Investment Rating - The report suggests a positive outlook for the military industry, indicating a potential recovery in performance by 2025, with a focus on companies with order recovery expectations and performance support [2][10][44]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, a year-on-year increase of 1.16%. Key segments showing positive growth include shipbuilding, aerospace engines, and aviation [2][10]. - The net profit for the military sector decreased to 26.655 billion yuan in 2024, down 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [12][10]. - The first quarter of 2025 is expected to show signs of recovery, particularly in ground equipment and aerospace segments, with a projected increase in associated transaction amounts [2][29]. Summary by Sections 1. Industry Overview - The military sector's revenue growth was driven by shipbuilding (10.87% increase), aerospace engines (4.46% increase), and aviation (2.75% increase), while ground equipment and commercial aerospace saw significant declines [10][12]. - The report highlights a structural recovery in the military sector, with positive signals emerging from major companies regarding contract announcements and performance stabilization [2][38]. 2. Investment Strategy - The report recommends focusing on three main investment lines: 1. Traditional military sectors with expected order recovery, particularly in aerospace engines, shipbuilding, and aviation [2][44]. 2. New domains characterized by low-cost, intelligent, and systematic features, including precision-guided munitions and unmanned systems [2][44]. 3. Companies with asset integration expectations and competitive positions in military trade markets [2][44]. 3. Recommended Stocks - Traditional military direction: Recommended stocks include Aerospace Power, Aerospace Control, and Huayin Technology [3][45]. - New domain and new quality direction: Recommended stocks include High De Infrared, North Navigation, and Aerospace Rainbow [3][45]. - Reform and overseas direction: Recommended stocks include Guorui Technology and Construction Industry [3][45].

Core Viewpoint - Shaanxi Sray New Materials Co., Ltd. is undergoing a stock issuance to specific targets, with a total fundraising amount not exceeding 600 million yuan, aimed at financing various projects including the construction of a technology industrial park and the development of materials for liquid rocket engines [1][2]. Group 1: Fundraising and Project Details - The total amount to be raised is capped at 600 million yuan, with net proceeds allocated to projects such as the construction of a technology industrial park and the development of medical imaging equipment [2][3]. - The fundraising will cover both capital and non-capital expenditures, with 27.23% of the total funds earmarked for non-capital expenses, including working capital and contingency funds [3][4]. - The liquid rocket engine thrust chamber materials project is set to receive an investment of 510 million yuan, while the technology industrial park project will receive 820 million yuan [1][2]. Group 2: Project Investment Breakdown - The investment for the liquid rocket engine thrust chamber materials project is 230 million yuan, with 200 million yuan sourced from the fundraising [3][4]. - The project will involve the acquisition of 102 pieces of equipment, including precision machining and welding equipment, with a total estimated cost of approximately 199.27 million yuan [3][5]. - The construction of the factory will include modifications such as wall partitions and insulation, with total construction costs estimated at 4.45 million yuan [4][6]. Group 3: Cost Estimation and Fairness - The cost estimates for equipment purchases and construction are based on multiple supplier quotes and historical procurement prices, ensuring fairness in the financial assessments [5][6]. - Specific equipment costs include a high-precision CNC lathe priced at 240,000 yuan and an automatic processing line at 1.2 million yuan, reflecting the current market conditions and historical pricing trends [5][6]. - The company emphasizes that the equipment specifications for the new projects exceed those of existing equipment, justifying the higher costs associated with the new investments [8].

本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日收到上 海证券交易所（以下简称"上交所"）出具的《关于陕西斯瑞新材料股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕34 号）， 以下简称"《问询函》"），上交所审核机构对公司向特定对象发行股票申请文件进 行了审核，并形成了问询问题。 公司收到《问询函》后，按照要求会同相关中介机构就《问询函》提出的问题进 行了认真研究和逐项落实，根据相关要求对《问询函》有关问题进行了说明和论证， 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关于陕西 斯瑞新材料股份有限公司向特定对象发行股票申请文件审核问询函的回复》等相关文 件，公司将按照要求及时将回复材料报送上交所。 公司本次向特定对象发行股票事项尚需通过上交所审核，并获得中国证券监督管 理委员会（以下简称"中国证监会"）同意注册的批复后方可实施，最终能否通过上 交所审核并获得中国证监会同意 ...

关于陕西斯瑞新材料股份有限公司 向特定对象发行股票申请文件 的审核问询函中 有关财务会计问题的专项说明 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于陕西斯瑞新材料股份有限公司 向特定对象发行股票申请文件的审核问询函中 有关财务会计问题的专项说明 致同专字（2025）第 332A013688 号 上海证券交易所： 贵所于 2025 年 4 月 15 日出具的《关于陕西斯瑞新材料股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证科审（再融资）[2025]34 号）（以下简称"审核问询函"）已收悉。对反馈意见所提财务会计问题， 致同会计师事务所（特殊普通合伙）（以下简称"申报会计师"、"我们"） 对陕西斯瑞新材料股份有限公司（以下简称 "发行人"、"公司"或"斯瑞 新材"）相关资料进行了核查，现做专项说明如下： 7-2-1 请发行人说明：（1）本次募投项目和本次募集资金的具体构成， ...

证券简称：斯瑞新材 证券代码：688102 陕西斯瑞新材料股份有限公司 Shaanxi Sirui Advanced Materials Co.,Ltd. （陕西省西安市高新区丈八七路12号） 关于陕西斯瑞新材料股份有限公司 向特定对象发行股票申请文件 审核问询函的回复 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二 O 二五年五月 上海证券交易所： 贵所于 2025 年 4 月 15 日出具的《关于陕西斯瑞新材料股份有限公司向特定 对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕34 号） （以下简称"审核问询函"）已收悉。 根据贵所的要求，陕西斯瑞新材料股份有限公司（以下简称"发行人"、"公 司"或"斯瑞新材"）与国泰海通证券股份有限公司（以下简称"国泰海通"、 "保荐机构"或"保荐人"）、国浩律师（西安）事务所（以下简称"国浩"或 "发行人律师"）、致同会计师事务所（特殊普通合伙）（以下简称"致同"或 "发行人会计师"）对审核问询函中所涉及的问题进行了认真核查并发表意见。 现将审核问询函的落实和修改情况逐条书面回复如下，请予以审核。 如无特别说明，本问询函回 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-025 陕西斯瑞新材料股份有限公司 关于向特定对象发行股票申请文件的 审核问询函回复的提示性公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 陕西斯瑞新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日收到上 海证券交易所（以下简称"上交所"）出具的《关于陕西斯瑞新材料股份有限公司向 特定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕34 号）， 以下简称"《问询函》"），上交所审核机构对公司向特定对象发行股票申请文件进 行了审核，并形成了问询问题。 公司收到《问询函》后，按照要求会同相关中介机构就《问询函》提出的问题进 行了认真研究和逐项落实，根据相关要求对《问询函》有关问题进行了说明和论证， 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关于陕西 斯瑞新材料股份有限公司向特定对象发行股票申请文件审核问询函的回复》等相关文 件，公司将按照要求及时将回复材料报送上交所。 特此公告。 陕 ...

证券代码：688102 证券简称：斯瑞新材 公告编号：2025-024 陕西斯瑞新材料股份有限公司 关于 2023 年股票期权激励计划首次授予股票期权 第一个行权期自主行权实施公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 股票期权拟行权数量：7,040,800 份 行权股票来源：公司向激励对象定向发行公司 A 股普通股股票 行权安排：本次激励计划首次授予部分第一个行权期为自相应授予之日起 15 个 月后的首个交易日起至相应授予之日起 27 个月内的最后一个交易日当日止。根据行权 手续办理情况，本次行权实际可行权期限为 2025 年 5 月 21 日-2026 年 4 月 23 日（行 权日须为交易日），行权所得股票可于行权日（T 日）后的第二个交易日（T+2 日）上 市交易。 一、股权激励计划批准及实施情况 （一）股票期权激励计划已履行的相关审批程序 公司于 2023 年 12 月制定并实施了《陕西斯瑞新材料股份有限公司 2023 年股票期 权激励计划（草案）》（以下简称"《激励计划（草案）》"），合 ...

陕西斯瑞新材料股份有限公司 2024 年年度股东大会会议资料 证券代码：688102 证券简称：斯瑞新材 陕西斯瑞新材料股份有限公司 $$\underline{{{-\lnot\Xi}}}\hat{\underline{{{\psi}}}}\hat{\underline{{{\psi}}}}\hat{\underline{{{\psi}}}}\hat{\underline{{{\psi}}}}$$ 陕西斯瑞新材料股份有限公司 2024 年年度股东大会 会议资料 议案六：提请股东大会授权董事会制定 2025 年中期分红方案的议案 ..... 37 议案七：关于确认董事 2024 年度薪酬及 2025 年度董事薪酬方案的议案38 议案八：关于确认监事 2024 年度薪酬及 2025 年度监事薪酬方案的议案 .40 陕西斯瑞新材料股份有限公司 2024 年年度股东大会会议资料 陕西斯瑞新材料股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》 （以下简称" 《公司法》"）、 《中 华人民共和国证券法》 （以下简称"《证券法》"）、 《上市公司 ...

陕西斯瑞新材料股份有限公司 2024 年年度股东大会会议资料 证券代码：688102 证券简称：斯瑞新材 陕西斯瑞新材料股份有限公司 陕西斯瑞新材料股份有限公司 2024 年年度股东大会会议资料 目录 | 2024 年年度股东大会会议须知 | 3 | | --- | --- | | 2024 | 年年度股东大会会议议程 5 | | 议案一：关于公司 | 2024 年度董事会工作报告的议案 7 | | 议案二：关于公司 | 2024 年度监事会工作报告的议案 19 | | 议案三：关于公司 | 2024 年度财务决算报告的议案 25 | | 议案四：关于公司 | 2024 年年度报告及其摘要的议案 34 | | 议案五：关于公司 | 年度利润分配预案的议案 35 2024 | | 议案六：提请股东大会授权董事会制定 | 2025 年中期分红方案的议案 37 | | 议案七：关于确认董事 | 年度薪酬及 2024 2025 年度董事薪酬方案的议案38 | | 议案八：关于确认监事 | 2024 年度薪酬及 2025 年度监事薪酬方案的议案.40 | | 议案九：关于公司前次募集资金使用情况专项报告的议案 | 42 ...

Investment Rating - The investment rating for the company is maintained as "Accumulate" [8] Core Views - The company achieved total operating revenue of 1.33 billion yuan in 2024, representing a year-on-year increase of 12.7%. The net profit attributable to shareholders reached 114 million yuan, up 16.2% year-on-year, with a non-recurring net profit of 103 million yuan, increasing by 26.9% [1] - In the first quarter of 2025, the company reported operating revenue of 344 million yuan, a year-on-year growth of 19.8%, and a net profit attributable to shareholders of 32 million yuan, up 31.6% year-on-year [1] - The company is expanding its commercial aerospace business and entering the controllable nuclear fusion sector, with revenue from high-strength high-conductivity copper alloys reaching 590 million yuan, a 10.6% increase year-on-year [2] - The company is investing in R&D for medium and high-voltage contact materials, which contributed to a revenue increase of 19.2% year-on-year, reaching 330 million yuan [3] - Revenue from medical imaging components grew by 24.6% year-on-year to 60.22 million yuan, driven by successful batch supply of CT and DR tube components [4] - The company is gradually entering small-batch supply for optical modules, leveraging the excellent properties of tungsten-copper alloys [5] - Profit forecasts indicate that net profit attributable to shareholders will reach 155 million yuan, 201 million yuan, and 251 million yuan in 2025, 2026, and 2027, respectively, with growth rates of 36.0%, 29.2%, and 25.1% [6] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 1.33 billion yuan, a 12.7% increase year-on-year, and a net profit of 114 million yuan, up 16.2% [1] - For Q1 2025, operating revenue was 344 million yuan, a 19.8% increase year-on-year, with a net profit of 32 million yuan, up 31.6% [1] Business Expansion - The company is expanding its commercial aerospace operations and has entered the controllable nuclear fusion market, achieving 590 million yuan in revenue from copper alloys, a 10.6% increase [2] - The medium and high-voltage contact materials segment saw revenue growth of 19.2% year-on-year, reaching 330 million yuan [3] - Medical imaging components revenue increased by 24.6% year-on-year to 60.22 million yuan, supported by successful batch supply [4] - The optical module segment is moving towards small-batch supply, utilizing tungsten-copper alloys [5] Profit Forecasts - The company forecasts net profits of 155 million yuan, 201 million yuan, and 251 million yuan for 2025, 2026, and 2027, with respective growth rates of 36.0%, 29.2%, and 25.1% [6]