[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].

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： ...

Investment Rating - The report maintains a "Buy" rating for the company [3][30]. Core Insights - The company reported a revenue of 20.074 billion yuan in 2023, representing a year-on-year growth of 26.75%. The net profit attributable to shareholders was 3.339 billion yuan, up 22.86% year-on-year [6][7]. - For 2024, the company plans to achieve a revenue of 22.1 billion yuan, which is a 10.09% increase from 2023, and a total profit of 4.11 billion yuan, also reflecting a 10.08% increase [6][30]. - The company is transitioning to become a comprehensive interconnection solution provider, with steady growth in connector and integrated interconnection component products [10][19]. Financial Performance - The company's gross margin for 2023 was 37.95%, an increase of 1.41 percentage points year-on-year, while the net profit margin was 17.61%, a decrease of 0.70 percentage points [19]. - The total operating expenses reached 3.913 billion yuan, a significant increase of 44.65% year-on-year, with the expense ratio rising to 19.49% of revenue [19][21]. - The company’s operating cash flow net amount was 3.088 billion yuan, a 45.79% increase year-on-year, indicating improved cash management [21]. Product Segmentation - Revenue from electrical connectors and integrated interconnection components was 15.5 billion yuan, accounting for 77.21% of total revenue, with a gross margin of 40.92% [10][19]. - Optical connectors and other optical devices generated revenue of 3.147 billion yuan, representing 15.68% of total revenue, with a gross margin of 26.44% [10][19]. - Liquid cooling solutions and other products achieved revenue of 1.427 billion yuan, accounting for 7.11% of total revenue [10]. Subsidiary Performance - The core subsidiary, Shenyang Xinghua, achieved revenue of 1.6 billion yuan, a year-on-year increase of 20.96%, with a net profit of 221 million yuan [15]. - Another subsidiary, AVIC Fushida, reported revenue of 815 million yuan, a slight increase of 0.82%, with a net profit of 155 million yuan [15]. Customer and Market Dynamics - The company’s sales to units under the Aviation Industry Group amounted to 3.7 billion yuan, a year-on-year increase of 28.95%, with expectations to reach 4.397 billion yuan in 2024 [25][27]. - The top five customers accounted for 42.43% of total sales, with the largest customer being a unit of the Aviation Industry Group [27]. Investment Plans - The company has outlined a 2024 investment plan totaling 2.37 billion yuan, a 25.56% increase from the previous year, aimed at key project developments [28][29].

Investment Rating - The report gives a "Buy" rating for the company, indicating an expected return exceeding 20% relative to the benchmark index over the next six months [8]. Core Insights - In 2023, the company achieved a revenue of 20.074 billion, representing a year-on-year growth of 26.75%, and a net profit attributable to shareholders of 3.339 billion, up 22.86% year-on-year [5][6]. - The overall gross margin improved to 37.95%, an increase of 1.41 percentage points compared to the previous year, indicating enhanced profitability [6]. - The company is focusing on its core business of connectivity and accelerating market expansion, particularly benefiting from the growth in the electric vehicle and data center sectors [7]. - The company has adjusted its development goals for the 14th Five-Year Plan, emphasizing a strategy of professional development, group operations, capital operations, international expansion, and precise management [7]. - For 2024, the company plans to achieve a revenue of 22.1 billion, a growth of 10.09%, and a total profit of 4.11 billion, also reflecting a growth of 10.08% [7]. Financial Summary - The company reported a total revenue of 20.074 billion in 2023, with projected revenues of 24.212 billion, 28.718 billion, and 33.486 billion for 2024, 2025, and 2026 respectively, showing growth rates of 20.61%, 18.61%, and 16.61% [9]. - The net profit attributable to shareholders is projected to be 4.117 billion in 2024, 4.990 billion in 2025, and 5.846 billion in 2026, with growth rates of 23.28%, 21.22%, and 17.15% respectively [9]. - The company's earnings per share (EPS) is expected to increase from 1.58 in 2023 to 1.94 in 2024, 2.35 in 2025, and 2.76 in 2026 [9].