上 市 公 司 证 券 研 究 报 告 国防军工 2024 年 08 月 13 日 华秦科技 (688281) ——2024 半年报点评：24H1 营收及业绩符合预期，多 元业务拓展蓄力未来发展 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 12 日 | | 收盘价（元） | 87.95 | | 一年内最高/最低（元） | 193.37/77.35 | | 市净率 息率（分红/股价） | 4.0 0.39 | | 流通 A 股市值（百万元） | 4,281 | | 上证指数/深证成指 | 2,858.20/8,373.47 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 22.46 | | | | | 资产负债率 % | ...

华秦科技（688281.SH）2024 年中报点评 批产项目需求饱满；前瞻布局新业务静待花开 2024 年 08 月 14 日 3 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司 8 月 12 日发布 2024 年中报，1H24 实现营收 4.85 亿元， YoY+27.0%；归母净利润 2.16 亿元，YoY+17.4%；扣非归母净利润 2.07 亿元， YoY+18.2%。公司业绩表现符合市场预期。公司 1H24 收入实现较快增长主要 系批产型号任务和小批试制新产品订单陆续增多。我们综合点评如下： ➢ 2Q24 收入同比增长 22%；管理费用&子公司阶段性亏损影响短期利润。 1）单季度看：2Q24 实现营收 2.4 亿元，YoY+21.7%；归母净利润 1.01 亿元， YoY+6.3%；扣非净利润 0.95 亿元，YoY+8.1%。2Q24 毛利率同比减少 3.3ppt 至 53.7%；净利率同比减少 7.9ppt 至 40.0%。2）上半年看：1H24 毛利率同比 减少 1.8ppt 至 56.3%；净利率同比减少 5.3ppt 至 42.1%。公司 1H24 利润率 下降主要是管 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 111.80 [6] Core Views - The company achieved revenue of RMB 485 million in H1 2024, representing a year-on-year increase of 27.04%, and a net profit attributable to the parent company of RMB 216 million, up 17.44% year-on-year [1] - The company is expected to continue its growth trajectory, with projected net profits of RMB 507 million, RMB 647 million, and RMB 819 million for 2024, 2025, and 2026 respectively [1] - The scarcity of the company's main business in stealth materials and the transition of several product lines into small-batch production indicate significant growth potential once these products enter full-scale production [1] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of RMB 238 million, a year-on-year increase of 21.71%, but a quarter-on-quarter decrease of 4.06% [1] - The gross margin for H1 2024 was 56.27%, down 1.80 percentage points year-on-year, primarily due to the increased revenue share from new research products [3] Product Development - The company is actively advancing its production models in the military sector and has begun small-batch trials for new products, expanding its stealth materials into various applications including aircraft and naval vessels [2] - In the civilian sector, the company is developing a range of materials such as acoustic metamaterials and high-efficiency thermal resistance materials, targeting applications in key national industries [2] Cost Structure - Sales expenses for H1 2024 were RMB 8 million, an increase of 18.07% year-on-year, while management expenses rose significantly by 65.18% to RMB 32 million, attributed to the expansion of subsidiaries and increased personnel costs [3] - Research and development expenses were RMB 33 million, maintaining a high R&D expense ratio of 6.81% [3] Contracts and Projects - The company has secured production contracts totaling RMB 10.74 million from various clients, indicating steady progress in its production capabilities [4] - Subsidiaries are advancing in their respective projects, with some production lines entering trial phases and aiming for full production by the second half of 2024 [4]

证券代码：688281 证券简称：华秦科技 公告编号：2024-029 陕西华秦科技实业股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 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。 一、募集资金基本情况 （一） 募集资金金额及到位时间 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），陕西华秦科技实业股份有 限公司（以下简称"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，募集资金总额为 人民币315,833.36万元，扣除与发行有关的各项费用人民币20,013.39万元（不含 税），实际募集资金净额为人民币295,819.97万元，其中超募资金总额为167,819.97 万元。公司首次公开发行股票募集资金已于2022年3月2日全部到位，存入公司募 集资金专用账户中。上述募集资金已经信永中和会计师事务所（特殊普通合伙） 审验，并出具了XYZH/2 ...

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2024, representing a 15% increase compared to the same period last year[1]. - The company's operating revenue for the first half of 2024 reached ¥485,166,356.61, representing a 27.04% increase compared to ¥381,908,169.01 in the same period last year[13]. - Net profit attributable to shareholders was ¥215,608,608.44, up 17.44% from ¥183,597,566.66 year-on-year[13]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 206.60 million yuan, reflecting an 18.15% increase from the previous year[96]. - The total comprehensive income for the first half of 2024 was approximately ¥235.35 million, reflecting a significant increase compared to the previous period[181]. - The company achieved a revenue of 45,601.61 million with a net profit of 25,886.08 million in the first half of 2024, reflecting a strong performance[62]. - The gross margin for the first half of 2024 was reported at 35%, a slight increase from 33% in the previous year[1]. - Basic earnings per share increased by 18.09% to ¥1.11, compared to ¥0.94 in the same period last year[14]. Research and Development - The company has invested RMB 50 million in R&D for new stealth technology, which is projected to improve product offerings significantly[1]. - The company achieved a total R&D investment of ¥33,020,403.63, a slight increase of 0.26% compared to the same period last year[57]. - The R&D investment as a percentage of operating revenue decreased by 1.82 percentage points to 6.81%[14]. - The company received 30 new invention patent applications and obtained 12 patents during the reporting period, bringing the total to 169 applications and 67 granted[56]. - The company has established a comprehensive R&D innovation mechanism, focusing on various advanced materials, including stealth materials and electromagnetic shielding materials[64]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of 2024[1]. - The company plans to continue expanding its production capacity and product offerings in response to increasing orders and market demand[15]. - The company is actively pursuing new customer acquisition and product application expansion in the corrosion protection field, with revenue of 1,260.60 million[60]. - The company is actively collaborating with leading research institutions to innovate in stealth and composite materials, enhancing its competitive edge in the market[19][21]. Product Development - New product development includes the launch of a ceramic matrix composite material, which is expected to enhance performance in aerospace applications[1]. - The company is becoming a core supplier in China's aerospace engine industry, focusing on stealth materials and advanced composite materials[18]. - The company has developed high thermal stability ceramic matrix composites suitable for various operational environments, achieving international advanced levels in technology[22]. - The company has developed a variety of stealth materials, including temperature-resistant stealth coatings and corrosion-resistant stealth coatings, with multiple products entering the verification and standardization phase[49]. Financial Position and Assets - The company's total assets increased by 6.14% to ¥5,478,805,466.31, compared to ¥5,161,666,808.22 at the end of the previous year[13]. - The net assets attributable to shareholders rose by 4.05% to ¥4,372,770,220.11 from ¥4,202,613,669.39 at the end of last year[13]. - Cash and cash equivalents decreased by 55.68% to ¥480,920,783.56, accounting for 8.78% of total assets[99]. - Accounts receivable (including contract assets) amounted to 743.34 million yuan, representing 15.38% of total assets at the end of the reporting period[89]. Risks and Challenges - The company has identified potential risks related to supply chain disruptions and has implemented strategies to mitigate these risks[1]. - The company is facing risks related to high customer concentration, with a significant portion of revenue coming from Group A[81]. - The company acknowledges risks related to core technology leakage and the potential impact on its competitive edge[76]. - The company is at risk of management challenges due to the expansion of its asset and revenue scale, which complicates resource allocation and internal control[93]. Shareholder and Equity Information - The company distributed a cash dividend of 0.34 CNY per share, totaling 47,282,668.14 CNY (including tax) to shareholders[143]. - The total number of shares increased from 139,066,671 to 194,693,339, with a total increase of 55,626,668 shares due to capital reserve conversion and cash dividends[142]. - The largest shareholder, Zhe Sheng Yang, increased their restricted shares to 43,806,000, with a release date in September 2025[144]. - The company has a lock-up period of 36 to 42 months for its restricted shares, ensuring stability in the shareholding structure[150]. Environmental and Social Responsibility - The company has invested ¥26.38 million in environmental protection during the reporting period[110]. - The company has established an environmental protection management mechanism and has implemented measures to control pollution effectively[112]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[112].

证券代码：688281 证券简称：华秦科技 公告编号：2024-030 陕西华秦科技实业股份有限公司 第二届监事会第四次会议决议公告 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 8 月 2 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 8 月 12 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。 （一）审议通过了《关于公司 2024 年半年度报告全文及摘要的议案》 经认真审核，公司 2024 年半年度报告的编制和审核程序符合法律、行政法 规和中国证监会的规定，报告全文及摘要真实、准确、完整地反映了公司 2024 年半年度的财务状况和经营成果，不存在虚假记载、误导性陈述或者重大遗漏。 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见公司同日在 ...

陕西华秦科技实业股份有限公司 2024 年度提质增效重回报专项行动方案的半年度评估报告 一、发挥关键角色职责，维护投资者权益 2024 年上半年，公司严格按照相关法律法规及规范性文件的要求，强化管 理层责任，发挥关键角色职责，始终坚守诚信经营的原则，完善职能齐备、相互 制衡的治理架构，建立权责分工明确、规范高效的工作流程和程序，明确各个层 级和部门的职责和目标，形成了更加完善的公司治理机制。 2024 年 1 月，公司部分董监高计划自 2024 年 1 月 31 日起 6 个月内，在遵 守《中华人民共和国证券法》以及中国证券监督管理委员会、上海证券交易所相 关规定的前提下，通过上海证券交易所交易系统允许的方式（包括但不限于集中 竞价和大宗交易等）增持公司股份，合计增持金额不低于人民币 1,000 万元且不 超过人民币 2,000 万元。截至 2024 年 7 月 30 日，上述增持公司股份计划实施完 毕，各增持主体合计增持公司股份 196,429 股，占公司总股本的 0.1009%，增持 金额合计为人民币 1,519.88 万元。 增持过程中，各增持主体遵守《中华人民共和国公司法》、《中华人民共和 国证券法》 ...

证券代码：688281 证券简称：华秦科技 公告编号：2024-028 陕西华秦科技实业股份有限公司 关于部分董事、监事、高级管理人员 增持公司股份计划实施完毕暨增持结果公告 本公司董事会、全体董事及相关股东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： 增持计划基本情况：陕西华秦科技实业股份有限公司（以下简称"公司"） 部分董事、监事、高级管理人员自 2024 年 1 月 31 日起 6 个月内，通过上海证券 交易所交易系统允许的方式（包括但不限于集中竞价和大宗交易等）增持公司股 份，合计增持金额不低于人民币 1,000 万元且不超过人民币 2,000 万元。本次增 持计划的具体内容详见公司 2024 年 1 月 31 日于上海证券交易所网站 （www.sse.com.cn）披露的《关于部分董事、监事、高级管理人员增持公司股份 计划暨公司"提质增效重回报"行动方案的公告》（公告编号：2024-005） 增持计划实施结果：2024 年 1 月 31 日至 2024 年 7 月 30 日，增持主体 通过上海证券交易所交易系统以集 ...

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 控股股东、实际控制人及其一致行动人 增持股份的法律意见书 师事务所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 坛 я я 2011 11:55 Pr JIA YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI AN 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 控股股东、实际控制人及其一致行动人 增持股份的法律意见书 嘉源(2024)-05-262 敬启者: 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"华秦科技"或"公司")的委托,根据《中华人民共和国公 司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券 法》)、《上市公司收购管理办法》(以下简称《管理办法》)、《上海证券交 易所科创板股票上市规则》等有关法律、法规和规范性文件的规定,以及本法律 意见书出具目以前已发生或存在的事实发表法律意见,按照律师行业公认的业务 标准、道德规范和勤勉尽责精神,就 ...

| --- | |-------| | | | | | | 证 券 研 究 报 告 | --- | --- | --- | |----------------|----------------------------------|--------------------------------| | | | | | [table_Authors | 彭磊 ] ( 分析师 ) 010-83939806 | 杨天昊 ( 分析师 ) 010-83939791 | | | penglei018712@gtjas.com | yangtianhao027639@gtjas.com | | 登记编号 | S0880518100003 | S0880523080010 | 投资要点： [Table_Summary 维持目标价]135.44 元，维持"增持"。公司系隐身材料龙头，产品先 发优势明显，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。随着批产产品规模增加，价格或有阶段性波动，我们调 整 2024-26 年 EPS 至 2.72/3.59/4.43 元（前值为 2.72/3.60/4.41 元），维 ...