证券分析师 李宏涛 [Table_Main] 证券研究报告 | 公司首次覆盖 买入（首次） 所属行业：国防军工/航天装备Ⅱ 当前价格(元)：18.48 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 航天环宇(688523.SH) 2025 年 01 月 22 日 航天环宇(688523.SH)：低空及 卫星互联网增长，空天地有望全 面受益 投资要点 请务必阅读正文之后的信息披露和法律声明 中国航天深度参与者，布局天地两端通信设备。公司宇航产品优秀，深度参与我国 传统航天事业发展，参与 "嫦娥"、"北斗"等多项知名工程。并凭借优秀的产品 质量获得下游客户高度赞赏。公司于 2007 年获得航天科技评选的"首次月球探 测工程贡献奖"、于 2019 年获得多部委评选的"探月工程嫦娥四号任务突出贡献 单位"、于 2020 年获得"北斗载荷"优秀协作单位等荣誉。在原业务板块上的进 一步资源整合和转型升级，以"天伺馈"分系统级产品的自主研发、生产制造、装 配集成、调试测试为主线，主要包括卫星通信天线、地面测控天线和特种测试设备 三个类别。民用产品主要面向中国星网、上海垣信等低轨 ...

证券代码：688523 证券简称：航天环宇 公告编号：2024-050 湖南航天环宇通信科技股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/6，由公司控股股东、实际控制人之一、董 | | --- | --- | | | 事长兼总经理提议 | | 回购方案实施期限 | 2024/2/5~2025/2/4 | | 预计回购金额 | 万元 5,000 万元~10,000 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 306.00 | | 累计已回购股数占总股本比例 | 0.75% | | 累计已回购金额 | 5,942.61 万元 | | 实际回购价格区间 | 元/股~22.37 元/股 15.43 | 一、回购股份的基本情况 2024 年 2 月 5 日，湖南航天环宇通信科技 ...

证券代码：688523 证券简称：航天环宇 湖南航天环宇通信科技股份有限公司 投资者关系活动记录表 编号：2024-003 | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------|------------------------------------------------| | | | | | | 特定对象调研 | □分析师会议 | | 投资者关系 | □媒体采访 □业绩说明会 | | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他 | | | 时间 | 2024 年 11 月 26 | 日 9:00-11:00 | | | 地点 公司会议室 | | | 参与单位名称及人 员姓名 | 博时基金 金耀、陈雷、陈西铭、李喆、王晗、李佳、包江霖；西部 证券 翟薇 | 于善辉、蔡滨、林博鸿、刘阳、张建辉、李洋、 | | 公司接待人员 董事会秘书 | | 李嘉祥 | | | 一、 向投资者简介公司 ...

Group 1: Company Overview - The company specializes in aerospace products, aerospace technology equipment, and satellite communication and testing equipment [2] - It has strong capabilities in the research and manufacturing of satellite payloads and has accumulated rich experience in aerospace product development [2][3] - The company established a composite materials division in 2017 to expand into the aerospace composite materials industry [3] Group 2: Business Segments and Opportunities - The company has four business segments that can independently provide products and services while also supporting each other [3] - In 2024, the company aims to leverage opportunities in satellite internet and has successfully developed key products for the "Qianfan" satellite constellation [4] - The company is positioned as a core supplier for ground systems in commercial space, anticipating significant market demand [4] Group 3: Emerging Industries and Projects - The subsidiary Hunan Feiyu won a bid for the C929 project with a contract value not exceeding RMB 175 million [5] - The company is actively involved in the production of components for domestic large aircraft, including the C919 [5] - The company is enhancing its production capabilities with new automated equipment and a facility of approximately 36,000 square meters [5] Group 4: Future Research Directions - The company focuses on high-precision, complex structure composite materials and multi-band, lightweight antenna systems [6] - It plans to develop a production line for composite material wall panels and improve its capabilities in producing composite components [6][7] - In the commercial space sector, the company aims to develop a 12-meter diameter antenna system for tracking low-orbit remote sensing satellites [7]

证券代码：688523 证券简称：航天环宇 公告编号：2024-049 湖南航天环宇通信科技股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/6，由公司控股股东、实际控制人之一、董 | | --- | --- | | | 事长兼总经理提议 | | 回购方案实施期限 | 2024/2/5~2025/2/4 | | 预计回购金额 | 万元 5,000 万元~10,000 | | 回购用途 | □减少注册资本 | | | √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 306.00 | | 累计已回购股数占总股本比例 | 0.75% | | 累计已回购金额 | 5,942.61 万元 | | 实际回购价格区间 | 元/股~22.37 元/股 15.43 | 一、回购股份的基本情况 2024 年 2 月 5 日，湖南航天环宇通信科技 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 270 million yuan for the first three quarters of 2024, representing a year-on-year increase of 33.0%. The net profit attributable to shareholders was 50 million yuan, with a slight increase of 0.4% year-on-year. The adjusted net profit was 30 million yuan, reflecting a year-on-year decrease of 13.7% [2]. - The revenue growth is primarily driven by the increase in sales of aviation equipment and communication products. The company has shown continuous revenue growth over three consecutive quarters [2]. - The gross margin for Q3 2024 was 52.0%, a decrease of 1.12 percentage points year-on-year, while the net margin was 27.7%, down 6.76 percentage points year-on-year. The overall gross margin for the first three quarters of 2024 was 43.4%, down 13.38 percentage points year-on-year [2]. - The company has increased its R&D investment, with R&D expenses reaching 40 million yuan, up 18.1% year-on-year, focusing on large aircraft and communication products [2]. - The company has initiated a share buyback plan, indicating confidence in its long-term development and commitment to shareholder returns [2]. - The strategic focus includes satellite, large aircraft, and drone industries, with significant developments in satellite communication and large aircraft projects [2]. Financial Summary - For the first three quarters of 2024, the company achieved revenues of 270 million yuan, with quarterly revenues of 40 million yuan, 120 million yuan, and 110 million yuan for Q1, Q2, and Q3 respectively, showing year-on-year growth rates of 71.8%, 50.3%, and 8.5% [2]. - The projected net profits for 2024, 2025, and 2026 are 145 million yuan, 203 million yuan, and 281 million yuan respectively, with corresponding PE ratios of 60x, 43x, and 31x [2][3]. - The company’s total assets are projected to grow from 2,329 million yuan in 2023 to 3,045 million yuan by 2026, with a steady increase in shareholder equity [6].

Financial Performance - The company's operating revenue for Q3 2024 was ¥107,193,610.86, representing an increase of 8.48% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥28,361,706.61, a decrease of 14.72% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥21,183,150.16, down 21.65% from the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.0700, a decrease of 21.52% year-on-year[2]. - The weighted average return on net assets was 1.74%, down 1.47 percentage points from the previous year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥274,894,994.29, a 32.9% increase from ¥206,772,358.65 in the same period of 2023[14]. - The company reported a net profit of ¥54,725,242.95 for the first three quarters of 2024, slightly down from ¥54,906,047.01 in the same period of 2023[14]. - The net profit for Q3 2024 was CNY 56,766,190.28, an increase from CNY 50,131,728.19 in Q3 2023, representing a growth of approximately 13.1%[15]. - The net profit attributable to shareholders of the parent company was CNY 51,193,765.17, slightly up from CNY 51,003,885.19 in the same period last year[15]. - The total comprehensive income for Q3 2024 was CNY 56,766,190.28, compared to CNY 50,131,728.19 in Q3 2023, indicating a year-over-year increase of about 13.1%[15]. Research and Development - Research and development expenses totaled ¥15,333,441.30 in Q3 2024, an increase of 41.58% compared to the same period last year[2]. - The proportion of R&D expenses to operating revenue was 14.30%, an increase of 3.34 percentage points year-on-year[3]. - Research and development expenses increased to ¥40,647,975.02, compared to ¥34,407,418.92 in the first three quarters of 2023, reflecting a growth of 18.5%[14]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,223,178,520.35, a decrease of 4.52% from the end of the previous year[3]. - The equity attributable to shareholders decreased by 5.35% to ¥1,581,616,647.30 compared to the end of the previous year[3]. - Non-current assets totaled ¥1,029,031,031.53, an increase from ¥856,727,699.07 year-over-year[13]. - Total liabilities amounted to ¥604,626,111.11, compared to ¥626,166,475.61 in the previous year, indicating a decrease of 3.4%[13]. - The company's total current assets amounted to approximately RMB 1.19 billion, a decrease from RMB 1.47 billion at the end of 2023, reflecting a decline of about 18.9%[11]. - The company's cash and cash equivalents decreased to approximately RMB 74.84 million from RMB 290.68 million, representing a significant drop of approximately 74.2%[11]. - The company's cash and cash equivalents increased to ¥120,848,991.02 from ¥77,695,017.23, marking a growth of 55.4%[13]. - Long-term borrowings decreased to ¥162,329,810.00 from ¥201,674,445.00, a reduction of 19.5%[13]. - The total assets of the company were reported at ¥2,223,178,520.35, down from ¥2,328,537,273.14 in the previous year[13]. - The company's equity attributable to shareholders decreased to ¥1,581,616,647.30 from ¥1,671,007,460.70, reflecting a decline of 5.4%[13]. Cash Flow - The net cash flow from operating activities for the year-to-date was -¥63,506,099.49, indicating a significant cash outflow[2]. - Cash inflows from operating activities for the first three quarters of 2024 amounted to CNY 240,215,538.70, up from CNY 192,760,433.77 in the same period of 2023[16]. - Cash outflows from operating activities totaled CNY 303,721,638.19, a decrease from CNY 312,479,911.29 in the previous year[16]. - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 63,506,099.49, an improvement from -CNY 119,719,477.52 in the same period of 2023[16]. - Cash inflows from investment activities reached CNY 1,437,599,824.48, significantly higher than CNY 673,146,539.97 in the previous year[16]. - The net cash flow from investment activities was -CNY 6,904,828.12, compared to -CNY 798,023,053.27 in the same period last year, indicating a substantial improvement[17]. - The net cash flow from financing activities was -CNY 135,571,541.40, contrasting with a positive cash flow of CNY 832,059,048.11 in the same period of 2023[17]. - The ending cash and cash equivalents balance for Q3 2024 was CNY 73,751,873.31, down from CNY 78,629,203.35 in Q3 2023[17]. Shareholder Information - The company has repurchased a total of 3.06 million shares, accounting for 0.75% of the total share capital, with a total expenditure of approximately RMB 59.43 million[10]. - The highest repurchase price was RMB 22.37 per share, while the lowest was RMB 15.43 per share[10]. - The top ten shareholders hold a combined 99.14% of the total shares, with the largest shareholder, Li Wanxiao, owning 42.15%[8]. - The company plans to use repurchased shares for employee stock ownership plans or equity incentives in the future[9]. - The company has not disclosed any significant changes in shareholder relationships or actions among the top shareholders[9]. - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending activities[9]. Inventory - The company reported a significant increase in inventory, which rose to approximately RMB 183.07 million from RMB 126.85 million, marking an increase of about 44.2%[11].

湖南航天环宇通信科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 证券代码：688523 证券简称：航天环宇 公告编号：2024-047 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 30 日(星期三)至 11 月 05 日(星期二)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过湖南航天环宇通信科技股份 有限公司（以下简称"公司"）邮箱（hy88@hthykj.com）进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 公司已于 2024 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度经 营成果、财务状况，公司计划于 2024 年 11 月 06 日(星期三)上午 11:00-12:00 举行 20 ...

证券代码：688523 证券简称：航天环宇 公告编号：2024-048 湖南航天环宇通信科技股份有限公司 第四届监事会第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 湖南航天环宇通信科技股份有限公司（以下简称"公司"）第四届监事会第三次会 议于 2024 年 10 月 29 日在公司会议室以现场方式召开。本次会议通知已于 2024 年 10 月 15 日由通讯方式送至全体监事。本次会议应出席监事 3 名，实际出席监事 3 名， 会议由公司监事会主席周小波女士召集并主持。本次会议的召集、召开符合《中华人 民共和国公司法》等法律、法规、规范性文件和《湖南航天环宇通信科技股份有限公 司章程》的有关规定，会议形成的决议合法有效。 湖南航天环宇通信科技股份有限公司监事会 2024 年 10 月 30 日 二、监事会会议审议情况 与会监事就该项议案进行了审议，并表决通过，具体如下： （一）审议通过《关于公司<2024 年第三季度报告>的议案》 经审议，监事会认为：公司《2024 年第三季度报 ...

关于以集中竞价交易方式回购公司股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：688523 证券简称：航天环宇 公告编号：2024-046 湖南航天环宇通信科技股份有限公司 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间应于每月的前三个交易日内 披露截至上月末的回购进展情况。现将公司回购进展情况公告如下： 2024 年 9 月，公司未通过上海证券交易所交易系统以集中竞价交易方式回购 股份。 截至 2024 年 9 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式已累计回购公司股份 306.00 万股，占公司总股本的比例为 0.75%，回购成交 的最高价为 22.37 元/股，最低价为 15.43 元/股，支付的资金总额约为人民币 5,942.61 万元（不含交易佣金等交易费用）。 公司本次实际回购的股份数量、回购价格、使用资金总额符合董事会审议通 过的公司回购股份方案及相关法律法规的规定。 重要内容提示： | 回购 ...