本资产评估报告依据中国资产评估准则编制 贵州航天电器股份有限公司拟收购 深圳斯玛尔特微电机有限公司 49%股权 所涉及深圳斯玛尔特微电机有限公司 股东全部权益价值 资产评估报告 信资评报字（2023）第 A10307 号 立信 上海立信资产評估有限 2024 年 08 月 08 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3131020006202401318 | | | | --- | --- | --- | --- | | 合同编号: | HT-2023-1935 | | | | 报告类型: | 法定评估业务资产评估报告 | | | | 报告文号: | 信资评报字(2023)第A10307号 | | | | 报告名称: | 贵州航天电器股份有限公司拟收购深圳斯玛尔特微 电机有限公司49%股权所涉及深圳斯玛尔特微电机 | | | | | 有限公司股东全部权益价值项目资产评估报告 | | | | 评估结论: | 40.613.200.00元 | | | | 评估报告日: | 2024年08月08日 | | | | 评估机构名称: | 上海立信资产评估有限公司 | | | | 签名人员: ...

证券代码：002025 证券简称：航天电器 公告编号：2024-41 贵州航天电器股份有限公司 关于新增 2024 年度日常关联交易预计额度的公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 贵州航天电器股份有限公司（以下简称公司）于 2024 年 9 月 25 日召开第八 届董事会 2024 年第一次临时会议，审议通过《关于新增 2024 年度日常关联交易 预计额度的议案》，关联董事王跃轩、李凌志、张晨、于思京、陈勇、饶伟先生 回避了表决，非关联董事以 3 票同意、0 票反对、0 票弃权的表决结果通过上述 议案。新增 2024 年度日常关联交易预计额度事项在提交董事会审议前已经独立 董事专门会议审议通过。现将有关情况公告如下： 一、日常关联交易的基本情况 ㈠日常关联交易概述 基于航天产业链协同、质量管控等原因，公司及子公司与中国航天科工集团 有限公司下属企业在销售产品、采购动力、材料采购等业务领域发生持续的日常 经营性关联交易，其中关联企业贵州航天风华精密设备有限公司（以下简称航天 风华）为公司贵阳本部提供转供电、转供水服务。2024 年 1 月 ...

贵州航天电器股份有限公司 选聘会计师事务所管理办法 第一章 总则 第一条 为规范贵州航天电器股份有限公司（以下简称"公 司"）财务决算审计选聘会计师事务所及其管理，提高财务决算 审计质量，根据《中华人民共和国公司法》、《中华人民共和国会 计法》及《国有企业、上市公司选聘会计师事务所管理办法》和 财政部、国务院国资委相关规定，结合公司实际情况，制定本办 法。 第二条 本办法适用于公司选聘会计师事务所开展年度财务 决算审计。各子公司年度审计会计师事务所应由公司统一选聘， 选聘程序由公司统一执行，审计费用由公司统一支付，原则上公 司及各子公司应由同一家会计师事务所开展审计工作，子公司不 得另聘会计师事务所单独出具年度审计报告。 第三条 本办法所称财务决算审计是指公司及所属子公司按 照有关规定委托具有资质条件的会计师事务所，以国家财务会计 制度和财政部、国务院国资委等单位关于年度财务决算的要求为 依据，对公司及子公司编制的年度财务决算报告及相关经济活动 进行审查并发表独立审计意见的监督和评价活动。 第四条 公司年度财务决算审计报告应由会计师事务所总所 出具，公司及子公司不得接受会计师事务所下属分所单独出具的 （三）审 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-42 贵州航天电器股份有限公司 关于收购控股子公司深圳斯玛尔特微电机有限公司 49%股权的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、交易概述 贵州航天电器股份有限公司（以下简称"公司"或"航天电器"）控股子公 司深圳斯玛尔特微电机有限公司（以下简称"斯玛尔特"）成立于1998年9月， 注册资本:210万美元，其中公司持股51.00%，Johnson Electric International AG（以下简称"德昌电机"）持股49.00%。 2024 年 9 月 25 日，公司第八届董事会 2024 年第一次临时会议审议通过《关 于收购控股子公司深圳斯玛尔特微电机有限公司 49%股权的议案》，为保障斯玛 尔特持续稳定经营，拓宽公司民用电机产业发展空间，妥善解决控股子公司斯玛 尔特的外资股东提出"斯玛尔特合资期限届满后不打算延长期限"等事宜。经审 议，董事会同意公司使用自有资金 1,990.0438 万元收购德昌电机持有的斯玛尔 特 49%股权。根据上海立信资产评估有限公司出具的《资产评 ...

证券代码：002025 证券简称：航天电器 公告编号：2024-39 2024 年 9 月 27 日 以3票同意、0票反对、0票弃权的表决结果审议通过公司《关于使用暂时闲 置募集资金进行现金管理的议案》 经中国证券监督管理委员会《关于核准贵州航天电器股份有限公司非公开发 行股票的批复》（证监许可〔2021〕2341号）核准，公司向11名特定对象非公开 发行人民币普通股（A股）23,662,256股，每股发行价格60.46元，募集资金总额 为人民币1,430,619,997.76元，扣除各项发行费用人民币8,182,700.25元(不含 税)后，募集资金净额为人民币1,422,437,297.51元。截至2021年8月13日，上述 募集资金已汇入公司募集资金专项账户，天职国际会计师事务所（特殊普通合伙） 对公司本次非公开发行股票募集资金到账情况进行验证并出具了《验资报告》(天 职业字[2021]37506号)。 公司本次使用暂时闲置募集资金进行现金管理，是在确保公司募集资金投资 项目所需资金正常使用的前提下实施的，并履行了董事会决策程序。监事会认为： 公司本次使用暂时闲置募集资金进行现金管理，有利于提高募集资金 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨航天电器（002025.SZ） [Table_Title] 降本增效毛利率创新高，大幅备产明确拐点 预期 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 受传统航天等防务领域需求波动影响，公司 | | | 推进低成本战略，毛利率创历史新高，新市场新领域拓展、股权摊销费用增加以及坚定研发投 入牵引公司整体期间费用率有所增加，基于审慎性原则计提信用减值损失；公司小批量、多品 | | | 种订单持续增长，为保障交付公司存货 项目将于 2024 年底全部建成投产，产能扩张将牵引助力公司更加顺畅承接下游需求释放。 | | | | | 分析师及联系人 [Table_Author] 王贺 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with revenue at 2.921 billion yuan, down 19.3% year-on-year, and net profit at 385 million yuan, down 10.0% year-on-year [5][6] - The significant drop in revenue in Q2 2024, which was 1.308 billion yuan, represents a 28.9% year-on-year decline, indicating a substantial decrease in market demand [5] - Despite short-term performance pressures, the company is actively expanding its market presence, with operating expenses rising by 26.45% year-on-year, reflecting confidence in future growth [5] - The company aims for a revenue growth of over 38.20% in the second half of 2024 to meet its annual financial targets, projecting a total revenue of 6.5 billion yuan for the year [5] - The company is focusing on the aerospace connector sector, with projected revenues for 2024-2026 expected to grow at rates of 5.21%, 25.08%, and 24.19% respectively [5][6] Financial Data Summary - For 2024, the company expects revenues of 6.534 billion yuan, with a growth rate of 5.21% [6] - The projected net profit for 2024 is 789 million yuan, with a growth rate of 5.18% [6] - The company's earnings per share (EPS) is projected to be 1.73 yuan for 2024, with a price-to-earnings (P/E) ratio of 26.8 [6] - The company has a current market capitalization of approximately 20.93 billion yuan [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 2.921 billion yuan for the first half of 2024, a year-on-year decrease of 19.31%, and a net profit attributable to shareholders of 385 million yuan, down 10.00% year-on-year [2] - Despite the decline in revenue, the company has seen growth in orders from new markets and civilian sectors, indicating resilience in its business model [2] - The company achieved a gross margin of 47.5% in the first half of 2024, an increase of 11.9 percentage points year-on-year, showcasing effective cost control [2][3] Financial Performance Summary - Revenue for 2024 is projected to be 6.592 billion yuan, with a growth rate of 6.16% [7] - The net profit for 2024 is estimated at 866 million yuan, reflecting a growth rate of 15.46% [7] - The company’s gross margin is expected to improve to 43.20% in 2024 [7] - Earnings per share (EPS) are forecasted to be 1.90 yuan for 2024, with a price-to-earnings (PE) ratio of 23.68 [7] Product Performance - The connector business generated revenue of 1.878 billion yuan, down 23.2% year-on-year, while the motor business revenue was 754 million yuan, down 11.8% year-on-year [2] - The relay business saw a revenue increase of 33.7% year-on-year, reaching 138 million yuan, and the optical communication device business grew by 23.4% to 79 million yuan [2] Cost Management - The company has effectively managed costs across the product lifecycle, resulting in a significant increase in gross margins across various product lines [2][3] - The company’s operating expense ratio, including R&D expenses, was 26.7%, an increase of 9.7 percentage points year-on-year [2] Inventory and Accounts Receivable - The company’s inventory increased by 37.2% to 1.458 billion yuan, with raw materials and goods in transit showing significant growth [3] - Accounts receivable and notes increased by 18.4% to 5.535 billion yuan, attributed to seasonal fluctuations in demand [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a transformation towards integrated interconnection, aiming to create new competitive advantages in the market [3] - Despite a decline in revenue and net profit in the first half of 2024, the company is expanding into new markets and increasing sales expenses to support this growth [2][3] - The company has adjusted its profit forecasts for 2024-2026 due to industry order fluctuations, with expected net profits of 865 million, 997 million, and 1.202 billion yuan respectively [3] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 2.921 billion yuan, a year-on-year decrease of 19.31%, and a net profit of 385 million yuan, down 10.00% year-on-year [2] - Sales expenses increased by 31.64% to 95 million yuan, driven by efforts to expand into new markets and promote new products [2] - Accounts receivable rose to 4.652 billion yuan, a 12.15% increase year-on-year, reflecting challenges in cash collection due to demand fluctuations [2] Strategic Developments - The company plans to invest 30.6 million yuan in its subsidiary, Aviation Electronics System, to support its development in the civil electric motor industry [3] - The shift from single components to integrated interconnection solutions is expected to enhance the company's capabilities in high-end electromechanical components [3] Earnings Forecast and Valuation - The revised net profit forecasts for 2024, 2025, and 2026 are 865 million, 997 million, and 1.202 billion yuan, with corresponding P/E ratios of 24, 21, and 17 times [3] - The company’s stock is currently priced at 45.95 yuan, with a P/E ratio of 27.97 based on the latest diluted earnings per share [4][5]

航天电器（002025.SZ）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 聚焦战新产业加大研发；降本增效成效显著 2024 年 08 月 28 日 ➢ 事件：8 月 27 日，公司发布 2024 年半年报，1H24 实现营收 29.21 亿元， YOY -19.3%；归母净利润 3.85 亿元，YOY -10.0%；扣非净利润 3.59 亿元，YOY -13.1%。业绩符合市场预期。公司新市场、新领域和民用领域订单保持增长， 但受传统配套领域市场需求波动影响，上半年业绩同比下滑，我们综合点评如下： ➢ 降本增效成效显著；1H24 利润率同比提升。1）单季度情况：公司 2Q24 实现营收 13.08 亿元，YOY -28.9%；归母净利润 1.60 亿元，YOY -23.4%；扣 非净利润 1.50 亿元，YOY -24.2%，传统应用领域需求波动，公司业绩承压。2） 利润率方面：公司以提升"一利五率"为目标，明确降本目标、奖惩措施，对产 品全寿命周期、全过程、全流程开展成本管控，降本增效指标达成预期目标，1H24 毛利率同比提升 11.9ppt 至 47.5%；净利率同比提升 ...