证券代码：600435 证券简称：北方导航 公告编号：临 2024-022 号 北方导航控制技术股份有限公司 关于控股子公司中兵航联科技股份有限公司 进入创新层的提示性公告 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。 2024年6月14日,全国中小企业股份转让系统有限责任 公司发布了《关于发布2024年第四批创新层进层决定的公告》 （股转公告〔2024〕254号）。根据公布的2024年第四批创新 层进层挂牌公司正式名单，北方导航控制技术股份有限公司 的控股子公司中兵航联科技股份有限公司（证券简称：中兵 航联，证券代码：871295）满足《全国中小企业股份转让系 统分层管理办法》进入创新层的标准,按照市场层级调整程 序,中兵航联自2024年6月17日起调入创新层。 特此公告。 北方导航控制技术股份有限公司 董事会 2024 年 6 月 15 日 1 ...

二、本次限制行权期为 2024 年 6 月 17 日至 2024 年 6 月 28 日，在此期间全部激励对象将限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限 责任公司上海分公司申请办理限制行权相关事宜。 证券代码：600435 证券简称：北方导航 公告编号：临 2024-021 号 北方导航控制技术股份有限公司 关于股票期权限制行权的提示性公告 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。 根据《上市公司股权激励管理办法》、《北方导航 2020 年股票期权激励计划》和中国证券登记结算有限责任公司上 海分公司关于股票期权自主行权的相关规定，结合北方导航 控制技术股份有限公司（以下简称"公司"）2023 年度利润 分配实施计划，将股票期权限制行权时间公告如下： 一、公司《2020 年股票期权激励计划》的第二个行权期 为 2024 年 1 月 25 日至 2024 年 12 月 29 日（期权代码： 0000000622），目前尚处于行权阶段。 特此公告。 北方导航控制技术股份有限公司 董事会 2024 年 6 月 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 12.28 CNY [7][11]. Core Insights - The company is experiencing short-term pressure on performance due to factors such as tax policy adjustments and delays in formal contract signings for related product orders. However, a long-term demand inflection point is anticipated, which is expected to drive significant growth in performance [11]. - For 2023, the company achieved revenue of 3.565 billion CNY (down 7.16% year-on-year) and a net profit attributable to the parent company of 192 million CNY (up 3.9% year-on-year). The first quarter of 2024 saw a substantial decline in revenue and a net loss [11]. - The gross margin for 2023 was 24.8%, and the net margin was 7.0%, both reaching five-year highs [11]. Financial Summary - Revenue projections show a decline in 2023, with expectations of recovery starting in 2024, forecasting revenues of 4.369 billion CNY in 2024, 6.204 billion CNY in 2025, and 7.817 billion CNY in 2026, reflecting growth rates of 22.6%, 42.0%, and 26.0% respectively [6][11]. - The net profit forecast for 2024 is 246 million CNY, increasing to 474 million CNY by 2026, with corresponding EPS estimates of 0.16 CNY and 0.32 CNY [6][11]. - The company’s financial ratios indicate a return on equity (ROE) of 7.1% in 2023, projected to rise to 12.8% by 2026 [6][11]. Industry Context - The company is positioned to benefit from high demand in the defense sector, particularly in navigation control and ammunition information technology, which are expected to maintain high growth due to ongoing geopolitical tensions [11]. - The report highlights the company's strategic advantages as a core enterprise under the weapons group, focusing on its main business areas [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 3.565 billion yuan in 2023, a year-on-year decrease of 7.16%, with a completion rate of 86.94% against the annual target of 4.1 billion yuan [1][14] - The total profit reached 280 million yuan, an increase of 6% year-on-year, achieving 96.94% of the annual target [1][14] - The net profit attributable to shareholders was 192 million yuan, a year-on-year growth of 3.90%, with a basic earnings per share of 0.13 yuan, up 8.33% [1][14] - The first quarter of 2024 saw a significant decline in revenue to 79 million yuan, down 86.54% year-on-year and 93.26% quarter-on-quarter [1][14] Financial Performance Summary - In 2023, the company's operating income was 3.565 billion yuan, with a gross profit margin of 24.80%, an increase of 3.21 percentage points year-on-year [1][40] - The net profit margin was 7.02%, up 0.33 percentage points year-on-year [40] - The company's cash flow from operating activities was 200 million yuan, a decrease of 57.37% year-on-year [46] - The company expects to achieve a net profit of 212 million yuan in 2024, with corresponding PE ratios of 61.4, 38.3, and 31.8 for 2024-2026 [1][11] Subsidiary Performance - The subsidiary Hengyang Optoelectronics achieved a net profit of 70 million yuan in 2023, a significant increase of 168.51% year-on-year [53] - The revenue from Hengyang Optoelectronics was 220 million yuan, up 13.17% year-on-year [53] Sales and Client Transactions - In 2023, the company had an expected sales amount of 4 billion yuan to the Weapon Industry Group, with an actual amount of 2.676 billion yuan, achieving a completion rate of 66.90% [28] - The expected sales amount for 2024 remains at 4 billion yuan, which is consistent with the 2023 expected amount, representing a growth of 49.48% compared to the actual amount in 2023 [28] Cost and Expense Management - The total expenses for the company in 2023 were 528 million yuan, a slight decrease of 0.51% year-on-year, with the expense ratio increasing to 14.83% [9] - Research and development expenses increased by 18.70% year-on-year, amounting to 245 million yuan, representing 6.88% of operating income [9]

Summary of North Navigation Control Technology Co., Ltd. Conference Call Company Overview - North Navigation Control Technology Co., Ltd. is headquartered in Beijing Economic and Technological Development Zone with a registered capital of 1.499 billion yuan. As of December 2023, the company has total assets of 7.29 billion yuan and net assets of 2.71 billion yuan. It is recognized as a high-tech enterprise and a key military enterprise in China. The company was established in 1960 and is controlled by China Weapon Industry Group, with its subsidiary North Navigation Technology Group as the major shareholder [1][2]. Core Business and Operations - The company focuses on dual-use military and civilian products, primarily in navigation control and ammunition information technology. Its product range includes guided control, navigation control, detection control, environmental control, stability control, radio and satellite communication, electrical connectors, and unmanned aerial vehicles. North Navigation holds a leading position in these fields within China [4]. Financial Performance - In 2023, the company reported operating revenue of 3.565 billion yuan, a decrease of 7.16% year-on-year. The net profit attributable to shareholders was 192 million yuan, an increase of 3.90%. The net profit after deducting non-recurring gains and losses was 177 million yuan, up 26.71% [5]. - For Q1 2024, the company achieved operating revenue of 79 million yuan, a significant decline of 86.54% year-on-year. The net profit after deducting non-recurring gains and losses was -59 million yuan, a decrease of 387.36% [6]. Dividend Distribution - The dividend plan for 2023 proposes a cash dividend of 0.4 yuan per ten shares, amounting to approximately 59.98 million yuan. The actual distribution will be based on the total share capital on the dividend record date [7]. Subsidiary Performance - The three subsidiaries reported the following: - **Zhongbing Communication Technology Co., Ltd.**: Revenue of 445 million yuan, net profit of 53 million yuan. - **Zhongbing Hanglian Technology Co., Ltd.**: Revenue of 31 million yuan, net profit of 52 million yuan. - **Hengyang North Optical Information Technology Co., Ltd.**: Revenue of 220 million yuan, net profit of 70 million yuan [8]. Highlights of the Report - The company has made significant progress in equipment construction, technology innovation, digital empowerment, and safety quality management. It completed 86 project developments and 78 technological innovations in key equipment support [10]. - Digital manufacturing capabilities have been enhanced, with the completion of various digital systems and projects, including ERP and logistics systems [11]. - Safety and quality management systems have been strengthened, achieving no serious quality issues or safety accidents throughout the year [13]. Risk Management and Compliance - The company has developed a comprehensive risk management and internal control system, implementing 113 risk response measures and revising over 40 internal regulations to enhance compliance and legal management [16]. Talent Development - The company has recruited 40 master's and doctoral graduates and established a national-level postdoctoral research station, enhancing its talent pool for technological innovation [15]. Conclusion - North Navigation Control Technology Co., Ltd. is focused on high-quality development through technological innovation, digital transformation, and robust risk management, despite facing challenges in revenue generation in early 2024. The company remains committed to its strategic goals and improving operational efficiency [10][14].

证券代码：600435 证券简称：北方导航 公告编号：临 2024-020 号 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2023 年度、2024 年第一季度经营成果及财务指标的具体情况与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 北方导航控制技术股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明 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： 会议召开时间：2024 年 05 月 20 日(星期一) 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： https://roadshow.sseinfo.com/） 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 05 月 13 日(星期一) 至 05 月 17 日(星期 五)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 通过公司邮箱 600435@bfdh.com.cn 进行提问。公司将在说明会 ...

地址：北京市海淀区北四环西路 9 号银谷大厦十七层 Add: 17/F，Yingu Mansion，9 West Beisihuan 邮编：100190 Rd.，Beijing 100190，CHINA 电话：（86-10）62800408 Tel:（86-10）62800408 传真：（86-10）62800411 Fax：（86-10）62800411 电子邮箱：zhtian@zhongtian.org E-mail:zhtian@zhongtian.org 北方导航 2023 年年度股东大会法律意见 北京市众天律师事务所 @@ 北京市众天律师事务所 ZHONGTIAN LAW FIRM 北京市众天律师事务所 关于北方导航控制技术股份有限公司 2023年年度股东大会的 法律意见 众天证字[2024]BFDH-001号 北方导航控制技术股份有限公司： 惠承贵司（以下简称"公司"）委托，北京市众天律师事务所（以下简称"众 天"）指派律师出席公司2023年年度股东大会（以下简称"本次股东大会"），对 公司本次股东大会的召集与召开程序、出席会议人员的资格与召集人的资格、会 议表决程序与表决结果等有关事项出具法律意 ...

证券代码：600435 证券简称：北方导航 公告编号：临 2024-019 号 北方导航控制技术股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 37 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 350,219,658 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | 23.3326 | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，由公司董事、总经理李海涛先生现场主持。 会议采取现场和网络投票形式对本次股东大会通知中列明的事项进行投票表决。 本次会议的召集、召开及表决方式符合《公司法》等相关法律法规及《公司章程》 的有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 审议 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.80 CNY per share [1][16]. Core Views - The company reported a revenue of 3.565 billion CNY in 2023, a decrease of 7.16% year-on-year, while the net profit attributable to shareholders was 192 million CNY, an increase of 3.90% [1]. - The company has focused on its core business, leading to a rapid growth in net profit excluding non-recurring items, which increased by 26.71% to 177 million CNY [1]. - The gross margin improved to 24.80%, up by 3.21 percentage points, and the net margin increased to 7.02%, up by 0.33 percentage points [1]. - The company has significantly increased its R&D investment, which is expected to enhance its core competitiveness and drive future performance growth [1][11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 3.565 billion CNY, down 7.16% from the previous year, primarily due to tax policy adjustments [1]. - The net profit attributable to shareholders was 192 million CNY, reflecting a 3.90% increase, while the net profit excluding non-recurring items reached 177 million CNY, marking a 26.71% growth [1][17]. - The gross margin for the year was 24.80%, and the net margin was 7.02%, indicating improvements in profitability [1]. R&D and Competitive Position - The company has increased its R&D intensity, with R&D expenses rising by 18.70% to 245 million CNY, representing 6.88% of revenue, an increase of 1.50 percentage points [1]. - The company completed 86 projects and 78 technological innovations during the reporting period, enhancing its capabilities in guided control systems and military communications [1][11]. Future Outlook - The company expects to achieve a revenue of 3.8 billion CNY and a profit of 290 million CNY in 2024, ensuring steady growth in high-quality development [27]. - Forecasts for 2024-2026 indicate revenues of 3.988 billion CNY, 4.822 billion CNY, and 5.975 billion CNY, with net profits of 220 million CNY, 276 million CNY, and 344 million CNY respectively [16][17].

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]