证券代码：603267 证券简称：鸿远电子 公告编号：临2025-023 重要内容提示： ● 每股分配比例 A股每股现金红利0.17元（含税） 一、通过分配方案的股东会届次和日期 本次利润分配方案经北京元六鸿远电子科技股份有限公司（以下简称"公司"）2025年4月17日的2024年 年度股东会审议通过。 北京元六鸿远电子科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东（公司回购专用证券账户除外）。 根据《上海证券交易所上市公司自律监管指引第7号一一回购股份》等有关规定，公司回购专用账户中 的股份，不享有利润分配、公积金转增股本的权利。基于此，公司存放于回购专用证券账户中的股份将 不参与本次利润分配。 3.差异化分红送转方案： （1）本次差异化分红送转方案 公司2024年度拟以实施权 ...

证券代码：603267 证券简称：鸿远电子 公告编号：临2025-023 北京元六鸿远电子科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.17元（含税） ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/15 | － | 2025/5/16 | 2025/5/16 | | 本次利润分配方案经北京元六鸿远电子科技股份有限公司（以下简称"公司"）2025 年 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（公司回购专用证券账 户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司 回购专用账户中的股份，不享有利润分配、公积金转增股本的权利。基于此，公司存放于 ...

证券代码：603267 证券简称：鸿远电子 公告编号：临2025-023 北京元六鸿远电子科技股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.17元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/15 | － | 2025/5/16 | 2025/5/16 | 差异化分红送转： 是 一、通过分配方案的股东会届次和日期 本次利润分配方案经北京元六鸿远电子科技股份有限公司（以下简称"公司"）2025 年 4 月 17 日的2024年年度股东会审议通过。 二、分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（公司回购专用证券账 户除外）。 ...

北京市天元律师事务所 关于北京元六鸿远电子科技股份有限公司 差异化分红的法律意见 京天股字（2025）第 133 号 致：北京元六鸿远电子科技股份有限公司 本法律意见仅供公司为本次差异化分红之目的而使用，不得被任何人用于其他任 何目的。 基于上述，本所根据有关法律、法规和中国证监会有关规定的要求，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，现发表法律意见如下： 一、 本次差异化分红的原因及依据 2021 年 6 月 10 日，公司召开第二届董事会第十六次会议，审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，拟以公司自有资金通过集中竞价 交易方式回购公司股份。 根据公司于 2021 年 12 月 11 日披露的《北京元六鸿远电子科技股份有限公司 关于股份回购实施结果暨股份变动的公告》，截至 2021 年 12 月 9 日，公司本次回 购股份期限已届满，已实际回购公司股份 335,066 股，占公司总股本的比例为 0.14%，回购最高价格人民币 115.00 元/股，最低价格人民币 112.82 元/股，回购均 价人民币 114.17 元/股，使用资金总额人民币 3,825.50 万元（不 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weakened downstream demand and price reductions for its core product, MLCC [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 466 million yuan, an increase of 8.67%, while net profit was 60 million yuan, down 16.89% [1][2]. - For the year 2024, the company reported revenue of 1.492 billion yuan, a decrease of 10.98%, and net profit of 154 million yuan, down 43.55% [1][2]. - The gross margin for Q1 2025 was 41.86%, up 0.30 percentage points, while the net margin was 12.91%, down 3.97 percentage points [1][2]. Business Segments - The company operates in two main segments: primary production and agency business, focusing on high-reliability electronic components such as MLCCs, filters, microcontrollers, and integrated circuits [1][2]. - The agency business primarily represents well-known international and domestic electronic component manufacturers, targeting markets like renewable energy and automotive electronics [1]. Market Dynamics - The demand for MLCCs is expected to grow due to their extensive applications in military equipment, with the market for MLCCs accounting for over 90% of the ceramic capacitor market [5]. - The company is positioned to benefit from the "compensatory" deployment of military equipment, which is anticipated to lead to a recovery in demand [6]. Cost and Expense Management - The company's operating expenses increased, with the three expense ratios rising to 14.38%, driven by new business expansion and adjustments in performance bonuses for sales personnel [3]. - The gross margin declined in 2024 to 34.29%, down 6.23 percentage points, influenced by price reductions in MLCCs and a higher proportion of lower-margin products [2][3]. Inventory and Cash Flow - The company's inventory decreased to 797 million yuan, a reduction of 1.91% from 2023, with a significant drop in agency business inventory by 28.79% [4]. - Cash flow from investment activities showed a net outflow of 485 million yuan, a decline of 147.95%, primarily due to increased bank deposits [4]. Future Outlook - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 2.012 billion yuan, 2.519 billion yuan, and 3.090 billion yuan, respectively [6]. - Net profit forecasts for the same period are 281 million yuan, 407 million yuan, and 533 million yuan, with corresponding EPS estimates of 1.22 yuan, 1.76 yuan, and 2.31 yuan [6].

603267 鸿远电子 4.03 6.24 5491.61 沪指5月7日上涨0.80%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为国防军工、银行，涨 幅分别为3.70%、1.49%。国防军工行业位居今日涨幅榜首位。跌幅居前的行业为传媒、计算机，跌幅 分别为0.56%、0.42%。 资金面上看，两市主力资金全天净流出254.59亿元，今日有6个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨3.70%，全天净流入资金41.90亿元，其次是农林牧渔行业，日 涨幅为0.71%，净流入资金为6.66亿元。 主力资金净流出的行业有25个，计算机行业主力资金净流出规模居首，全天净流出资金79.55亿元，其 次是电子行业，净流出资金为67.25亿元，净流出资金较多的还有通信、非银金融、医药生物等行业。 国防军工行业今日上涨3.70%，全天主力资金净流入41.90亿元，该行业所属的个股共139只，今日上涨 的有132只，涨停的有7只；下跌的有7只。以资金流向数据进行统计，该行业资金净流入的个股有111 只，其中，净流入资金超亿元的有11只，净流入资金居首的是中航成飞，今日净流入资金4.75亿 ...

Group 1 - The defense industry is supported by robust growth in national defense spending, showcasing a natural closed-loop property and a high degree of supply chain autonomy, making it a potential "safe haven" during the US-China tariff war [1][12] - The military industry is expected to see a significant improvement in performance by 2025, with current market conditions offering a favorable cost-performance ratio for investors [1][12] Group 2 - The defense industry encompasses six core areas: nuclear industry, aviation, aerospace, shipbuilding, weaponry, and electronics, forming a complete military industrial system in China, characterized by high entry barriers and stable demand [2] - The industry has shown a pattern of accelerated growth in the latter half of each five-year plan, with 2025 expected to be a peak year for the current five-year plan, indicating a potential turnaround in the industry's fundamentals [3][5] Group 3 - In 2024, the military industry is projected to achieve revenue of 465.7 billion yuan, a decrease of 3.5% year-on-year, with a net profit of 21.7 billion yuan, down 43.5% year-on-year, primarily due to delayed orders and price adjustments [7][8] - The first quarter of 2025 shows a revenue of 84.3 billion yuan, down 7.3% year-on-year, and a net profit of 4.9 billion yuan, down 32.5% year-on-year, indicating ongoing challenges in the industry [7][8] Group 4 - The military sector's gross profit margin for 2024 is 21.8%, down 2.5 percentage points year-on-year, while the net profit margin is 4.7%, down 3.3 percentage points year-on-year, reflecting pricing pressures and rising costs [7][9] - By the first quarter of 2025, the gross profit margin has improved to 23.8%, while the net profit margin is 5.8%, indicating signs of recovery as revenue scales up [9] Group 5 - The military industry is experiencing a positive trend in funding, with an increase in passive fund sizes and net inflows into ETFs, suggesting an improving financial environment [10] - The current price-to-earnings ratio of the military index is 60.26, with a significant drop in valuation percentiles following the disclosure of 2024 and Q1 2025 earnings, indicating high investment value in the sector [10] Group 6 - The military industry is expected to benefit from strong demand recovery in 2025, with several companies listed as potential investment opportunities, including Aerospace Electric (002025), North Navigation (600435), and others [12]

Core Insights - The latest net value of Huashang Credit Enhanced Bond A (001751) is 1.5950 CNY, reflecting a growth of 1.01% [1] - The fund's performance over the past month shows a return of 0.38%, ranking 1093 out of 1313 in its category; over the last six months, it has achieved a return of 6.69%, ranking 81 out of 1234; and since the beginning of the year, it has returned 5.14%, ranking 43 out of 1271 [1] - As of March 31, 2025, the fund's total assets amount to 4.134 billion CNY, with the fund manager being Li Qian [1] Fund Holdings - The top ten stock holdings of Huashang Credit Enhanced Bond A account for a total of 8.59%, with individual holdings including: - Hualing Steel (1.01%) - Hongyuan Electronics (0.98%) - Haili Wind Power (0.97%) - New Steel Co. (0.94%) - Fudan Microelectronics (0.91%) - Torch Electronics (0.82%) - Sansteel Minguang (0.81%) - Shenzhen South Circuit (0.81%) - Xingsen Technology (0.67%) - Zhongke Feimeasure (0.67%) [1] Fund Manager Profile - Li Qian holds a doctoral degree and joined Huashang Fund Management Co., Ltd. in April 2016, initially serving as a researcher [2] - He has been the fund manager for Huashang Credit Enhanced Bond Fund since July 16, 2020, and has managed several other funds, including Huashang Fengli Enhanced Bond Fund and Huashang Dual Bond Fengli Fund [2]

Financial Performance - In 2024, the company's operating revenue was 323.34 million CNY, a decrease of 6.47% compared to the previous year [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 0.58% year-on-year, with a slower decline compared to 2023 [3] - In Q1 2025, the operating revenue reached 100.84 million CNY, an increase of 25.31% year-on-year [3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 58.78% year-on-year in Q1 2025 [3] - The net cash flow from operating activities increased by 349.38% year-on-year [3] - Basic earnings per share grew by 85.71% compared to the same period last year [3] Market and Strategic Outlook - The company is focusing on optimizing operational efficiency and enhancing market competitiveness to stabilize stock prices [3] - The company has no current plans for stock buybacks and will adhere to legal disclosure obligations [6] - The company is committed to strict compliance with legal regulations regarding information disclosure related to its strategic layout [6][8] Product and Industry Insights - The company's products are applicable in semiconductor equipment, RF power supplies, and various high-end electronic components [10] - The RF microwave MLCC products are crucial in communication, radar, and medical fields, indicating a positive industry outlook [12] - The company has established a sales team capable of covering both domestic and international markets, enhancing customer service [6] Customer and Order Management - As of the end of 2024, accounts receivable amounted to approximately 89.44 million CNY, reflecting a growth of about 5% year-on-year [13] - The company will adjust production capacity based on market demand and customer orders to ensure efficient operations [12]

行业报告 | 行业专题研究 国防军工 证券研究报告 2025 年 04 月 29 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 总体视角： 2025 年一季度主动+被动型基金对军工板块持股占比超配比例逐步修复，超配比例达-0.66%，相较于 24Q4 超配比例提升 0.04%。目前已有连续 7 个季度板块配比处于标配比例之下，我们认为，25 年 Q1 板块配比有所修复或意味着基本面修复逐步出现，配比有望出现渐进式反弹，25 年 Q2 超配比 例有望进一步提升，且仍存后续较大增长空间。 主动配置总量视角： 2025 年一季度主动型基金军工板块持股占比为 2.35%，超配比例为-0.21%，相较于 24Q4 超配比例提 升 0.04%，主动基金持仓超配比率逆转 2024Q4 的下降趋势，有望进入持续增长区间。我们认为，2025 年为"十四五"收官、"十五五"开端之年，军工板块景气度有望持续修复，同时地缘政治复杂程度 加深，系统性避险属性不断加强，军工行业有望进入新地缘变化下新估值阶段，主动型基金对军工 板块超配比例有望不断修复。 ...