航天电子(600879) - 2017 Q3 - 季度财报

Important Notes Statement on the Authenticity of the Report The company's management ensures the authenticity, accuracy, and completeness of this quarterly report and bears legal responsibility - The Board of Directors, Board of Supervisors, and all directors, supervisors, and senior management guarantee the content of this quarterly report is true, accurate, and complete, and assume legal responsibility[6] - All directors of the company attended the board meeting to review this quarterly report[6] - The company's third-quarter report for 2017 is unaudited[6] Company Profile Key Financial Data and Non-recurring Gains and Losses The company's assets grew steadily, but EPS declined significantly due to share capital expansion and operating cash outflow increased Key Financial Data for Q1-Q3 2017 | Indicator | Q1-Q3 2017 | Q1-Q3 2016 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 8.183 billion RMB | 7.563 billion RMB | 8.20% | | Net Profit Attributable to Shareholders | 315 million RMB | 285 million RMB | 10.46% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 287 million RMB | 195 million RMB | 47.21% | | Net Cash Flow from Operating Activities | -1.727 billion RMB | -1.416 billion RMB | -21.96% | | Basic Earnings Per Share (RMB/Share) | 0.117 | 0.237 | -50.63% | | Indicator | September 30, 2017 | End of 2016 | Change from Year-End (%) | | Total Assets | 22.566 billion RMB | 19.582 billion RMB | 15.24% | | Net Assets Attributable to Shareholders | 11.181 billion RMB | 8.620 billion RMB | 29.71% | Non-recurring Gains and Losses for Q1-Q3 2017 | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 634,685.35 | | Government Grants Recognized in Current Profit or Loss | 16,366,672.32 | | Gains/Losses from Debt Restructuring | 223,693.94 | | Other Non-operating Income and Expenses | 15,010,793.85 | | Impact on Minority Interests (After Tax) | -292,116.68 | | Impact of Income Tax | -4,180,605.34 | | Total | 27,763,123.44 | Shareholder Information As of the reporting period end, the company had 179,952 shareholders, with the largest shareholder being a state-owned entity - As of the end of the reporting period, the company had a total of 179,952 shareholders[10] Top Three Shareholders' Holdings | Shareholder Name | Number of Shares | Shareholding Ratio (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Aerospace Times Electronics Co., Ltd. | 586,634,344 | 21.57 | State-owned Legal Person | | Shaanxi Aerospace Navigation Equipment Co., Ltd. | 53,277,182 | 1.96 | State-owned Legal Person | | Hubei Juyuan Technology Investment Co., Ltd. | 49,427,214 | 1.82 | State-owned Legal Person | - Among the top ten shareholders, several are subsidiaries or affiliates of the largest shareholder, China Aerospace Times Electronics Co., Ltd., constituting a related party or concerted action relationship[11] Significant Matters Analysis of Significant Changes in Key Accounting Items and Financial Indicators Significant fluctuations occurred in financial items, notably a 50.76% rise in accounts receivable and a 50.63% drop in EPS Significant Changes in Balance Sheet Items and Reasons | Item Name | Change (%) | Explanation | | :--- | :--- | :--- | | Notes Receivable | -48.21 | Maturity and settlement of notes receivable | | Accounts Receivable | 50.76 | Expansion of sales scale and seasonal collection patterns | | Construction in Progress | 44.90 | Investment in projects funded by raised capital | | Accounts Payable | 38.53 | Increased procurement volume leading to higher payables | | Taxes Payable | -93.60 | Decrease in corporate income tax payable at period end | Significant Changes in Income Statement and Other Indicators and Reasons | Item Name | Change (%) | Explanation | | :--- | :--- | :--- | | Taxes and Surcharges | 195.55 | Changes in accounting policies | | Asset Impairment Loss | 124.22 | Increase in bad debt provisions for the period | | Investment Income | 745.93 | Increased investment losses from associates recognized under the equity method | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 47.21 | Due to major asset restructuring in 2016, where the acquiree's profit was classified as non-recurring | | Basic Earnings Per Share | -50.63 | Increase in total share capital from fundraising for major asset restructuring and capitalization of reserves | Progress on the Use of Raised Funds The company reported progress on the use of funds raised from a 2013 rights issue and a 2017 asset acquisition - Of the 1.348 billion RMB raised from the 2013 rights issue, 1.302 billion RMB has been invested, with most projects completed or awaiting acceptance[15] - Funds raised from the 2017 asset acquisition are being invested as planned in three core projects: intelligent defense equipment systems, new-generation TT&C and aerospace electronic components, and high-end intelligent inertial navigation products[16] Performance Forecast and Commitments The company has not issued any warnings of potential losses or significant profit changes and has no overdue commitments - The company has not issued a warning regarding potential losses or significant changes in cumulative net profit from the beginning of the year to the end of the next reporting period[17] - During the reporting period, the company had no overdue unfulfilled commitments[17] Appendix Financial Statements The financial statements reflect the company's financial position and operating results for the third quarter of 2017 Consolidated Balance Sheet As of September 30, 2017, total assets reached 22.57 billion RMB, with net assets attributable to parent growing by 29.71% Key Items of the Consolidated Balance Sheet | Item | Ending Balance (RMB) | Beginning Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 22,565,631,482.03 | 19,581,504,437.66 | | Total Liabilities | 11,180,458,234.08 | 10,763,238,625.19 | | Total Equity Attributable to Parent Company | 11,180,712,249.55 | 8,620,075,992.95 | | Total Equity | 11,385,173,247.95 | 8,818,265,812.47 | Consolidated Income Statement For the first three quarters of 2017, the company achieved a total operating revenue of 8.18 billion RMB and a net profit of 324 million RMB Key Items of the Consolidated Income Statement (Year-to-Date) | Item | Jan-Sep 2017 (RMB) | Jan-Sep 2016 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 8,183,322,731.87 | 7,563,158,522.09 | | Operating Profit | 352,437,962.81 | 310,604,990.36 | | Total Profit | 384,673,808.27 | 354,878,690.37 | | Net Profit | 324,455,624.35 | 296,633,130.54 | | Net Profit Attributable to Parent Company | 315,054,580.98 | 285,209,558.10 | Consolidated Cash Flow Statement For the first three quarters of 2017, net cash flow from operating activities was -1.73 billion RMB, indicating increased outflow pressure Key Items of the Consolidated Cash Flow Statement (Year-to-Date) | Item | Jan-Sep 2017 (RMB) | Jan-Sep 2016 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -1,726,550,501.90 | -1,415,694,294.38 | | Net Cash Flow from Investing Activities | -398,744,600.87 | -241,580,463.85 | | Net Cash Flow from Financing Activities | 1,888,899,791.77 | 1,455,515,702.16 | | Net Increase in Cash and Cash Equivalents | -236,439,686.79 | -201,768,501.71 | Audit Report This quarterly financial report has not been audited - The company's third-quarter report for 2017 is unaudited[41]