证券代码：688281 证券简称：华秦科技 公告编号：2024-040 陕西华秦科技实业股份有限公司 第二届监事会第六次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 1、本次监事会由监事会主席孙纪洲先生召集，会议通知于 2024 年 11 月 25 日以通讯及电子邮件的形式送达各位监事，监事会会议通知中包括会议的相关材 料，同时列明了会议召开的时间、地点、内容及方式。 2、会议于 2024 年 11 月 29 日以现场加通讯方式召开。 3、本次会议由监事会主席孙纪洲先生主持，会议应到 3 人，实际出席 3 人， 部分高管列席了会议。 4、本次会议的召开和表决程序符合《中华人民共和国公司法》等法律法规 及《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过了《关于向安徽汉正轴承科技有限公司增资暨关联交易的 议案》 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 于向安徽汉正轴承科技有限公司增资暨关联交易的公告》。 本次向安徽汉正轴承科技有 ...

证券代码：688281 证券简称：华秦科技 公告编号：2024-035 陕西华秦科技实业股份有限公司 关于向安徽汉正轴承科技有限公司增资 暨关联交易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 陕西华秦科技实业股份有限公司（以下简称"公司"或"华秦科技"） 拟与西安唐兴中小科技企业投资基金合伙企业（有限合伙）向安徽汉正轴承科技 有限公司（以下简称"汉正科技"或"目标公司"）以每一元注册资本 4.2860 元 的价格增资人民币 31,566.3900 万元（对应目标公司新增注册资本 7,365 万元整）。 其中，公司以自有资金向目标公司进行现金增资，价格为每一元注册资本 4.2860 元，增资金额合计 29,564.8280 万元（其中 6,898 万元计入目标公司注册资本， 其余 22,666.8280 万元作为增资溢价计入目标公司资本公积，占目标公司增资后 股权的 48.02%）。本次交易完成后，公司将持有目标公司 48.02%的股权，目标公 司作为公司控股子公司将纳入公司合并报表范围。 陕西三 ...

关于陕西华秦科技实业股份有限公司 向安徽汉正轴承科技有限公司增资暨关联交易的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为陕西 华秦科技实业股份有限公司（以下简称"华秦科技"或"公司"）首次公开发行股 票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第1号——规范运作》和《科创板上市公司持续监管办法（试行）》等有关规定， 对华秦科技向安徽汉正轴承科技有限公司（以下简称"汉正科技"或"目标公司"） 增资暨关联交易事项进行了审慎核查，核查情况及核查意见如下： 一、关联交易概述 （一）本次交易基本情况 根据战略发展及业务需要，为加强公司在新材料产业领域的竞争力，在航空 发动机产业链上进一步布局与延伸，公司拟与西安唐兴中小科技企业投资基金合 伙企业（有限合伙）向目标公司以每一元注册资本 4.2860 元的价格增资人民币 31,566.3900 万元（对应目标公司新增注册资本 7,365 万元整）。其中，公司以自 有资金向目标公司进行现金增资，价格为每一元注册资本 4.2860 元，增资金额 合计 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company Huajin Technology (688281.SH) [1] Core Views - The company has shown steady performance with robust orders and a rich product line reserve, particularly in stealth materials technology [1] - Revenue for the first three quarters of 2024 reached 738 million yuan, a year-on-year increase of 22.55%, while net profit attributable to shareholders was 309 million yuan, up 14.41% year-on-year [1] - The company is well-positioned in the domestic market, being one of the few that can comprehensively cover low, medium, and high-temperature stealth materials [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 738 million yuan, a 22.55% increase year-on-year, and a net profit of 309 million yuan, a 14.41% increase year-on-year [1] - The third quarter of 2024 saw revenue of 253 million yuan, a 14.77% year-on-year increase, and a net profit of 94 million yuan, an 8.01% year-on-year increase [1] - The company’s gross margin for Q1-Q3 2024 was 54.61%, down 4.23 percentage points year-on-year, while the net profit margin was 39.55%, down 4.44 percentage points year-on-year [1] Future Projections - Revenue is projected to reach 1.243 billion yuan in 2024, 1.612 billion yuan in 2025, and 2.062 billion yuan in 2026, with year-on-year growth rates of 35.5%, 29.7%, and 27.9% respectively [3] - Net profit is expected to be 500 million yuan in 2024, 641 million yuan in 2025, and 795 million yuan in 2026, with year-on-year growth rates of 49.4%, 28.0%, and 24.0% respectively [3] - The earnings per share (EPS) are forecasted to be 2.57 yuan in 2024, 3.29 yuan in 2025, and 4.08 yuan in 2026 [3] Business Development - The company is actively following up on customer model R&D tasks and has participated in the development of various functional material products, expanding applications from engines to airframes and ships [1] - The establishment of subsidiaries such as Huajin Aviation and Huajin Acoustic is aimed at enhancing collaboration across multiple fields, which is expected to open up future growth opportunities [1]

证券代码：688281 证券简称：华秦科技 陕西华秦科技实业股份有限公司 投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |-----------------------|---------------------------------------------|----------------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | | 媒体采访 | 业绩说明会 | | 投资者关系活 动类别 | 新闻发布会 | 路演活动 | | | 现场参观 | | | | | 其他（请文字说明其他活动内容） | | 参与单位名称 | 线上参与公司 2024 | 年第三季度业绩说明会的投资者 | | 时间 | 2024 年 11 月 01 日 | 15:00-16:00 | | 地点 | 价值在线（ | https://www.ir-online.cn/ ）网络互动 | | 上市公司接待 人员姓名 | 董事长：折生阳先生 董事、总经理：黄智斌先生 | 副总经理、财务总监、董事会秘 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 125 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [1][30]. Core Views - The company has reported strong revenue growth, achieving 738 million CNY in revenue for the first three quarters of 2024, a year-on-year increase of 22.55%, and a net profit of 309 million CNY, up 14.41% year-on-year [1]. - The company is a core supplier of stealth materials and camouflage materials for military applications, with products used in major national defense equipment such as aircraft, tanks, and missiles [1][4]. - The company has a robust order backlog, with significant contracts announced in early 2024, including two large contracts worth 310 million CNY and 332 million CNY, and another contract worth 132 million CNY [3][4]. - The company is expanding its business into high-end new materials, including advanced composite materials and acoustic metamaterials, which are expected to enhance its growth potential [4][8]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 253 million CNY, a year-on-year increase of 14.77% and a quarter-on-quarter increase of 6.34%. The gross margin was 51.42%, down 8.77 percentage points year-on-year [1][4]. - The company’s inventory increased significantly to 243 million CNY, up 94.03% from the beginning of the year, driven by increased costs related to product delivery and contract fulfillment [1][4]. Business Expansion - The company is actively developing new projects through its subsidiaries, focusing on components for aircraft engines and advanced materials, with some production lines expected to enter trial phases in Q4 2024 [4][8]. - The application of stealth materials in military equipment is expected to grow significantly, driven by advancements in reconnaissance technology and modern electronic warfare [4][8]. Future Projections - Revenue projections for 2024-2026 are estimated at 1.16 billion CNY, 1.46 billion CNY, and 1.81 billion CNY, respectively, with net profits expected to reach 500 million CNY, 613 million CNY, and 750 million CNY [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady performance with a record high in contract liabilities, indicating strong order backlog and proactive inventory management [1] - The revenue for the first three quarters of 2024 reached 738 million yuan, representing a year-on-year growth of 22.55%, while the net profit attributable to the parent company was 309 million yuan, up 14.41% year-on-year [1] - The gross margin for the first three quarters of 2024 was 54.61%, a decrease of 4.23 percentage points compared to the previous year, and the net profit margin was 39.55%, down 4.44 percentage points [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 672 - 2023A: 917 - 2024E: 1,215 - 2025E: 1,659 - 2026E: 2,080 [1] - Year-on-year growth rates for revenue: - 2022: 31% - 2023: 36% - 2024E: 32% - 2025E: 37% - 2026E: 25% [1] - Net profit (in million yuan): - 2022A: 333 - 2023A: 335 - 2024E: 507 - 2025E: 671 - 2026E: 858 [1] - Year-on-year growth rates for net profit: - 2022: 43% - 2023: 0% - 2024E: 51% - 2025E: 33% - 2026E: 28% [1] Business Expansion and Market Opportunities - The company is expanding its subsidiaries, which has led to an increase in expense ratios, but it is also benefiting from a robust order backlog and proactive production planning [1] - The company is integrating into the aerospace engine collaborative industry system, with plans to develop ceramic matrix composites and aerospace component processing [1] - The company is also exploring civilian markets by applying military technology to civilian products, such as protective materials and acoustic metamaterials [1]

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Insights - The company's Q1-Q3 2024 revenue reached 738 million yuan, a year-over-year increase of 22.55%, with a net profit attributable to shareholders of 309 million yuan, up 14.41% year-over-year [4][5]. - The company is recognized as a leading domestic special materials enterprise, with a strong market position and a broad market space due to increasing defense modernization requirements [4][5]. - The report anticipates continued revenue growth driven by diversified business expansion and increasing demand in the market [4][5]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 738 million yuan, with a year-over-year growth rate of 22.6% [5]. - The net profit attributable to shareholders for 2024 is projected to be 500 million yuan, reflecting a significant increase of 49.3% compared to the previous year [5]. - The gross margin for Q1-Q3 2024 was reported at 54.61%, a decrease of 4.23 percentage points from the previous year [4][5]. Business Development and Outlook - The company is actively advancing its fundraising projects and production preparations, with expectations for some production lines to enter the testing phase by Q4 2024 [4]. - The company has made significant progress in various fields, including acoustic materials and special materials for defense applications, which are expected to contribute to future growth [4][5]. - The report projects the company's net profit for 2024-2026 to be adjusted to 500 million, 625 million, and 844 million yuan respectively, with corresponding PE ratios of 40, 32, and 24 times [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company's revenue for the first three quarters of 2024 reached 738 million, representing a year-on-year growth of 22.55%, while the net profit attributable to the parent company was 309 million, up 14.41% year-on-year [3]. - The revenue for Q3 alone was 253 million, showing a year-on-year increase of 14.77% but a quarter-on-quarter decrease of 7.26% in net profit, attributed to the impact of product delivery and revenue recognition timing [3][4]. - The company's gross profit margin for Q3 was 51.42%, down 8.77 percentage points year-on-year, indicating short-term pressure on profitability due to changes in product structure and ongoing investments in subsidiaries [4]. - The company has significantly increased its construction in progress and fixed assets, reflecting ongoing efforts to establish new business lines and support long-term growth [4]. - Profit forecasts for 2024-2026 predict net profits of 498 million, 646 million, and 848 million respectively, with corresponding PE ratios of 40, 31, and 23 times based on the current market capitalization of 19.9 billion [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 738 million, a 22.55% increase year-on-year, and a net profit of 309 million, up 14.41% year-on-year [3]. - Q3 revenue was 253 million, with a year-on-year growth of 14.77% but a quarter-on-quarter decline in net profit by 7.26% [3][4]. Profitability Analysis - The net profit margin for Q3 was 34.66%, down 3.42 percentage points year-on-year, with a gross profit margin of 51.42%, down 8.77 percentage points year-on-year [4]. - The increase in management and financial expenses contributed to the decline in profitability [4]. Growth Prospects - The company has a construction in progress balance of 887 million, a 94.33% increase from the beginning of the year, indicating strong investment in future capacity [4]. - The forecasted net profits for 2024-2026 suggest robust growth potential, with significant increases expected in revenue and profitability [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved significant revenue growth, with total revenue of 738 million yuan in the first three quarters of 2024, representing a year-on-year increase of 22.55%. The net profit attributable to the parent company reached 309 million yuan, up 14.41% year-on-year [1][2] - The company has secured three major contracts in 2024, with amounts of 310 million yuan, 332 million yuan, and 132 million yuan, which are expected to positively impact current performance. The demand in the military aviation and maintenance market is driving growth potential for the company's performance [2] - The company is actively expanding its production capacity, as indicated by a significant increase in inventory, which reached 243 million yuan, up 170.61% year-on-year, and fixed assets of 361 million yuan, up 40.08% year-on-year [2] Financial Performance - The company forecasts total revenue for 2024 to be 1,158.48 million yuan, with net profits of 505.41 million yuan, corresponding to a P/E ratio of 33.03 times. For 2025 and 2026, the expected net profits are 674.47 million yuan and 866.87 million yuan, with P/E ratios of 24.75 and 19.26 respectively [1][2] - The operating cash flow for the first three quarters of 2024 reached 157 million yuan, a substantial increase of 314.85% year-on-year [1] Market Position - The company is positioned as a leading player in the stealth materials industry, with its technology and industry capabilities reaching an internationally advanced level. This positions the company to rapidly capture market share in the growing new materials sector [2]