| --- | --- | --- | |---------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|------------| | | | | | 北方导航（600435） | 投资评级 | 买入 | | 2023年年报点评:净利率稳中有升,"十四五"后期 | | 维持评级 | | | 2024年04月26日 | | | 下游需求有望持续释放 | 收盘价(元): | 8.91 | | 报告摘要 | 目标价(元): | 10.80 | | ◆ 事件:公司 4 月 17 日公告,2023年实现营收 35.65 亿元(-7.16%), | 公司基本数据 | | | 归母净利润1.92亿元(+3.90%),扣非归母净利润1.77亿元(+26.71%), | 总股本(百万股) | 1,500.99 | | | ...

Investment Rating - The report maintains a "Recommended" rating for the company [9] Core Views - The company is experiencing a temporary performance pressure in Q1 2024, with a significant year-on-year revenue decline of 86.5% due to slower contract signing progress [8] - Despite the revenue drop, the gross margin improved by 25.8 percentage points to 53.2%, although the net margin decreased significantly [8] - The company is focusing on its core business and aims to achieve a revenue of 3.8 billion yuan in 2024, reflecting a year-on-year growth of 6.6% [8] - The company has divested non-core assets and is implementing equity incentives to enhance development quality [8] Financial Summary - Revenue projections for 2023A, 2024E, 2025E, and 2026E are 3,565 million yuan, 4,672 million yuan, 6,106 million yuan, and 7,932 million yuan respectively, with growth rates of -7.2%, 31.1%, 30.7%, and 29.9% [2] - Net profit attributable to shareholders is forecasted to be 192 million yuan in 2023A, increasing to 253 million yuan in 2024E, 332 million yuan in 2025E, and 435 million yuan in 2026E, with growth rates of 3.9%, 31.8%, 31.1%, and 31.1% respectively [2] - The company’s PE ratio is projected to decrease from 70 in 2023A to 53 in 2024E, 40 in 2025E, and 31 in 2026E, indicating an improving valuation [2][6] Operational Insights - The company reported a net cash flow from operating activities of -700 million yuan in Q1 2024, down from 10 million yuan in Q1 2023, primarily due to insufficient revenue from uncontracted orders [8] - The company’s focus on its main responsibilities and core business has led to a significant improvement in profitability metrics, with a net profit margin increase observed post-divestment of non-core assets [8]

证券代码：600435 证券简称：北方导航 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 一、 主要财务数据 2024 年第一季度报告 | --- | --- | |-------------------------------------------------------------------------------|--------------| | | | | 对于现金结算的股份支付，在可行权日之后， 应付职工薪酬的公允价值变动产生的损益 | | | 采用公允价值模式进行后续计量的投资性房地 产公允价值变动产生的损益 | | | 交易价格显失公允的交易产生的收益 | | | 与公司正常经营业务无关的或有事项产生的损 益 | | | 受托经营取得的托管费收入 | 4,088,050.27 | | 除上述各项之外的其他营业外收入和支出 | 52,344.00 | | 其他符合非经常性损益定义的损益项目 | 6,709,866.53 | | 减：所得税影响额 | 1,763,680.26 | | 少数股 ...

证券代码：600435 证券简称：北方导航 公告编号：临 2024-018 号 北方导航控制技术股份有限公司 第七届监事会第二十一次会议决议公告 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 整性承担法律责任。 北方导航控制技术股份有限公司第七届监事会第二十 一次会议于 2024 年 4 月 19 日以送达、传真、邮件等方式发 出通知，于 2023 年 4 月 25 日下午 15: 30 以通讯表决的方式 召开。应到会监事人数 3 人，实到会监事 3 人，占应到会监 事人数的 100%，符合法律、法规和《公司章程》的规定。 会议由监事会主席商逸涛先生主持，以记名投票表决的方 式通过以下议案： 一、审议通过了《关于<2024 年第一季度报告>的议 案》。3 票赞成，占有效表决权总数的 100%，0 票反对，0 票弃权。 经审议，监事会认为：公司 2024 年第一季度报告的内 容与格式符合中国证监会和上海证券交易所的规定，所披 露的信息真实、完整地反映了公司当期财务状况和经营成 果等。公司 2024 年第一季度报告的编制和审议程序符合法 律、法规 ...

北方导航控制技术股份有限公司 2023 年年度股东大会会议资料 北方导航控制技术股份有限公司 2023 年年度股东大会 会议资料 会议召开时间：2024 年 5 月 9 日 | | | | 会议规则 | | 3 | | --- | --- | --- | | 表决办法 | | 4 | | 2023 | 年年度股东大会会议议程 | 5 | | 议案一：关于 | 2023 年度董事会工作报告的议案 | 8 | | 议案二：关于 | 2023 年度监事会工作报告的议案 22 | | | 议案三：关于《2023 | 年度报告》及《2023 年度报告摘要》的议案 28 | | | 议案四：关于 | 2023 年度利润分配的议案 29 | | | 议案五：关于第七届董事会独立董事 2023 年度述职报告的议案 35 | | | | 议案六：关于日常经营性关联交易的议案 83 | | | | 议案七：关于与兵工财务有限责任公司确定 2024 年度综合授信额度的议案 | | .96 | | 议案八：关于变更注册资本并修订公司章程的议案 | | 104 | 北方导航控制技术股份有限公司 2023 年年度股东大会会议资料 会议规 ...

| --- | --- | |------------------------------------------|--------------| | 市场数据： 2024 年 4 月 \n收盘价（元）： | 18 日 \n8.56 | | 年内最高/最低（元）： | 12.92/7.08 | | 流通A股/总股本（亿）： | 15.01/15.01 | | 流通 A 股市值（亿）： | 128.48 | | 总市值（亿）： | 128.48 | | 基础数据： 2023 年 12 月 | 31 日 | | 基本每股收益： | 0.13 | | 摊薄每股收益： | 0.13 | | 每股净资产 (元) ： | 2.31 | | 净资产收益率： | 7.21 | | 资料来源：最闻 | | 执业登记编码：S0760522050002 李通 邮箱：litong@sxzq.com 2024 年 4 月 19 日 公司研究/公司快报 北方导航公司发布 2023 年报。2023 年公司营业收入为 35.65 亿元，同 比减少 7.16%；归母净利润为 1.92 亿元，同比增长 3.90%；扣非后归母净利 润为 1.77 ...

北方导航（600435.SH）2023 年年报点评 [盈利预测与财务指标 Table_Forcast] 4Q23 营收增长 17%；经营效率有效改善 2024 年 04 月 17 日 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------------------|------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 3,565 | 4,672 | 6,106 | 7,932 | | 增长率（%） | -7.2 | 31.1 | 30.7 | 29.9 | | 归属母公司股东净利润（百万元） | 192 | 253 | 333 | 436 | | 增长率（%） | 3.9 | 31.8 | 31.5 | 31.0 | | 每股收益（元） | 0.13 | 0.17 | 0.22 | 0.29 | | PE | 66 | 50 | 38 | 29 | | PB | 4 ...

北方导航控制技术股份有限公司 2023 年度 审计报告 | 索引 | 项码 | | --- | --- | | 审计报告 | 1-4 | | 公司财务报表 | | | 合并资产负债表 | 1-2 | | 母公司资产负债表 | 3-4 | | 合并利润表 | 5 | | 母公司利润表 | 6 | | 合并现金流量表 | 7 | | 母公司现金流量表 | 8 | | 合并股东权益变动表 | 9-10 | | 母公司股东权益变动表 | 11-12 | | . 财务报表附注 | 13-118 | | 命与白色合同。一切国官文版 上显出生期区别用 人民网 陈东明 | | +8G (010) 6554 2288 | | --- | --- | --- | | telephone: +86 (010) 6554 2288 | 8 号富华大厦 A 座 9 层 | | | 9/F. Block A. Fu Hua Mansion, | No.8. Chaovangmen Beidajie | | | ShineWing | Donacheng District. Belling, | 传真: +86 (010) 6554 71 ...

证券代码：600435 证券简称：北方导航 公告编号：临 2024-014 号 北方导航控制技术股份有限公司 日常经营性关联交易公告 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： ●本议案需提交公司股东大会审议。 ●相关交易事项对上市公司的影响：关联交易的发生符 合公司业务特点和业务发展的需要，关联交易符合相关法律 法规及制度的规定，交易行为是在公平原则下合理进行，有 利于公司的发展，没有损害本公司及股东的利益。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1.董事会审议情况 本公司2024年4月16日召开的第七届董事会第二十九次 会议审议通过了《关于日常经营性关联交易的议案》。5票赞 成，占有效表决权总数的100%，0票反对，0票弃权，3票回 避（共3位关联董事李海涛、周静、陶立春回避表决）。 本议案需提交股东大会审议，关联股东将在股东大会上 对该议案回避表决。 2.独立董事意见 （2）公司董事会在审议此项关联交易时，关联董事实 行回避原则，其表决程序符合有关法律法规的规定。该日常 关联交 ...

Financial Performance - The net cash flow from operating activities decreased compared to the same period last year, primarily due to a decline in cash received from sales and an increase in value-added tax payments[1]. - In Q2 2023, the company reported operating revenue of approximately RMB 1.14 billion, while Q3 revenue was around RMB 676 million, and Q4 revenue reached approximately RMB 1.17 billion[2]. - The net profit attributable to shareholders for Q2 2023 was approximately RMB 122 million, with Q3 net profit at around RMB 37.95 million, and Q4 net profit at approximately RMB 7.30 million[2]. - The net profit after deducting non-recurring gains and losses for Q2 2023 was approximately RMB 121.92 million, while Q3 was around RMB 34.35 million, and Q4 showed a loss of approximately RMB 272,521[2]. - The company recorded a significant negative cash flow from operating activities in Q2 2023, amounting to approximately RMB -478.63 million, while Q4 showed a positive cash flow of approximately RMB 917.85 million[2]. - Operating revenue decreased by 7.16% to CNY 3,564,548,001.95 from CNY 3,839,446,957.12 in the previous year[30]. - The company's total revenue for the reporting period was 346,000,000 CNY, with a year-on-year decrease of 15%[49]. - The company's operating revenue for 2023 was approximately ¥3.56 billion, a decrease of 7.16% compared to ¥3.84 billion in 2022[131]. - Net profit attributable to shareholders for 2023 was approximately ¥192.23 million, an increase of 3.90% from ¥185.02 million in 2022[131]. Research and Development - R&D investment intensity significantly increased, with total R&D expenditure reaching 260 million yuan, accounting for 7.22% of revenue[17]. - The company reported a total R&D expenditure of 257,340,895.23 CNY, which is 7.22% of total revenue[54]. - The number of R&D personnel is 650, making up 30.3% of the total workforce[55]. - The company has completed 86 key equipment projects and 78 technology innovations during the reporting period[21]. - The company has established eight core technology systems in navigation and control, smart manufacturing, and comprehensive thermal management[90]. Strategic Goals and Market Position - The company is positioned in the military products sector, focusing on research and manufacturing, with a strong presence in guided control, navigation control, and satellite communication technologies[13]. - The company emphasizes high-quality development and technological innovation as part of its strategic goals for 2023[12]. - The company plans to focus on increasing R&D investments to drive future growth despite current revenue challenges[33]. - The company plans to expand its market presence and invest in new product development to drive future growth[41]. - The company is actively pursuing opportunities in military communication and intelligent integrated connections, aiming to expand its market presence[90]. Financial Management and Governance - The company maintains a commitment to transparent investor relations and compliance with insider information regulations to protect shareholder interests[5]. - The company has implemented 113 risk response measures as part of its comprehensive risk prevention plan[22]. - The company is committed to deepening reforms and has outlined 88 tasks and 121 specific measures to enhance corporate governance[21]. - The company emphasizes compliance with information disclosure standards, ensuring transparency and accuracy[128]. - The company has established specialized committees, including an audit committee and a nomination committee, with specific members assigned[168]. Cash Flow and Investments - The net cash flow from operating activities decreased by 57.37% to CNY 200,301,446.77 from CNY 469,913,084.15 last year[30]. - Investment cash flow turned negative at CNY -147,777,866.79 compared to a positive CNY 224,246,641.37 in the previous year, a change of -165.90%[30]. - The net cash flow from investment activities decreased compared to the previous period, primarily due to an increase in fixed deposits and the previous year's receipt from the disposal of 100% equity in North Special Vehicle[59]. Employee and Management Structure - The total number of employees in the parent company is 717, while the main subsidiaries employ 1,430, totaling 2,147 employees[173]. - The company has 597 retired employees for whom it bears expenses[173]. - The total remuneration for all directors, supervisors, and senior management during the reporting period was 7.0967 million (pre-tax)[161]. - The company implemented a performance-based compensation structure, enhancing salary competitiveness and focusing on key personnel incentives[177]. Dividend Policy - The company plans to distribute a cash dividend of 0.4 yuan per 10 shares, with an estimated total cash dividend payout of 59,975,554.76 yuan[103]. - The company has a clear cash dividend policy, ensuring at least one cash dividend distribution in three consecutive profitable years[181]. - The company maintains a transparent profit distribution policy that protects the rights of minority shareholders[182].