关于控股子公司完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 广联航空工业股份有限公司（以下简称公司）于2025年4月21日召开了第四 届董事会第四次会议，审议通过了《关于全资子公司股权转让引进战略投资者的 议案》，具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《广联航 空工业股份有限公司关于全资子公司股权转让引进战略投资者的公告》（公告编 号：2025-026）。 成都航新航空装备科技有限公司（以下简称成都航新）近日已办理完成上述 股权转让等相关事宜的工商变更登记手续，并取得了由成都市新都区政务服务管 理和行政审批局颁发的《营业执照》。 | 证券代码：300900 | 证券简称：广联航空 公告编号：2025-058 | | --- | --- | | 债券代码：123182 | 债券简称：广联转债 | 广联航空工业股份有限公司 8、经营范围：一般项目：机械设备研发；软件开发；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；信息技术咨询服务；模具制造；模 具销售；通用设备制造（不含 ...

Investment Rating - The report rates the defense and military industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][29]. Core Insights - The defense and military sector has shown resilience, with the Shenwan Defense and Military Index rising by 2.13%, outperforming major indices such as the Shanghai Composite Index, which fell by 0.03% [3][7]. - The report anticipates a growth cycle for Chinese military trade, driven by increased international recognition of Chinese military products amid geopolitical tensions [6]. - The fundamental changes in the military sector are expected to solidify the upward trajectory of the industry, particularly benefiting companies involved in consumable weapons as the military modernization efforts intensify [6]. - The report suggests increasing attention to the military sector, highlighting specific areas such as precision-guided weapons, underwater capabilities, and advancements in AI and robotics [6]. Market Review - The Shenwan Defense and Military Index outperformed the market, ranking third among 31 sectors with a 2.13% increase [3][7]. - Notable stock performances included Rongfa Nuclear Power, which surged by 31.79%, and Haige Communication, which rose by 16.34% [14][15]. - Conversely, stocks like Lijun Co. and Changchun Yidong experienced significant declines, with Lijun Co. dropping by 21.89% [15]. Valuation Changes - The current PE-TTM for the Shenwan Defense and Military sector stands at 74.13, indicating a high valuation relative to historical levels [15][21]. - The report notes a divergence in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [15][19]. Key Valuation Metrics - The report provides a detailed valuation table for key companies in the defense sector, indicating projected net profits and PE ratios for the years 2024 to 2027 [21][24].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the low-altitude logistics sector, particularly involving drones and counter-drone technologies [1][2][4]. Core Insights and Arguments - The National Postal Bureau of China has emphasized the development of drone technology for branch transportation and last-mile delivery, aiming to enhance the low-altitude economy in postal and express services [1][2]. - There is an exploration of cross-province and intercity drone transportation to scale up last-mile delivery applications, improving service efficiency and customer experience [3][4]. - Low-altitude logistics can be categorized into last-mile logistics (within 20 km) and branch logistics (50-500 km), with small multi-rotor drones used for last-mile delivery and fixed-wing drones for longer distances [4]. - A comprehensive drone delivery network is being established, as outlined in the "General Aviation Equipment Innovation Application Implementation Plan" released in March 2024 [4]. - Meituan has received the first nationwide low-altitude logistics coverage operational certificate in April 2025 [4]. Related Companies and Investment Opportunities - **Logistics Drone Companies**: - Guanglian Aviation (supplier for Baijing Airlines) - Zongshen Power (suppliers for Tengdun, Rainbow, and Zhong UAV) - Zongheng Co. (engaged in drone logistics demonstration applications) - Green Energy Huichong (heavy-duty drones in collaboration with China Post) - Aerospace Rainbow (YH1000 logistics drone first flight) [5]. - **Other Low-Altitude Economy Companies**: - Shenzhen Urban Transport - Sichuan Chuang Electronics - Lais Information - Wanfeng Aowei [5]. Additional Important Insights - The Ukrainian National Security Bureau reported the deployment of 117 FPV drones to attack multiple airports in Russia, destroying several strategic bombers [6]. - The tactic employed by Ukraine involves concealing drones in modified containers, which are then delivered to specified locations by unsuspecting truck drivers, showcasing a low-cost and high-concealment strategy that may increase global focus on drone technology and countermeasures [6][7]. Related Companies in Counter-Drone Technology - **Drone Companies**: - Zongshen Power (aviation piston engines) - Aerospace Electronics - Zhong UAV - Aerospace Rainbow - Guanglian Aviation - Zongheng Co. [7]. - **Counter-Drone Companies**: - Sichuan Chuang Electronics - Lianchuang Optoelectronics - Aerospace Nanhu - Guorui Technology - Lais Information - Sichuan Jiuzhou [7].

Group 1 - The aviation equipment sector experienced a short-term surge, with Zongheng Co., Ltd. hitting the daily limit, and other companies like Guolian Aviation, Hangxin Technology, and others also seeing significant gains [1]

Group 1: Company Overview and Strategic Positioning - The company is a key partner in the "White Whale" route, enhancing its competitive position in the low-altitude economy sector through collaboration on equipment development and manufacturing [3] - The commercial aerospace sector is viewed as a critical growth area, with significant investments in capacity building and resource allocation to expand market presence [4] Group 2: Operational Developments - The Xi'an branch has improved operational performance since 2024, becoming a vital part of the company's production capacity [4] - The company is implementing a divisional management model to optimize organizational structure and reduce management costs [4] Group 3: Capacity Expansion and Efficiency - A systematic capacity enhancement plan is in place, incorporating smart production lines and digital management systems to improve production efficiency [5] - The establishment of a strategic material reserve and a multi-level supply assurance system aims to enhance operational efficiency and cost competitiveness [5] Group 4: Financial Performance and Market Strategy - The aerospace components segment has experienced a decline in gross margin due to market changes and policy adjustments, prompting a strategic shift towards a comprehensive service platform [6] - The company is diversifying its business layout to mitigate the impact of gross margin fluctuations and ensure sustainable high-quality growth [6] Group 5: Future Outlook - The company is optimistic about the future of its convertible bonds, which are seen as a flexible financing tool to support long-term strategic development [6]

Group 1 - The aviation equipment sector is experiencing a significant rise, with Guolian Aviation (300900) increasing by over 10% [1] - Other companies in the sector, such as Aero Engine Corporation of China (600391), Aero Power (600893), Jiachih Technology, Aileda (300696), and Steel Research High Nano (300034), are also seeing gains [1] - There is a notable influx of dark pool funds into these stocks, indicating increased investor interest [1]

Core Viewpoint - Guanglian Aviation is expanding its business and enhancing its layout through the acquisition of a 51% stake in Tianjin Yuefeng Technology Co., Ltd, aiming to strengthen its position in the aerospace sector and capitalize on emerging commercial aerospace opportunities [1][2][3] Acquisition Details - Guanglian Aviation plans to purchase 25.5 million shares of Tianjin Yuefeng, representing 51% of its total shares, for a cash payment of 40 million yuan as an initial payment [2] - The acquisition is not classified as a major asset restructuring or related party transaction, and the final transaction price remains uncertain pending audit and evaluation [2] Business Synergy - Tianjin Yuefeng specializes in metal heat treatment, surface treatment, and precision processing for rocket components, which complements Guanglian Aviation's focus on aerospace high-end equipment [3] - The acquisition is expected to enhance Guanglian Aviation's capabilities in the commercial aerospace manufacturing and processing sector, leveraging both companies' technological and market strengths [3] Financial Performance - In Q1 2025, Guanglian Aviation reported revenue of 266 million yuan, an increase of 18.87% year-on-year, and a net profit of 45.95 million yuan, up 50.63% year-on-year [5][7] - The company has been increasing its R&D investment, with Q1 2025 R&D expenses rising by 61.21% to 14.57 million yuan, accounting for 5.48% of revenue [5][6] Strategic Investments - Guanglian Aviation is committed to its core business, with plans to invest up to 300 million yuan in a drone assembly and parts manufacturing project and to raise up to 1.134 billion yuan for various projects [4] - The company is also introducing strategic investors to its subsidiary Chengdu Hangxin Aviation Equipment Technology Co., Ltd to enhance its capabilities in the aerospace manufacturing sector [4]

Group 1 - Guanglian Aviation plans to acquire 51% stake in Tianjin Yuefeng Technology through cash payment, aiming for control post-transaction [1] - The transaction is currently in the planning stage, with auditing and evaluation of Tianjin Yuefeng yet to be completed, leading to uncertainties in final pricing [1] - Tianjin Yuefeng specializes in metal heat treatment, surface treatment, sheet metal forming, and precision machining for aerospace components [1] Group 2 - The acquisition is seen as complementary, as both companies operate in the aerospace industry, with Guanglian focusing on high-end aerospace equipment and Tianjin Yuefeng providing essential structural components [1] - Guanglian Aviation reported a revenue of 1.048 billion yuan in 2024, a 41.64% increase year-on-year, despite facing temporary net losses due to strategic and market influences [2] - In Q1 2024, Guanglian achieved revenues of 266 million yuan and a net profit of 45.95 million yuan, reflecting year-on-year growth of 18.87% and 50.63% respectively [2] Group 3 - Guanglian Aviation is investing up to 300 million yuan in the second phase of its drone assembly and parts manufacturing project to expand production capacity [2] - The company announced a private placement plan to raise up to 1.134 billion yuan for projects including a civil aviation production base and a research center [2] - In August 2024, Guanglian announced a 30 million yuan investment to establish a research institute with Harbin Institute of Technology, focusing on low-altitude economy and smart manufacturing [3]

Group 1: Company Leadership Changes - Longi Green Energy announced that Li Zhenguo will resign from the positions of General Manager and Legal Representative to focus on R&D and technology management, while continuing as the head of the Central Research Institute and Chief Technology Officer [2] - The company appointed Zhong Baoshan as the new General Manager, and this leadership change is not expected to impact the company's operations [2] Group 2: Contracts and Agreements - Pingzhi Information signed an AI computing power technology service framework agreement with China Telecom's Shaanxi branch, with a total contract value of approximately 246 million yuan [3] - The actual execution amount will depend on specific orders, and the agreement is not expected to have a significant impact on the company's annual performance [3] Group 3: Share Issuance and Stock Transactions - *ST Songfa announced the issuance of 738 million new shares at a price of 10.16 yuan per share for asset acquisition [5] - Shenghong Technology set the preliminary inquiry transfer price at 65.85 yuan per share, with 24 institutional investors participating in the inquiry [3] Group 4: Shareholder Actions - Xinhua Medical's controlling shareholder plans to increase holdings by 100 million to 200 million yuan [6] - Several companies, including Yongmaotai and Green Harmony, announced plans for share reductions by up to 3% of total shares [6] Group 5: Corporate Developments - Rongsheng Environmental Protection reported that its controlling shareholder, Feng Ronghua, has been taken into custody by law enforcement, but this matter is unrelated to the company [4] - Chongqing Steel terminated the absorption merger with its wholly-owned subsidiary [7]

Group 1 - The company, Guanglian Aviation, plans to acquire 25.5 million shares of Tianjin Yuefeng Technology Co., Ltd., representing 51% of its total shares, through a cash payment [1] - Upon completion of the transaction, the company will gain control over Tianjin Yuefeng, which specializes in metal heat treatment, surface treatment, sheet metal forming, milling, and precision welding processing for rocket components [1] - The transaction does not constitute a related party transaction or a major asset restructuring, and does not require approval from relevant authorities [1] Group 2 - The signed acquisition intention agreement is only a preliminary agreement, and the specific transaction methods and terms need further verification and negotiation [1] - The transaction is still in the planning stage, indicating potential uncertainties [1]