证券的投资评级： 以报告日后的 6 个月内，证券相对于市场基准指数的涨跌幅为标准，定义如下： 买入（Buy） ：相对强于市场表现 20％以上； 增持（Outperform） ：相对强于市场表现 5％～20％； 中性（Neutral） ：相对市场表现在－5％～＋5％之间波动； 减持（Underperform） ：相对弱于市场表现 5％以下。 行业的投资评级： 以报告日后的 6 个月内，行业相对于市场基准指数的涨跌幅为标准，定义如下： 看好（Overweight） ：行业超越整体市场表现； 中性（Neutral） ：行业与整体市场表现基本持平； 看淡 (Underweight） ：行业弱于整体市场表现。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议；投 资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以 获取比较完整的观点与信息，不应仅仅依靠投资评级来推断结论。申银万国使用自己的行业分类体系，如果您对我们的行业分类有 兴趣，可以向我们的销售员索取。 本报告采用的基准指数 ：沪深 300 ...

Financial Performance - The company expects to achieve operating revenue of RMB 496.66 million for the first half of 2024, an increase of RMB 114.75 million, representing a year-on-year growth of 30.05%[3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be RMB 211.94 million, an increase of RMB 37.09 million, reflecting a year-on-year growth of 21.21%[4]. - In the same period of 2023, the company reported a net profit of RMB 183.60 million[5]. - The company anticipates a net profit of RMB 219.64 million for the first half of 2024, which is an increase of RMB 36.04 million, indicating a year-on-year growth of 19.63%[11]. - In the first half of 2023, the company achieved operating revenue of RMB 381.91 million[13]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, for the first half of 2023 was RMB 174.86 million[14]. Factors Influencing Performance - The increase in performance for the first half of 2024 is primarily due to the steady progress of construction projects in subsidiaries, although some incurred losses during the capacity building phase[7]. - The increase in revenue and profitability is attributed to the growing number of production model tasks and small batch trial production orders, leading to a steady rise in production and sales compared to the previous year[15]. Cautionary Notes - The performance forecast has not been audited by a registered accounting firm, and the company has not identified any significant uncertainties affecting the accuracy of the forecast[8]. - Investors are advised to be cautious regarding investment risks as the financial data is based on preliminary calculations by the company's finance department[8].

证券研究报告·公司点评报告·航空装备Ⅱ 买入（维持） [Table_Tag] [Table_Summary] 事件：公司 2024 年 7 月 4 日公告，公司与某客户签订了批产项目销售合 同，合同总金额为人民币 132,337,660.00 元（含税），合同标的为公司已批 产隐身材料。 投资要点 ◼ 本年度公告的第三份重要合同，国内新材料产业规模不断扩大：公司在 本合同公告前，于 2024 年 1 月 17 日和 30 日宣布签订两份隐身材料销 售合同，金额分别为 3.10 亿元和 3.32 亿元。这些合同预计将正面影响 当期业绩。得益于军用航空和维修市场的需求增长，公司业绩有增长潜 力。在政策、资本和市场三大因素的共同影响下，中国新材料产业的市 场规模迅速提升，成为经济发展的重要支柱型产业。根据资料显示，我 国新材料产业 2022 年总值达到约 6.8 万亿元，较十年前增长约 6 倍。 华秦科技作为新材料领先企业，在技术和产业上有一定优势。其中隐身 材料、防护材料等特种功能材料产业转化板块，技术已达到国际先进水 平，未来将迅速占领市场份额。 ◼ 盈利预测与投资评级：基于公司在隐身材料行业的领先地位以及 2 ...

证券代码：688281 证券简称：华秦科技 公告编号：2024-026 陕西华秦科技实业股份有限公司 关于自愿披露公司签订日常经营重大合同的公告 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： 合 同 类 型 及 金 额 ： 批 产 项 目 销 售 合 同 ， 合 同 总 金 额 为 人 民 币 132,337,660.00 元（含税）。 合同生效条件：经双方签字盖章后生效。 合同履行期限：交付时间以某客户每月实际需求为准。 对上市公司业绩的影响：如合同顺利履行，预计对公司业绩产生积极的 影响。 合同履行中的重大风险及重大不确定性：合同双方均具有履约能力，但 在合同履行期间，如遇不可抗力或其他因素，将影响最终执行情况。 一、审议程序情况 陕西华秦科技实业股份有限公司（以下简称"公司"）近日与某客户签订批产 项目销售合同（以下简称"本合同"），合同总金额为人民币 132,337,660.00 元（含 税）。 本合同为日常经营重大合同，公司已履行了签署合同的内部审批程序。根据 《上海证券交易所科创板股票上市规则 ...

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） 增持计划实施进展情况：截至 2024 年 6 月 17 日，增持主体通过上海证 券交易所交易系统以集中竞价方式累计增持公司股份 191,822 股，占公司总股本 的 0.0985%，增持金额合计为人民币 1480.51 万元，已超过本次增持计划下限 1,000 万元。本次增持计划尚未实施完毕。 一、增持主体的基本情况 证券代码：688281 证券简称：华秦科技 公告编号：2024-025 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 ...

证券代码：688281 证券简称：华秦科技 公告编号：2024-024 陕西华秦科技实业股份有限公司 关于完成工商变更登记并换发营业执照的公告 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"）分别于 2024 年 4 月 17 日召开第二届董事会第三次会议、2024 年 5 月 9 日召开 2023 年年度股东大会， 审议通过了《关于变更注册资本、修订<公司章程>的议案》，同意公司变更注册 资本、修订公司章程相应条款，并授权公司董事长或授权人员办理上述涉及的工 商变更登记、章程备案等相关事宜。具体内容详见公司 2024 年 4 月 19 日披露在 上海证券交易所网站（www.sse.com.cn）的《陕西华秦科技实业股份有限公司关 于变更注册资本、修订<公司章程>及部分公司治理制度的公告》（2024-017）。 公司已于近日完成了上述事项的工商变更登记，并收到了西安市市场监督管 理局换发的《营业执照》，具体登记事项如下： 名称：陕西华秦科技实业股份有限公司 统一社会信用代码： ...

Group 1: Company Overview and Market Position - Huayin Technology aims to become a leading innovative enterprise in the new materials industry in China and a core supplier for national defense and military modernization [1][2] - The company has made progress in various fields, including aerospace, underwater vehicles, and high-speed trains, focusing on acoustic metamaterials and advanced protective materials [2][3] Group 2: Financial Performance - In Q1 2024, the company achieved a revenue of CNY 24,760.39 million, representing a year-on-year growth of 32.61% [2] - As of March 2024, the company has approximately CNY 800 million in hand orders for special functional materials [3] Group 3: Product Development and Applications - The company is developing a series of civilian high-end new materials, including acoustic metamaterials, heavy-duty anti-corrosion materials, high-efficiency thermal insulation materials, and electromagnetic shielding materials [1][2] - The company has mastered core technologies in stealth materials, camouflage materials, and high-efficiency protective materials, achieving significant breakthroughs in technology bottlenecks [3] Group 4: Future Projects and Investments - The company is actively advancing several projects, including intelligent manufacturing of aviation components and the production and research of acoustic metamaterials [3][4] - The company plans to accelerate project construction and production to realize investment returns as soon as possible [4]

证券代码：688281 证券简称：华秦科技 公告编号：2024-023 陕西华秦科技实业股份有限公司 2023 年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 新增无限售条件流 通股份上市日 | 现金红利发放日 | | --- | --- | --- | --- | | 2024/5/27 | 2024/5/28 | 2024/5/28 | 2024/5/28 | 公司存在首发战略配售股份，首发战略配售股份已全部上市流通 是否涉及差异化分红送转：否 每股分配比例，每股转增比例 每股现金红利 0.34 元(含税) 每股转增 0.4 股 相关日期 3. 分配方案： 本次利润分配及转增股本以方案实施前的公司总股本 139,066,671 股为基数， 每股派发现金红利 0.34 元（含税），以资本公积金向全体股东每股转增 0.4 股，共 计派发现金红利 47,282,668.14 元（含税），转增 55,626,668 股，本次分配后总股本 为 194,6 ...

Group 1: Financial Performance - In 2023, the company achieved operating revenue of 91,745.51 million yuan, an increase of 36.45% compared to the previous year [1] - In Q1 2024, the company reported operating revenue of 24,760.39 million yuan, a growth of 32.61% year-on-year [2] Group 2: Business Segments - Revenue from special functional materials and services reached 88,744.09 million yuan [1] - Revenue from aerospace components processing and manufacturing was 1,101.88 million yuan [2] - Revenue from acoustic metamaterials was 1,819.76 million yuan [2] Group 3: Investment and Capacity Expansion - The company plans to invest 68,051.00 million yuan in the industrialization project for special functional materials, which includes new production and testing facilities [2] - The company aims to upgrade existing production lines to increase production capacity for stealth materials, camouflage materials, and protective materials [2] Group 4: Production Model - The company employs a make-to-order production model, customizing products based on client specifications [3] - Different production modes are utilized for various products, including stealth coating materials, structural stealth materials, camouflage materials, and acoustic metamaterials [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [13]. Core Views - The company has successfully expanded its new business lines, establishing a multi-dimensional growth curve and is expected to create a flagship platform for special functional materials [1]. - In Q1 2024, the company achieved revenue of 248 million yuan, a year-on-year increase of 32.61%, and a net profit attributable to shareholders of 114 million yuan, up 29.4% year-on-year [13]. - The company is actively increasing raw material inventory to ensure order fulfillment, with a significant increase in inventory balance by 50.23% compared to the beginning of the year [14]. - The company is positioned as a leading player in the domestic market for stealth materials, with a strong technological advantage and industrialization capability, which is expected to drive future growth [15]. Summary by Sections Business Performance - The company has signed orders totaling approximately 81 million yuan, with unexecuted orders of about 55 million yuan as of March 2024 [1]. - The company’s Q1 2024 gross margin was 58.76%, showing stability despite slight fluctuations in profitability [13]. Financial Projections - The company forecasts revenues of 521 million, 671 million, and 874 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 56%, 29%, and 30% [15]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 37, 29, and 22 times respectively [15]. Market Position - The company is one of the few domestic leaders covering the full temperature range of stealth materials, with plans to extend its business into the processing of aviation parts and expand into protective, camouflage, and acoustic materials [15].