证券代码：600435 证券简称：北方导航 公告编号： 临 2025-002 号 北方导航控制技术股份有限公司 第七届监事会第二十五次会议决议公告 二、审议通过了《关于注销 2020 年股票期权激励计划 部分股票期权的议案》。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：本次注销部分股票期权事项不会 对公司财务状况和经营成果产生重大影响，不会影响公司管 理团队的稳定性，也不会影响公司股票期权激励计划继续实 施。监事会同意本次注销部分股票期权事项。 三、审议通过了《关于公司 2020 年股票期权激励计划 第三个行权期符合行权条件的议案》。3 票赞成，占有效表决 权总数的 100%，0 票反对，0 票弃权。 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 五次会议于 2024 年 12 月 25 日以送达、传真、邮件等方式 发出通知，于 2024 年 12 月 31 日上午 11：00 以现场表决的 方式召开。应到会监事人数 3 人，实到 ...

北方导航 2024 年第二次临时股东大会法律意见 北京市众天律师事务所 @@ 北京市众天律师事务所 ZHONGTIAN LAW FIRM 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 2024年第二次临时股东会的 法律意见 众天证字[2024]BFDH-003号 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2024年第二次临时股东会（以下简称"本次股东会"）， 对公司本次股东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见。 为出具本法律意见 ...

证券代码：600435 证券简称：北方导航 公告编号：临 2024-045 号 北方导航控制技术股份有限公司 2024 年第二次临时股东会决议公告 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 | 1,101 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 407,129,309 | | 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（%） | 27.0522 | (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。 本次股东会由公司董事会召集，公司董事长李海涛先生因工作原因不能参加 本次会议。李海涛先生根据《公司章程》规定指定董事、财务总监周静女士主持 (一) 股东会召开的时间：2024 年 11 月 12 日 (二) 股东会召开的地点：北京经济技术开发区科创十五街 2 号公司商务会议 室 (三) 出席会议的普通股股东和恢复表决 ...

Key Points Company Overview - **Industry**: High-tech enterprise specializing in military products and civilian applications. - **Location**: Beijing, China. - **Ownership**: Controlled by China North Industries Group Corporation. - **Established**: 1960 during China's First Five-Year Plan. - **Business Areas**: Guidance and control, navigation, detection, environmental control, stable control, radio and satellite communication, and electrical connectors. - **Subsidiaries**: - Zhongbin Communication Technology Co., Ltd. (Henan Province, China) - Military communication systems and equipment. - Zhongbin Hanglian Technology Co., Ltd. (Jiangsu Province, China) - Military electrical connectors. - Hengyang North Navigation Optoelectronics Information Technology Co., Ltd. (Hunan Province, China) - Optoelectronic product development and production, and military product after-sales service. - **Capital Structure**: Mainboard and New Third Board (N3B) listings. - **2024 Q3**: Transition from basic layer to innovation layer on N3B for Zhongbin Hanglian. Business Performance - **2024 Q3 Revenue**: 5.03 billion yuan, down 25.58% year-on-year. - **2024 Q3 Net Profit**: 4.659 million yuan, down 98.77% year-on-year. - **2024 Q3 Non-Operating Profit**: Negative 3.08 million yuan, down 108.97% year-on-year. - **2024 YTD Revenue**: 7.96 billion yuan, down 66.80% year-on-year. - **2024 YTD Net Profit**: Negative 0.74 billion yuan, down 139.88% year-on-year. - **2024 YTD Non-Operating Profit**: Negative 0.89 billion yuan, down 150.44% year-on-year. Financial Analysis - **Reasons for Financial Decline**: - **Revenue Decrease**: Due to delayed contract signing and unmet product demand. - **Fixed Expenses**: Remained relatively stable, contributing to the decline in net profit. - **Impact on Profitability**: - **Net Profit**: Decreased significantly due to revenue decline and stable expenses. - **Non-Operating Profit**: Decreased significantly due to revenue decline and stable expenses. Conclusion - The company faced challenges in contract signing and revenue generation, leading to a decline in profitability. - The transition to the innovation layer on N3B is a positive step for Zhongbin Hanglian.

北方导航控制技术股份有限公司 2024 年第二次临时股东会会议资料 北方导航控制技术股份有限公司 2024 年第二次临时股东会 会议资料 会议召开时间：2024 年 11 月 12 日 北方导航控制技术股份有限公司 2024年第二次临时股东会会议资料 | | | | 会议规则 3 | | --- | | 表决办法 4 | | 5 2024 年第二次临时股东会会议议程 | | 议案一：关于选聘会计师事务所的议案 7 | | 议案二：关于使用闲置自有资金进行现金管理的议案 13 | 2 北方导航控制技术股份有限公司 2024年第二次临时股东会会议资料 会议规则 一、股东会期间，全体出席人员应以维护股东的合法权 益、确保大会的正常秩序和议事效率为原则，自觉履行法定 义务。 二、股东会设秘书处，负责大会的程序安排和会务工作。 三、出席现场会议的股东及代理人，依法享有发言权、 表决权等权利。 四、股东需要在大会发言的，应于会议开始前十五分钟 在秘书处登记；登记发言的人数原则上以十人为限，超过十 人时安排持股数最多的前十名股东依次发言。股东或其代理 人在发言前，应先介绍自己的身份、所代表的股份数额等情 况，然后发表自己的 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][2]. Core Views - The company has faced significant revenue declines in the first three quarters of 2024, with a reported revenue of 796 million yuan, down 66.80% year-on-year, and a net loss of 74 million yuan, a decrease of 139.88% year-on-year. However, the report anticipates a recovery in performance as subsequent orders materialize [2][3]. - Research and development expenses have increased by 7.10% year-on-year to 165 million yuan, indicating a commitment to advancing key equipment development. The company is positioned to benefit from the growing demand for precision-guided munitions, particularly in the context of military applications [3][4]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve earnings per share (EPS) of 0.15, 0.18, and 0.21 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 80.2, 66.1, and 55.1 [1][4]. - The company's revenue is expected to recover from 3985 million yuan in 2024 to 5545 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of 17.7% [4][5]. - The net profit is projected to grow from 218 million yuan in 2024 to 318 million yuan in 2026, with a net profit margin increasing from 5.5% to 5.7% over the same period [4][5].

Investment Rating - The report assigns a "Buy" rating to the stock with a target price of 18.90 CNY [5] Core Views - The company achieved a turnaround in Q3 2024 with a significant quarter-on-quarter revenue increase, despite earlier performance pressure due to contract signing delays [3] - As a leading player in weapon guidance and control, the company has a stable industry position and highly certain demand, with expectations of a performance recovery [3] - The company's Q3 2024 revenue was 503 million CNY (-25.6% YoY, +134.72% QoQ), with a net profit of 4.659 million CNY, marking a return to profitability [10] - The company's gross margin improved slightly to 31.24% (+5.34 pct) in the first three quarters of 2024, with R&D expenses increasing to 165 million CNY (+7.1%) [10] Financial Performance - The company's total revenue for the first three quarters of 2024 was 796 million CNY (-66.80% YoY), with a net loss of 74 million CNY (-139.88% YoY) [10] - The company's total market capitalization is 17,249 million CNY, with a current price of 11.48 CNY and a target price of 18.90 CNY [5][6] - The company's shareholder equity is 2,607 million CNY, with a net asset value per share of 1.73 CNY and a price-to-book ratio of 6.6 [7] Industry and Market Position - The company is a core enterprise under the China Ordnance Group, focusing on "navigation control and ammunition informatization technology," and is a key supplier of inertial guidance control cabins for precision-guided munitions [10] - The demand for precision-guided weapons is highly certain, with rocket artillery being cost-effective and widely used in modern conflicts, driving long-term industry demand [10] - The company is actively adjusting to the incremental changes in the "14th Five-Year Plan" and customer order demands, with expectations of rapid growth as downstream demand materializes [10] Financial Forecasts - The company's revenue is expected to grow from 3,743 million CNY in 2024E to 6,692 million CNY in 2026E, with net profit increasing from 202 million CNY to 410 million CNY over the same period [11] - The company's EPS is forecasted to rise from 0.13 CNY in 2024E to 0.27 CNY in 2026E, with ROE improving from 7.0% to 12.1% [11] - The company's R&D expenses are projected to increase from 251 million CNY in 2024E to 455 million CNY in 2026E, reflecting continued investment in innovation [12]

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].