Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6][5]. Core Insights - The company has maintained rapid growth in the special functional materials sector, particularly in stealth materials, with revenue increasing from 0.5 million to 9.2 million from 2018 to 2023, reflecting a CAGR of 80% [2][15]. - The company is actively expanding into new business areas, including acoustic materials and aerospace engine components, which significantly broadens its growth potential [2][3]. - The demand for stealth materials is robust, driven by military applications, and the market is expected to grow substantially in the coming years [2][3]. Financial Summary - The projected revenue for 2024, 2025, and 2026 is 12.4 billion, 16.7 billion, and 22.2 billion respectively, with year-on-year growth rates of 35% for both 2024 and 2025, and 32% for 2026 [3][6]. - The expected net profit for the same years is 5.2 billion, 6.5 billion, and 8.0 billion, with growth rates of 56%, 25%, and 23% respectively [3][6]. - Earnings per share (EPS) are projected to be 2.7, 3.3, and 4.1 for 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 26, 21, and 17 [3][6]. Business Expansion and Market Potential - The company is positioned as a leader in the mid-to-high temperature stealth materials market, with significant barriers to entry and a competitive edge due to its technological advancements [2][3]. - The market for stealth materials is expected to reach 41 billion by 2028, with a CAGR of 39% from 2020 to 2028, indicating strong future demand [2][3]. - The company is also focusing on the aerospace engine market, which is projected to reach 667 billion by 2026, with a CAGR of 15% from 2023 to 2026 [2][3]. Research and Development - The company has a strong R&D foundation, having invested significantly in developing stealth materials since 1996, and has achieved several key technological breakthroughs [15][22]. - R&D expenses have shown a CAGR of 67% from 2018 to 2023, indicating a commitment to innovation and maintaining competitive advantages [22][25].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][11]. Core Insights - The company achieved a revenue of 485 million yuan in the first half of 2024, representing a year-on-year growth of 27.04%, and a net profit attributable to shareholders of 216 million yuan, up 17.44% year-on-year [1]. - The growth is driven by the continuous development of production models and the acceleration of small-batch trial deliveries, indicating sustained long-term growth potential [1]. - The company has disclosed large contracts worth 775 million yuan this year, showcasing significant revenue potential [1]. - The increase in inventory to 199 million yuan, a 192.16% increase year-on-year, reflects rising sales orders and fulfillment costs [1]. - The company is in a rapid capacity expansion phase, with fixed assets increasing by 74.48% to 335 million yuan and construction in progress rising by 121.99% to 757 million yuan [1]. Financial Summary - The company reported a net profit of 101 million yuan in Q2 2024, a 6.32% increase year-on-year, despite a 11.54% decrease quarter-on-quarter [1]. - The projected revenues for 2024-2026 are 1.2 billion yuan, 1.83 billion yuan, and 2.78 billion yuan respectively, with corresponding net profits of 498 million yuan, 684 million yuan, and 987 million yuan [2][5]. - The EBITDA for 2024 is projected at 616 million yuan, with a growth rate of 48.60% [2][5]. - The company’s earnings per share (EPS) is expected to grow from 1.72 yuan in 2023 to 5.07 yuan in 2026 [2][5]. Business Development - The company is actively expanding its product lines, particularly in stealth technology and advanced materials, which are expected to drive growth in the coming years [1]. - The construction of fundraising projects is accelerating, with plans to complete parts of the facilities by the end of 2024 [1]. - The company is focusing on various applications of acoustic metamaterials and ceramic matrix composites, indicating a broadening of its business scope [1].

Investment Rating - The report maintains a "Recommended" rating for the company, highlighting its strong position in the domestic aerospace engine materials sector and its investment value due to its scarcity [2][3]. Core Insights - The company reported a revenue of 485 million yuan for the first half of 2024, representing a year-on-year growth of 27.01%, and a net profit attributable to shareholders of 216 million yuan, up 17.4% year-on-year [1]. - The overall performance was slightly below expectations, with the second quarter revenue at 238 million yuan (YoY +21.7%, QoQ -4.1%) and net profit at 101 million yuan (YoY +6.3%, QoQ -11.54%) [1]. - The gross margin for the first half of 2024 was 56.3%, a decline of 1.8 percentage points year-on-year, while the parent company's gross margin improved to 60.17%, an increase of nearly 2 percentage points, indicating the competitiveness and price stability of stealth material products [1]. - The company is expected to see significant growth driven by three main factors: an increase in production models and new product orders, expansion of stealth material applications, and the introduction of maintenance services for stealth materials [1]. - The subsidiaries are progressing well, with production lines in the aerospace sector starting trial production and expected to fully launch in the second half of 2024, contributing to revenue growth [1]. - The company has a robust order backlog, with approximately 914 million yuan in orders, and management has shown confidence by increasing their shareholdings [1][2]. Financial Projections - The company is projected to achieve net profits of 518 million yuan, 648 million yuan, and 784 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 2.66 yuan, 3.33 yuan, and 4.03 yuan [2][8]. - Revenue is expected to grow from 1.225 billion yuan in 2024 to 2.005 billion yuan in 2026, with growth rates of 33.52% and 24.64% in the following years [8][10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 485 million yuan in the first half of 2024, representing a year-on-year growth of 27.04%, and a net profit attributable to shareholders of 216 million yuan, up 17.44% year-on-year [1][2] - The company has signed three significant contracts in 2024, with total amounts of 310 million yuan, 332 million yuan, and 132 million yuan, which are expected to positively impact current performance [2] - The new materials industry in China is rapidly expanding, with the total value reaching approximately 6.8 trillion yuan in 2022, a sixfold increase over the past decade, positioning the company as a leading player in this sector [2] - The company specializes in the research, production, and sales of special functional materials, including stealth materials, camouflage materials, and protective materials, with strong market barriers and a rich product line [2] - The company has adjusted its net profit forecasts for 2024-2026 to 505 million yuan, 674 million yuan, and 867 million yuan, respectively, corresponding to P/E ratios of 33, 25, and 19 times [2] Financial Summary - In the first half of 2024, the company reported a net cash flow from operating activities of 63 million yuan, a decrease of 35.03% year-on-year, primarily due to increased operational scale and costs [1] - The company's total revenue is projected to reach 1,158 million yuan in 2024, with a year-on-year growth rate of 26.27% [8] - The company's net profit attributable to shareholders is expected to grow to 505 million yuan in 2024, reflecting a growth rate of 50.86% [8] - The company's earnings per share (EPS) is forecasted to be 2.60 yuan in 2024, with a P/E ratio of 33.03 based on the current price [9]