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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a significant narrowing of profit decline quarter-on-quarter, indicating a positive outlook for the second half of the year [9] - In H1 2024, the company achieved revenue of 9.197 billion yuan, a year-on-year decrease of 14.5%, while Q2 revenue was 5.184 billion yuan, down 4.3% year-on-year [9] - The net profit attributable to the parent company for H1 2024 was 1.668 billion yuan, a decrease of 14.6% year-on-year, with Q2 net profit at 917 million yuan, down 4.5% year-on-year [9] - The sales gross margin for Q2 2024 was 38.47%, showing an increase of 1.87 percentage points year-on-year and 2.92 percentage points quarter-on-quarter, indicating improved operational efficiency [9] - The company has effectively controlled its period expenses, which amounted to 1.517 billion yuan in H1 2024, a decrease of 10.64% year-on-year, demonstrating strong cost management capabilities [9] - To meet its financial budget for 2024, the company needs to achieve a revenue growth of 38.49% in H2 2024, reaching at least 12.903 billion yuan [9] - The company is expected to maintain stable growth with projected revenues of 22.126 billion yuan, 26.278 billion yuan, and 31.743 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 10.22%, 18.77%, and 20.80% [10] Financial Data Summary - In 2024E, the company's revenue is projected to be 22.126 billion yuan, with a growth rate of 10.22% [10] - The net profit attributable to the parent company for 2024E is expected to be 3.715 billion yuan, with a growth rate of 11.25% [10] - The earnings per share (EPS) for 2024E is projected to be 1.75 yuan [10] - The price-to-earnings (P/E) ratio for 2024E is estimated at 21.0 [10] - The company’s asset-liability ratio is 36.19% [6]

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 ...

中航光电科技股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性 | | 占用方与上市公司 | 上市公司核算的 | 2 0 24 | 年期初占用 | 2 0 24 年半年度占用 | 2 0 24 | 年半年度占 | 2 0 24 | 年半年度偿 | 2 024 年半年度期 | 占用形成原 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资金占用 | 资金占用方名称 | 的关联关系 | 会计科目 | | 资金余额 | 累计发生金额（不含 | | 用资金的利息（如 | | 还累计发生金额 | 末占用资金余额 | 因 | 占用性质 | | | | | | | | 利息） | | 有） | | | | | | | 控股股东、实际控制 | | | | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | | | | 小计 | | | | | | | | | | | | | | | 前 ...

证券代码：002179 证券简称：中航光电 公告代码：2024-036号 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等规定，中航光电科技股份有限公司（以下简称 "公司"或"中航光电"）将 2024 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 公司非公开发行股票共募集资金 3,399,999,991.23 元，扣除主承销商承销 及保荐费用 6,800,000.00 元，联席主承销商（联合保荐机构）中信证券股份有 限公司于 2021 年 12 月 23 日划入公司募集资金专户共计 3,393,199,991.23 元。 上述募集资金到位情况已经大华会计师事务所（特殊普通合伙）验证，并出具《中 航光电科技股份有限公司非公开发行人民币普通股（A 股）股票验资报告》（大 华验字[2021]000896 号）。扣除其他发行费用 280,188.68 元，实际募集资金净 额为人民币 3,392,919,802.55 元。 截至 2023 年 12 月 31 日，公司非公开发行 ...

证券代码：002179 证券简称：中航光电 公告代码：2024-034号 中航光电科技股份有限公司 第七届监事会第九次会议决议公告 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 届监事会第九次会议于 2024 年 8 月 26 日在中航光电杜预厂区创新中心大楼 212 会议室以现场方式召开，会议通知及会议资料已于 2024 年 8 月 16 日以 书面、电子邮件方式送达各位监事。会议应参加表决监事 4 人，实际参加表 决监事 4 人，部分高级管理人员列席。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。 三、会议以赞成票4票、反对票0票、弃权票0票，审议通过了"关于补 选第七届监事会监事的议案"。 经审议，监事会成员一致认为：公司监事候选人王焕文的任职资格和提 名程序符合相关法律和《公司章程》的规定，同意提名王焕文先生为公司第 七届监事会监事候选人，任期至第七届监事会届满时止。王焕文先生简历详 见附件。 该议案尚需提交公司股东大会审议批准。 参会监事共同推举 ...