Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6]. Core Views - The company achieved a revenue of 20.07 billion yuan in 2023, a year-on-year increase of 26.75%, and a net profit attributable to shareholders of 3.34 billion yuan, up 22.86% year-on-year. However, in Q1 2024, revenue decreased by 24.87% year-on-year due to a slowdown in defense sector orders [1][4]. - The company is focusing on international expansion and has made significant progress in becoming a preferred supplier in the defense sector while also growing its civil high-end manufacturing business [3][4]. - The company maintains a high level of R&D investment, with a gross margin of 37.95% in 2023, reflecting a steady improvement across various business segments [2][4]. Financial Performance - In 2023, the company reported a gross margin of 37.95%, an increase of 1.41 percentage points year-on-year. The gross margin for electrical connectors and integrated interconnection components was 40.92%, while optical devices and optoelectronic equipment had a gross margin of 26.4% [2]. - The company’s revenue from electrical connectors and integrated interconnection components reached 15.5 billion yuan, a year-on-year increase of 27.17%, while revenue from optical devices was 3.15 billion yuan, also up 27.26% [3]. - The company’s net profit forecast for 2024-2025 has been adjusted downwards to 3.80 billion yuan and 4.56 billion yuan, respectively, due to a decline in Q1 2024 profits and complex international conditions [4][5]. Business Growth and Strategy - The company is actively pursuing international expansion, with its Vietnam subsidiary entering the global supply chain of key international clients and its German subsidiary achieving full localization [3]. - The company aims to solidify its position as a global leader in interconnection solutions, focusing on sectors such as commercial aerospace, low-altitude economy, and satellite internet [3][4]. - The company is accelerating its modernization efforts, with several key projects completed, including the construction of a high-end manufacturing base and various industrial parks [4].

Group 1: Defense Sector Growth - The defense sector is expected to maintain stable growth due to the acceleration of national defense construction and increasing industry scale [2] - Demand in the defense sector is projected to stabilize as the "14th Five-Year Plan" procurement products are delivered, leading to a new round of procurement orders [2] - The company aims to strengthen its position as a preferred supplier in the defense sector, continuously increasing its market share [2] Group 2: R&D and Innovation - The company is focused on building a high-level R&D team to enhance technological innovation capabilities and core competitiveness [3] - The strategic direction emphasizes "focusing on connections, extending value, strengthening military support for civilian use, and high-end expansion" [3] Group 3: Cost Control and Profitability - The company's gross margin remains stable due to its core culture of integrity and value creation, which drives competitive product offerings [4] - Key measures for cost reduction and efficiency improvement include establishing a performance evaluation system based on value contribution and promoting digital transformation for efficiency [4] - The company plans to implement a steady profit distribution policy in accordance with relevant laws and its shareholder return plan for 2023-2025 [4]

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 004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：参加中国航空工业集团上市公司业绩交流会的投 资者。 董事、总经理：李森 总会计师、董事会秘书：王亚歌 股东与证券事务办公室主任、证券事务代表：赵丹 证券事务主管：刘炳含 时间 2024 年5月29日 地点 中航光电制造中心大楼十楼会议室 形式 网络直播 一、上市公司领导介绍 中航光电是专业从事中高端光、电、流体连接技术与产品的研 究与开发，专业为航空及防务和高端制造提供互连解决方案的高科 技企业，自主研发各类连接产品500多个系列、35万多个品种。主 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 好的尊敬的各位投资者大家早上好我是长江军工组的研究员王赫家感谢各位领导每周一早上七点半如期收听长江军工组系列电话会议基着阳青周关军工本次是第67期这次我们想重点推一个票就是中航光电 而我们看到呢当前的整个军工行业的指数从四月中旬以来表现出较为突出的超额收益那么市场对军工行业的关注度也是比较高的那么我们认为在整个军工赛道里面历经考验被市场证明了的军工龙头白马中行光电在行业 当前这个位置是值得重点关注的因为这家公司从各个维度的角度来讲都是一个 全级经济经理在全市场配置和优选优质优选个股里面较为突出的一个标的那么这也是我们想推出他的一个原因那么从节点上从节奏和交易视角的角度来讲我们认为当前的光电的有四个维度凸显了军工行业目前处在 底部的一个特征第一呢就是从历史上来看我们可以看到就是军工行业的持仓在今年一季度以来基本今年一季度末基本上回到了2.8%的一个比例这个呢是以主动型基金前十大重仓 ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 33.92 CNY [1] Core Insights - In Q1 2024, the company's net profit attributable to shareholders decreased by 24.8% year-on-year to 750 million CNY, slightly below market expectations, but showed a 69% increase compared to the previous quarter [1] - The company's revenue for Q1 2024 was 4.01 billion CNY, reflecting a year-on-year decline, marking the first quarterly drop since Q2 2020, primarily due to a slowdown in industry demand [1] - The gross profit margin for Q1 2024 decreased to 19.8%, while the net profit margin remained at a high level of 35.6% [1] - The company has improved its operating cash flow, with a significant increase in other income by 628.2% to 54 million CNY, attributed to tax incentives [1] Financial Performance Summary - Revenue for 2023 was 20.074 billion CNY, with a projected growth rate of 12.6% for 2024, reaching 22.604 billion CNY [2] - The net profit attributable to shareholders for 2023 was 3.339 billion CNY, expected to grow to 3.927 billion CNY in 2024, reflecting a growth rate of 17.6% [2] - The company's earnings per share (EPS) for 2023 was 1.58 CNY, projected to increase to 1.85 CNY in 2024 [2] - The price-to-earnings (PE) ratio is expected to decrease from 22 in 2023 to 18 in 2024 [2] Strategic Development - The company is positioned as a leader in the domestic special connector market and aims to advance towards becoming a "global first-class" interconnection solution provider [1] - It plans to expand its strategic emerging industries and enhance its industrial layout, focusing on creating a "second growth curve" while maintaining innovation-driven development [1]

[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 ...