Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company achieved a revenue of 1.14 billion yuan in 2024, representing a year-on-year growth of 24.17%, and a net profit attributable to shareholders of 414 million yuan, up 23.56% year-on-year [1][9] - The growth is primarily driven by the expansion of the aerospace business and increased sales of specialty functional materials, alongside efforts in product structure adjustment and cost control [9] - The company has made significant progress in product accumulation and technological breakthroughs, successfully developing new types of specialty functional materials for aerospace applications [9] - The board approved a profit distribution plan, proposing a cash dividend of 5.2 yuan per 10 shares and a capital reserve conversion to increase share capital by 4 shares for every 10 shares held [9] Financial Performance Summary - Total revenue for 2024 is projected at 1,139.25 million yuan, with a year-on-year growth rate of 24.17% [1][10] - Net profit for 2024 is expected to be 413.92 million yuan, reflecting a growth of 23.56% compared to the previous year [1][10] - The earnings per share (EPS) for 2024 is estimated at 2.13 yuan, with a price-to-earnings (P/E) ratio of 34.33 [1][10] - The company maintains a strong cash flow position, with net cash flow from operating activities reaching 318 million yuan, a significant increase of 326.63% year-on-year [9][10]

Core Viewpoint - The company, Huajin Technology, reported significant growth in revenue and net profit for 2024, driven by optimized production processes and effective cost control, alongside a substantial increase in R&D investment [1][2][3] Financial Performance - In 2024, the company achieved total operating revenue of 1.139 billion yuan, a year-on-year increase of 24.17% - The net profit attributable to shareholders reached 414 million yuan, reflecting a year-on-year growth of 23.56% - For Q1 2025, the company reported operating revenue of 241 million yuan and a net profit of 62.66 million yuan [1][2] Business Segments - The company operates five main business units, including special functional materials, aerospace components processing, and acoustic metamaterials, optimizing its product matrix to better meet industry demands [2] - The main business revenue for 2024 was 1.131 billion yuan, with special functional materials and technical services contributing 1.023 billion yuan, accounting for 89.88% of total revenue, a 15.27% increase year-on-year [2] R&D and Innovation - The company significantly increased its R&D investment to 912.28 million yuan in 2024, a 24.1% year-on-year growth, with an R&D intensity of 8.01% [3][4] - The company has established multiple innovation platforms in collaboration with universities and research institutes, focusing on various advanced materials and applications [4] Production Capacity and Expansion - The company has completed the production launch of the Shenyang Huajin Aerospace Components Intelligent Processing Project, enhancing its competitiveness in the aerospace industry [3] - The Shanghai Ruihua Sheng project has made significant progress in the R&D and industrialization of ceramic matrix composites, with plans for further expansion [3] Shareholder Returns - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares, totaling 101 million yuan, which represents 30.20% of the net profit attributable to shareholders for 2024 [5] - Additionally, the company intends to increase its share capital by 4 shares for every 10 shares held, raising the total share capital from 195 million shares to 273 million shares [5]

Group 1 - As of December 31, 2023, the company has an unexpired financial management fund balance of 1,390,000,000 yuan and has used 9,769,000,000 yuan of idle raised funds to purchase financial products, with a total maturity amount of 9,504,000,000 yuan and an unexpired financial product amount of 1,655,000,000 yuan [1] - The company has approved the use of 1.5 million yuan of over-raised funds to permanently supplement working capital as of April 17, 2024, with a cumulative use of 635,178,304.96 yuan for this purpose by December 31, 2024 [2] - The company plans to invest 125 million yuan in the Huayin Technology New Materials Park (Phase II) project, using 60 million yuan of over-raised funds and 65 million yuan of self-owned funds [3] Group 2 - By December 31, 2024, the company has cumulatively used 1,748.46 million yuan of over-raised funds for the Huayin Technology New Materials Park (Phase II) project [4] - As of December 31, 2024, the company has no surplus raised funds or other uses of raised funds [5][6] - The company has not changed the use of raised investment projects as of December 31, 2024 [7] Group 3 - The company strictly follows relevant laws and regulations regarding the management and supervision of raised funds, ensuring timely and accurate information disclosure without any violations [8] - The annual report on the storage and use of the company's raised funds has been prepared in accordance with relevant regulations and reflects the actual situation [9] - The sponsor has confirmed that the company's use of raised funds complies with regulatory requirements and has been properly stored and used [10] Group 4 - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares and to increase capital by transferring 4 shares for every 10 shares held, with a total cash dividend amounting to 101,240,536.28 yuan [13][15] - The profit distribution and capital increase plan is subject to approval at the 2024 annual general meeting [16][18] - The company aims to enhance investor returns and may implement a mid-term profit distribution plan for 2025, depending on the company's performance [16] Group 5 - The company has proposed to renew the appointment of the accounting firm Xinyong Zhonghe for the 2025 financial audit, pending approval at the 2024 annual general meeting [22][23] - Xinyong Zhonghe has a strong track record, with significant revenue from audit services and a large number of listed company clients [24][25] - The company’s audit committee and independent directors have recommended the renewal based on the firm’s performance and compliance with auditing standards [32][33] Group 6 - The company will hold a performance briefing on May 12, 2025, to communicate with investors and address their concerns [38][40] - The annual general meeting is scheduled for May 15, 2025, with both on-site and online voting options available for shareholders [44][46] - The company has outlined the procedures for shareholder registration and voting for the upcoming general meeting [51][57] Group 7 - The company has announced a delay in the expected operational status of certain fundraising projects, specifically the "Special Functional Materials Industrialization Project" and the "Special Functional Materials R&D Center Project," now expected to be operational by March 2026 [62][64] - The delay is based on the actual progress of the projects and aims to ensure quality and compliance with market demands [65][66] - The company has confirmed that the delay will not affect the overall funding purposes or project locations [66][68]

Core Viewpoint - The company has announced a delay in the completion of certain fundraising projects, specifically the "Special Functional Materials Industrialization Project" and the "Special Functional Materials R&D Center Project," extending their expected operational status to March 2026 due to various operational and market factors [10][12][13]. Financial Data - The company reported a decline in profits for the first quarter of 2025 compared to the same period last year, attributed to increased costs from trial production and low capacity utilization in subsidiaries [4]. - The company’s total share capital is 139,066,671 shares, with a capital reserve increase of 0.4 shares per share for all shareholders, resulting in a total increase of 55,626,668 shares [3]. Fundraising and Project Status - The total amount raised from the initial public offering was approximately RMB 315.83 million, with a net amount of RMB 295.82 million after expenses [11]. - The company has previously postponed the operational status of the aforementioned projects from March 2024 to June 2025, and now to March 2026, due to stricter requirements in project execution and market demand [12][13]. Use of Funds - The company plans to use RMB 22.82 million of excess fundraising to permanently supplement its working capital, which is 13.60% of the total excess funds raised [31][32]. - The company has committed to ensuring that the use of excess funds will not affect the normal operation of fundraising projects and will comply with regulatory requirements [34][36]. Profit Distribution - The company proposes a profit distribution plan for 2024, which includes a cash dividend of RMB 5.2 per 10 shares and a capital reserve increase of 4 shares for every 10 shares held [41][42]. - The total cash dividend is expected to be approximately RMB 101.24 million, representing 30.20% of the net profit attributable to shareholders for the year [42].

陕西华秦科技实业股份有限公司 对外投资管理制度 二零二五年四月 | | | （五）必须坚持科学决策原则，所有投资项目应当充分进行科学论证，且符 合本制度所规定的审核流程。 陕西华秦科技实业股份有限公司 对外投资管理制度 第一章 总 则 第一条 为进一步加强陕西华秦科技实业股份有限公司（以下简称"本公司" 或"公司"）投资项目的管理，规范公司投资行为，防范与化解投资风险，实现 投资回报的最大化，根据《公司法》、其他法律法规及公司的有关规定，制定本 制度。 第二条 公司的对外投资应遵循以下原则： （一）必须遵守国家相关法律、法规的规定，符合国家产业政策； （二）必须符合公司发展战略和规划要求，有利于提高企业核心竞争能力； （三）必须坚持效益优先的原则，进行可行性研究论证以利于提高公司的整 体经济利益； （四）必须坚持谨慎性原则，投资规模应当与公司资产规模、资产负债水平 和实际筹资能力相适应； 第三条 按照投资期限的长短，公司对外投资分为短期投资和长期投资。短 期投资主要指公司购入的能随时变现且持有时间不超过一年（含一年）的投资， 包括各种股票、债券、基金、分红型保险等； 长期投资主要指投资期限超过一年，不能随时变 ...

陕西华秦科技实业股份有限公司 利润分配管理制度 $$=\exists^{\pm}=\exists i\not\in[0,1]$$ | | | 陕西华秦科技实业股份有限公司 利润分配管理制度 第一章 总则 第一条 为进一步规范陕西华秦科技实业股份有限公司(以下简称"公司") 的利润分配行为，建立科学、持续、稳定的分配机制，增强利润分配的透明度， 切实保护中小投资者合法权益，根据《中华人民共和国公司法》、《上市公司监管 指引第 3 号—上市公司现金分红》《关于进一步落实上市公司现金分红有关事项 的通知》、《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 公司自律监管规则适用指引第 1 号——规范运作》，并结合《陕西华秦科技实业 股份有限公司章程》（以下简称《公司章程》）及公司实际情况，制定本制度。 第二条 公司将进一步强化回报股东的意识,严格依照《公司法》和《公司章 程》的规定,自主决策公司利润分配事项,制定明确的回报规划,充分维护公司股 东依法享有的资产收益等权利,不断完善董事会、股东会对公司利润分配事项的 决策程序和机制。 第三条 公司制定利润分配政策尤其是现金分红政策时，应当履行必要的决 策 ...

陕西华秦科技实业股份有限公司 2024 年度独立董事述职报告 作为陕西华秦科技实业股份有限公司（以下简称"公司"）的独立董事，2024 年度任职期间，我严格按照《中华人民共和国公司法》《中华人民共和国证券法》 《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》《上市公司独立董事管理办法》等法律法规以及《公 司章程》、公司《独立董事工作制度》等规定，勤勉忠实履行独立董事职责，积 极出席公司股东大会、董事会和董事会专门委员会会议，认真审议各项议案，在 董事会日常运作及重大事项决策过程中，本人始终保持专业判断的独立性，依法 对董事会审议事项发表客观公正的意见，切实履行独立董事监督制衡职责，有效 保障公司及全体股东尤其是中小投资者的合法权利。现将 2024 年度的工作情况 报告如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景以及兼职背景 马均章，出生于 1957 年 9 月，中国国籍，无境外永久居留权，毕业于西北 工业大学铸造工程专业，本科学历，高级工程师。1982 年 2 月至 1991 年 6 月， 历任西安航空发动机公司助理工程师、工程师；19 ...

陕西华秦科技实业股份有限公司 募集资金管理制度 二零二五年四月 | | | 陕西华秦科技实业股份有限公司 募集资金管理制度 第一章 总则 第一条 为了规范陕西华秦科技实业股份有限公司（以下简称"公司"）募集 资金的使用与管理，提高募集资金使用效益，保护投资者的合法权益，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》）、《上海证券交易所科创板股票上市规则》（以下简称《上市规则》）、 《上海证券交易所科创板上市公司自律监管规则适用指引第 1 号——规范运作》 （以下简称《规范运作指引》）、《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》和《陕西华秦科技实业股份有限公司章程》（以下简 称《公司章程》）的相关规定，特制定本制度。 第二条 本制度所称募集资金，是指公司通过公开发行证券（包括首次公开 发行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券、 发行权证等）以及非公开发行股票向投资者募集并用于特定用途的资金，但不包 括公司实施股权激励计划募集的资金。 第三条 公司控股股东、实际控制人不得直接或者间接占用或者挪用公司募 ...

陕西华秦科技实业股份有限公司 二零二五年四月 | | | 陕西华秦科技实业股份有限公司 董事会议事规则 第一章 总 则 董事会议事规则 第一条 为规范陕西华秦科技实业股份有限公司（以下简称"公司"）董 事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会 规范运作和科学决策水平，完善公司治理结构，根据《中华人民共和国公司法》 和《陕西华秦科技实业股份有限公司章程》（以下简称《公司章程》）及其他有 关法律、法规和规范性文件的规定，结合公司实际情况，制定本规则。 第二条 公司依法设立董事会。董事会是公司的经营决策机构，依据《公 司法》等相关法律、法规和公司章程的规定，经营和管理公司的法人财产，对股 东会负责。 第三条 董事会应当认真履行国家有关法律、法规和《公司章程》规定的 职责，确保公司依法合规运作，公平对待所有股东，并维护其他利益相关者的合 法权益。 第四条 董事会各项法定职权应当由董事会集体行使，不得授权他人行使， 不得以公司章程、股东会决议等方式加以变更或者剥夺。公司章程规定的董事会 其他职权，涉及重大业务和事项的，应当进行集体决策，不得授权单个或者部分 董事单独决策。 第五条 本规则对 ...

陕西华秦科技实业股份有限公司 累积投票制度实施细则 陕西华秦科技实业股份有限公司 累积投票制度实施细则 $$\Xi_{\pm}^{\pm}=\mp1\oplus\lbrack\Xi_{\pm}\rbrack\rbrack$$ 1 | | | 陕西华秦科技实业股份有限公司 累积投票制度实施细则 第一章 总则 第一条 为进一步完善公司法人治理结构、维护中小股东利益，规范公司 选举董事行为，根据《中华人民共和国公司法》（下称《公司法》）、《上市公司治 理准则》《上海证券交易所科创板股票上市规则》及《陕西华秦科技实业股份有 限公司章程》（下称《公司章程》）、《陕西华秦科技实业股份有限公司股东会议事 规则》的有关规定，特制定本实施细则。 第二条 本实施细则所称"累积投票制"是指公司股东会在选举或者更换 董事时采用的一种投票方式。即股东会选举董事时，股东所持的每一有效表决权 股份拥有与该次股东会拟选举董事总人数相等的投票权，股东拥有的投票权等于 该股东持有股份数与应选董事总人数的乘积，并可以集中使用。股东既可以用所 有投票权集中投票选举一位候选董事，也可以分散投票给数位候选董事，最后按 照得票多少依次决定当选董事。 第三 ...