证券代码：688281 证券简称：华秦科技 公告编号：2025-028 陕西华秦科技实业股份有限公司 股东询价转让计划书 股东宁波华秦万生自有资金投资合伙企业（有限合伙）、罗发、白红艳、王 均芳、李湛、武腾飞保证向陕西华秦科技实业股份有限公司提供的信息内容不存 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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与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"）首发前股东询价转让（以下简称"本次询价转让"）的股东为宁波华秦万生 自有资金投资合伙企业（有限合伙）（以下简称"华秦万生"）、罗发、白红艳、 王均芳、李湛、武腾飞（以上股东合并简称"出让方"）； 1 | 序号 | 股东名称 | 持有首发前股 | 占总股本比 | 总持股数量 | 总持股占总股 | | --- | --- | --- | --- | --- | --- | | | | 份数量（股） | 例（%） | （股） | 本比例（%） | | 1 | 华秦万生 | 21,976,010 | 8.06 | ...

Core Viewpoint - The report highlights the continuous optimization of the product matrix and the diversification of revenue structure for Huayin Technology, with a buy rating and a target price of 85.0 yuan [1]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 516 million yuan, a year-on-year increase of 6.44% [2]. - The net profit attributable to shareholders was 146 million yuan, a decline of 32.45% compared to the same period last year [2]. - Basic earnings per share (EPS) was 0.53 yuan, down 32.91% year-on-year [2]. Business Segments - The company has established five main business units: special functional materials, aerospace components intelligent processing, acoustic metamaterials and instruments, ceramic matrix composites, and ultra-fine crystal component manufacturing [3]. - Revenue contributions for the first half of 2025 included 450.50 million yuan from the main unit, 71.63 million yuan from Huayin Aerospace, and 7.79 million yuan from Huayin Acoustics [3]. R&D and Innovation - R&D investment increased significantly to 70.30 million yuan, a growth of 112.89% year-on-year [4]. - The company emphasizes technological innovation and has established long-term strategic partnerships with research institutions to enhance its technological capabilities [4]. - Various R&D platforms have been set up to focus on advanced materials and components for aerospace and other high-end applications [4]. Capacity Expansion - The company is accelerating project construction to enhance production capacity and product support [5]. - Key projects include the industrialization of special functional materials and the establishment of an R&D center, with construction and trial production ongoing [5]. - Huayin Aerospace's intelligent processing project is expected to achieve full production by the end of 2025 [5]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 400 million yuan, 499 million yuan, and 619 million yuan, respectively, with corresponding EPS of 1.47 yuan, 1.83 yuan, and 2.27 yuan [6].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [45]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" phase. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors, which have favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry Insights - The defense budget growth rate in China is around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][9]. Market Performance - In the past week, the CSI 300 index increased by 4.90%, while the aerospace and defense index rose by 4.19%. For the month, the CSI 300 index saw a 7.16% increase, and the aerospace and defense index increased by 8.25% [10]. Industry News - The preparations for the 80th anniversary of the victory in the War of Resistance against Japan are progressing smoothly, showcasing new military equipment, including advanced fourth-generation equipment and various unmanned systems, highlighting the military's capabilities in modern warfare [14][15]. Company Tracking - Several companies reported their semi-annual results, with varying performance metrics. For instance, *ST Lihang reported a revenue of 54.34 million yuan, down 49.72% year-on-year, while Hongyuan Electronics achieved a revenue of 1.018 billion yuan, up 22.27% year-on-year [21][22][43].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 77.42 CNY based on a 49x PE ratio for 2025 [2][5]. Core Insights - The company is expected to see a significant improvement in its financial performance in the second half of the year, driven by a recovery in revenue and profitability [10]. - The special functional materials segment is poised for high growth during the 14th Five-Year Plan, supported by increasing demand from new military aircraft production and maintenance needs [10]. - The company is undergoing a product upgrade cycle, with a higher proportion of revenue coming from new research and development projects, although these are not yet fully commercialized [10]. Financial Performance Summary - Revenue is projected to grow from 917 million CNY in 2023 to 2,189 million CNY by 2027, with a compound annual growth rate (CAGR) of 24.8% [4]. - The net profit attributable to the parent company is expected to increase from 335 million CNY in 2023 to 758 million CNY in 2027, reflecting a growth rate of 28.5% [4]. - The gross margin is forecasted to stabilize around 51.0% by 2027, after a decline to 49.7% in 2025 [4].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its industry-leading position and forward-looking strategic layout in component manufacturing [4][6]. Core Insights - The company reported a revenue of 520 million yuan for the first half of 2025, representing a year-over-year increase of 6.4%, while the net profit attributable to shareholders decreased by 32.5% to 150 million yuan [1]. - The second quarter of 2025 showed significant quarter-over-quarter growth, with revenue reaching 270 million yuan, a 15.7% year-over-year increase and a 13.9% quarter-over-quarter increase [1]. - The company's gross margin declined by 8.7 percentage points to 47.6% in the first half of 2025, primarily due to product upgrades and increased costs during the ramp-up phase of subsidiary production [1][3]. Summary by Sections Financial Performance - In 1H25, the company achieved a net profit of 130 million yuan, down 37.0% year-over-year, with a net profit margin of 26.1%, down 16.0 percentage points [1]. - The operating cash flow improved significantly, reaching 100 million yuan, a year-over-year increase of 55.2% [3]. Business Diversification - The company is expanding its product range, with over 50% of revenue in 1H25 coming from research and development products [2]. - Subsidiaries showed varied performance, with 华秦航发 achieving a revenue of 71.63 million yuan, up 201.5% year-over-year, while 华秦光声 reported a revenue of 7.79 million yuan, up 664.5% year-over-year [2]. Research and Development - The company increased its R&D expense ratio to 13.6%, up 6.8 percentage points year-over-year, indicating a commitment to strengthening its technological barriers [3]. - The company is focusing on the application of ceramic matrix composites in aerospace, with ongoing validation of components delivered to customers [2]. Future Projections - The company forecasts net profits of 415 million yuan, 601 million yuan, and 823 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 46x, 32x, and 23x [4][5].

Investment Rating - The investment rating for the company is "Buy" with a target price of 81.12 RMB [7][8]. Core Views - The company reported a revenue of 516 million RMB for H1 2025, representing a year-on-year increase of 6.44%, while the net profit attributable to the parent company was 146 million RMB, down 32.45% year-on-year [1][7]. - The decline in profit is attributed to an increase in the proportion of revenue from research and development products, which has not yet realized scale effects, impacting the gross margin [2][3]. - The company is positioned as a leader in military stealth materials, with ongoing demand expected to support long-term growth [1][3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 275 million RMB, up 15.74% year-on-year and 13.88% quarter-on-quarter, with a net profit of approximately 82.98 million RMB, down 18.00% year-on-year but up 32.44% quarter-on-quarter [1][2]. - The gross margin for H1 2025 was 47.57%, a decrease of 8.70 percentage points year-on-year, and the net profit margin was 26.09%, down 16.01 percentage points year-on-year [2]. Inventory and R&D - As of H1 2025, the company's inventory balance was 321 million RMB, an increase of 46.16% from the beginning of the year, indicating a robust order backlog and proactive production preparations [3]. - R&D investment for H1 2025 reached 70.30 million RMB, a significant increase of 112.89% year-on-year, which is expected to strengthen the company's technological barriers for sustainable long-term development [3]. Subsidiary Developments - The subsidiary, Huayin Aviation, has begun basic production of intelligent processing and manufacturing projects for aviation components, with expected full production by the end of 2025, generating revenue of 71.63 million RMB in H1 2025, up 201.47% year-on-year [4]. - Another subsidiary, Huayin Acoustics, is expanding its business in various fields and achieved revenue of 7.79 million RMB in H1 2025, a year-on-year increase of 664.47% [4]. Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 462 million RMB, 582 million RMB, and 714 million RMB for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.69 RMB, 2.14 RMB, and 2.62 RMB [5][10]. - The company is valued at a PE ratio of 48 times for 2025, with an adjusted target price of 81.12 RMB [5][10].

2025年8月22日，华秦科技(688281.SH)发布2025年半年度报告。截至2025年8月21日，共有5个机构投资 者披露持有华秦科技A股股份，合计持股量达2817.54万股，占华秦科技总股本的10.34%。其中，机构 投资者包括泉州华秦万生商务信息咨询合伙企业(有限合伙)、中国工商银行股份有限公司-华夏军工安全 灵活配置混合型证券投资基金、国联安行业领先混合、兴银研究精选股票A、金信景气优选混合A，机 构投资者合计持股比例达10.34%。相较于上一季度，机构持股比例合计下跌了0.10个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括华夏军工安全混合A、国联安行业领 先混合，持股增加占比达1.05%。本期较上一季度新披露的公募基金共计2个，包括兴银研究精选股票 A、金信景气优选混合A。本期较上一季未再披露的公募基金共计8个，主要包括国泰双利债券A、万家 颐和A、万家颐德一年持有期混合A、东方阿尔法精选混合A、万家颐远均衡一年持有期混合发起式A 等。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688281 公司简称：华秦科技 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所网站（www.sse.com.cn）网站仔细阅读半年度报告全文。 1.2重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请查阅"第三节管理层讨论与分析：四、风险因 素"相关内容。敬请广大投资者仔细阅读并注意投资风险。 1.3本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司2024年年度股东大会授权，公司第二届董事会审计委员会第十次会议、第二届董事会第十一次会 议审议通过《关于2025年半年度利润分配预案的议案》，公司2025年半年度拟以实施权益分派股权登记 日登记的总股本为基数分配利润。本次2025年半年度利润分配预案如下： 公司拟向全体 ...

Group 1 - The stock price of Huayin Technology is reported at 69.85 yuan, down 3.46% from the previous trading day [1] - For the first half of 2025, the company achieved an operating revenue of 516 million yuan, a year-on-year increase of 6.44%, while net profit was 146 million yuan, a year-on-year decrease of 32.45% [1] - The company plans to distribute a cash dividend of 1.3 yuan for every 10 shares to all shareholders, with a total expected cash distribution of 35.43 million yuan [1] Group 2 - Huayin Technology operates in sectors including non-metallic materials, Shaanxi region, and specialized and innovative enterprises [1] - The company's main business includes aerospace component processing, ceramic matrix composites, acoustic metamaterials and instruments, and ultra-fine crystal components [1] - The cash flow from operating activities for the first half of 2025 was 97.61 million yuan, representing a year-on-year increase of 55.16% [1] Group 3 - On August 21, Huayin Technology experienced a net outflow of 22.97 million yuan in main funds, with a total net outflow of 82.25 million yuan over the past five days [1] - The proposed cash distribution for the first half of 2025 marks the sixth time the company has distributed cash since its listing [1]

Core Points - The document outlines the information disclosure deferral and exemption management system for Shaanxi Huaqin Technology Industrial Co., Ltd, aiming to ensure compliance with relevant laws and regulations [1][2] - The system emphasizes the importance of accurate, complete, and timely information disclosure while prohibiting the misuse of deferral or exemption to mislead investors [2][3] - It establishes internal review procedures for determining deferral and exemption matters, requiring documentation and approval from the board of directors [5][8] Group 1: General Principles - The purpose of the system is to regulate the deferral and exemption of information disclosure, ensuring compliance with the Securities Law and other relevant regulations [1] - Information disclosure obligors include the company, its directors, senior management, core technical personnel, shareholders, and other related parties [2] - The company must not abuse deferral or exemption to evade disclosure obligations or engage in insider trading [2][3] Group 2: Scope of Deferral and Exemption - Information can be deferred or exempted if it involves state secrets or other matters that may violate confidentiality regulations [3][4] - Commercial secrets can also be deferred or exempted if disclosure could lead to unfair competition or harm the interests of the company or others [4][5] - If the reasons for deferral or exemption are no longer valid, the company must disclose the information promptly [5][6] Group 3: Internal Review Procedures - The company must establish internal procedures for reviewing deferral and exemption requests, which must be approved by the board of directors [5][8] - The board secretary's office is responsible for organizing and coordinating the specific affairs related to deferral and exemption [6][7] - Documentation must be maintained for all deferral and exemption matters, including reasons for deferral and the internal review process [6][10] Group 4: Accountability and Compliance - The company has established a responsibility accountability mechanism for deferral and exemption practices, with potential penalties for non-compliance [7][9] - The system must align with the listing rules and other relevant regulations of the Shanghai Stock Exchange [9][10] - The board of directors is responsible for interpreting and revising the system as necessary [9][10]