Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report indicates a significant recovery in defense demand expected in Q1, with improvements in revenue and profitability anticipated in Q2. High inventory levels ensure short-term delivery capabilities, while substantial R&D investments solidify long-term growth certainty [2][12]. - The company reported Q1 revenue of 1.466 billion yuan, a year-on-year decrease of 9.15%, and a net profit attributable to shareholders of 47 million yuan, down 79.35% year-on-year [6][12]. Summary by Sections Demand and Revenue - A substantial recovery in defense demand is expected in Q1, which will reflect in the financial statements and revenue improvements in Q2. The company experienced a significant increase in product orders in Q1, although production and delivery confirmations require time [12]. Financial Performance - The revenue structure showed a decline in high-margin defense product revenue, coupled with rising costs due to increased prices of raw materials, leading to a gross margin decrease of 8.87 percentage points to 31.43%. R&D expenses grew by 33.15%, indicating a strong commitment to technological advancements [12]. Inventory and R&D - The company maintains a high inventory balance of 1.771 billion yuan, exceeding the overall revenue level for Q1, which supports strong short-term delivery certainty. Non-current assets increased by 77.69%, primarily due to higher prepayments for equipment purchases, suggesting potential capacity enhancements [12]. Market Development - The company is focused on integrating market development with product development, targeting large markets and key users. It aims to enhance technological research capabilities and accelerate core technology breakthroughs to support strategic emerging industries [12]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 894 million, 1.153 billion, and 1.402 billion yuan, representing year-on-year growth rates of 158%, 29%, and 22%, respectively. The corresponding price-to-earnings ratios are projected to be 27, 21, and 17 times [12].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0078 | -0.0333 | 76.58 | -0.0163 | | 每股净资产（元） | 3.39 | 3.42 | -0.88 | 3.72 | | 每股公积金(元) | 3.4 | 3.4 | 0 | 3.4 | | 每股未分配利润(元) | -1.17 | -1.14 | -2.63 | -0.82 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 9.16 | 13.93 | -34.24 | 23.01 | | 净利润(亿元) | -0.11 | -0.48 | 77.08 | -0.23 | | 净资产收益率(%) | -0.23 | -0.97 | 76.29 | -0.44 | 前十大流通股东累计持有： 58421.36万股，累计占流通股比： 40.73%，较上期变化： -1068.84万股。 | 名称 持有数量 ...

Financial Data and Indicators - The company reported a basic earnings per share of -0.0046 yuan for Q1 2025, a decrease of 148.94% compared to 0.0094 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.04 billion yuan, representing a decline of 157.14% from 0.07 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was -0.09%, down 150% from 0.18% in Q1 2024 [1] - The company's operating revenue for Q1 2025 was 16.53 billion yuan, a slight increase of 0.36% from 16.47 billion yuan in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 31,257.9 million shares, accounting for 39.16% of the circulating shares, with a decrease of 300.15 million shares compared to the previous period [2] - The largest shareholder is the China Aerospace Science and Industry Corporation with 13,822.98 million shares, representing 17.32% of the total share capital, remaining unchanged [2] - The Hong Kong Central Clearing and Settlement System reduced its holdings by 435.15 million shares, now holding 1,533.44 million shares, which is 1.92% of the total [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

Financial Performance - The company reported a basic earnings per share of -0.0410 yuan for Q1 2025, a decrease of 14.53% compared to -0.0358 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.26 billion yuan, reflecting a 13.04% decline from -0.23 billion yuan in Q1 2024 [1] - The return on equity (ROE) was -1.80% in Q1 2025, which is a 28.57% decrease from -1.40% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 31,104.78 million shares, accounting for 48.75% of the circulating shares, with an increase of 160.16 million shares compared to the previous period [2] - The largest shareholder is Xi'an Aerospace Technology Industrial Co., Ltd., holding 18,366.34 million shares, which is 28.78% of the total share capital [3] - Notable changes among the top shareholders include an increase of 67.00 million shares held by Zhang Sufen and a decrease of 30.60 million shares held by Shen Juanmei [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

航天长峰（600855）公告，2024年营业收入11.6亿元，同比下降16.09%。归属于上市公司股东的净亏损 2.46亿元，去年同期净亏损2.35亿元。公司基于2024年整体业绩亏损及后续稳定发展考虑，2024年度利 润分配预案为：不进行利润分配，也不进行资本公积金转增股本和其他形式的分配。 ...

Financial Performance - The company reported a basic earnings per share of -0.8800 yuan for 2024, a decrease of 617.65% compared to 0.1700 yuan in 2023 [1] - The net profit for 2024 was -3.79 billion yuan, representing a decline of 626.39% from 0.72 billion yuan in 2023 [1] - The operating revenue decreased by 36.62% to 24.2 billion yuan in 2024 from 38.18 billion yuan in 2023 [1] - The return on equity was -18.52% in 2024, down 680.56% from 3.19% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 21,533.34 million shares, accounting for 50.71% of the circulating shares, with an increase of 830.05 million shares compared to the previous period [2] - China Aerospace Science and Industry Corporation holds 10,616.00 million shares, representing 25.00% of the total share capital, unchanged from the previous period [3] - Nanjing Morning Light Group holds 8,963.38 million shares, accounting for 21.11%, also unchanged [3] - New entrants among the top shareholders include Xiong Zongbo with 348.86 million shares and Liu Geju with 333.78 million shares [3] Dividend Distribution - The company has announced no distribution or transfer of shares [4]

智通财经4月24日晚间新闻精选 1、何立峰出席跨境贸易便利化专项行动部署会并讲话，聚焦广大企业需求，加大政策供给，解决实际 问题，加力培育壮大外贸发展新动能，以更优口岸营商环境激发活力、应对外部冲击、稳定增长。 2、中国央行公告，2025年4月25日（周五），中国人民银行将以固定数量、利率招标、多重价位中标方 式开展6000亿元MLF操作，期限为1年期。 3、工信部等七部门印发《医药工业数智化转型实施方案（2025-2030年）》提出，开展"人工智能赋能 医药全产业链"应用试点。 4、上海：到2027年，上海商业航天产业规模力争达到1000亿元左右，商业火箭总装制造能力每年100 发、商业卫星智能制造能力每年1000颗、应用终端批量制造能力每年100万个。 5、中美正就关税问题谈判甚至会达成协议？外交部：都是假消息。商务部：目前中美之间未进行任何 经贸谈判。 6、牧原股份：第一季度净利润44.91亿元 同比扭亏为盈。同花顺：一季度净利润同比增长15.91%。中 微公司：一季度净利润3.13亿元 同比增长25.67%。中国铝业：第一季度净利润同比增长59%。中国平 安：拟发行不超500亿元人民币债券融资工具。四 ...

航天电器（002025）公告，2025年第一季度营业收入14.66亿元，同比下降9.15%。净利润4656.11万 元，同比下降79.35%。 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -1.0500 | -1.2000 | 12.5 | 0.0200 | | 每股净资产（元） | 3.25 | 4.29 | -24.24 | 5.57 | | 每股公积金(元) | 3.31 | 3.31 | 0 | 3.3 | | 每股未分配利润(元) | -0.34 | 0.71 | -147.89 | 1.94 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 18.69 | 18.63 | 0.32 | 35.64 | | 净利润(亿元) | -16.73 | -19.24 | 13.05 | 0.33 | | 净资产收益率(%) | -27.76 | -24.47 | -13.45 | 0.39 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 44290.83万股，累计占流通股比： ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0074 | 0.0137 | -45.99 | 0.0126 | | 每股净资产（元） | 2.59 | 2.51 | 3.19 | 2.39 | | 每股公积金(元) | 0.64 | 0.64 | 0 | 0.64 | | 每股未分配利润(元) | 0.85 | 0.77 | 10.39 | 0.66 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.66 | 2.04 | -18.63 | 2.1 | | 净利润(亿元) | 0.05 | 0.1 | -50 | 0.09 | | 净资产收益率(%) | 0.28 | 0.55 | -49.09 | 0.53 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 40866.36万股，累计占流通股比： 57.68%，较上期变化： ...