Financial Performance - For the first three quarters of 2024, the company expects to achieve operating revenue of RMB 737.79 million, an increase of RMB 135.78 million, representing a year-on-year growth of 22.55%[2] - The net profit attributable to shareholders for the first three quarters of 2024 is projected to be RMB 309.44 million, an increase of RMB 38.94 million, reflecting a year-on-year growth of 14.40%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be RMB 295.58 million, an increase of RMB 37.22 million, with a year-on-year growth of 14.41%[2] - In the same period of 2023, the company achieved operating revenue of RMB 602.01 million[3] - The net profit attributable to shareholders in the first three quarters of 2023 was RMB 270.49 million[3] Factors Influencing Performance - The increase in performance for the first three quarters of 2024 is primarily due to a rise in production and sales volume from new product orders[3] - The company’s subsidiaries are progressing well in project construction, although some incurred losses due to being in the capacity construction phase, impacting overall profit[3] Forecast and Reporting - The performance forecast is based on preliminary calculations by the finance department and has not been audited by registered accountants[4] - Investors are advised to note that the forecast data is preliminary and the accurate financial data will be disclosed in the official Q3 2024 report[5]

基本数据 收盘价 ￥70.50 总市值(百万元) 13,725.88 总股本(百万股) 194.69 财务摘要 （百万元） 2023A 2024E 2025E 2026E 营业收入 917 1241 1673 2217 (+/-)(%) 36% 35% 35% 32% 归母净利润 335 521 652 801 (+/-)(%) 0.5% 56% 25% 23% 每股收益（元） 1.7 2.7 3.3 4.1 P/E 41 26 21 17 ROE 8% 11% 13% 14% 资料来源：WIND，浙商证券研究所 华秦科技(688281) 报告日期：2024 年 09 月 24 日 中高温隐身龙头企业，布局航发全产业链 ——华秦科技深度报告 投资要点 ❑ 总部隐身材料业绩保持高速增长，子公司开拓全新业务场景 公司在特种功能材料领域深耕多年，随着隐身材料逐步实现批产，2018-2023 年 营收由 0.5 亿元增长至 9.2 亿元， 期间 CAGR 达 80%；归母净利润由 0.1 亿元增 长至 3.4 亿元，期间 CAGR 达 102%，具体来看，2023 年公司以隐身材料为主的 特种功能材料（华秦总部）营收 ...

编号：2024-004 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 | --- | --- | --- | |-----------------------|---------------------------------------------|--------------------------------------------------------------------------| | | | | | | 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 2024 资者 | 年半年度科创板新材料专场集体业绩说明会的投 | | 时间 | 2024 年 9 月 20 日 | 14:00-16:00 | | 地点 | m/ ） | 上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.co | | 上市公司接待 人员姓名 | 董事长： ...

证券代码：688281 证券简称：华秦科技 公告编号：2024-031 陕西华秦科技实业股份有限公司 关于参加 2024 年半年度科创板新材料专场 集体业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 9 月 20 日（星期五）下午 14:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 2024 年 9 月 19 日（星期四）下午 16:00 前通过公司邮箱 wutengfei@huaqinkj.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 陕西华秦科技实业股份有限公司（以下简称"公司"）已于 2024 年 8 月 13 日发布公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计划于 2024 年 9 月 ...

Investment Rating - Maintained "Buy-A" rating for Huagin Technology (688281 SH) [1][3] Core Views - Huagin Technology achieved steady growth in its main business with increased orders for new products in small-batch trials [1] - The company is one of the few domestic high-tech enterprises capable of comprehensively covering the design, R&D, and production of stealth materials across normal, medium, and high temperatures, with significant technological advantages in medium and high-temperature stealth materials [1] - The company's revenue and profitability increased year-over-year due to the steady rise in production and sales volume, driven by batch production tasks and new product orders [1] - Huagin Technology has a robust order backlog, with multiple new product models entering the small-batch trial phase, which is expected to contribute to future performance growth [1] - The company is actively expanding its product portfolio and market opportunities through business synergy, enhancing profitability and business scale [2] Financial Performance - In H1 2024, Huagin Technology reported revenue of RMB 485 17 million, a year-over-year increase of 27 04%, and net profit attributable to shareholders of RMB 216 million, up 17 44% [1] - The company's gross margin in H1 2024 was 56 27%, a decrease of 1 80 percentage points, while the net profit margin was 42 10%, down 5 3 percentage points [1] - Huagin Technology disclosed two major stealth material contracts worth RMB 310 million and RMB 332 million in January 2024, and another significant contract of RMB 132 million in July 2024 [1] - The company's subsidiaries, including Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng, contributed to revenue growth in H1 2024, with Huagin Aeroengine generating RMB 23 76 million, Huagin Acoustics RMB 1 02 million, and Shanghai Ruihuasheng RMB 520,000 [1] Future Projections - Revenue is projected to reach RMB 1 243 billion in 2024, RMB 1 612 billion in 2025, and RMB 2 062 billion in 2026, with year-over-year growth rates of 35 5%, 29 7%, and 27 9% respectively [3] - Net profit attributable to shareholders is expected to be RMB 500 million in 2024, RMB 641 million in 2025, and RMB 795 million in 2026, with growth rates of 49 4%, 28 0%, and 24 0% respectively [3] - The company's EPS is forecasted to be RMB 2 57 in 2024, RMB 3 29 in 2025, and RMB 4 08 in 2026, with P/E ratios of 29 1x, 22 7x, and 18 3x respectively [3] Business Expansion - Huagin Technology is actively expanding its product line and market opportunities through business synergy, enhancing profitability and business scale [2] - The company is focusing on high-end new materials, with subsidiaries like Huagin Aeroengine, Huagin Acoustics, and Shanghai Ruihuasheng contributing to its diversified product portfolio [1] - Shanghai Ruihuasheng is expected to achieve trial production of some production lines in H2 2024, further boosting the company's growth prospects [1]

中信建投证券股份有限公司 关于陕西华秦科技实业股份有限公司 2024 年持续督导半年度报告书 | 保荐人名称：中信建投证券股份有限 | 被保荐公司名称：陕西华秦科技实业股 | | | --- | --- | --- | | 公司 | 份有限公司 | | | 保荐代表人姓名：闫明 | 联系方式：010-65608259 | | | | 联系地址：北京市朝阳区景辉街 号 | 16 | | | 院 1 号楼泰康集团大厦中信建投 层 | 11 | | 保荐代表人姓名：张文强 | 联系方式：010-85130613 | | | | 联系地址：北京市朝阳区景辉街 号 | 16 | | | 院 1 号楼泰康集团大厦中信建投 层 | 11 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2022〕63 号文"批准，陕西华秦科技实业股份有限公司（简称"公司"或"华秦科技"） 首次公开发行股票并在科创板上市，向社会公开发行人民币普通股（A 股） 1,666.6668 万股，每股面值人民币 1.00 元。本次公司发行新股的发行价为 189.50 元/股，募集资金总额为 315,833.36 万元，扣除发行费用 20, ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Insights - The company has a clear first-mover advantage in the temperature-resistant stealth materials sector, with its flagship strategic layout taking shape. The core stealth business benefits from strong demand in both pre-installation and maintenance, leading to increased unit value [2][4]. - The company is expected to achieve revenues of 12.15 billion, 16.59 billion, and 20.80 billion yuan, with corresponding net profits of 5.07 billion, 6.71 billion, and 8.58 billion yuan from 2024 to 2026 [2][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 4.85 billion yuan, a year-on-year increase of 27.04%, and a net profit attributable to shareholders of 2.16 billion yuan, reflecting a growth of 17.44% [1][2]. - The projected operating income for 2024 is 12.15 billion yuan, with a net profit of 5.07 billion yuan, leading to an EPS of 2.60 yuan [2][4]. Business Development - The company is expanding its production models and maintenance services, with a steady increase in small batch trial production orders and an expanded scope of model research and development tasks [1][2]. - The company has established a strong order reserve, indicating positive performance expectations for the future [2][4]. Market Position - The company has formed market barriers with its mass-produced products, and its product lines are evolving towards stealth structural components and multifunctional compatibility, enhancing the value provided to customers [2][4]. - The company is integrating into the aerospace engine collaborative industry system, with a focus on ceramic matrix composites and component processing [2][4]. R&D and Innovation - The company maintains a high level of R&D investment, with ongoing projects in various fields, including acoustic metamaterials and protective materials, indicating a commitment to innovation and market expansion [2][4]. Future Outlook - The company is expected to benefit from scale effects as production capacity increases and cost efficiencies improve, which will likely accelerate growth in the coming years [2][4].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 ——华秦科技 2024 年半年报告点评 | --- | |---------------------------------| | | | [table_Authors] 彭磊 ( 分析师 ) | | | | 010-83939806 | | penglei018712@gtjas.com | | 登记编号 S0880518100003 | | --- | |-----------------------------| | | | | | | | 杨天昊 ( 分析师 ) | | 010-83939791 | | yangtianhao027639@gtjas.com | | S0880523080010 | 本报告导读： 公司 2024 年 H1 业绩符合预期，营收利润稳定增长，受益于批产型号放量，深度参 与新型号研发，持续拓展航发零部件等新业务，业绩规模有望稳步提升。 投资要点： [Table_Summary] 下调目标价 128.23 元，维持"增持"。公司系隐身材料龙头，下游 需求高度确定，叠加渗透率不断提升，业绩有望保持稳定增长。公 司规 ...

公司报告 | 半年报点评 产品条线储备丰富，多成长曲线进入快速成长期 事件：华秦科技发布 24 年半年报，公司实现营收 4.85 亿元，同比+27.04%；公司实现归母净 利润 2.16 亿元，同比+17.44% ➢ 批产型号前端+后端不断成长，多方向小批试制交付加速，公司中长期成长性持续兑现 公司 2024 年上半年实现营收 4.85 亿元，同比+27.04%。主要系批产型号新机及维修业务持续 成长，并且未批产产品条线中隐身材料产品应用逐步从发动机拓展至机身、舰船等领域，随 着公司产品牌号应用的增多，兼容隐身材料、热阻材料、树脂基及陶瓷基复合材料的小批试 制交付加快所致。实现归母净利润 2.16 亿元，同比+17.44%；实现扣非归母净利润 2.07 亿元， 同比+18.15%。我们认为主要系小批次产品存在一定毛利率波动，并且扩张阶段期间费用率较 原有公司业务存在差异所致。 公司 2024 年单二季度实现营收 2.38 亿元，同比+21.71%，环比-4.06%；实现归母净利润 1.01 亿元，同比+6.32%，环比-11.54%；实现扣非归母净利润 0.95 亿元，同比+8.1%，环比-14.48%。 我 ...

公司点评报告 · 军工 逻辑驱动,新产品放量可期 华秦科技点评报告 2024年08月15日 ● 事件:公司发布2024年半年度报告,实现营收 4.85亿元,同比增长 27.01%; 归母净利2.16亿元,同比增长 17.4%;扣非净利 2.07亿元,同比增长 18.15%。 ● 业绩增长弱于预期,隐身材料毛利率逆市上升:24H1整体经营数据表现略 低于预告值(预告营收 4.96亿元,归母净利润 2.20亿元),其中 24Q2 实现 营收 2.38亿元(YoY+21.7%,QoQ-4.1%),归母净利 1.01亿元(YoY+6.3%, QoQ-11.54%),弱于年初预期。受子公司影响,公司整体盈利能力走弱,上 半年毛利率水平 56.3%,延续下滑态势,同比下降 1.8pct,但母公司毛利率 60.17%,同比上升近 2pct,凸显隐身材料产品的竞争力和价格稳定性。 ● 三重逻辑驱动,树料主业有望厚积薄发:根据公司公告,报告期内公司批产 型号任务和小批试制新产品订单陆续增多,并逐步开始提供前期批产隐身材料 的维修业务;同时,公司隐身材料应用从航发扩展到机身、舰船等领域,民品 的防腐、电磁屏蔽、热阻、声学材料进入 ...