Investment Rating - The investment rating for the company is "Buy" with a target price set at 38 CNY, maintained for the next six months [7]. Core Views - The company reported a significant year-on-year growth in revenue and net profit for Q1 2025, with total revenue reaching 762 million CNY, up 16.96%, and net profit attributable to shareholders at 107 million CNY, up 43.6% [1]. - The company's self-produced components business generated revenue of 271 million CNY, accounting for 35.56% of total revenue, reflecting an 11.78% increase year-on-year. This growth is expected to continue due to the recovery of orders and the new equipment cycle initiated by the "14th Five-Year Plan" [2]. - The new materials segment achieved revenue of 72 million CNY, representing a remarkable growth of 176.69% year-on-year, driven by advancements in core products such as polycarbosilane and fiber materials [2]. - The company is positioned as a core supplier in the strategic ceramics materials market, which is anticipated to see accelerated penetration in new generation aerospace equipment, indicating a broad market opportunity [2]. Financial Summary - The company is projected to achieve net profits of 502 million CNY, 722 million CNY, and 905 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35.98, 25.02, and 19.96 [3]. - Revenue forecasts for the years 2025 to 2027 are 3.75 billion CNY, 5.00 billion CNY, and 6.45 billion CNY, with growth rates of 33.98%, 33.24%, and 28.93% respectively [4]. - The EBITDA for the same period is expected to be 903.76 million CNY, 1,184.80 million CNY, and 1,413.77 million CNY [4].

重要内容提示： 活动召开时间：2025年5月14日（周三）15:30-17:00 活动召开地点："全景路演"网站（http://rs.p5w.net）、"全景财经" 微信公众号、"全景路演"APP 活动召开方式：网络互动方式 证券代码：603678 证券简称：火炬电子 公告编号：2025-039 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。 关于参加 2025 年福建辖区上市公司投资者网上集体 接待日活动暨 2024 年度及 2025 年第一季度 业绩说明会预告公告 福建火炬电子科技股份有限公司 四、投资者参加方式 本次活动将采用网络远程的方式举行，投资者可在 2025 年 5 月 14 日（周三） 15:30-17:00 通过互联网登录"全景路演"网站（http://rs.p5w.net），或关注 微信公众号：全景财经，或下载全景路演 APP 参与本次互动交流，届时公司将对 投资者普遍关注的问题进行回答。 福建火炬电子科技股份有限公司（以下简称"公司"）已分别于 2025 年 3 月 22 日、2025 年 4 月 29 ...

证券代码：603678 证券简称：火炬电子 公告编号：2025-037 根据《火炬电子第四期员工持股计划（草案修订稿）》的相关规定，本员工 持股计划的存续期为 24 个月，所获标的股票的锁定期为 12 个月，均自公司公告 最后一笔标的股票过户至本次员工持股计划名下之日起计算，即从本公告日起算。 在锁定期内，公司发生资本公积转增股本、派送股票红利时，新取得的股份一并 锁定，不得在二级市场出售或以其它方式转让，该等股票的解锁期与相对应股票 相同。 公司将持续关注本员工持股计划的实施进展情况，并严格按照相关法律法规 的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 福建火炬电子科技股份有限公司董事会 福建火炬电子科技股份有限公司 第四期员工持股计划非交易过户完成的公告 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。 福建火炬电子科技股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日 召开第六届董事会第十九次会议、第六届监事会第十四次会议，审议通过了《关 于公司第四期员工持股计划（草案）及其摘要的议 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 762,059,147.98, representing a year-on-year increase of 16.96% compared to CNY 651,580,225.20 in the same period last year[5]. - Net profit attributable to shareholders for the same period was CNY 106,664,992.69, a significant increase of 43.60% from CNY 74,280,771.31 year-on-year[5]. - Basic earnings per share increased by 43.75% to CNY 0.23 from CNY 0.16 in the same period last year[5]. - Total operating revenue for Q1 2025 reached $762.06 million, a 16.9% increase from $651.58 million in Q1 2024[22]. - Net profit for Q1 2025 was $102.84 million, representing a 47.6% increase compared to $69.69 million in Q1 2024[23]. - The company reported a total profit of $125.05 million for Q1 2025, an increase from $81.07 million in Q1 2024[23]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 154.04%, resulting in a negative cash flow of CNY -77,457,056.34, compared to a positive CNY 143,339,257.16 in the previous year[5]. - Cash flow from operating activities for Q1 2025 showed a net outflow of $77.46 million, a significant decrease from a net inflow of $143.34 million in Q1 2024[25]. - Cash flow from investing activities for Q1 2025 resulted in a net outflow of $436.33 million, compared to a net outflow of $121.14 million in Q1 2024[26]. - Cash flow from financing activities for Q1 2025 generated a net inflow of $73.11 million, contrasting with a net outflow of $240.73 million in Q1 2024[26]. - The ending cash and cash equivalents balance for Q1 2025 was $489.15 million, down from $767.87 million in Q1 2024[26]. - The cash and cash equivalents decreased significantly from RMB 969,850,001.37 to RMB 503,749,819.19, a decline of approximately 48.0%[17]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 7,826,864,989.91, reflecting a 1.55% increase from CNY 7,707,478,336.15 at the end of the previous year[6]. - As of March 31, 2025, the total assets of the company amounted to RMB 7,826,864,989.91, an increase from RMB 7,707,478,336.15 as of December 31, 2024, reflecting a growth of approximately 1.54%[17][19]. - The company's current assets totaled RMB 4,615,382,717.57, up from RMB 4,465,873,713.04, indicating an increase of about 3.34%[17]. - The company's total liabilities decreased from RMB 1,990,310,528.51 to RMB 1,923,249,919.04, a reduction of about 3.37%[19]. - The equity attributable to shareholders increased from RMB 5,486,132,148.15 to RMB 5,676,205,039.37, reflecting a growth of approximately 3.47%[19]. Shareholder Information - The company reported a total of 27,730 common shareholders at the end of the reporting period[12]. - The top shareholder, Cai Mingtong, holds 166,485,440 shares, representing 36.04% of the total shares[13]. Segment Performance - The revenue from the self-produced components segment was CNY 271 million, an increase of 11.78% year-on-year, while the new materials segment saw revenue of CNY 72 million, up 176.69%[6]. Other Financial Metrics - The weighted average return on equity rose by 0.56 percentage points to 1.93% compared to 1.37% in the previous year[5]. - The company completed the redemption of "Torch Convertible Bonds" on March 24, 2025, as approved by the board, with the bonds being redeemed at face value plus accrued interest[15]. - The company reported a significant increase in trading financial assets from RMB 27,078,606.40 to RMB 434,468,129.25, representing a growth of approximately 1,505.5%[17]. - Short-term borrowings rose from RMB 286,007,658.70 to RMB 370,782,348.18, an increase of about 29.6%[19]. - The company's inventory increased from RMB 1,309,565,887.90 to RMB 1,372,832,078.29, indicating a rise of approximately 4.0%[17]. - Total operating costs for Q1 2025 were $631.56 million, up 10.6% from $570.77 million in Q1 2024[22]. - The company experienced a decrease in sales revenue from goods and services, totaling $686.38 million in Q1 2025, down from $778.66 million in Q1 2024[25].

特此公告 联合资信评估股份有限公司 二〇二五年四月二十四日 关于终止福建火炬电子科技股份有限公司主体及相关债项 信用评级的公告 受福建火炬电子科技股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以 下简称"联合资信"）对公司主体及"火炬转债"进行了信用评级。根据最新的评级结果，公司主体长 期信用等级为 AA，"火炬转债"债项信用等级为 AA，评级展望为稳定。 公司于 2025 年 3 月 24 日召开第六届董事会第二十一次会议，全票审议通过了《关于提前赎 回"火炬转债"的议案》，决定行使"火炬转债"的提前赎回权利。根据公司于 2025 年 4 月 24 日披露 的《关于"火炬转债"赎回结果暨股份变动的公告》，本次赎回"火炬转债"数量为 56650 张，赎回兑 付总金额为人民币 5757469.55 元（含当期利息），赎回款已于 2025 年 4 月 23 日发放，"火炬转债" 于 2025 年 4 月 23 日摘牌，不再存续。根据有关法规、监管规定、自律规则及联合资信《终止评 级制度》，自本公告发布之日起，联合资信终止对公司及"火炬转债"债项的信用评级，并将不再更 新公司及上述债项的评级结果。 ...

证券代码：603678 证券简称：火炬电子 公告编号：2025-036 福建火炬电子科技股份有限公司 关于"火炬转债"赎回结果暨股份变动的公告 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： 一、本次可转债赎回的公告情况 （一）有条件赎回条款成就情况 福建火炬电子科技股份有限公司（以下简称"公司"）股票自 2025 年 3 月 4 日至 2025 年 3 月 24 日连续十五个交易日内有十五个交易日的收盘价格不低于 "火炬转债"当期转股价 23.89 元/股的 130%，根据《福建火炬电子科技股份有 限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"） 的约定，已触发"火炬转债"的有条件赎回条款。 （二）本次赎回事项公告披露情况 公司于 2025 年 3 月 24 日召开第六届董事会第二十一次会议，全票审议通过 了《关于提前赎回"火炬转债"的议案》，决定行使"火炬转债"的提前赎回权 利，对赎回登记日登记在册的"火炬转债"按照债券面值加当期应计利息的价格 全部赎回，具体内容详见公司于 2025 ...

| 证券代码：603678 | 证券简称：火炬电子 | 公告编号：2025-034 | | --- | --- | --- | | 转债代码：113582 | 转债简称：火炬转债 | | "火炬转债"已停止交易，特提醒"火炬转债"持有人注意在限期内转股。 福建火炬电子科技股份有限公司（以下简称"公司"）股票自 2025 年 3 月 赎回登记日：2025年4月22日 赎回价格：101.6323元/张 赎回款发放日：2025年4月23日 最后交易日：2025年4月17日 自2025年4月18日起，"火炬转债"停止交易。 最后转股日：2025年4月22日 4 日至 2025 年 3 月 24 日已有十五个交易日的收盘价格不低于"火炬转债"当期 转股价 23.89 元/股的 130%，根据《福建火炬电子科技股份有限公司公开发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，已触发"火 炬转债"的有条件赎回条款。 福建火炬电子科技股份有限公司 关于实施"火炬转债"赎回暨摘牌的 最后一次提示性公告 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 ...

| | | 福建火炬电子科技股份有限公司 对外担保逾期的累计数量：无 一、担保情况概述 （一）担保基本情况 鉴于公司为天极科技提供的部分担保已到期，为满足其业务经营需要，公司 于 2025 年 4 月 18 日与广州银行股份有限公司广东自贸试验区南沙分行签订《最 高额保证合同》，为天极科技提供最高债权本金人民币 6,000 万元及主债权的利 息及其他相关费用之和的连带责任担保。 关于提供担保事宜的进展公告（四） 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： 被担保人名称：广州天极电子科技股份有限公司（以下简称"天极科技"） 本次担保金额及实际为其提供的担保余额： 本次福建火炬电子科技股份有限公司（以下简称"公司"）为天极科技提供 最高债权本金人民币 6,000 万元及主债权的利息及其他相关费用之和的连带责任 担保，除此之外，公司已实际为天极科技提供的担保余额为 1.95 亿元。 本次担保是否有反担保：无 3、注册资本：人民币6,000万元 （二）本担保事项履行的内部决策程序 4、法定代表人：何鑫 公司分别于 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating an expectation for the industry to outperform the overall market [7][31]. Core Insights - The defense and military industry is expected to experience robust growth in the coming years, driven by a clear upward trend in fundamentals and increased military spending due to geopolitical factors [7]. - The report highlights that the industry is entering a phase of accelerated mechanization and informatization as it approaches the centenary of the military, with a focus on quality and quantity improvements [7]. - The impact of tariff conflicts is viewed positively for the military industry, as it emphasizes the comparative advantages of domestic demand and is expected to accelerate investment in the sector [7]. - New forms of combat capabilities, including AI and robotics, are anticipated to become key growth drivers for the industry, creating new investment opportunities [7]. - The construction of remote sensing constellations and the upcoming aerospace conference are expected to boost the sector's performance [7]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.55%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 1.19% [3][8]. - The report notes that the defense and military sector's performance ranked last among 31 primary industry categories [8]. - The top five performing stocks in the defense and military sector last week included Beimo Gaoke (up 11.94%), Taihe New Materials (up 9.38%), and others, while the worst performers included Zhenhua Technology (down 16.23%) and Hongyuan Electronics (down 13.17%) [8][16][17]. Valuation Changes - The current PE-TTM for the defense and military sector is 68.10, indicating it is in the upper range historically, with a valuation percentile of 54.04% since January 2014 [17]. - The report identifies a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [17][22]. Key Investment Targets - The report suggests increasing attention on high-end combat capabilities and new combat capabilities, with specific stocks highlighted for potential investment [7][24]. - Notable stocks include Feiliwa, Tianqin Equipment, and others in the high-end combat category, as well as Chengdu Huami and Huaying Technology in the new combat capabilities category [7][24].