M&S ELECTRONICS(SH:688311)2024-09-09 09:11Group 1: Company Performance - The company experienced a significant decline in revenue for the first half of 2024 compared to the same period last year, attributed to adverse industry conditions and delays in project implementation [4] - R&D expense ratio stands at 48%, management expense ratio at 64%, and financial expense ratio at 8%, indicating a deterioration in financial metrics [5] - Negative cash flow across all three metrics was reported, highlighting financial challenges [5] Group 2: Project Updates - The company anticipates a gradual recovery in orders for satellite navigation, data links, and electronic countermeasure projects once adverse industry conditions improve [4] - Satellite communication shipborne products are being delivered normally, and the civil aviation airborne antenna has completed small-batch production with ongoing follow-up orders [4] - The company is actively engaging in the C919 front-mounted market and has initiated product development after completing technical requirement alignment [5] Group 3: Investor Relations and Future Plans - The company held an online performance briefing on September 9, 2024, to communicate with investors regarding its half-year performance [2] - The board proposed to adjust the conversion price of the 300 million yuan convertible bonds due to a significant drop in stock price, with a shareholder meeting scheduled for September 27 to discuss this matter [5] - The bidding process for military products is proceeding normally, with expectations for order recovery once industry conditions stabilize [5]