中國航空科技工業股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 AviChina Industry & Technology Company Limited* (於中華人民共和國註冊成立之股份有限公司) (股份代號：2357) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下爲中航光電科技股份有限公司於深圳證券交易所網站刊發之公告。 承董事會命 中國航空科技工業股份有限公司 公司秘書 吳筠 北京，二零二五年十月二十九日 於本公告日，董事會由執行董事閆靈喜先生和孫繼忠先生，非執行董事徐東升先生、周訓文 先生和胡世偉女士，以及獨立非執行董事劉威武先生、毛付根先生和林貴平先生組成。 *僅供識別 中航光电科技股份有限公司 2025 年第三季度报告 证券代码：002179 证券简称：中航光电 公告编号：2025-049 号 中航光电科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披 ...

Core Insights - The military electronics sector experienced a slight increase of 0.25% on October 29, with Guoke Tiancai leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance Summary - Guoke Tiancai (301571) closed at 48.30, up 7.81% with a trading volume of 120,000 shares and a transaction value of 575 million yuan [1] - Xingtuxinke (688081) closed at 31.00, up 4.66% with a trading volume of 68,900 shares and a transaction value of 213 million yuan [1] - Gaode Hongwai (002414) closed at 14.01, up 3.39% with a trading volume of 1,223,600 shares and a transaction value of 1.705 billion yuan [1] - Chengdian Guangxin (920008) closed at 32.45, up 3.11% with a trading volume of 23,600 shares [1] - Jinxin Nuo (300252) closed at 13.79, up 2.91% with a trading volume of 471,700 shares and a transaction value of 649 million yuan [1] - ST Wanfang (000638) closed at 6.51, up 2.84% with a trading volume of 468,200 shares and a transaction value of 309 million yuan [1] - Other notable performers include Bangyan Technology (688132) and Jingjiawei (300474), with respective increases of 2.16% and 2.10% [1] Fund Flow Analysis - The military electronics sector saw a net outflow of 1.221 billion yuan from institutional investors, while retail investors contributed a net inflow of 839 million yuan [2] - Notable stocks with significant fund flows include: - Hongda Electronics (300726) with a net inflow of 63.73 million yuan from institutional investors [3] - Gaode Hongwai (002414) with a net inflow of 53.73 million yuan from institutional investors [3] - Jinxin Nuo (300252) with a net inflow of 35.49 million yuan from institutional investors [3] - Conversely, stocks like Xingtuxinke (688081) and Gaode Hongwai (002414) experienced significant net outflows from retail investors [3]

Core Viewpoint - The A-share market is experiencing a consolidation phase before challenging the 4000-point mark, with a focus on domestic industry trends as tariff concerns ease [1] Market Outlook - The impact of tariff events is gradually diminishing, allowing the market to refocus on domestic industry trends. Since late October, the A-share market has broken through the 3900-point resistance and is testing the 4000-point level. The current market sentiment shows strong immunity to tariff shocks, leading to a horizontal consolidation rather than significant corrections. The market is expected to maintain an upward trend, with conditions for further expansion in November [1] - Key focuses for November include the finalization of the 14th Five-Year Plan, the disclosure of Q3 reports, and event-driven developments in the technology sector, which are anticipated to catalyze multiple sectors and sustain the upward market trend [1] Hot Sectors - The technology sector remains a focal point in November, with orderly rotation and high-low switching observed within the sector after continuous growth in August and September [2] - Sectors such as robotics, military industry, and smart vehicles are expected to see a rebound, while leading sectors like computing hardware, domestic semiconductors, and new energy may present buying opportunities upon noticeable adjustments [3] Sector-Specific Insights - The trend of robot localization and integration into daily life is expected to continue, with opportunities arising in sensors, controllers, and dexterous hands as the market anticipates updates to Tesla's humanoid robot [3] - The push for semiconductor localization remains strong, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [3] - The military sector is projected to see a recovery in orders by 2025, with signs of bottoming out in the performance of various military sub-sectors [3] - The innovative drug sector is entering a recovery phase after nearly four years of adjustment, with positive net profit growth expected to continue into 2025 [3] - The banking sector is witnessing a rebound in performance growth after the impact of loan rate re-pricing, with attractive dividend yields drawing interest from long-term institutional investors [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 3.926 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.98%. The net profit attributable to shareholders was 623 million yuan, a slight decrease of 3.31% year-on-year. Despite the minor decline in profit, the performance reflects strong fundamental resilience [7] - The gross profit margin was 45.67%, down 7.92 percentage points year-on-year, primarily due to fluctuations in raw material costs and adjustments in product structure. The net profit margin was 15.87%, which remains at a relatively high level within the electronic components industry, indicating robust profitability in core operations [7] - The company's asset-liability structure is stable, with a debt ratio of 18.20%, slightly down by 0.25 percentage points year-on-year, indicating a low overall leverage level and a secure financial structure [7] - Cash flow performance is solid, with a net cash flow from operating activities of 642 million yuan, significantly higher than the net profit of 623 million yuan, indicating high profit quality and good cash conversion ability [7] - The company maintains its previous profit forecasts, expecting net profits attributable to shareholders to be 1.083 billion yuan, 1.252 billion yuan, and 1.447 billion yuan for 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 27, 24, and 20 times [7] Financial Summary - For 2023, the total revenue is projected at 7.789 billion yuan, with a year-on-year growth of 7.19%. The net profit attributable to shareholders is expected to be 2.682 billion yuan, reflecting a year-on-year increase of 12.57% [1] - The company anticipates total revenues of 5.219 billion yuan in 2024, with a significant decline of 32.99% year-on-year, followed by a recovery to 5.729 billion yuan in 2025, representing a growth of 9.76% [8] - The earnings per share (EPS) for 2023 is estimated at 4.84 yuan, dropping to 1.75 yuan in 2024, and gradually increasing to 2.61 yuan by 2027 [1][8]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 159 million yuan, a year-on-year growth of 71.94% [1] - The net profit attributable to shareholders was 12.316 million yuan, reflecting a substantial year-on-year increase of 263.79% [1] - Basic earnings per share for Q3 2025 were 0.0684 yuan [1] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 357 million yuan, marking a year-on-year growth of 29.12% [1] - The net profit attributable to shareholders for the first three quarters was 21.7461 million yuan, which is a year-on-year increase of 7.93% [1] - Basic earnings per share for the first three quarters were 0.1208 yuan [1]

Investment Rating - The report maintains a rating of "Accumulate" for Guorui Technology (600562) [1] Core Insights - The company's revenue for the first three quarters of 2025 reached 2.118 billion yuan, a year-on-year increase of 6.68%, while the net profit attributable to shareholders was 373 million yuan, up 1.15% year-on-year, indicating a stabilization in operational fundamentals [8] - The gross profit margin stood at 40.08%, remaining stable compared to the previous year, while the net profit margin was 17.57%, slightly down but still reflecting strong profitability [8] - The company has effectively controlled costs, with R&D expenses at 119 million yuan, a slight decrease of 2.72% year-on-year, while sales and management expenses decreased by 14.88% and 11.39% respectively [8] - The asset-liability ratio was 33.62%, showing a slight decrease year-on-year, indicating a healthy financial structure [8] - Cash flow from operating activities showed significant improvement, with a net outflow of 42 million yuan, a substantial improvement compared to the previous year [8] - The report forecasts net profits for 2025-2027 to be 751.91 million, 854.60 million, and 969.76 million yuan respectively, corresponding to P/E ratios of 48, 43, and 38 times [8] Financial Summary - Total revenue for 2023 is projected at 3.282 billion yuan, with a year-on-year growth of 1.77% [1] - The net profit attributable to shareholders for 2023 is estimated at 599.21 million yuan, reflecting a year-on-year increase of 9.10% [1] - The latest diluted EPS is expected to be 0.48 yuan per share for 2023, with a projected increase to 0.61 yuan in 2025 [1] - The company's total assets are projected to reach 11.197 billion yuan by 2025, with total liabilities at 4.528 billion yuan [9]

Core Viewpoint - Aerospace Changfeng (600855.SH) reported a slight decline in revenue for the first three quarters of 2025, with a total operating income of 646 million yuan, down 1.73% year-on-year [1] Financial Performance - The net profit attributable to shareholders of the parent company was -77.31 million yuan, which is an improvement of 22.14 million yuan compared to the same period last year [1] - Basic earnings per share stood at -0.165 yuan [1]

Core Insights - The military electronics sector experienced a 0.62% increase on October 28, with Aerospace Development leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Aerospace Development (000547) saw a closing price of 8.84, with a significant increase of 9.95% and a trading volume of 1.61 million shares [1] - Other notable gainers included *ST WanFang (000638) with a 4.98% increase, and Ruichuang Micro-Nano (688002) with a 4.20% increase [1] - Conversely, Huafeng Technology (688629) experienced a decline of 9.17%, with a trading volume of 316,400 shares and a transaction amount of 2.607 billion [2] Capital Flow - The military electronics sector saw a net outflow of 98.6033 million from institutional investors, while retail investors contributed a net inflow of 343 million [2] - The capital flow data indicates that Aerospace Development had a net inflow of 5.05 billion from institutional investors, while it faced a net outflow of 2.77 billion from speculative funds [3] - Other companies like Zhonghang Chengfei (302132) and Taimeng Technology (600590) also showed mixed capital flows, with significant outflows from speculative and retail investors [3]

Core Viewpoint - The aerospace ETF (159227.SZ) has shown strong performance with significant inflows and growth in scale, indicating a robust interest in the military industry amidst a stabilizing market environment [1][2]. Group 1: Market Performance - As of October 28, 2025, all three major A-share indices experienced declines, with the Shanghai Composite Index down 0.31%, the Shenzhen Component Index down 0.45%, and the ChiNext Index down 0.05% [1]. - The aerospace ETF rose by 1.12%, reaching a latest price of 1.17 yuan, with a trading volume of 202 million yuan, marking it as the top performer among similar ETFs [1]. - The ETF's turnover rate was 13.16%, indicating high trading activity [1]. Group 2: Fund Flows and Scale - The aerospace ETF saw a scale increase of 270 million yuan over the past week, reaching a new high of 1.573 billion yuan as of October 27, 2025, making it the largest in its category [1]. - The ETF has recorded net inflows for seven consecutive trading days, with a peak single-day net inflow of 138 million yuan, totaling 261 million yuan in net inflows [1]. - As of October 27, 2025, the ETF's shares reached 1.316 billion, also a new high since its launch [1]. Group 3: Industry Insights - The aerospace ETF closely tracks the Guozheng Aerospace Index, with a high concentration of 98.2% in the military industry, covering key sectors such as aerospace equipment, satellite navigation, and new materials [2]. - The ETF's index weight is primarily focused on defense, automotive, and machinery sectors, with significant allocations in sub-sectors like aerospace equipment and military electronics [2]. - According to Jianghai Securities, the military sector is entering a stabilization and rebound phase, with increasing investment value due to the upcoming "14th Five-Year Plan" conclusion and ongoing geopolitical tensions [2].

Core Viewpoint - The military industry is expected to enter a new growth cycle driven by the "14th Five-Year Plan" and the goals set for the centenary of the military, with a focus on high-quality modernization and national defense [1] Industry Outlook - The military industry is projected to experience an upward cycle as indicated by the "14th Five-Year Plan" recommendations, with favorable fundamentals supporting this trend [1] - Quarterly reports show a trend of improvement, suggesting that the industry is gaining momentum [1] - In the fourth quarter, it is anticipated that orders related to the "14th Five-Year Plan" will gradually materialize, potentially leading to a bullish market driven by military trade [1] Investment Opportunities - The military ETF (512660) tracks the CSI Military Index (399967), which includes listed companies in sectors such as aviation, aerospace, shipbuilding, weaponry, and military electronics [1] - The index reflects the overall performance of listed companies in the Chinese military industry, focusing on small and mid-cap stocks primarily in aviation equipment and military electronics [1]