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].

证券代码：688281 证券简称：华秦科技 公告编号：2025-022 陕西华秦科技实业股份有限公司 上述职工代表董事符合《中华人民共和国公司法》等法律法规和公司章程规 定的任职条件。公司第二届董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数未超过公司董事总数的二分之一。 特此公告。 陕西华秦科技实业股份有限公司董事会 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。 陕西华秦科技实业股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日 召开职工代表大会，选举周万城先生为公司第二届董事会职工代表董事，与公司 第二届董事会现任 3 名非独立董事（折生阳、黄智斌、罗发）、3 名独立董事（马 均章、刘瑛、凤建军）共同组成公司第二届董事会。具体情况如下： 一、关于部分董事辞职的情况 公司董事会收到非独立董事周万城先生递交的书面辞职报告，周万城先生因 公司内部工作调整原因，申请辞去公司第二届董事会非独立董事职务，辞职后， 周万城先生仍然担任公司首席科学家一职。周万城先生的辞职不会导致公司董事 会成员低于法定最低 ...

Meeting Overview - The shareholders' meeting of Shaanxi Huaqin Technology Industrial Co., Ltd. was held on May 15, 2025, in Xi'an, Shaanxi Province [1] - A total of 107 ordinary shareholders attended the meeting, representing 151,641,806 voting rights, which accounts for 77.8875% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with significant support from ordinary shareholders, with votes in favor reaching 99.9510% for the first proposal [2] - The voting results for subsequent proposals also showed overwhelming approval, with percentages consistently above 99.9% for various resolutions [2][3] Legal Compliance - The meeting was convened and presided over by the chairman, Mr. Zhe Shengyang, and followed all legal and procedural requirements as stipulated by the Company Law and the company's articles of association [1][3] - The legal representatives confirmed that the meeting's procedures and voting results were valid and compliant with relevant laws and regulations [3]

证券代码：688281 证券简称：华秦科技 公告编号：2025-022 陕西华秦科技实业股份有限公司 关于董事辞任暨选举职工代表董事的公告 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。 陕西华秦科技实业股份有限公司（以下简称"公司"）于 2025 年 5 月 15 日 召开职工代表大会，选举周万城先生为公司第二届董事会职工代表董事，与公司 第二届董事会现任 3 名非独立董事（折生阳、黄智斌、罗发）、3 名独立董事（马 均章、刘瑛、凤建军）共同组成公司第二届董事会。具体情况如下： 上述职工代表董事符合《中华人民共和国公司法》等法律法规和公司章程规 定的任职条件。公司第二届董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数未超过公司董事总数的二分之一。 1 特此公告。 陕西华秦科技实业股份有限公司董事会 2025 年 5 月 16 日 2 附件： 周万城先生：出生于 1953 年 11 月，中国国籍，无境外永久居留权，毕业于 西北工业大学材料科学与工程系，博士研究生学历，教授。1985 年 1 月至 2020 年 1 ...

北京市嘉源律师事务所 关于陕西华秦科技实业股份有限公司 2024 年年度股东大会的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源 律师事务所 IA YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:陕西华秦科技实业股份有限公司 北京市嘉源律师事务所 关于陕西华泰科技实业股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025)-04-303 北京市嘉源律师事务所(以下简称"本所")接受陕西华秦科技实业股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简 称《公司法》)、《上市公司股东会规则》(以下简称《股东会规则》)等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及 《陕西华秦科技实业股份有限公司章程》(以下简称《公司章程》)的有关规定, 指派本所律师对公司 2024年年度股东大会(以下简称"本次股东大会")进行 见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律 ...

证券代码：688281 证券简称：华秦科技 公告编号：2025-021 陕西华秦科技实业股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 15 日 （二） 股东大会召开的地点：陕西省西安市高新区西部大道 188 号陕西华秦科 技实业股份有限公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 107 | | --- | --- | | 普通股股东人数 | 107 | | 2、出席会议的股东所持有的表决权数量 | 151,641,806 | | 普通股股东所持有表决权数量 | 151,641,806 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 77.8875 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

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 年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：陕西华秦科技实业股份 | | --- | --- | | 公司 | 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 号院 16 | | | 号楼泰康集团大厦中信建投 层 1 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 号院 16 | | | 1 号楼泰康集团大厦中信建投 11 层 | 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 20,013.39 万元后，实际 募集资金净额为 295, ...

届时，公司相关高管人员将通过互动平台与投资者进行网络沟通和交流，欢 迎广大投资者踊跃参加！ 活动时间：2025 年 5 月 20 日 15:00-17:00。 活动地址："全景路演" 证券代码：688281 证券简称：华秦科技 公告编号：2025-020 陕西华秦科技实业股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接待日 暨 2024 年度业绩说明会"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。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市公司 投资者集体接待日暨 2024 年度业绩说明会"。 网址：http://rs.p5w.net。 1 特此公告。 陕西华秦科技实业股份有限公司董事会 2025 年 5 月 13 日 ...

Core Insights - The company reported a revenue of 1.139 billion in 2024, representing a year-on-year growth of 24.17%, with a net profit attributable to shareholders of 414 million, up 23.56% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 241 million, a decrease of 2.48% year-on-year, and a net profit of 63 million, down 45.23% year-on-year [1][2] Revenue Breakdown - The special functional materials business generated 1.023 billion in 2024, growing 15.27% year-on-year - The acoustic metamaterials business saw revenue of 44.28 million, up 143.33% year-on-year - The aerospace components business reported revenue of 6.19 million, a significant increase of 461.84% year-on-year - The ceramic matrix composites business generated 200.88 thousand, indicating notable growth in incremental business contributions to overall revenue [2] Profitability Analysis - The gross profit margin for 2024 was 50.69%, a decrease of 7.09 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 40.79%, down 17.98 percentage points year-on-year [3] - The gross profit margin for the special functional materials business was 55.12%, down 4.01 percentage points year-on-year, while the aerospace components business improved its margin to 12.76%, an increase of 19.34 percentage points [3] Cost and Investment Trends - The company experienced fluctuations in profitability due to increased operating costs and R&D investments, with a Q1 2025 expense ratio of 24.59%, up 10.86 percentage points year-on-year [3] - R&D expense ratio in Q1 2025 was 12.76%, reflecting a rise of 7.26 percentage points year-on-year due to an increase in R&D personnel and project investments [3] Strategic Developments - The company is advancing multiple product lines and capacity building to transform into a comprehensive solutions provider for new materials, particularly in aerospace and high-end equipment sectors [4] - The company is focusing on small-batch trial production and engineering applications in various fields, including acoustic materials and ceramic matrix composites, with ongoing projects aimed at expanding production capacity [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 1.139 billion in 2024, representing a year-on-year growth of 24.17%. The net profit attributable to the parent company was 414 million, up 23.56% year-on-year. However, in Q1 2025, revenue decreased by 2.48% to 241 million, and net profit dropped significantly by 45.23% to 63 million [2][4][6]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.139 billion, with a year-on-year increase of 24.17%. The net profit attributable to the parent company was 414 million, reflecting a growth of 23.56%. The non-recurring net profit was 389 million, which is a slight increase of 0.93% [2][4]. - For Q1 2025, the company reported a revenue of 241 million, a decrease of 2.48% year-on-year. The net profit attributable to the parent company was 63 million, down 45.23%, and the non-recurring net profit was 55 million, a decrease of 50.79% [2][4]. Business Development - The company is transitioning towards becoming a comprehensive solution provider for new materials, focusing on aerospace and high-end equipment. It is advancing multiple product lines, including special functional materials, acoustic materials, and ceramic-based composite materials [6]. - The revenue from special functional materials in 2024 was 1.023 billion, an increase of 15.27%. The acoustic metamaterials business saw a significant growth of 143.33%, while the aerospace components business grew by 461.84% [6][11]. Cost and Margin Analysis - The gross margin for 2024 was 50.69%, a decrease of 7.09 percentage points year-on-year. In Q1 2025, the gross margin further declined to 40.79%, down 17.98 percentage points year-on-year [11]. - The increase in R&D expenses and production costs has led to fluctuations in profitability. The R&D expense ratio in Q1 2025 was 12.76%, an increase of 7.26 percentage points year-on-year [11].