北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 北京市康达律师事务所 关于航天智造科技股份有限公司 2024 年年度股东大会的法律意见书 康达股会字【2025】第 0107 号 致：航天智造科技股份有限公司 北京市康达律师事务所（以下简称"本所"）接受航天智造科技股份有限公司（以下简 称"公司"）的委托，就公司 2024 年年度股东大会（以下简称"本次会议"）的相关事宜 出具《北京市康达律师事务所关于航天智造科技股份有限公司 2024 年年度股东大会的法律 意见书》（以下简称本"《法律意见书》"） ...

Group 1: Automotive Parts Business Performance - In 2024, the automotive parts business generated over 7 billion CNY in sales, marking a year-on-year growth of 37.7% [3] - The automotive parts segment accounted for the largest share of the company's revenue, driven by strong demand from mainstream domestic car manufacturers [4] - The product structure shows that the revenue from major assembly projects has increased to 67.97%, contributing significantly to profit [5] Group 2: Competitive Advantages - The company has established a comprehensive industrial layout with over 20 production bases, ensuring proximity to major automotive manufacturers for timely supply [3] - It possesses a strong technical and R&D capability, with 554 patents granted, including 53 invention patents, focusing on intelligent cockpit technologies [3] - The company has built a stable customer base, including major brands like Geely, Changan, and BYD, enhancing its market reputation [4][8] Group 3: Future Outlook and Industry Trends - The automotive industry is expected to maintain growth, with a projected 4.7% increase in total vehicle sales in 2025, and a 24.4% rise in new energy vehicle sales [6] - The oil and gas equipment sector is anticipated to grow steadily, supported by national energy security strategies and increasing domestic oil and gas production [6] - The high-performance functional materials market is expanding, with a 14.05% revenue growth driven by partnerships with leading electronic manufacturers [6] Group 4: Challenges and Strategic Focus - The military products segment saw a significant decline in revenue, dropping by 75.72% to 974.46 million CNY in 2024 due to market demand fluctuations [10] - The company aims to enhance its product innovation in line with trends in electric and intelligent vehicles, focusing on integrated solutions to increase vehicle value [8] - Strategic investments will be made in key projects to support technological innovation and market expansion [6]

中国国际金融股份有限公司 关于 航天智造科技股份有限公司 发行股份购买资产并募集配套资金 暨关联交易 之 2024 年度持续督导意见 暨持续督导总结报告 独立财务顾问 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 签署日期：二〇二五年四月 1 声明和承诺 中国国际金融股份有限公司（以下简称"中金公司"）接受委托，担任航 天智造科技股份有限公司（以下简称"航天智造"、"上市公司"或"公 司"）发行股份购买资产并募集配套资金暨关联交易的独立财务顾问（以下简 称"本独立财务顾问"）。本独立财务顾问按照证券行业公认的业务标准、道 德规范，本着诚实信用、勤勉尽责的态度，出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方已承 诺上述有关资料均为真实、准确和完整的，不存在虚假记载、误导性陈述或者 重大遗漏，并承担因违反上述承诺而引致的个别和连带的法律责任。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息 披露文件真实、准确、完整。 3、本持续督导意见不构成对上市公司的任何投资 ...

Group 1: Business Performance and Financials - In 2024, the company achieved a revenue of 7.78 billion CNY, representing a year-on-year growth of 32.8% [5] - The net profit for 2024 reached 790 million CNY, with a significant increase of 87% compared to the previous year [5] - The automotive parts business contributed to a revenue growth of 37.73%, indicating strong performance in this sector [5] Group 2: Market Trends and Strategic Focus - The Chinese automotive market is expected to grow by 4.7% in total sales, with a remarkable 24.4% growth in new energy vehicle (NEV) sales in 2025 [2] - The company is aligning its product development with the trends of electrification and intelligentization in the automotive industry, focusing on "smart optics, electric drive control, lightweight environmental protection, and exquisite decoration" [3] - In 2024, 72% of the new project unit prices were attributed to NEVs, showcasing the company's commitment to this growing market [3] Group 3: Shareholder Returns and Value Management - The company plans to distribute a cash dividend of 2.80 CNY per 10 shares, totaling 237 million CNY for the year [4] - The company emphasizes the importance of market value management and has established a framework to enhance investor returns [4] - The company will consider share buybacks and major shareholder increases as necessary to stabilize stock prices [4] Group 4: Challenges and Responses - The oil and gas equipment business saw a revenue decline of 5.96% in 2024, yet net profit increased by 8.55% due to high-margin product orders and cost reduction efforts [10] - The company is actively addressing the decline in demand for information anti-counterfeiting materials by upgrading core technologies and developing new high-performance film materials [8] - The company maintains stable relationships with major clients in the oil and gas sector, ensuring continued collaboration and support [11]

中国国际金融股份有限公司 关于航天智造科技股份有限公司 2024 年度持续督导定期现场检查报告 | 独立财务顾问名称：中国国际金融股份有限公司 | | | | | | 上市公司简称：航天智造 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主办人姓名：贾义真、田加力、先庭宏、莫鹏 | | | | | | 联系电话：010-65051166 | | | | 现场检查人员姓名：田加力 | | | | | | | | | | 现场检查对应期间：2024 年 月 日—2024 1 1 12 | 年 | 月 | 31 | 日 | | | | | | 现场检查时间：2025 年 3 月 27 日 | | | | | | | | | | 一、现场检查事项 | | | | | | | 现场检查意见 | | | （一）公司治理 | | | | | | 是 | 否 | 不适用 | | 现场检查手段： | | | | | | | | | | （1）查阅公司章程和各项规章制度； | | | | | | | | | | （2）查阅公司董事会、监事会、股东大 ...

事件 3 月28 日，航天智造发布2024 年年报。2024 年，公司实现营业收入77.81 亿元，同比增长32.78%，实 现归母净利润7.92 亿元，同比增长87.02%。 点评 1、汽车零部件业务营收保持快速增长。2024 年，公司汽车零部件业务实现营业收入70.03 亿元，同比 增长37.73%，毛利率为18.68%，同比基本持平，子公司航天模塑净利润达6.35 亿元。 我们认为，公司汽车零部件业务未来有望保持较快增长，一是国内自主品牌乘用车市场份额在不断提 升，2024 年，国内自主品牌乘用车销量为1797 万辆，同比增长 23.1%，市场份额达65.2%，较上年同期 上升9.2 个百分点，这一趋势有望延续，另外，公司在吉利、长安等成熟优质市场新项目单价达到新 高；二是新能源汽车增速远超行业平均水平，2024 年，我国新能源汽车产销分别完成1288.8 万辆和 1286.6 万辆，同比分别增长34.4%和35.5%，而公司新获取项目中新能源汽车占比达72%，公司持续拓展 布局新势力市场，实现华为鸿蒙智行、蔚来等主流造车新势力多款畅销车型的全面覆盖，重点造车新势 力市场战略初见成效；三是汽车出口有望延 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [7][8]. Core Insights - The company achieved a revenue of 7.781 billion yuan in 2024, representing a year-on-year growth of 32.78%, with a net profit of 792 million yuan, up 87.02% from the previous year [4][5]. - The automotive parts business continues to grow rapidly, with revenue reaching 7.003 billion yuan in 2024, a 37.73% increase, benefiting from the rising market share of domestic brands and the expansion into the new energy vehicle sector [5][6]. - The oil and gas equipment business generated a net profit of 238 million yuan in 2024, despite a slight revenue decline of 5.96%, indicating a stable profit margin due to cost reduction efforts [6][8]. - The company is positioned to benefit from the national focus on "deep-sea technology," which is expected to enhance the development of oil and gas resources, particularly given China's high dependency on foreign oil and gas [6][8]. - Future profit projections estimate net profits of 902 million yuan, 1.108 billion yuan, and 1.380 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 14%, 23%, and 25% [8][10]. Financial Summary - The company reported a total revenue of 7.781 billion yuan for 2024, with projected revenues of 8.986 billion yuan in 2025, 10.426 billion yuan in 2026, and 12.113 billion yuan in 2027 [10][13]. - The projected earnings per share (EPS) are expected to increase from 0.94 yuan in 2024 to 1.63 yuan by 2027, reflecting strong growth potential [10][13]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 22.26 in 2024 to 12.77 in 2027, indicating an attractive valuation as earnings grow [10][13].

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company achieved a revenue of 7.781 billion yuan in 2024, representing a year-on-year growth of 32.78%, and a net profit of 792 million yuan, which is an increase of 87.02% compared to the previous year [4][5]. - The automotive parts business continues to grow rapidly, with revenue reaching 7.003 billion yuan in 2024, a year-on-year increase of 37.73%, and a gross margin of 18.68% [5]. - The oil and gas equipment business generated a net profit of 238 million yuan in 2024, with revenue of 546 million yuan, a decrease of 5.96% year-on-year, but a gross margin of 67.18% [6]. - The company is expected to benefit from the development of deep-sea technology, which was highlighted in the recent national policy discussions, indicating a broad future for oil and gas equipment [6][8]. - The company is positioned as a platform for asset injection from the Aerospace Science and Technology Corporation, which could enhance its growth prospects [8]. - Forecasted net profits for 2025-2027 are projected to be 902 million, 1.108 billion, and 1.380 billion yuan, respectively, with growth rates of 14%, 23%, and 25% [8][10]. Financial Summary - In 2024, the company reported total revenue of 7.781 billion yuan, with a projected revenue of 8.986 billion yuan in 2025, reflecting a growth rate of 15.49% [10][13]. - The company's earnings per share (EPS) for 2024 is estimated at 0.94 yuan, with projections of 1.07 yuan, 1.31 yuan, and 1.63 yuan for 2025, 2026, and 2027, respectively [10][13]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.26 in 2024 to 12.77 by 2027, indicating potential valuation improvement [10][13].

Core Viewpoint - The company has reported significant growth in revenue and profit across its three main business segments: automotive parts, oil and gas equipment, and high-performance functional materials, driven by market demand and strategic initiatives. Group 1: Company Overview - The company primarily engages in three major business areas: automotive parts, oil and gas equipment, and high-performance functional materials [5][20]. - The company has undergone a change in its auditing firm from Zhihong to Lixin, receiving a standard unqualified opinion for its financial report [3]. Group 2: Automotive Parts Business - The automotive parts segment focuses on the development and manufacturing of interior and exterior automotive components, lightweight engine parts, and smart cockpit components, emphasizing technological innovation [6][21]. - In 2024, the automotive parts business achieved sales revenue of 70.03 billion yuan, a year-on-year increase of 37.73%, with a significant focus on new energy vehicles, which accounted for 72% of new projects [27][41]. - The company has established itself as a leading player in the domestic automotive parts industry, recognized for its technological capabilities and extensive customer base, including major automotive manufacturers [23][24]. Group 3: Oil and Gas Equipment Business - The oil and gas equipment segment specializes in the research and manufacturing of perforating tools and high-end completion equipment, with a strong focus on domestic market needs [15][31]. - The segment's revenue for 2024 was 5.46 billion yuan, reflecting a slight decline of 5.96% year-on-year, primarily due to changes in military product sales [34][42]. - The company has maintained a leading position in the industry, with its products widely used by major state-owned enterprises in the oil and gas sector [32][33]. Group 4: High-Performance Functional Materials Business - The high-performance functional materials segment includes information anti-counterfeiting materials, electronic functional materials, and weather-resistant materials, with a focus on innovation and market expansion [18][35]. - This segment reported sales revenue of 2.32 billion yuan, a year-on-year increase of 18.84%, driven by growth in electronic functional materials and weather-resistant materials [38][43]. - The company is recognized as a leading producer of thermal magnetic tickets and magnetic stripe products, with ongoing efforts to expand its market presence both domestically and internationally [35][36]. Group 5: Industry Context - The automotive industry is a strategic pillar of the national economy, with significant growth driven by trends such as electrification, intelligence, and connectivity [21][22]. - The oil and gas equipment industry is experiencing steady growth due to increasing global energy demands and domestic policies supporting exploration and production [28][29]. - The high-performance functional materials sector is benefiting from advancements in technology and increasing applications in various industries, including electronics and automotive [34][35].

证券代码：300446 证券简称：航天智造 公告编号：2025-019 航天智造科技股份有限公司 关于发行股份购买资产并募集配套资金暨关联交易之 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。 航天智造科技股份有限公司（以下简称"公司"或"航天智 造"）于 2023 年实施重大资产重组，发行股份购买标的公司成 都航天模塑有限责任公司（以下简称"航天模塑"） 、川南航天能 源科技有限公司（以下简称"航天能源"）100%股权并募集配套 资金（以下简称"本次交易"） 。公司于 2025 年 3 月 27 日召开第 五届董事会第十五次会议和第五届监事会第十二次会议，审议 通过了《关于发行股份购买资产并募集配套资金暨关联交易之 源 2024 年度业绩承诺实现情况公告如下： 一、本次交易的基本情况 公司于 2022 年 9 月 23 日召开第四届董事会第十八次会议、 第四届监事会第十三次会议，于 2022 年 11 月 21 日召开 2022 年第二次临时股东大会审议通过本次交易的相关议案。 新材料股份有限公司发行股份购买资产并募集配套资金注册的 批复》（证监许可〔202 ...