公司航空航天零部件制造业务主要包括航空航天工装模具设计及制造、航空数控零件精密加工、 飞机、多种型号军用飞机以及运载火箭等。 （2）经营模式 销售模式：对接客户获取合同信息组织生产，在产品完成后交付客户。 采购模式：除客户提供的带料加工外，其他生产用原材料直接在市场上组织采购。 生产模式：按客户约定需求时间及产品特征合理组织生产。 （3）业绩驱动 航空航天行业的市场需求主要来自国防科技工业、民用航空和航天探索等多个方面。复杂的国 际形势要求国防现代化建设不断加强，随着国防实力的提升和民用航空市场的扩大，国内航天航空 市场需求保持持续增长。航空航天产业科技水平的不断提高、商业航天市场的兴起，将迎来更多的 发展机遇和挑战，为行业带来了新的增长点。随着中国航空航天工业的不断壮大和技术水平的提升， 航空航天零部件制造业在国家政策鼓励和市场需求增长的推动下，拥有较大的发展潜力和广阔的市 场空间。 报告期内，公司从事的主要业务、主要产品及其用途、经营模式、主要的业绩驱动因素未发生 重大变化。 （二）报告期公司经营财务情况分析 属于上市公司股东的净利润 5,720.22 万元，较上期下降 31.72%；公司现金及现金等价物 ...

Group 1 - The "Chengfei Concept" sector is experiencing significant growth, with stocks like Tongda Co., Lijun Co., and Chengfei Integration hitting the daily limit, driven by geopolitical factors and increased military equipment procurement from China [1] - Chengfei Group is a major base for the research, production, and export of aviation weaponry in China, having produced thousands of aircraft including J-5, J-7, and J-10 [1] - The military industry sector is expected to see a substantial boost in market sentiment, leading to an increase in China's share in the global military trade export market [1] Group 2 - Lijun Co. has seen its stock price rise to 14.17 yuan per share, achieving a cumulative increase of 110.86% over eight days [2] - The main business of Lijun Co. includes manufacturing grinding systems and aerospace components, with key clients including Boeing, Airbus, and China Commercial Aircraft Corporation [2] - Chengfei Integration's stock has also risen to 35.89 yuan per share, with an 8-day cumulative increase of 114.40%, and it has established a long-term strategic partnership with Chengfei Group since 1994 [3] Group 3 - The aerospace and military trade sectors are expected to significantly enhance the market space and ceiling for the industry, with a recovery in market sentiment and trading volume [4] - The military industry is anticipated to see a sustained recovery in fundamentals, leading to a dual boost from active themes and performance improvements [4]

Core Viewpoint - The stock price of Lijun Co., Ltd. has surged significantly, with a notable increase of 91.67% over a period of six trading days, raising questions about the underlying reasons for this volatility [2][3]. Company Performance - In 2023, Lijun Co., Ltd. reported an operating revenue of 1.073 billion yuan, reflecting a year-on-year growth of 5.17%, while the net profit attributable to shareholders decreased by 44.06% to 123 million yuan [4]. - For 2024, the company anticipates a decline in both revenue and net profit, projecting an operating revenue of 776 million yuan and a net profit of 120 million yuan, representing year-on-year decreases of 27.63% and 2.28%, respectively [4]. - In the first quarter of 2025, the downward trend continued, with operating revenue of 175 million yuan, down 14.67% year-on-year, and a net profit of approximately 46.39 million yuan, a decrease of 17.80% [4]. Dividend Policy - Despite the declining performance, Lijun Co., Ltd. plans to distribute dividends of approximately 62.08 million yuan in 2024, which constitutes 51.63% of its net profit [4]. - The controlling shareholders, who are father and daughter, hold over 60.38% of the company's shares, indicating that they will receive a significant portion of the dividends, estimated to exceed 37.44 million yuan [4]. Market Context - The China Securities Military Industry Index experienced a notable increase of 5% from May 6 to May 12, with several stocks showing consecutive gains, although it has recently faced three consecutive days of decline [3].

Group 1: Company Overview - Chengdu Lijun Industrial Co., Ltd. focuses on aerospace components manufacturing and grinding equipment [2] - The company has two main business segments: grinding equipment and aerospace components, with revenue distribution approximately 50% each [2] Group 2: Financial Performance - The company achieved a net profit of approximately CNY 120 million, with earnings per share of CNY 0.12 [2] - For the fiscal year 2024, the company reported revenue of about CNY 770 million [3] Group 3: Market Strategy - The company aims to expand its overseas market for key products such as roller presses and high-pressure roller mills [2] - There are no significant impacts from recent tariff policies on the company's operations, and it plans to enhance its market share both domestically and internationally [3] Group 4: Research and Development - The company is committed to increasing R&D investment to enhance its competitive edge in the industry [3] - Future growth will be driven by optimizing existing products and improving operational efficiency through cost management and asset turnover [3] Group 5: Industry Position - The company maintains a competitive advantage in technology development, product quality, production scale, and delivery capabilities [3] - It is focused on leveraging market opportunities to strengthen its core business competitiveness [3]

Core Viewpoint - In 2024, Lijun Co., Ltd. (002651) demonstrates strong operational resilience and market vitality amid intensified industry competition, supported by proactive strategic layout, stable profitability, and impressive cash flow performance [1][2] Financial Performance - The company achieved operating revenue of 776 million yuan and a net profit attributable to shareholders of 120 million yuan in 2024, with a comprehensive gross margin of 39.11%, remaining stable year-on-year [1] - The net cash flow from operating activities reached a historical high of 345 million yuan, with a year-end cash balance of 1.277 billion yuan, also a record [1] Business Development - Lijun's wholly-owned subsidiary, Dekun Aviation, continues to excel in the aerospace component manufacturing sector, generating operating revenue of 386 million yuan despite lower-than-expected product sales settlements, maintaining a high gross margin [1] - The company signed a cooperation agreement worth 100 million yuan with Zhongjin Mining (001203) for high-pressure roller mills and upgrades, showcasing its strong competitiveness in grinding systems and related equipment manufacturing [1] Research and Development - As a high-tech enterprise, Lijun Co. has increased its R&D investment, which accounted for 5.96% of its revenue in 2024, resulting in 24 new authorized national patents [2] - The company holds a total of 182 authorized national patents, including 66 invention patents and 116 utility model patents, and has received multiple provincial and municipal science and technology progress awards [2] Dividend Policy - The company plans to distribute a cash dividend of 0.6 yuan (including tax) per 10 shares for the 2024 fiscal year, with a payout ratio exceeding 50% [2] - Over the past three years, the cumulative cash dividends (including buybacks) accounted for over 90% of the average annual profit, reflecting the company's robust financial status and stable dividend policy [2]