269 billion CNY in 2025 [3][9]. - The net profit for 2022 was 2.718 billion CNY, rising to 3.339 billion CNY in 2023, with forecasts of 3.904 billion CNY in 2024 and 4.644 billion CNY in 2025 [3][9]. - The gross margin improved from 36.5% in 2022 to 38.0% in 2023, with projections of 37.2% in 2024 and 36.8% in 2025 [3][9]. - The net margin slightly decreased from 17.2% in 2022 to 16.6% in 2023, with expectations of 16.3% in 2024 and 15.9% in 2025 [3][9]. Capacity Expansion and Market Position - The company is actively expanding its production capacity, with fixed assets increasing by 38.74% to 4.473 billion CNY and construction in progress rising by 56.92% to 1.793 billion CNY by the end of 2023 [1][3]. - The company is a leader in military products, with a high market share and expected growth in military orders due to increased demand [1][3]. - The company is also focusing on emerging industries, including data centers, oil equipment, photovoltaic energy storage, and the electric vehicle sector, which are all experiencing rapid growth [1][3].

[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 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]

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]