2023 年，公司应收账款 24.17 亿元，同比增长 27.78%，应收账款周转率 1.33 次， 同比减少 0.70 次；应收票据 0.34 亿元，同比减少 81.49%。公司存货 9.95 亿元， 同比增长 25.62%，存货周转率 2.42 次，同比减少 1.55 次。截至 2023 年末，公司 合同负债 0.27 亿元，同比增长 173.51%。 图 9、净利润及经营活动产生的现金流量净额 图 10、应收账款及存货周转率 资料来源：公司公告，兴业证券经济与金融研究院整理 资料来源：公司公告，兴业证券经济与金融研究院整理 请务必阅读正文之后的信息披露和重要声明 - 6 - 幅提升 2023 年公司向航天科技集团内部成员单位销售商品及提供劳务关联交易实际发 生金额为 16.82 亿元，同比减少 32.79%，完成度 44.26%，同比减少 36.46pct。2024 年公司向航天科技集团内部成员单位销售商品及提供劳务关联交易预计金额为 31.00 亿元，较 2023 年实际发生额增长 84.30%，相较于 2023 年预计发生额减少 18.42%。 2023 年，公司向前五名客户销售额 19.61 亿元 ...

4、盈利预测与投资评级：我们预计公司 2024-2026 年的归母净 利润分别为 3.01、4.27、5.75 亿元，同比增长 96%、42%，35%，对应 当前股价 PE 分别为 56、40、29 倍，维持"增持"评级。 请务必阅读正文之后的免责条款部分 2 本报告所采用的数据均来自我们认为可靠的目前已公开的信息，并通过独立判断并得出结论，力求独立、客观、公 平，报告结论不受本公司其他部门和人员以及证券发行人、上市公司、基金公司、证券资产管理公司、特定客户等 利益相关方的干涉和影响，特此声明。 本报告版权归中邮证券所有，未经书面许可，任何机构或个人不得存在对本报告以任何形式进行翻版、修改、节选、 复制、发布，或对本报告进行改编、汇编等侵犯知识产权的行为，亦不得存在其他有损中邮证券商业性权益的任何 情形。如经中邮证券授权后引用发布，需注明出处为中邮证券研究所，且不得对本报告进行有悖原意的引用、删节 或修改。 | --- | --- | |--------------------------------------------------|------------------------------------ ...

11 2）光学膜业务 从光伏市场来看，2023 年上半年光伏背板需求与价格处于稳定，有部分提升库存需求；从下半年开始，市场情况急转 直下，产业链各环节均存在停产情况，行业进入产能过剩阶段。从供给端来看，因各环节过剩率加速提升造就了原材料供 应商加速内卷，产品价格大幅下降。从需求端来看，虽然国内、国外新装机数量持续增长，但供给端增长速度更快，叠加 国际贸易地区保护主义盛行，整个产业链呈现出阶段性供给严重过剩的局面。 随着我国光伏行业的产业规模迅速扩大以及液晶面板产业升级发展，公司将坚持走高质量发展路线，进一步巩固公司 在新材料领域的技术和市场领先地位。 我国国防建设进入快速增长期，二十大报告中明确提出要"增加新域新质作战力量比重，加快无人智能作战力量发 展"，军用无人机作为借助信息化智能化技术实现空天作战的军事装备，已成为"新域新质"作战力量的重要一环，政策 导向明确。2024 年我国国防预算为 1.67 万亿元，同比上年增长 7.2%，对标世界发达国家，目前我国军用无人机存量相对 较少但正处于快速发展装备阶段，同时由于军用无人机具有消耗属性和成长属性等典型特点，产业结构性需求空间及增速 突出。公司紧跟政策引导 ...

2024 年 3 月 13 日 公司基本情况 总市值/流通市值（亿元）161 / 159 市盈率 52.03 航天彩虹(002389) 个股表现 事件 点评 2023 年，公司实现归母净利润 1.43 亿元~1.86 亿元，同比下降 39.3%~53.4%，主要是由于无人机国内业务受客户产品鉴定和项目招 标节点变化影响，收入下降导致利润贡献随之减少；新材料业务因受 产品供需关系影响，导致产能利用率下降、产品价格持续承压，业务 收入较去年下降，并进一步压缩原有利润空间。 3、公司 2024 年向关联方中国航天科技集团有限公司内部成员单 位销售商品及提供服务预计额为 31 亿元，较 2023 年预计额下降 20%， 较上年实际发生金额增长 79%。2023 年实际情况不及预期，2024 年 有望恢复。 军品订单不及预期；军品降价超出市场预期；军贸市场拓展不及 预期等。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 资料来源：公司公告，中邮证券研究所 资料来源：公司公告，中邮证券研究所 负债和所有者权益总计 9849 9879 10470 11460 | --- | --- | --- | --- | ...

Revenue and Profit - Revenue for the reporting period was 579.41 million yuan, a decrease of 11.09% year-on-year[5] - Net profit attributable to shareholders of the listed company was 27.84 million yuan, an increase of 65.22% year-on-year[5] - Net profit increased by 52.92% to 143.96 million yuan, mainly due to changes in business structure[8] - The company's comprehensive income for the period totaled 143,958,514.43 yuan, with 141,868,386.64 yuan attributable to the parent company's owners[34] - Net profit attributable to parent company shareholders was 141,868,386.64, a decrease from the previous period[46] - Operating profit was 159,200,265.79, showing an increase compared to the previous period[46] Cash Flow - Net cash flow from operating activities was -580.78 million yuan, a decrease of 43.27% year-on-year[5] - Net cash flow from operating activities was -580,783,045.57, a decrease of 43.27%[25] - Net cash flow from investing activities was 16,817,978.36, a significant increase of 104.41%[25] - Net cash flow from financing activities was -65,060,717.53, a decrease of 293.05%[25] - Net cash flow from operating activities was -580,783,045.57, a decline from -405,389,444.02 in the previous period[50] - Net cash flow from investing activities was 16,817,978.36, an improvement from -381,130,810.68 in the previous period[50] - Net cash flow from financing activities was -65,060,717.53, a decrease from 33,701,979.81 in the previous period[50] - Cash and cash equivalents at the end of the period were 846,622,631.98, down from 967,332,963.50 in the previous period[50] Assets and Liabilities - Total assets at the end of the reporting period were 10.03 billion yuan, an increase of 1.79% compared to the end of the previous year[5] - Accounts receivable increased by 34.03% to 2.54 billion yuan, mainly due to reduced sales collections[8] - Inventory increased by 37.43% to 1.09 billion yuan, mainly due to increased stockpiling[8] - Contract liabilities increased by 310.35% to 40.12 million yuan, mainly due to increased project prepayments[8] - Monetary funds decreased by 42.63% to 848.84 million yuan, mainly due to daily operating payments[8] - Short-term borrowings increased by 99.48% to 39.93 million yuan, mainly due to new bank loans[8] - Accounts receivable financing increased to 640,470,252.83, up 4.13% from the previous period[15] - Prepayments rose to 182,915,702.32, a significant increase of 60.75% compared to the previous period[15] - Inventory grew to 1,088,782,680.20, up 37.43% from the previous period[15] - Total current assets reached 5,736,435,862.37, a 4.54% increase from the previous period[15] - Total non-current assets decreased to 4,288,570,969.54, down 1.66% from the previous period[15] - Total assets increased to 10,025,006,831.91, up 1.79% from the previous period[15] - The company's total liabilities as of the reporting period were 1,854,450,374.53 yuan, with current liabilities accounting for 1,661,973,274.12 yuan[44] - The company's total equity as of the reporting period was 8,170,556,457.38 yuan, with 7,991,938,459.69 yuan attributable to the parent company's owners[44] - The company's total assets as of the reporting period were 10,025,006,831.91 yuan, an increase from 9,848,602,639.10 yuan at the beginning of the period[44] Operating Performance - The company's total operating income for the period was 1,716,247,666.33 yuan, down from 2,117,559,118.09 yuan in the previous period[44] - Total operating costs for the period were 1,582,430,819.07 yuan, compared to 2,046,083,242.29 yuan in the previous period[44] - Cash received from selling goods and providing services amounted to 1,190,503,862.59 yuan, a decrease from the previous period's 1,289,802,940.90 yuan[34] - Sales expenses increased to 24,937,073.13, up from 33,302,036.84 in the previous period[46] - Interest income was 13,488,576.98, slightly higher than the previous period's 13,310,526.76[46] - Total taxes and surcharges were 13,066,241.58, a decrease from 17,689,093.58 in the previous period[46] Government Subsidies and Credit - Government subsidies for the current reporting period amounted to 7,054,643.59[22] - The company applied for a comprehensive credit line of 820 million yuan from Aerospace Science and Technology Finance Co., Ltd. and provided guarantees of up to 782 million yuan for its subsidiaries[27] - The company applied to add 30 million yuan in related-party transactions for property leasing, rental, and utility fees with Zhejiang Huacheng Technology Co., Ltd.[41] R&D Expenses - R&D expenses increased to 84,874,128.54, up from 77,660,872.85 in the previous period[46] Earnings Per Share - Basic and diluted earnings per share for the period were both 0.14 yuan[34]

航天彩虹无人机股份有限公司2023年半年度报告全文 航天彩虹无人机股份有限公司 2023 年半年度报告 ...

航天彩虹无人机股份有限公司 投资者关系活动记录表 编号：2023-001 | --- | --- | --- | --- | |-------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002389 证券简称：航天彩虹 公告编号：2023-030 2023 年第一季度报告 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。 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 3.第一季度报告是否经审计 1 一、主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|--------------------------------| | □是 否 | 本报告期 | 上年同期 | 本报告期比上年同期增减（%） | | 营业收入（元） | 509,055,058.02 | 723,971,197.54 | -29.69% | | 归属于上市公司股东的净利润（元） | 18,648,538.04 | 34,706,141.06 | -46.27% | | 归属于 ...

航天彩虹无人机股份有限公司 2023 年第一季度报告 航天彩虹无人机股份有限公司 证券代码：002389 证券简称：航天彩虹 公告编号：2023-030 2023 年第一季度报告 3.第一季度报告是否经审计 □是 否 1 航天彩虹无人机股份有限公司 2023 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------|-------|--------------|-------|-------|----------| | 适用 □不适用 \n项目 | | 本报告期金额 | 说明 | | 单位：元 | | 计入当期损益的政府补助（与公司正常经营业 务密切相关，符合国家政策规定、按照一定标 准定额或定量持续享受的政府补助除外） | | 1,118,84 ...

航天彩虹无人机股份有限公司 2022 年年度报告 2023 年 3 月 ...