证券代码：688281 证券简称：华秦科技 公告编号：2024-020 陕西华秦科技实业股份有限公司 关于参加科创板 2023 年度集体业绩说明会 第三期"提质增效重回报"专场的公告 本次投资者说明会以视频和网络互动形式召开，公司将针对 2023 年及 2024 年第一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 1 会议线上交流时间：2024 年 5 月 15 日(星期三) 下午 15:00-17:30 会议召开方式：视频和线上文字互动 召开平台：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） 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： 投资者可于 2024 年 5 月 14 日(星期二)16:00 前通过邮件、电话、传真等 形式将需要了解和关注的问题提前提供给公司。公司将在文字互动环节对投资者 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 ...

Investment Rating - The report maintains a target price of 190.13 CNY and an "Accumulate" rating for the company [2][5][23]. Core Views - The company is a leader in stealth materials with strong downstream demand and increasing penetration rates, indicating a potential for sustained high growth in performance [2]. - The company achieved a revenue of 917 million CNY in 2023, representing a growth of 36.45%, and a net profit of 335 million CNY, with a net profit margin of 28.28% [2][4]. - The company is actively involved in the research and development of new models and is expanding into new business areas such as aerospace component manufacturing and acoustic materials [2]. Financial Summary - Revenue and Profit Growth: - 2023 revenue: 917 million CNY (+36.45%) - 2023 net profit: 335 million CNY (+0.48%) - 2024 Q1 revenue: 248 million CNY (+32.61%) - 2024 Q1 net profit: 114 million CNY (+29.40%) [2][4]. - Earnings Per Share (EPS) Forecast: - 2024E: 3.81 CNY - 2025E: 5.04 CNY - 2026E: 6.17 CNY [2][4]. - Financial Ratios: - Net profit margin for 2023: 28.28% - Operating profit margin for 2023: 21.3% - Return on equity (ROE) for 2023: 8.0% [4][9]. Business Development - The company is deepening its involvement in new model research and expanding its manufacturing capabilities in aerospace components, aiming to become a core supplier in the aerospace supply chain [2]. - The company has approximately 800 million CNY in orders for special functional materials as of the end of Q1 2024 [2]. - The company is also venturing into civilian applications by developing high-end civilian new materials in the acoustic metamaterials field [2].

执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 邮箱：wangrui1@sxzq.com F 证券研究报告 新材料 华秦科技（688281.SH） 增持-A(维持) 股份支付费用影响 2023 年利润，订单充沛业绩稳健释放 2024 年 5 月 4 日 公司研究/公司快报 | --- | --- | |------------------------------------------|----------------| | 市场数据： 2024 年 4 月 \n收盘价（元）： | 30 日 \n136.41 | | 年内最高/最低（元）： | 308.99/90.02 | | 流通A股/总股本（亿）： | 0.35/1.39 | | 流通 A 股市值（亿）： | 47.43 | | 总市值（亿）： | 189.70 | | | | | 基础数据： 2024 年 3 月 | 31 日 | | 基本每股收益(元)： | 0.82 | | 摊薄每股收益(元 )： | 0.82 | | 每股净资产(元 )： | 31.78 | | 净资产收益率 (%) ： | 2.47 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9][15]. Core Views - The company, Huajin Technology, reported a revenue of 917 million yuan in 2023, representing a year-on-year growth of 36.45%. The net profit attributable to shareholders was 335 million yuan, with a slight increase of 0.48%. The non-recurring net profit was 385 million yuan, showing a growth of 23.23% [11][12]. - For Q1 2024, the company expects to achieve a revenue of 248 million yuan, a year-on-year increase of 32.57%, and a net profit of 114 million yuan, up 29.41% [13]. - The company has a robust order backlog, with contracts for stealth materials valued at 310 million yuan and 332 million yuan disclosed in January 2024. As of March 2024, the total orders on hand are approximately 800 million yuan [13]. Financial Performance - In 2023, the company’s R&D expenses were 73.51 million yuan, an increase of 18.64% year-on-year. The R&D teams are led by prominent scientists from top universities and research institutes, indicating strong industry positioning [12]. - The company forecasts net profits of 512 million yuan, 710 million yuan, and 920 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 52%, 39%, and 30% [15][17]. - The projected P/E ratios for 2024, 2025, and 2026 are 36, 26, and 20 times, respectively, based on the current stock price [15][17].

二、监事会会议审议情况 证券代码：688281 证券简称：华秦科技 公告编号：2024-019 陕西华秦科技实业股份有限公司 第二届监事会第三次会议决议公告 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 4 月 22 日以电话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 4 月 25 日在公司会议室以现场投票的方式进行表决。 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。 （一）审议通过了《关于 2024 年第一季度报告的议案》 经审核，2024 年第一季度报告真实、准确、完整地反映了公司 2024 年第一 季度的财务状况和经营成果，不存在虚假记载、误导性陈述和重大遗漏。 表决结果：同意 3 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 247,603,885.13, representing a year-on-year increase of 32.61%[3] - The net profit attributable to shareholders for Q1 2024 was RMB 114,403,261.94, reflecting a growth of 29.40% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 111,361,680.82, an increase of 28.36% year-on-year[3] - The basic and diluted earnings per share for Q1 2024 were both RMB 0.82, up 28.13% from the previous year[3] - Operating income increased by 32.61% due to a rise in the production and sales volume of the company's main products[27] - Operating costs rose by 34.03%, primarily driven by the increase in operating income[27] - The company reported a basic earnings per share of 0.82 RMB, up from 0.64 RMB in the previous period, indicating improved profitability[34] - The total comprehensive income attributable to the parent company was 114,403,261.94 RMB, compared to 88,410,026.25 RMB in the previous period, showing a significant increase[34] - Net profit for Q1 2024 was CNY 125,714,437.34, compared to CNY 90,334,729.69 in Q1 2023, indicating a 39.1% growth[66] Cash Flow - The net cash flow from operating activities was negative at RMB -113,190,904.17, a decline of 395.13% compared to the same period last year[3] - The net cash flow from operating activities was -395.13 million RMB, attributed to increased material purchases, employee compensation, and tax payments as the company expanded its operations[27] - In Q1 2024, the company reported a net cash flow from operating activities of -96,117,731.69 RMB, a significant decrease compared to 43,621,442.48 RMB in Q1 2023[67] - The company's cash flow from operating activities was significantly impacted, with total cash outflow reaching 279,502,885.65 RMB, compared to 111,199,975.04 RMB in the previous year[67] - The cash outflow from operating activities totaled $302.06 million, compared to $116.95 million in the previous year[86] Assets and Liabilities - Total liabilities as of March 31, 2024, were RMB 903,645,089.90, up from RMB 852,603,005.53 at the end of 2023[13] - Total assets as of March 31, 2024, were CNY 4,724,916,665.94, down from CNY 4,765,443,470.23 at the end of 2023, a decrease of about 0.9%[44] - Current liabilities totaled CNY 421,824,868.30 in Q1 2024, down from CNY 613,297,003.91 in Q1 2023, a decrease of 31.2%[59] - Long-term borrowings increased to CNY 336,676,273.07 in Q1 2024, compared to CNY 178,920,784.71 in Q1 2023, representing an increase of 88.5%[59] - The total equity attributable to shareholders increased by 2.74% to 4,317,932,236.54 RMB from 4,202,613,669.39 RMB at the end of the previous year[73] Inventory and Receivables - Accounts receivable decreased by 62.03% primarily due to the discounting of notes receivable during the period[6] - Inventory increased by 50.23% as a result of increased raw material stocking due to higher sales orders[6] - Accounts receivable increased from CNY 638,416,323.73 to CNY 784,581,345.85, reflecting a growth of approximately 22.9%[36] - The company’s inventory rose to 187,969,119.93 RMB, compared to 125,119,949.10 RMB in the previous year[81] Research and Development - Research and development expenses for Q1 2024 were RMB 13,623,636.95, compared to RMB 11,884,529.18 in the same period last year[14] - Research and development expenses totaled 13,623,636.95 RMB, accounting for 5.50% of operating revenue, a decrease of 0.86 percentage points from the previous year[73] Investment Activities - The net cash flow from investing activities was -141,029,804.19 RMB, a decrease from 436,230,463.61 RMB in the previous period, indicating a significant decline in investment returns[20] - Cash inflow from investment activities amounted to 3,125,861,044.94 RMB, up from 2,835,783,663.97 RMB in the same period last year[67] - The company paid $3.52 billion in cash outflows related to investment activities, up from $2.49 billion in the previous year[86] Government Subsidies - The company received government subsidies amounting to 1,183,602.46 RMB, contributing positively to its financial performance[27]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 161.68 CNY, indicating a potential upside from the current price of 132.4 CNY [2][26]. Core Insights - The company achieved a revenue of 917 million CNY in 2023, representing a year-on-year growth of 36.45%. The net profit attributable to the parent company was 335 million CNY, showing a slight increase of 0.48% [34]. - The company is actively expanding its product offerings in the aerospace industry, particularly in advanced materials, which are expected to enhance performance and reduce weight in aircraft engines [34]. - The report highlights a significant increase in inventory and fixed assets, indicating robust order growth and investment in production capabilities [34]. Financial Performance Summary - **Revenue Forecast**: The company is projected to generate revenues of 1,123 million CNY in 2024, with a growth rate of 22.4% [12]. - **Net Profit**: The net profit attributable to the parent company is expected to reach 523 million CNY in 2024, reflecting a growth of 56.2% [12]. - **Earnings Per Share (EPS)**: The EPS is forecasted to be 3.76 CNY in 2024, increasing to 6.74 CNY by 2026 [12]. - **Profit Margins**: The gross margin is expected to stabilize around 58.9% in 2024, with a net margin of 46.6% [12]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 55.2 in 2022 to 35.2 in 2024, indicating improving valuation metrics [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company is experiencing robust revenue growth driven by strong order volumes and successful new business expansions, which solidify its long-term growth prospects [25][15]. - The company reported a revenue of 917 million in 2023, representing a year-on-year growth of 36.45%, with a net profit of 335 million, a slight increase of 0.48% [12][29]. - The company has a strong order backlog, with approximately 800 million in orders as of March 2024, indicating high growth certainty [15]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 917 million, a 36.45% increase year-on-year, and a net profit of 335 million, reflecting a 0.48% growth [12]. - The fourth quarter of 2023 saw a revenue of 315 million, a 30.59% increase year-on-year, but a net profit decrease of 51.72% compared to the previous year [12][29]. - The company forecasts revenues of 1.21 billion, 1.62 billion, and 2.11 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 56%, 29%, and 30% [28]. Business Development - The company has successfully transitioned several stealth material models into small batch production, with ongoing capacity expansion projects [15]. - New business ventures, including aerospace component processing and acoustic metamaterials, are beginning to contribute to revenue [28]. - The company has secured significant contracts worth 642 million in total for batch production projects, indicating strong demand for its products [15]. Market Position - The company has a competitive advantage in the market due to its technological capabilities and a rich reserve of stealth material models [15]. - The company’s products are primarily used in advanced military applications, which are expected to drive future growth [31].

中信建投证券股份有限公司 二、募集资金投资项目情况 根据《陕西华秦科技实业股份有限公司首次公开发行股票并在科创板上市招 股说明书》披露的募集资金投资项目及募集资金使用计划，公司募集资金使用计 1 划如下： 单位：万元 关于陕西华秦科技实业股份有限公司 使用部分超募资金永久补充流动资金的核查意见 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， 对华秦科技使用部分超募资金永久补充流动资金进行了审慎核查，核查情况及核 查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意陕西华秦科技实业股份有限公司首 次公开发行股票注册的批复》（证监许可[2022]63号），公司获准首次向社会公众 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元，发行价格 为189.50元/股，募 ...

证券代码：688281 证券简称：华秦科技 目 录 陕西华秦科技实业股份有限公司 2023 年年度股东大会会议须知 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 股东大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司股东大会规则》以及《陕西华秦科技实业股份有限公司章程》、《陕西 华秦科技实业股份有限公司股东大会议事规则》等相关规定，陕西华秦科技实业 股份有限公司（以下简称"公司"）特制定 2023 年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。出席会 议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理签到手续，并请 按规定出示证券账户卡、身份证明文件或法人单位证明、授权委托书等，经验证 后方可出席会议。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席大会的股东或其代理人或其他出席者准时到达会场签到并确认参会资格。 会议开始后，会议登记应当终止，由会议主持人宣布现场出席会议的股东和代理 人人数及所持有的表决权 ...