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 ...

Summary of Conference Call Transcript Company or Industry Involved - The discussion revolves around a specific product pipeline and components related to machinery, particularly focusing on the production capacity of certain parts over the next two to three years [1]. Core Points and Arguments - The company has strategically planned investments in components and machinery frameworks, indicating a focus on enhancing production capabilities in the upcoming years [1]. - There is an emphasis on the development of high-speed machinery, which suggests a commitment to innovation and efficiency in production processes [1]. Other Important but Possibly Overlooked Content - The mention of a two to three-year timeline for the development and investment in these components indicates a long-term strategic vision, which may reflect the company's confidence in future market demand [1].

华秦科技 2023 年报解读20240422 Q：航发和机身隐身材料，航空发动机维修业务的情况 2023年还是航空发动机为主，在机身的收入不多，机身还是对应我们未来即将 批产的装备。维修这部分去年有四五千万收入。飞机的生命周期长一些，给飞机 配套的企业相对来说前期会保持比较高的增长，但发动机相对飞机是耗材，除了 主机广需求,还有部队直接下单的需求和维修需求，增速会比飞机大产业更平稳 持续性更久。我们作为发动机配套，基本上和耗材属性还是比较贴合的。 Q：三个子公司一共亏损2000多万，2024怎么展望? 沈阳部分在手订单也比较多，再加上4月份也有新订单落下来，所以沈阳方向可 能今年可以实现过亿的产值，我们是希望它可以在此基础上盈亏平衡，不要出现 大额亏损，所以可能2024 或2025扭亏为盈。南京方向相对资产轻一些，自前 都是民品，意向订单也有五六千万，即使今年无法持平，也是希望今年可以利润 上减亏，可能2025或2026扭亏为盈。上海方向王要在做基建，今年大概率还 是亏损，到今年10月可能产线才可以到位，四季度调试和试生产。 Q：维修部分，过去批产型号已经进入维修期了，公司是否看到大量维修订单？ 母年增速确实 ...

Summary of Conference Call Transcript Company/Industry Involved - The discussion revolves around a specific product pipeline and components related to machinery, particularly focusing on the development and capacity of certain parts over the next two to three years [1]. Core Points and Arguments - The company has strategically invested in the development of components, including a specific framework and high-speed machinery capacity, indicating a forward-looking approach to enhance production capabilities [1]. Other Important but Possibly Overlooked Content - The emphasis on the two to three-year timeline suggests a long-term vision for growth and adaptation in the industry, which may reflect broader trends in manufacturing and technology advancements [1].

事件：公司发布 2023 年年报及 2024 年一季度业绩预告，公司 2023 年实现营 收 9.2 亿元，同比+36.5%；归母净利润 3.4 亿元，同比+0.5%；利润增幅较小的 原因主要是控股子公司上海瑞华晟新材料有限公司确认股份支付费用所致。公司 2024Q1 预计实现营收 2.5 亿元，同比+32.6%；预计实现归母净利润 1.1 亿元， 同比+29.4%，主要是公司型号任务持续增加，下游市场需求持续增长所致。 | --- | --- | --- | --- | --- | --- | |---------------------------|--------|--------|--------|--------|--------| | 营业收入（百万元） | 672 | 917 | 1,279 | 1,658 | 2,070 | | 营业收入增长率 | 31.37% | 36.45% | 39.39% | 29.68% | 24.80% | | 净利润（百万元） | 333 | 335 | 499 | 664 | 815 | | 净利润增长率 | 42.99% | 0.48% | 48.84% | ...

华秦科技（688281） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 672.40 | 917.46 | 1,358.48 | 1,743.28 | 2,012.48 | | 同比 | 31.37 | 36.45 | 48.07 | 28.33 | 15.44 | | 归母净利润（百万元） | 333.42 | 335.01 | 511.05 | 638.47 | 716.26 | | 同比 | 42.99 | 0.48 | 52.55 | 24.93 | 12.18 | | EPS- 最新摊薄（元 / 股） | 2.40 | 2.41 | 3.67 | 4.59 | 5.15 | | P/E （现价 & 最新摊薄） | 52.01 | 51.76 | 33 ...