ASTRONICS CORP. 2024年年报分析与SEC-2025行业研究报告

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ASTRONICS CORPORATION是注册人的官方名称，公司位于纽约，具体地址为East Aurora的130 Commerce Way, NY 14052。该报告是在1934年证券交易法案13或15(d)部分的规定下，作为年度报告提交的。报告中包含了公司的详细财务数据、业务运营概况、管理团队信息、市场风险因素以及公司的未来战略等关键信息。文件中还提到了公司税务识别号码（I.R.S. Employer Identification No.）为16-0959303。报告的联系方式为电话号码（716）805-1599。通过这些信息，投资者和监管机构可以对ASTRONICS CORPORATION在2024财年的经营状况有一个全面的了解。" 知识点： 1. SEC-2025行业研究报告：SEC指的是美国证券交易委员会（Securities and Exchange Commission），这是一个独立的联邦机构，负责执行联邦证券法律，保护投资者，并确保证券市场的公平性和秩序。SEC-2025可能是指SEC内部用于标识特定行业研究报告的一个编号或代号。 2. Form 10-K：Form 10-K是美国证券交易委员会要求上市公司提交的一种年度报告。这份报告提供了公司详细的财务数据和业务运营的全面描述，是投资者分析公司运营状况和财务健康程度的关键文件。它包含了公司的财务报表、管理层讨论与分析、重要合同和协议、公司治理结构、市场风险因素等。 3. 1934年证券交易法案：该法案全称《1934年证券交易法案》（Securities Exchange Act of 1934），是为监管证券市场而制定的一项重要联邦法律，目的在于促进公正和透明的市场运作，并保护投资者。该法案建立了证券交易委员会，并规定了上市公司必须定期向SEC提交包括Form 10-K在内的各种报告。 4. 公司注册信息：报告中提供了ASTRONICS CORPORATION作为注册人的确切名称，并说明了其在其他司法管辖区的注册或组织状态。公司地址、联系电话、税务识别号码（ Employer Identification No.）也被包含在报告中，这些都是识别公司身份和业务运营的重要信息。 5. 财务报告和业务运营：Form 10-K文件详细地介绍了公司当前的财务状况和业务运营情况，包括公司的市场状况、风险因素、财务报表和管理层分析等。对于理解ASTRONICS CORPORATION在2024财年的财务表现和业务战略具有重要意义。 6. 投资者和市场分析：这些信息对投资者来说非常重要，因为它们可以利用这些数据来评估公司的市场价值和未来增长潜力。同时，监管机构通过Form 10-K中的数据监控和评估上市公司的合规性以及市场的整体健康状况。

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discretionary air travel and the ability of airlines to invest in new aircraft or to upgrade existing aircraft. Therefore, our business is

directly affected by economic factors outside of our control and other trends that affect our customers in the commercial aerospace

industry. These factors could reduce orders for new aircraft and could reduce airline investment in cabin upgrades for which we supply

products, thus reducing our sales and profits. A reduction in air travel may also result in our commercial airline customers being unable

to pay our invoices on a timely basis or at all.

We are a supplier on various new aircraft programs just entering or expected to begin production in the future. As with any new

program, there is risk as to whether the aircraft or program will be successful and accepted by the market. As is customary for our

industry, we purchase inventory and invest in specific capital equipment to support our production requirements generally based on

delivery schedules provided by our customer. If a program or aircraft is not successful, we may have to write-off all or a part of the

inventory, accounts receivable and capital equipment related to the program. A write-off of these assets could result in a significant

reduction of earnings and cause covenant violations relating to our debt agreements. This could result in our being unable to borrow

additional funds under the ABL Revolving Credit Facility or being obliged to refinance or renegotiate our indebtedness on potentially

unfavorable terms for us.

In our Test Systems segment, the market for our products is concentrated with a limited number of significant customers accounting for

a substantial portion of the purchases of test equipment. In any one reporting period, a single customer or several customers may

contribute to an even larger percentage of our consolidated sales. In addition, our ability to increase sales will depend, in part, on our

ability to obtain orders from current or new significant customers. The opportunities to obtain orders from these customers may be

limited, which may impair our ability to grow sales. We expect that sales of our Test Systems products will continue to be concentrated

with a limited number of significant customers for the foreseeable future. Additionally, demand for some of our test products is

dependent upon certain factors, including government funding levels for our products, our ability to compete successfully for those

contracts and our ability to develop products to satisfy the demands of our customers. A negative change in any of these factors could

materially adversely affect our business, financial condition, results of operations, and cash flows.

Our products are sold in highly competitive markets. Some of our competitors are larger, more diversified corporations and have

greater financial, marketing, production and research and development resources than we do. As a result, certain of our competitors

may be better able to withstand the effects of periodic economic downturns or other market changing events. Our operations and

financial performance will be negatively impacted if our competitors:

• develop products that are superior to our products;

• develop products that are more competitively priced than our products;

• develop methods of more efficiently and effectively providing products and services; or

• adapt more quickly than we do to new technologies, such as generative artificial intelligence (“AI”), or evolving customer

requirements.

We believe that the principal points of competition in our markets are product quality, price, design and engineering capabilities,

product development, conformity to customer specifications, quality of support after the sale, timeliness of delivery and effectiveness of

the distribution organization. Maintaining and improving our competitive position will require continued investment in manufacturing,

engineering, quality standards, marketing, customer service and support and our distribution networks. If we do not maintain, or are

otherwise unable to maintain, sufficient resources to make these investments, or are not successful in maintaining our competitive

position, our business operations and financial performance may be materially adversely affected.

We depend on government contracts and subcontracts with defense prime contractors and subcontractors that may not be fully

funded, may be terminated, or may be awarded to our competitors. The failure to be awarded these contracts, the failure to

receive funding or the termination of one or more of these contracts could reduce our sales. Sales to the U.S. government and its

prime contractors and subcontractors represent a significant portion of our business. The funding of these programs is generally subject

to annual congressional appropriations, and presidential and congressional priorities are unpredictable and subject to change. We cannot

be certain that current levels of congressional funding for programs involving our products or services will continue and that our

business related to these products and services will not decline or increase at currently anticipated levels, or that we will not be subject

to delays in the negotiation of contracts or increased costs due to changes in the funding of U.S. government programs or government

shutdowns. In addition, government expenditures for defense programs may decline or these defense programs may be terminated. A

decline in governmental expenditures, a change in spending priorities, or the U.S. government’s termination of existing contracts may

result in a reduction in the volume of government contracts awarded to us. Furthermore, on government contracts for which we are a

subcontractor and not the prime contractor, the U.S. government could terminate the prime contract for convenience or otherwise,

irrespective of our performance as a subcontractor. Also, sales to the U.S. government and its contractors, as well as foreign military

and government customers, either directly or as a subcontractor to other contractors, often use a competitive bidding process and

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have unique purchasing and delivery requirements, which often makes the timing of sales to these customers unpredictable. We have

resources applied to specific government contracts, and if any of those contracts were terminated, we may incur substantial costs

redeploying those resources and our business, financial condition, results of operations, and cash flows may be materially adversely

affected.

Contracting in the defense industry is subject to significant regulation, including rules related to bidding, billing and accounting

kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment. Like all

government contractors, we are subject to risks associated with this contracting. These risks include the potential for substantial civil

and criminal fines and penalties. These fines and penalties could be imposed for failing to follow procurement integrity and bidding

rules, employing improper billing practices or otherwise failing to follow cost accounting standards, receiving or paying kickbacks or

filing false claims. We have been, and expect to continue to be, subjected to audits and investigations by government agencies. The

failure to comply with the terms of our government contracts could harm our business reputation, which could materially reduce our

sales and earnings. It could also result in our suspension or debarment from future government contracts, which could materially

adversely affect our business, financial condition, results of operations, and cash flows.

Strategic Risks

If we are unable to adapt to technological change, demand for our products may be reduced. The technologies related to our

products have undergone, and in the future may undergo, significant changes. To succeed in the future, we will need to continue to

design, develop, manufacture, assemble, test, market and support new products and enhancements on a timely and cost-effective basis,

and we cannot be certain that we will be able to do so successfully, if at all, or on a timely, cost effective, or repeatable basis. Our

competitors may develop technologies and products that are more effective than those we develop or that render our technology and

products obsolete or noncompetitive. Furthermore, our products could become unmarketable if new industry standards emerge. We may

have to modify our products significantly in the future to remain competitive, and new products we introduce may not be accepted by

our customers.

Our new product development efforts may not be successful, which could result in a reduction in our sales and earnings. We

may experience difficulties that could delay or prevent the successful development of new products or product enhancements, and new

products or product enhancements may not be accepted by our customers. Because it is difficult to predict the amount of time required

and the costs involved in achieving certain research, development, and engineering objectives, the development expenses we incur may

exceed our cost estimates and estimated product development schedules may be extended. Furthermore, any new products we develop

may not generate sales sufficient to offset our costs. If any of these events occur, our sales and profits could be materially adversely

affected.

We may incur losses and liabilities as a result of our acquisition strategy. Part of our business strategy involves developing

technologies and capabilities through acquisitions. Growth by acquisition involves risks that could materially adversely affect our

business, financial condition and results of operations, including:

• the potential exposure to unanticipated liabilities;

• the potential that expected benefits or synergies are not realized and that operating costs increase;

• the risks associated with incurring additional acquisition indebtedness, including that additional indebtedness could limit our

cash flow availability for operations and our flexibility;

• difficulties in integrating the operations and personnel of acquired companies;

• the potential loss of key employees, suppliers or customers of acquired businesses; and

• diversion of management time and attention from our core business.

In addition, any acquisition, once successfully integrated, could negatively impact our financial performance if it does not perform as

planned, does not increase earnings, or does not prove otherwise to be beneficial to us. We cannot provide any assurances that we will

be able to complete any acquisitions and then successfully integrate the business and operations of those acquisitions without

encountering the risks described above. If we are not able to efficiently integrate an acquisition’s business and operations into our

organization in a timely and efficient manner, or at all, the anticipated benefits of the acquisition may not be realized, or it may take

longer to realize these benefits than we currently expect, either of which could materially adversely affect our business, financial

condition and results of operations.

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Operational Risks

Our business and operations could be adversely impacted in the event of a failure of our information technology infrastructure

or adversely impacted by a successful cyber-attack. We are dependent on various information technologies throughout our Company

to administer, store and support multiple business activities. We routinely experience various cybersecurity threats, threats to our

information technology infrastructure, unauthorized attempts to gain access to our sensitive information, and denial-of-service attacks,

and our customers, suppliers and subcontractors face similar cybersecurity threats. We conduct regular periodic training of our

employees as to the protection of sensitive information, which includes security awareness training intended to prevent the success of

“phishing” attacks.

The threats we face vary from attacks common to most industries, such as ransomware attacks to disable critical infrastructure and

extort companies for ransom payments, to more advanced and persistent, highly organized adversaries, including nation states, which

target us and other defense contractors because we protect sensitive information. If we are unable to protect sensitive information, our

customers or governmental authorities could question the adequacy of our threat mitigation and detection processes and procedures,

and depending on the severity of the incident, our customers’ data, our employees’ data, our intellectual property, and other third-party

data (such as subcontractors, suppliers and vendors) could be compromised. As a consequence of the persistence, sophistication and

volume of these bad actors, we may not be successful in defending against all such attacks. Due to the evolving nature of these security

threats, the impact of any future cybersecurity incident cannot be predicted with reasonable certainty.

Although we work cooperatively with our customers, suppliers, and subcontractors to seek to minimize the impact of cybersecurity

threats, other security threats or business disruptions, we must rely on the safeguards put in place by these entities, which may affect the

security of our information. These entities have varying levels of cybersecurity expertise and safeguards and their relationships with

U.S. government contractors, such as Astronics, may increase the likelihood that they are targeted by the same cybersecurity threats we

face. Furthermore, our customers, suppliers and subcontractors may incorporate AI tools without disclosing this use to us, and the

providers of these AI tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data

protection and may inhibit our or their ability to maintain an adequate level of service and experience. If we or our customers, suppliers

or subcontractors experience an actual or perceived breach or privacy or security incident because of the use of AI, we may lose

valuable confidential information and our reputation and the public perception of the effectiveness of our security measures could be

harmed.

If we experience a data security breach from an external source or from an insider threat, we may have a loss in sales or increased costs

arising from the restoration or implementation of additional security measures, either of which could adversely affect our business and

financial results. Other potential costs could include damage to our reputation, loss of brand value, incident response costs, decrease in

the price of our common stock, regulatory inquiries, litigation and management distraction from operating our business. A security

breach that involves classified information could subject us to civil or criminal penalties, loss of a government contract, loss of access

to classified information, or debarment as a government contractor. Similarly, a breach that involves loss of customer-provided data

could subject us to loss of a customer, loss of a contract, litigation costs and legal damages and reputational harm. One or more of these

results could materially adversely affect our business, financial condition and results of operations.

Our inability to adequately enforce and protect our intellectual property or defend against assertions of infringement could

prevent or restrict our ability to compete. We rely on patents, trademarks and proprietary knowledge and technology, both internally

developed and acquired, in order to maintain a competitive advantage. Our inability to defend against the unauthorized use of these

intellectual property rights and assets could have an adverse effect on our results of operations and financial condition. We cannot

assure you that our means of protecting our intellectual property rights in the United States or abroad will be adequate, or that others

will not develop technologies similar or superior to our technology or design around our proprietary rights. Litigation may be necessary

to protect our intellectual property rights or defend against claims of infringement. This litigation could result in significant costs and

divert our management’s focus away from our core business operations. Refer to the risk factor below under the heading “Currently,

our subsidiary, Astronics Advanced Electronic Systems Corp., is a defendant in actions filed in various jurisdictions by Lufthansa

Technik AG relating to an allegation of patent infringement and based on rulings to date, we have concluded that losses related to these

proceedings are probable” and Note 19, Legal Proceedings, to the Consolidated Financial Statements in Item 8, Financial Statements

and Supplementary Data, of this report for further discussion.

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If critical components or raw materials used to manufacture our products or used in our development programs become scarce

or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development

programs, which has damaged, and could continue to damage, our business, results of operations and financial condition. Due

to increased demand across a range of industries, the global supply chain for certain critical components and raw materials used in the

manufacture of our products and used in our development programs has in the past experienced, and may in future periods experience,

significant strain. A constrained supply environment has in the past adversely affected, and could in the future adversely affect,

availability, lead times and the cost of components, and could impact our ability to timely complete development programs, respond to

accelerated or quick-turn delivery requests from customers, or meet customer demand and product delivery dates for our end customers

in situations where we cannot timely secure adequate supply of these components. Moreover, if any of our suppliers become financially

unstable, or otherwise unable or unwilling to provide us with raw materials or components, then we may have to find new suppliers. It

may take several months to locate alternative suppliers, if required, or to redesign our products to accommodate components from

different suppliers. We may experience significant delays in manufacturing and shipping our products to customers and incur additional

development, manufacturing and other costs to establish alternative sources of supply if we lose any of these sources or are required to

redesign our products. We cannot predict if we will be able to obtain replacement components within the time frames that we require at

an acceptable cost, if at all.

In an effort to mitigate these risks, in some cases, we have incurred higher costs to secure available inventory or have extended or

placed non-cancellable purchase commitments with suppliers, which introduces inventory risk if our forecasts and assumptions prove

inaccurate. While we may attempt to recover the increased costs through price increases to our customers, we may be unable to mitigate

the effect on our results of operations. We have also multi-sourced and pre-ordered components and raw materials inventory in some

cases in an effort to reduce the impact of the adverse supply chain conditions we have experienced or may experience in the future.

Limits on manufacturing availability or capacity or delays in production or delivery of components or raw materials could delay or

inhibit our ability to obtain supply of components and produce finished goods. Supply chain constraints and their related challenges

could result in shortages, increased material costs or use of cash, engineering design changes, and delays in new product introductions,

each of which could materially adversely affect our growth, gross margin and financial results. These types of negative financial

impacts on our business may become more acute if supply chain pressures increase.

Our financial results could continue to be adversely impacted by the escalation of labor and benefit costs. Consistent with the

experience of other employers, our labor, medical and workers’ compensation costs have increased substantially in recent years and are

expected to continue to rise. If this trend continues, the cost of labor and to provide healthcare and other benefits to our employees

could continue to increase, which could materially adversely affect our future profitability. Competition for employees has escalated in

the labor market which has increased costs associated with attracting and retaining skilled employees. We cannot be certain that we will

be able to maintain an adequately skilled labor force necessary to operate efficiently or that our labor costs will not increase as a result

of a shortage in the availability of skilled employees. Any significant increases in the costs attributable to our self-insured health and

workers’ compensation plans could adversely impact our business, results of operations, financial condition and cash flows.

Price inflation for labor and materials, further exacerbated by the Russian invasion of Ukraine or the Israel-Hamas war, could

adversely affect our business, results of operations and financial condition. We have experienced considerable price inflation in our

costs for labor and materials in recent years, which has materially adversely affected our business, results of operations and financial

condition. We may not be able to pass through to our customers inflationary cost increases under our existing fixed-price contracts. Our

ability to raise prices to reflect increased costs may be limited by competitive conditions in the market for our products and services.

Russia’s invasion of Ukraine and the Israel-Hamas war, and prolonged conflict in either such situation, may continue to result in

increased inflation, escalating energy and commodity prices and increasing costs of materials. We continue to work to mitigate such

pressures on our business operations as they develop. To the extent the war in Ukraine or the Israel-Hamas war adversely affects our

business as discussed above, it may also have the effect of heightening many of the other risks described herein, such as those relating

to cybersecurity, supply chain, volatility in prices and market conditions, any of which could negatively affect our business and

financial condition.

If our subcontractors fail to perform their contractual obligations, our prime contract performance and our ability to obtain

future business could be materially adversely affected. Many of our contracts involve subcontracts with other companies upon

whom we rely to perform a portion of the services we must provide to our customers. There is a risk that we may have disputes with

our subcontractors, including disputes regarding the quality and timeliness of work performed by the subcontractor or customer

concerns about the subcontractor. Failure by our subcontractors to satisfactorily provide, on a timely basis, the agreed-upon supplies or

perform the agreed-upon services may materially adversely affect our ability to perform our obligations to our customer and could

result in the assessment of late delivery penalties. Subcontractor performance deficiencies could result in a customer terminating our

contract for cause or could otherwise result in our default under the applicable

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ASTRONICS CORP. 2024年年报分析与SEC-2025行业研究报告

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