Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 796 million yuan for the first three quarters of 2024, a year-over-year decline of 66.8%, with a net profit attributable to shareholders of -74 million yuan, compared to 185 million yuan in the same period last year [1]. - The company has shown signs of recovery, with a sequential revenue increase of 134.7% in Q3 2024, following two consecutive quarters of revenue growth [1]. - The gross margin for Q3 2024 improved by 2.5 percentage points to 26.1%, while the net margin decreased by 5.2 percentage points to 1.0% [1]. - The company is focusing on its core business and has seen marginal improvements in demand, indicating a potential recovery in profitability [1]. Financial Performance Summary - For the first three quarters of 2024, the company experienced a net cash flow from operating activities of -1.098 billion yuan, compared to -718 million yuan in the same period last year [1]. - The company’s R&D expenses increased by 7.1% year-over-year to 165 million yuan, with the R&D expense ratio rising to 20.7% [1]. - The company’s total revenue projections for 2024 to 2026 are 196.9 million yuan, 489.6 million yuan, and 621.3 million yuan, respectively, with corresponding net profits of 59 million yuan, 295 million yuan, and 455 million yuan [2][4]. - The projected PE ratios for 2024 to 2026 are 292x, 58x, and 38x, respectively [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and profit for the first three quarters of 2024, with total revenue of 796 million yuan, down 66.80% year-on-year, and a net profit attributable to shareholders of -73.75 million yuan, down 139.88% year-on-year. However, there is an expectation of recovery in performance as downstream orders gradually resume towards the end of the year [1][2] - Despite the pressure on performance, the company continues to increase R&D investment, with R&D expenses reaching 165 million yuan in the first three quarters of 2024, an increase of 7.10% year-on-year [1] - The company is positioned as a leading enterprise in the guided control platform sector in China, and with the release of long-range fire orders in the second half of the year, operational conditions are expected to improve significantly [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 796 million yuan, a decrease of 66.80% year-on-year, and a net profit of -73.75 million yuan, a decrease of 139.88% year-on-year. In Q3 alone, revenue was 503 million yuan, down 25.58% year-on-year, with a net profit of 465,900 yuan, down 98.77% year-on-year [1] - The company’s cash flow situation is tight, with operating cash flow decreasing by 53.05% year-on-year to -1.098 billion yuan, while investment cash flow increased significantly by 259.17% year-on-year to 241 million yuan [2] - As of Q3 2024, total assets amounted to 6.357 billion yuan, a decrease of 9.60% year-on-year, while total liabilities decreased by 16.36% to 3.029 billion yuan, indicating a continuous optimization of the capital structure [2] Earnings Forecast and Valuation - The company’s earnings are expected to recover, with projected net profits for 2024, 2025, and 2026 being 203 million yuan, 303 million yuan, and 412 million yuan respectively, corresponding to P/E ratios of 83, 56, and 41 times [2] - The report maintains previous forecasts, indicating confidence in the company's recovery and growth potential in the coming years [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][14][17]. Core Views - The company reported a significant revenue decline of 66.8% year-on-year for the first three quarters of 2024, with a revenue of 796 million [1]. However, in Q3 2024, the revenue improved to 503 million, showing a year-on-year decline of 25.6% but a quarter-on-quarter increase of 134.7% [1][6]. - The company achieved a turnaround in Q3 2024, reporting a net profit of 470,000, despite a year-on-year decline of 98.9% [1][6]. - The increase in contract liabilities, which rose by 34.78% to 103 million, indicates a steady flow of orders [1][11]. - The gross margin remained stable at 31.2% for the first three quarters, with a slight increase in Q3 to 26.1% year-on-year [1][8]. - The company is positioned as a leader in the guided control platform sector, with expectations for significant growth driven by demand for long-range fire systems [1][14]. Summary by Sections Company Performance - For Q3 2024, the company reported a revenue of 503 million, a year-on-year decrease of 25.6% and a quarter-on-quarter increase of 134.7% [1][6]. - The net profit for Q3 2024 was 470,000, marking a significant recovery from previous losses [1][6]. Financial Metrics - The gross margin for the first three quarters was 31.2%, with a slight increase in Q3 to 26.1% year-on-year [1][8]. - The net profit margin for Q3 was 0.1%, reflecting a year-on-year decline of 5.5% [1][8]. Order and Contract Insights - Contract liabilities increased to 103 million, up 34.78% from the end of H1 2024, indicating a positive trend in order placements [1][11]. - Prepayments also rose by 41.86% to 50 million, suggesting strong demand for inventory [1][11]. Future Outlook - The company anticipates a significant rebound in net profit for 2024-2026, projecting 150 million, 420 million, and 610 million respectively, with corresponding PE ratios of 116, 40, and 28 [1][14].

证券代码：600435 证券简称：北方导航 公告编号：临 2024-039 号 北方导航控制技术股份有限公司 第七届董事会第三十四次会议决议公告 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。 北方导航控制技术股份有限公司第七届董事会第三十 四次会议于 2024 年 10 月 18 日以送达、传真、邮件等方式 发出通知，于 2024 年 10 月 24 日上午 09:30 在公司二层北 侧会议室召开。应到会董事人数 8 人，实到会董事 8 人，占 应到会董事人数的 100%，符合法律、法规和《公司章程》的 规定。董事长李海涛先生主持了本次会议。会议以记名投票 表决的方式决议如下： 一、审议通过《2024 年第三季度报告》的议案。8 票赞 成，占有效表决权总数的 100%，0 票反对，0 票弃权。 公司 2024 年第三季度报告的内容和编制符合法律、法 规及《公司章程》等有关规定，披露信息真实、准确、完整， 反映了公司经营情况和财务状况，该议案已经公司董事会审 计委员会审议同意后提交董事会,同意该项议案。 详细内容请见 202 ...

Financial Performance - Revenue for Q3 2024 was CNY 503,205,087.16, a decrease of 25.58% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 465,896.50, down 98.77% year-on-year[2] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -3,080,607.43, a decline of 108.97% compared to the previous year[2] - Basic earnings per share for Q3 2024 was CNY 0.0003, a decrease of 98.81% year-on-year[3] - Total operating revenue for the first three quarters of 2024 was CNY 796,196,861.45, a decrease of 66.8% compared to CNY 2,398,000,507.30 in the same period of 2023[14] - The net profit for the third quarter of 2024 was -76,191,961.04 RMB, compared to a net profit of 206,730,994.43 RMB in the same period of 2023, representing a significant decline[15] - The total comprehensive income for the third quarter of 2024 was -76,200,648.57 RMB, down from 205,090,402.29 RMB in the previous year[17] - Basic and diluted earnings per share for the third quarter of 2024 were both -0.0491 RMB, compared to 0.1234 RMB in the same quarter of 2023[17] - The company reported a total operating profit of -102,986,944.00 RMB for the third quarter of 2024, compared to an operating profit of 239,160,320.89 RMB in the same quarter of 2023[15] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,356,792,490.19, a decrease of 12.78% from the end of the previous year[3] - The total assets decreased to CNY 6,356,792,490.19 in Q3 2024 from CNY 7,288,270,520.92 in Q3 2023, a decline of 12.8%[13] - Total liabilities decreased to CNY 3,028,733,606.61 in Q3 2024 from CNY 3,817,380,174.22 in Q3 2023, a reduction of 20.7%[13] - Current assets totaled CNY 5,225,070,296.29 in Q3 2024, down from CNY 6,175,382,525.49 in Q3 2023, a decrease of 15.4%[12] - Non-current assets increased slightly to CNY 1,131,722,193.90 in Q3 2024 from CNY 1,112,887,995.43 in Q3 2023, an increase of 1.0%[12] - The company's total equity decreased to CNY 3,328,058,883.58 in Q3 2024 from CNY 3,470,890,346.70 in Q3 2023, a decline of 4.1%[13] Cash Flow - Operating cash flow for the year-to-date was CNY -1,098,242,124.00, indicating a significant decline in cash inflow[2] - Cash flow from operating activities for the first nine months of 2024 was -1,098,242,124.00 RMB, compared to -717,550,052.65 RMB in the same period of 2023, indicating worsening cash flow[17] - Cash inflow from investment activities was 908,274,491.88 RMB in the first nine months of 2024, an increase from 870,000,000.00 RMB in the same period of 2023[19] - The net cash flow from investment activities for the first nine months of 2024 was 240,649,182.73 RMB, recovering from a negative cash flow of -151,188,843.95 RMB in the previous year[19] - Cash flow from financing activities showed a net outflow of -70,402,397.57 RMB in the first nine months of 2024, compared to -45,202,492.80 RMB in the same period of 2023[19] - The company's cash and cash equivalents as of September 30, 2024, amount to ¥818,510,216.64, a decrease from ¥2,066,150,470.26 as of December 31, 2023[11] - The company’s cash and cash equivalents at the end of the reporting period were 372,021,530.64 RMB, slightly up from 361,292,532.99 RMB at the end of the same period in 2023[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 87,934[8] - The largest shareholder, Beifang Navigation Technology Group Co., Ltd., holds 339,388,862 shares, accounting for 22.59% of the total shares[8] - The second-largest shareholder, Zhongbing Investment Management Co., Ltd., holds 240,750,708 shares, representing 16.02% of the total shares[8] - The top ten shareholders include several investment funds, with the largest being the China Construction Bank's fund, holding 10,101,415 shares, or 0.67%[10] - The company has no pledged, marked, or frozen shares among the top ten shareholders[9] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[11] Operational Insights - The decline in revenue was primarily due to the impact of contract signing progress and unmet product demand[6] - The net profit margin for the first three quarters of 2024 was impacted by increased costs, with net profit figures not disclosed in the provided data[14] - The company reported a significant reduction in accounts payable, which decreased to CNY 2,497,254,440.01 in Q3 2024 from CNY 2,796,641,919.63 in Q3 2023, a decline of 10.7%[12] - Research and development expenses increased to CNY 164,773,996.26 in 2024 from CNY 153,852,021.81 in 2023, representing a growth of 7.4%[14] - Accounts receivable increased to ¥3,486,801,373.79 from ¥3,335,766,662.57 in the previous period[11] - Inventory has risen to ¥679,668,722.34, compared to ¥423,759,199.41 at the end of the previous reporting period[11] - There are no significant reminders regarding the company's operational situation during the reporting period[11]

北方导航控制技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日发布公司 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 05 日 下午 13:00-14:30 举行 2024 年第三季度业 绩说明会，就投资者关心的问题进行交流。 证券代码：600435 证券简称：北方导航 公告编号：临 2024-043 号 北方导航控制技术股份有限公司 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、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 一、 说明会类型 会议召开时间：2024 年 11 月 05 日(星期二) 下午 13:00-14:30 会议召开地点：上海证券交易所上证路演中心（网址： 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 10 月 29 日(星期二) 至 11 月 04 日(星期 一)16:00 前 ...

证券代码：600435 证券简称：北方导航 公告编号：临 2024-044 号 北方导航控制技术股份有限公司 关于召开 2024 年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东会 召开的日期时间：2024 年 11 月 12 日 14 点 30 分 召开地点：北京经济技术开发区科创十五街 2 号公司商务会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年11月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 12 日 至 2024 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票 ...

北方导航控制技术股份有限公司 关于选聘会计师事务所的公告 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：600435 证券简称：北方导航 公告编号：临 2024-041 号 重要内容提示： ●本议案需提交公司股东会审议 ●拟续聘的会计师事务所：信永中和会计师事务所（特 殊普通合伙） 公司 2022 年度年度股东大会审议决定 2023 年聘请信永 中和会计师事务所（特殊普通合伙）（以下简称"信永中和"） 为公司的审计机构，聘期一年。信永中和在担任公司审计机 构期间，遵循了《中国注册会计师独立审计准则》，勤勉尽 责，坚持独立、客观、公正的审计准则。 公司拟聘请信永中和执行公司 2024 年度审计工作（包 括年度财务审计工作及年度内部控制专项审计工作），年度 审计费合计人民币 85 万元（其中财务审计费 60 万元，内部 控制专项审计费 25 万元）。该会计师事务所具体情况如下： 一、拟选聘会计师事务所机构信息 1. 基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式 ...

证券代码：600435 证券简称：北方导航 公告编号： 临 2024-040 号 一、审议通过了《关于<2024 年第三季度报告>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 年第三季度报告的内 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 年第三季度报告的编制和审议程序符合法律、法 规及《公司章程》和公司内部管理制度的各项规定。公司监 事会成员未发现参与 2024 年第三季度报告编制和审议的人 员有违反保密规定的行为。 二、审议通过了《关于使用闲置自有资金进行现金管理 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：公司使用最高不超过人民币 7.5 亿元的闲置自有资金进行现金管理，符合公司的业务实际需 要，符合监管规定，有效提高了闲置自有资金的使用效率， 该事项作为关联交易,定价公允,未损害公司及股东的利益。 特此公告。 北方导航控制技术股份有限公司 北方导航控制技术股份有限公司 第七届监事会第二十四次会议决 ...

证券代码：600435 证券简称：北方导航 公告编号：临 2024-042 号 北方导航控制技术股份有限公司 关于使用闲置自有资金进行现金管理的公告 ●本议案需提交公司股东会审议。 ●对公司日常经营的影响：公司使用闲置自有资金进行 现金管理，有利于提高自有资金使用效率，增加公司收益， 符合公司及股东的利益，不会影响公司主营业务的发展。 一、使用闲置自有资金进行现金管理的基本情况 （一）现金管理目的 为进一步提高闲置自有资金使用效率，增加公司现金资 产收益，实现股东利益最大化，在不影响公司正常经营并充 分考虑公司业务发展和风险可控的前提下，合理利用闲置自 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： ●投资产品品种：安全性高、流动性好、有保本约定的 投资产品（包括通知存款、大额存单等）。 ●投资额度及期限：本次拟使用最高不超过人民币7.5 亿元的闲置自有资金进行现金管理。使用期限不超过12个月， 在上述额度和期限内，资金可以滚动使用。 1 有资金进行现金管理。 （二）投资产品品种 安全性高、流动性好、有保本约 ...