Investment Rating - The report gives an "Accumulate" rating for Tianao Electronics (002935.SZ) [7][8]. Core Views - The company's short-term profits are under pressure, but the long-term development in the time-frequency field is promising [2][4]. - The overall performance has declined due to various factors, including external market conditions and delays in product delivery [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved operating revenue of 577.91 million yuan, a year-on-year decrease of 10.2%. The net profit attributable to shareholders was 15.94 million yuan, down 32.02% year-on-year [2]. - In Q3 2024, the company reported operating revenue of 198 million yuan, a decline of 12.03% year-on-year, with a net profit of 483,900 yuan, down 91.27% year-on-year [3]. Research and Development - The company continues to strengthen its technological innovation and enhance core competitiveness, with R&D expenses for the first three quarters of 2024 amounting to 30.03 million yuan, accounting for 5.20% of operating revenue [4]. Investment Recommendations and Profit Forecast - The company is positioned as a leading player in the domestic military time-frequency product development and production sector, with expected net profits of 91 million yuan, 118 million yuan, and 140 million yuan for 2024-2026, respectively [7]. - The estimated earnings per share (EPS) for the same period are projected to be 0.21 yuan, 0.27 yuan, and 0.33 yuan, with corresponding price-to-earnings (P/E) ratios of 79x, 61x, and 51x [7].

Investment Rating - The report assigns a "Buy" rating for Tianao Electronics, indicating a positive outlook for the company's stock performance in the near future [7][8]. Core Views - The report highlights that Tianao Electronics is facing short-term profit pressure due to various factors, including a decline in revenue and net profit. However, the long-term development in the time-frequency field remains promising [3][4][5]. - The company is expected to benefit from the expanding demand for airborne and satellite products, with projected net profits for 2024-2026 being 91 million, 118 million, and 140 million yuan respectively [7][9]. Summary by Sections Financial Performance - In Q3 2024, Tianao Electronics reported revenue of 579.1 million yuan, a year-on-year decrease of 10.2%. The net profit attributable to shareholders was 15.94 million yuan, down 32.02% year-on-year [3][4]. - The gross profit margin for the company was 26.49%, while the net profit margin stood at 2.76% [4]. Research and Development - The company has maintained its R&D investment at approximately 30.03 million yuan for the first three quarters of 2024, accounting for 5.20% of its revenue. This investment focuses on crystal devices, atomic clocks, and Beidou watches [5]. Stock Buyback - Tianao Electronics completed the buyback and cancellation of 2,283,278 shares of restricted stock due to unmet performance targets, which is expected to enhance the competitiveness of its stock price [6]. Future Outlook - The company is projected to achieve net profits of 90.90 million yuan in 2024, with an EPS of 0.21 yuan, and a PE ratio of 79 times [7][9].

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 ...

成都天奥电子股份有限公司 2024 年第三季度报告 1 证券代码：002935 证券简称：天奥电子 公告编号：2024-037 成都天奥电子股份有限公司 2024 年第三季度报告 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。 重要内容提示： 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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 成都天奥电子股份有限公司 2024 年第三季度报告 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 是 □否 追溯调整或重述原因 其他原因 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|------ ...

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 ...