Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 19.82 [1][7]. Core Views - The company reported a Q3 revenue of RMB 198 million, a year-over-year decrease of 12.03% and a quarter-over-quarter decrease of 26.95%. The net profit attributable to the parent company was RMB 483,900, down 91.27% year-over-year and 98.03% quarter-over-quarter. For the first three quarters of 2024, the company achieved a revenue of RMB 577 million, a year-over-year decrease of 10.20%, and a net profit of RMB 15.94 million, down 32.02% year-over-year. The decline in performance is attributed to delays in product delivery and increased credit impairment provisions. However, the military industry is expected to see a demand rebound, leading to potential performance improvement next year [1][4]. Summary by Sections Financial Performance - Q3 gross margin was 26.01%, an increase of 1.03 percentage points year-over-year. The gross margin for the first three quarters was 26.49%, a decrease of 0.11 percentage points year-over-year. The expense ratio for the first three quarters was 21.07%, an increase of 0.46 percentage points year-over-year. Sales, management, and R&D expenses decreased as a percentage of revenue [3][4]. Industry Position - The company remains a core supplier of military high-end frequency products, with strong demand expected from missile data link developments and satellite internet construction. The company has a competitive edge in satellite atomic clocks and high-stability crystal oscillators [4][5]. Profit Forecast and Valuation - The forecasted net profits for 2024-2026 are RMB 89.47 million, RMB 136.31 million, and RMB 179.76 million, respectively. The corresponding EPS is projected to be RMB 0.21, RMB 0.32, and RMB 0.42. The target price is based on a PE ratio of 62 times for 2025 [5][6].

证券代码：002935 证券简称：天奥电子 公告编号：2024-039 1、经与会监事签字并加盖监事会印章的第五届监事会第九次会议决议； 成都天奥电子股份有限公司 第五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。 成都天奥电子股份有限公司（以下简称"公司"）第五届监事会第九次会议于 2024 年 10 月 16 日以电子邮件、电话通讯等形式发出通知，并于 2024 年 10 月 22 日在公司会议室 以现场结合通讯方式召开。本次会议应出席监事 5 名，实际出席监事 5 名。会议由监事会主 席杜润昌先生主持，会议的召集和召开符合有关法律、行政法规、部门规章、规范性文件及 公司章程的规定。 一、监事会会议审议情况 （一）审议并通过《公司 2024 年第三季度报告》 经审议，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了上市公司的实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意 5 票，反对 0 票，弃权 0 票 二、备查文 ...

Financial Performance - The company's revenue for Q3 2024 was ¥198,340,634.24, representing a decrease of 12.03% compared to ¥225,455,833.71 in the same period last year[2] - Net profit attributable to shareholders was ¥483,875.10, down 91.27% from ¥5,543,491.42 year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥34,109.34, a decline of 99.35% compared to ¥5,266,560.97 in the previous year[2] - Total operating revenue for Q3 2024 was CNY 576,906,845.25, a decrease of 10.2% compared to CNY 642,452,131.60 in the same period last year[14] - Net profit for the period was CNY 15,941,537.44, compared to CNY 23,449,983.40 in the previous year, indicating a decline of 32.1%[15] - The total comprehensive income attributable to the parent company for Q3 2024 was ¥15,941,537.44, a decrease from ¥23,449,983.40 in Q3 2023, representing a decline of approximately 32.0%[16] - Basic and diluted earnings per share for Q3 2024 were both ¥0.0367, down from ¥0.0540 in Q3 2023, indicating a decrease of about 32.5%[16] Cash Flow and Liquidity - The net cash flow from operating activities improved by 76.50%, reaching -¥31,906,789.67 compared to -¥135,784,993.07 in the same period last year[7] - Cash flow from operating activities for Q3 2024 showed a net outflow of ¥31,906,789.67, compared to a net outflow of ¥135,784,993.07 in Q3 2023, reflecting an improvement in cash flow management[18] - Total cash inflow from operating activities for Q3 2024 was ¥599,536,952.59, while cash outflow was ¥631,443,742.26, resulting in a negative cash flow of ¥31,906,789.67[18] - The company reported cash and cash equivalents at the end of Q3 2024 amounting to ¥361,535,695.49, down from ¥578,592,720.80 at the end of Q3 2023, a decrease of approximately 37.5%[18] - The company's cash and cash equivalents decreased from 455,779,767.24 yuan at the beginning of the period to 361,535,695.49 yuan at the end[12] - The cash flow from investing activities showed a net outflow of ¥14,593,173.37 in Q3 2024, compared to ¥32,463,430.73 in Q3 2023, indicating a reduction in investment expenditures[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,674,238,445.46, an increase of 4.11% from ¥2,568,568,652.04 at the end of the previous year[2] - The company's total assets increased to CNY 2,674,238,445.46 from CNY 2,568,568,652.04, representing a growth of 4.1%[14] - The total liabilities increased to CNY 1,127,233,707.76 from CNY 1,015,604,742.64, reflecting a rise of 11.0%[14] - Accounts receivable increased significantly from 744,249,878.75 yuan to 1,015,770,221.55 yuan during the reporting period[12] - Inventory levels rose to CNY 776,625,625.87, up from CNY 599,300,507.97, marking an increase of 29.6%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,420[8] - The largest shareholder, China Electronics Technology Group Corporation No. 10 Research Institute, holds 40.24% of shares, totaling 171,698,289 shares[8] - The top ten shareholders include a mix of state-owned and private entities, with the largest private shareholder holding 3.38%[8] - The company completed the repurchase and cancellation of 2,283,278 restricted stocks due to unmet performance targets for 2023[11] Operational Challenges and Strategies - The company reported a decline in overall performance compared to the same period last year due to external market conditions[11] - The company is focusing on strengthening management and expanding market applications despite a challenging external environment[11] - The company is actively implementing a "100-day offensive" work plan to ensure the completion of annual work targets[11] - The company plans to focus on market expansion and new product development in the upcoming quarters[15] Other Financial Metrics - The weighted average return on net assets was 0.04%, down 0.33% from 0.37% in the previous year[2] - The company experienced a 52.13% increase in credit impairment losses, totaling -¥20,604,843.25, attributed to higher bad debt provisions[6] - Operating costs amounted to CNY 424,074,402.92, down from CNY 471,552,254.64, reflecting a reduction of 10.1%[14] - Research and development expenses were CNY 30,027,963.71, down from CNY 35,071,793.53, a decrease of 14.0%[15] - The company reported a decrease in management expenses to CNY 55,520,509.28 from CNY 62,577,673.39, a reduction of 11.9%[15] Legal and Compliance Issues - As of October 22, 2024, the Chengdu Jin Niu District People's Court has frozen the company's bank deposits amounting to 19,486,116.5 yuan[11] - The company has not undergone an audit for the Q3 2024 report, which may affect investor confidence[19] - The company is set to implement new accounting standards starting in 2024, which may impact future financial reporting[19]

一、董事会会议召开情况 成都天奥电子股份有限公司（以下简称"公司"）第五届董事会第十一次会议于 2024 年 10 月 16 日以电子邮件、电话通讯等形式发出通知，并于 2024 年 10 月 22 日在公司会议 室以现场结合通讯方式召开。本次会议应出席董事 7 名，实际出席董事 7 名，公司部分监事、 高级管理人员列席了会议。会议由公司董事长赵晓虎先生主持，会议的召集和召开符合《中 华人民共和国公司法》等法律法规及《公司章程》的规定。 二、董事会会议审议情况 证券代码：002935 证券简称：天奥电子 公告编号：2024-038 成都天奥电子股份有限公司 第五届董事会第十一次会议决议公告 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。 董 事 会 2024 年 10 月 23 日 （一）审议并通过《公司 2024 年第三季度报告》 1、经与会董事签字并加盖董事会印章的第五届董事会第十一次会议决议； 2、深交所要求的其他文件。 特此公告。 成都天奥电子股份有限公司 表决结果为：同意 7 票，反对 0 票，弃权 0 票 （二）审议并通过《关于制定<成都天奥电子股 ...

Financial Performance Forecast - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between 15.5 million and 16.5 million CNY, representing a decrease of 29.64% to 33.90% compared to the same period last year, where it was 23.45 million CNY [1]. - The estimated net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is projected to be between 14.68 million and 15.18 million CNY, a decrease of 29.78% to 32.09% from 21.62 million CNY in the previous year [1]. - The estimated basic earnings per share for the first three quarters of 2024 is projected to be between 0.0356 CNY and 0.0380 CNY, down from 0.0540 CNY in the same period last year [1]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is expected to be between 0.0423 million and 1.0423 million CNY, a significant decrease of 81.20% to 99.24% compared to 5.54 million CNY in the previous year [2]. - The estimated net profit after deducting non-recurring gains and losses for the third quarter of 2024 is projected to be between 0.00 million and 0.50 million CNY, down from 5.27 million CNY in the same period last year, reflecting a decrease of 90.51% to 100.00% [2]. Operational Challenges - The company anticipates a decline in operating revenue exceeding 10% for the first three quarters of 2024 due to external market conditions and delays in product delivery [3]. - Increased credit impairment losses have significantly impacted net profit for the first three quarters of 2024, contributing to the overall decline in performance [3]. Reporting and Auditing - The performance forecast has not been audited by registered accountants, and the specific data for the third quarter will be disclosed in the company's quarterly report [3].

证券代码：002935 证券简称：天奥电子 公告编号：2024-035 成都天奥电子股份有限公司 关于部分限制性股票回购注销完成的公告 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。 重要内容提示： 1、本次回购注销公司《2021年A股限制性股票激励计划（草案修订稿）》首次授予的 86名激励对象持有的第一个解除限售期所对应的限制性股票2,283,278股，占本次回购注销前 公司总股本的0.53%，回购价格为8.55元/股。 2、截至本公告日，上述限制性股票已在中国证券登记结算有限责任公司深圳分公司完 成回购注销手续。 成都天奥电子股份有限公司（以下简称"公司"）于2024年7月5日召开第五届董事会第 九次会议和第五届监事会第七次会议，2024年7月23日召开2024年第二次临时股东大会审议 通过了《关于回购注销部分限制性股票的议案》，回购注销公司本激励计划首次授予的86 名激励对象持有的第一个解除限售期所对应的限制性股票2,283,278股（占首次授予股份总数 的34%）。 截至本公告日，上述限制性股票已在中国证券登记结算有限责任公司深圳分公司完成了 注销手续 ...

成都天奥电子股份有限公司 名称：成都天奥电子股份有限公司 证券代码：002935 证券简称：天奥电子 公告编号：2024-034 关于修订《公司章程》并完成工商变更登记的公告 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。 成都天奥电子股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开第五届董事 会第八次会议和 2024 年 5 月 17 日召开 2023 年度股东大会审议通过《公司 2023 年度利润分 配预案》。具体内容详见公司在《证券时报》、《中国证券报》、《上海证券报》、《证券日报》 及巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据公司 2023 年度权益分派实施结果，公司对《公司章程》进行了修订，并完成工商 变更登记，取得了由成都市市场监督管理局核发的《营业执照》。 | 原章程 | | 新章程 | | | --- | --- | --- | --- | | 第六条 | 公司注册资本为人民币 | 第六条 | 公司注册资本为人民币 | | 35,744.6752 万元。 | | 42,893.61 ...

成都天奥电子股份有限公司 章程 二〇二四年八月 1 | 第一章 | 总则 4 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 | 股份 5 | | | 第一节 股份发行 5 | | | 第二节 股份增减和回购 6 | | | 第三节 股份转让 8 | | 第四章 | 股东和股东大会 8 | | | 第一节 股东 8 | | | 第二节 股东大会的一般规定 10 | | | 第三节 股东大会的召集 12 | | | 第四节 股东大会的提案与通知 14 | | | 第五节 股东大会的召开 15 | | | 第六节 股东大会的表决和决议 17 | | 第五章 | 董事会 22 | | | 第一节 董事 22 | | | 第二节 董事会 24 | | | 第三节 董事会专门委员会 27 | | 第六章 | 经理及其他高级管理人员 28 | | | 第一节 经理 29 | | | 第二节 董事会秘书 30 | | 第七章 | 监事会 31 | | | 第一节 监事 31 | | | 第二节 监事会 32 | | 第八章 | 党的组织 34 | | 第九章 | 财务会计制度、利润分配和 ...

4.请问财务总，中报显示公司营业收入总体下降9.22%，下 降的主要原因是什么？下半年会改善吗？ 证券代码：002935 证券简称：天奥电子 成都天奥电子股份有限公司 投资者关系活动记录表 编号：2024 -003 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐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） 参与单位名称及人员姓名 参与本次会议的全体投资者 时间 2024年08月28日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 董事、总经理 刘江 独立董事 杨敏 董事会秘书 陈静 副总经理、财务负责人 王利强 投资者关系活动主要内容 介绍 1.公司领导好，目前低空经济是国家宏观政策的鼓励方向， 也是成都市的重点产业方向，请问公司在这一领域有哪些布局？ 答:您好，公司以时间频率为主责主业，公司的控股股东电科 十所高度重视低空经济方面的产业机会和成都在低空经济领域的 产业优势，初步提出低空经济产业布局、近期目标、重点任务、 发展路径等规划。公司将按照电科十所的相关规划，发挥自身专 ...

成都天奥电子股份有限公司 2024 年半年度报告全文 成都天奥电子股份有限公司 2024 年半年度报告 【2024 年 8 月】 1 成都天奥电子股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人赵晓虎、主管会计工作负责人王利强及会计机构负责人(会计 主管人员)田遵雨声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公 司盈利预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此 保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。请投资 者注意投资风险。 本公司请投资者认真阅读本半年度报告全文，并特别注意市场风险、技 术风险、人才风险等风险因素，具体内容详见"第三节 管理层讨论与分析" 之"十、公司面临的风险和应对措施"。由于公司主要从事军品业务，部分 信息涉及国家秘密，公司根据科工财审[2008] ...