Core Viewpoint - Tianhe Defense's stock price has decreased by 4.45% to 11.6 yuan as of May 23, 2025, with a total market capitalization of 6.005 billion yuan, ranking 37th in the military electronics sector [1] Shareholder Changes - As of May 20, 2025, the number of shareholders for Tianhe Defense is 62,400, a decrease of 1,159 or 1.82% from May 9, 2025 [2][4] - The average number of shares held per shareholder increased from 8,145 to 8,296, with an average shareholding value of 100,800 yuan [2] Institutional Research Highlights - Tianhe Defense has been actively involved in the low-altitude economy since 2001, leveraging its technical and research capabilities to develop various low-altitude safety products [3] - The company has introduced competitive products in the low-altitude economy sector, including a series of low-altitude monitoring systems and solutions, integrating new technologies such as smart sensing, cloud platforms, big data, and 5G [3] - The net cash flow from operating activities for 2024 decreased by approximately 50% year-on-year, primarily due to payments for sales contract procurement, with expectations of a reduction in accounts receivable and inventory as contracts are fulfilled [3][4]

Group 1: Company Performance and Financials - In 2024, the fair value change income from investment properties reached CNY 0.45 billion, accounting for over 38% of net profit [4] - The operating cash flow net amount decreased by approximately 93% year-on-year, while net profit increased by 12.4% [4] - The asset-liability ratio rose to 73.6%, with interest-bearing debt ratio at 58.2% [5] Group 2: Business Development and Strategy - The company has been involved in low-altitude economic development since 2001, leveraging military technology for civilian applications [3] - In 2024, revenue from radar and supporting systems grew by 18.6%, but gross margin declined by 4.7 percentage points [4] - The company plans to enhance anti-drone system production capacity to 3,000 units per year [6] Group 3: Research and Development - The company focuses on three core business areas: military equipment, 5G RF, and integrated electronic information [4] - R&D investment is aimed at key areas such as low-altitude economy, emergency equipment, and digital health [4] Group 4: Market Position and Competition - The market share for shipborne radar has decreased by 6 percentage points compared to competitors [3] - The company’s civil aviation electronic systems revenue accounts for less than 7%, but the gross margin is 21 percentage points higher than military products [5] Group 5: Investor Relations and Communication - The company emphasizes transparency and timely information disclosure, regularly updating the number of shareholders [2] - Government subsidies accounted for 8.43% of net profit in 2024, indicating a reliance on external support [5]