证券代码：002179 证券简称：中航光电 公告编号：2025-028号 中航光电科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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"）2025年4月28日召开的 第七届董事会第十七次会议、第七届监事会第十四次会议审议通过《关于以集 中竞价方式回购公司股份的议案》，同意公司使用自有资金或自筹资金通过深 圳证券交易所交易系统以集中竞价交易的方式对公司股份进行回购，回购资金 总额为不超过人民币3亿元（含），不低于人民币1.5亿元（含），回购股份价 格不超过50.94元/股（含），具体内容详见公司2025年4月29日披露于《中国证 券报》《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关于以集中竞价 交易方式回购公司股份方案的公告暨回购报告书》（公告编号：2025-025号）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第9号——回购股份》等相关规定，回购期间，公司应当在每个月的前三个交 易日内披露截至上月末的回购进展情况。 ...

证券代码：002179 证券简称：中航光电 公告编号：2025-029号 中航光电科技股份有限公司 关于控股子公司中航富士达科技股份有限公司收到北京 证券交易所《关于终止对中航富士达科技股份有限公司 向特定对象发行股票审核的决定》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"）控股子公司中航富士达科 技股份有限公司（以下简称"中航富士达"，证券简称：富士达，证券代码： 835640.BJ）于 2025 年 4 月 24 日召开第八届董事会第十次会议、第八届监事会 第八次会议，审议通过了《关于终止向特定对象发行股票事项并撤回申请文件的 议案》。具体内容详见中航富士达 2025 年 4 月 28 日披露在北京证券交易所网站 （http://www.bse.cn/）的《中航富士达科技股份有限公司关于终止向特定对象发 行股票事项并撤回申请材料的公告》。 中航富士达于近日收到北京证券交易所出具的《关于终止对中航富士达科技 股份有限公司向特定对象发行股票审核的决定》（北证发〔2025〕29 号），北 京证券交易所根据《北 ...

证券代码：002179 证券简称：中航光电 公告编号：2025-027号 中航光电科技股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东 持股情况的公告 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。 | 序号 | 股东名称 | 持股数量（股） | 占公司无限售条件 股份总数比例（%） | | --- | --- | --- | --- | | 1 | 中国航空科技工业股份有限公司 | 778,663,507 | 37.42 | | 2 | 河南投资集团有限公司 | 169,118,704 | 8.13 | | 3 | 中国空空导弹研究院 | 30,969,843 | 1.49 | | 4 | 中国人寿保险股份有限公司－传统 | 25,131,284 | 1.21 | | | －普通保险产品－005L－CT001 沪 | | | | 5 | 中国工商银行股份有限公司－华泰 柏瑞沪深 300交易型开放式指数证券 | 23,427,496 | 1.13 | | | 投资基金 | | | | 6 | 中国建设银行股份有限公司－易方 | 20,863,74 ...

Core Viewpoint - 中航光电's Q1 2025 financial report shows strong revenue growth but a decline in net profit and cash flow, indicating mixed performance in the competitive landscape [1][3]. Financial Performance - The company's total revenue for Q1 2025 reached 4.839 billion yuan, ranking first among disclosed peers, with an increase of 0.825 billion yuan, representing a year-on-year growth of 20.56% [1]. - The net profit attributable to shareholders was 640 million yuan, ranking first among peers, but decreased by 111 million yuan, reflecting a year-on-year decline of 14.78% [1]. - Operating cash flow showed a net outflow of 1.126 billion yuan, ranking 64th among peers, a decrease of 0.981 billion yuan compared to the same period last year [1]. Financial Ratios - The latest debt-to-asset ratio is 36.68%, ranking 47th among peers, with a decrease of 2.09 percentage points from the previous quarter but an increase of 1.53 percentage points year-on-year [3]. - The gross profit margin is 28.44%, ranking 42nd among peers, down by 8.17 percentage points from the previous quarter and 7.12 percentage points year-on-year [3]. - Return on equity (ROE) stands at 2.63%, ranking first among peers, but has decreased by 0.85 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover Ratios - The diluted earnings per share (EPS) is 0.31 yuan, ranking second among peers, down by 0.06 yuan, which is a year-on-year decline of 15.75% [3]. - The total asset turnover ratio is 0.12 times, ranking 6th among peers, remaining flat compared to last year but showing a year-on-year increase of 4.08% [3]. - The inventory turnover ratio is 0.71 times, ranking 6th among peers, with an increase of 0.11 times year-on-year, reflecting an 18.54% growth [3]. Shareholder Structure - The number of shareholders is 62,300, with the top ten shareholders holding 1.113 billion shares, accounting for 52.53% of the total share capital [3]. - The largest shareholder is China Aviation Technology Industry Company, holding 36.76% of the shares [3].

Group 1: Financial Performance - In Q1 2025, the company achieved a total sales revenue of 4.839 billion CNY, representing a year-on-year growth of 20.56% [2] - The net profit attributable to shareholders was 640 million CNY, showing a year-on-year decline of 14.78% [2] - The gross profit margin has decreased compared to the same period last year due to three main factors: delayed defense business orders, a decline in the proportion of high-margin products, and rising raw material prices [3] Group 2: Business Segments and Growth - The defense sector is experiencing a recovery in order volume, with expectations of a significant narrowing of performance decline by mid-year [3] - The high-end manufacturing sector, particularly in the new energy vehicle and data center businesses, has seen rapid growth [4] - The company is focusing on expanding its customer base in solar energy storage, industrial, and medical sectors [4] Group 3: Operational Strategies - The company plans to enhance capacity layout and resource allocation to meet increasing demand and delivery pressures [3] - Strategic cost management and digital transformation initiatives are being implemented to improve efficiency and profitability [8] - The company is actively managing accounts receivable and inventory to enhance asset turnover and overall operational quality [9] Group 4: Future Outlook - The company anticipates significant improvements in scale and profitability in Q2 2025, with ongoing monitoring required for Q3 and Q4 [10] - The company aims to maintain a focus on growth, capability enhancement, and high-quality development throughout 2025 [10] - The data center business is expected to continue its rapid growth, driven by demand from AI servers and infrastructure development [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.79 CNY, based on a 27x PE for 2025 [2][4]. Core Views - The company reported Q1 2025 revenue of 4.839 billion CNY, a year-on-year increase of 20.56%, but a net profit attributable to shareholders of 640 million CNY, down 14.78% [1][8]. - The decline in profitability is attributed to a lower proportion of military products, changes in product structure, and rising raw material costs, leading to a gross margin decrease to 28.44% (down 7.12 percentage points) and a net margin decrease to 13.91% (down 5.88 percentage points) [8]. - The company plans to repurchase shares worth between 150 million and 300 million CNY, representing 0.14%-0.28% of the total shares, to enhance investor confidence and internal motivation [8]. - The defense sector is expected to recover, and new industries such as civil aviation and satellite internet present growth opportunities, indicating potential for a return to high-quality growth [8]. Financial Information Summary - Revenue projections for 2025-2027 are 23.778 billion CNY, 27.536 billion CNY, and 31.978 billion CNY, respectively, with expected growth rates of 14.9%, 15.8%, and 16.1% [3]. - The net profit attributable to shareholders is projected to grow from 3.740 billion CNY in 2025 to 5.101 billion CNY in 2027, with growth rates of 11.5% and 17.5% [3]. - The company’s gross margin is expected to stabilize around 36.2% from 2025 to 2027, while the net margin is projected to be around 15.7% to 16.0% [3].

Group 1 - The core viewpoint of the news is the establishment of a platform for value enhancement among listed companies in Henan, aimed at improving development quality and increasing investor returns [1][2] - A total of 37 major A-share companies and H-share representatives participated in the exchange meeting, sharing experiences and practices for value enhancement [1] - The "Henan Listed Company Value Enhancement Professional Committee" was established to serve as a platform for ongoing communication and to promote value enhancement practices [1][2] Group 2 - Participating companies expressed commitment to implementing the new "National Nine Articles" spirit, focusing on internal system establishment and value management centered on investors [2] - The meeting enriched the practical experience of value enhancement for Henan listed companies through the sharing of case studies and best practices [2] - The Henan Listed Company Association plans to leverage the meeting's outcomes to solidify responsibilities, enhance value management tools, and contribute to the stability and prosperity of the capital market [2]

Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

Financial Performance - The company's basic earnings per share for Q1 2025 is 0.3071 yuan, a decrease of 15.75% compared to Q1 2024, which was 0.3645 yuan [1] - The company's net profit for Q1 2025 is 6.4 billion yuan, down 14.78% from 7.51 billion yuan in Q1 2024 [1] - The company's operating revenue for Q1 2025 is 48.39 billion yuan, an increase of 20.58% from 40.13 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 2.67%, a decrease of 25.21% from 3.57% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 111,266.83 million shares, accounting for 53.46% of the circulating shares, with a change of 1,666,200 shares from the previous period [2] - China Aviation Technology Industry Co., Ltd. holds 77,866.35 million shares, representing 37.42% of the total share capital, with no change [2] - Henan Investment Group Co., Ltd. holds 16,911.87 million shares, representing 8.13% of the total share capital, with no change [2] - New entrants in the top ten shareholders include Hong Kong Central Clearing Limited and the Fortune CSI Military Industry Leader ETF [2] Dividend Distribution - The company will not distribute dividends or transfer shares this time [3]

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。 特别提示 1、本次股东大会未出现否决议案的情况； 证券代码：002179 证券简称：中航光电 公告编号：2025-021号 中航光电科技股份有限公司 2024年度股东大会决议公告 2、本次股东大会未涉及变更以往股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： 现场会议时间：2025 年 4 月 28 日（星期一）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 2025 年 4 月 28 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 2025 年 4 月 28 日 9:15-15:00。 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 5、主持人：董事长郭泽义先生 6、本次股东大会的召集、召开程序符合《中华人民共和国公司法》等有关法律 法 ...