（文章来源：证券日报） 证券日报网讯 12月18日，安达维尔在互动平台回答投资者提问时表示，公司在机载计算机、通信导航 系统、仪表显示系统等方面的技术主要应用于航空领域，包括无线电罗盘、无线电高度表、多模组合导 航设备、备份综合显示器、近地告警设备等机载航电产品，以及掌握的无线电测高及测向数字下变频和 软件无线电等技术。其他具体业务及未来战略规划请关注公司在中国证监会指定信息披露网站巨潮资讯 网披露的公告。 ...

Core Viewpoint - Recent investigations by national security agencies have uncovered a criminal network involved in the illegal trade of military-related items on second-hand online platforms, effectively eliminating potential national security risks and safeguarding military secrets [1] Group 1: Criminal Activities - Liu, a seasoned "military enthusiast," exploited his waste collection business to gather and sell military items for profit, crossing legal boundaries due to financial incentives from associates [2] - The rise in demand for military collectibles has led to a network of "military enthusiasts" and waste collectors collaborating to provide a full-service operation for sourcing, pricing, and reselling military items [4] - Liu expanded his role from supplier to direct seller of various used military materials through his online store, even using live streaming to attract more buyers, which ultimately led to his exposure and reporting by netizens [4] Group 2: Law Enforcement Actions - National security agencies, using Liu as a starting point, identified and shut down over 40 online stores involved in the illegal sale of military materials, including communication devices and guidance systems [5] - The illegal market for military equipment has seen a troubling trend where items with proper documentation are valued higher, leading to a dangerous pursuit among collectors for these "identification documents" [5] - The actions of individuals like Liu and his associates have violated laws regarding the handling of state secrets, which will result in severe legal consequences for them [5] Group 3: Public Awareness and Reporting - National security agencies emphasize the importance of public vigilance in maintaining national security, urging citizens to report any suspicious activities related to the illegal trade of state secrets [6]

Core Viewpoint - The Ukrainian Security Service reported an attack on a key missile component manufacturing facility in Russia, indicating ongoing military tensions and potential impacts on the defense industry [1]. Group 1: Company Impact - The targeted facility is part of the Russian Tactical Missile Weapons Group and is a significant supplier of critical components for Kh-32 and Kh-101 missiles, including gyroscope equipment, control systems, and onboard computers [1]. - At least four drones successfully hit the facility, suggesting a coordinated effort to disrupt Russian missile production capabilities [1]. Group 2: Industry Implications - The attack highlights vulnerabilities in the Russian defense supply chain, particularly in the production of advanced missile systems [1]. - The lack of immediate response from Russian authorities may indicate challenges in addressing such security breaches, potentially affecting future military operations and procurement strategies [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.22 CNY [4][2] Core Views - The company reported a revenue of 23.88 billion CNY in 2024, a decrease of 17.68%, and a net profit attributable to the parent company of 1.04 billion CNY, down 44.83% [1][7] - The company is focusing on emerging industries and has made progress in low-altitude economy sectors, leveraging its core technologies in avionics and new energy power systems [7] - The company anticipates a slight revenue increase to 24.27 billion CNY in 2025, with defense business expected to grow slightly and civil aviation business to maintain growth [7] Financial Information - Revenue for 2024 is projected at 23.88 billion CNY, with a year-on-year decline of 17.7% [3] - The net profit for 2024 is expected to be 1.04 billion CNY, reflecting a 44.8% decrease compared to the previous year [3] - The company plans to invest 2.745 billion CNY in R&D for 2024, focusing on technology innovation and industry collaboration [7] - The projected EPS for 2025 is 0.26 CNY, down from a previous estimate of 0.49 CNY [2]