2024年10月25日 证券研究报告|公司研究|军工公司点评 | --- | --- | --- | |-------------------------------------------------------------------|--------------------------------------------------------------------------------------------|--------------| | | | | | 华泰科技 (688281) | 投资评级 | 买入 | | 2024年三季报点评:在手订单充足,业绩继续创同 | | 维持评级 | | | 2024年 10月24 日 | | | 期新高 | 收盘价(元): | 104.33 | | | 目标价(元): | 125 | | 报告摘要 | 公司基本数据 | | | ◆ 事件：公司 10 月 25 日公告，2024 年前三季度实现营收（7.38 亿元, | 总股本(百万股) | 194.69 | | +22.55%), 归母净利润(3.09 亿元,+14.41%), 毛利率(54.61%, - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady performance with a record high in contract liabilities, indicating strong order backlog and proactive inventory management [1] - The revenue for the first three quarters of 2024 reached 738 million yuan, representing a year-on-year growth of 22.55%, while the net profit attributable to the parent company was 309 million yuan, up 14.41% year-on-year [1] - The gross margin for the first three quarters of 2024 was 54.61%, a decrease of 4.23 percentage points compared to the previous year, and the net profit margin was 39.55%, down 4.44 percentage points [1] Financial Performance Summary - Revenue (in million yuan): - 2022A: 672 - 2023A: 917 - 2024E: 1,215 - 2025E: 1,659 - 2026E: 2,080 [1] - Year-on-year growth rates for revenue: - 2022: 31% - 2023: 36% - 2024E: 32% - 2025E: 37% - 2026E: 25% [1] - Net profit (in million yuan): - 2022A: 333 - 2023A: 335 - 2024E: 507 - 2025E: 671 - 2026E: 858 [1] - Year-on-year growth rates for net profit: - 2022: 43% - 2023: 0% - 2024E: 51% - 2025E: 33% - 2026E: 28% [1] Business Expansion and Market Opportunities - The company is expanding its subsidiaries, which has led to an increase in expense ratios, but it is also benefiting from a robust order backlog and proactive production planning [1] - The company is integrating into the aerospace engine collaborative industry system, with plans to develop ceramic matrix composites and aerospace component processing [1] - The company is also exploring civilian markets by applying military technology to civilian products, such as protective materials and acoustic metamaterials [1]

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Insights - The company's Q1-Q3 2024 revenue reached 738 million yuan, a year-over-year increase of 22.55%, with a net profit attributable to shareholders of 309 million yuan, up 14.41% year-over-year [4][5]. - The company is recognized as a leading domestic special materials enterprise, with a strong market position and a broad market space due to increasing defense modernization requirements [4][5]. - The report anticipates continued revenue growth driven by diversified business expansion and increasing demand in the market [4][5]. Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 738 million yuan, with a year-over-year growth rate of 22.6% [5]. - The net profit attributable to shareholders for 2024 is projected to be 500 million yuan, reflecting a significant increase of 49.3% compared to the previous year [5]. - The gross margin for Q1-Q3 2024 was reported at 54.61%, a decrease of 4.23 percentage points from the previous year [4][5]. Business Development and Outlook - The company is actively advancing its fundraising projects and production preparations, with expectations for some production lines to enter the testing phase by Q4 2024 [4]. - The company has made significant progress in various fields, including acoustic materials and special materials for defense applications, which are expected to contribute to future growth [4][5]. - The report projects the company's net profit for 2024-2026 to be adjusted to 500 million, 625 million, and 844 million yuan respectively, with corresponding PE ratios of 40, 32, and 24 times [4][5].

%% %% 丨证券研究报告丨 公司研究丨点评报告丨华秦科技（688281.SH） [Table_Title] 盈利能力短期波动，增量业务逐步落地 | --- | |-------| | | | | 分析师及联系人 [Table_Author] 王贺嘉 张晨晨 杨继虎 SAC：S0490520110004 SAC：S0490524080007 SFC：BUX462 请阅读最后评级说明和重要声明 华秦科技（688281.SH） cjzqdt11111 2024-10-28 相关研究 05-16 [Table_Title2] 盈利能力短期波动，增量业务逐步落地公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 年三季报，24Q1-3 实现营收 7.38 亿，同比增长 22.55%，归母净利润 3.09 亿， 同比增长 14.41%，扣非归母净利润 2.96 亿，同比增长 14.42%；单 Q3 实现营收 2.53 亿，同 比增长 14.77%，环比增长 6.34%；归母净利润 0.94 亿，同比增长 8.01%，环比减少 7.26%； 扣 ...

证券研究报告·公司点评报告·航空装备Ⅱ 华秦科技（688281） 2024 年三季报点评：屡获重大订单，隐身材 料行业持续发力 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|----------|----------|----------| | 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 | 1,158.48 | 1,543.28 | 2,012.48 | | 同比 | 31.37 | 36.45 | 26.27 | 33.22 | 30.40 | | 归母净利润（百万元） | 333.42 | 335.01 | 505.41 | 674.47 | 866.87 | | 同比 | 42.99 | 0.48 | 50.86 | 33.45 | 28.53 | | EPS- 最新摊薄（元 / 股） ...

华秦科技（688281.SH）2024 年三季报点评 1~3Q24 利润增长 14%；多点布局未来可期 2024 年 10 月 25 日 [盈利预测与财务指 Table_Forcast] 标 ➢ 事件：10 月 24 日，公司发布 2024 年三季报，2024 年前三季度实现营收 7.38 亿元，YOY +22.6%；归母净利润 3.09 亿元，YOY +14.4%；扣非净利润 2.96 亿元，YOY +14.4%。业绩表现符合市场预期。公司批产型号任务和小批试 制新产品订单陆续增多，产销量稳步提升，我们综合点评如下： ➢ 业绩实现稳健增长；费用增加影响净利率。1）单季度角度：公司 3Q24 实 现营收 2.53 亿元，YOY +14.8%；归母净利润 0.94 亿元，YOY +8.0%；扣非净 利润 0.89 亿元，YOY +6.6%。2）利润率方面：公司 1~3Q24 毛利率同比下滑 4.2ppt 至 54.6%，略有波动；净利率同比下滑 4.4ppt 至 39.6%。3Q24 毛利率 同比下滑 8.8ppt 至 51.4%；净利率同比下滑 3.4ppt 至 34.7%。公司净利率下 滑主要系期间费用率等 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥252,621,807.06, representing a year-on-year increase of 14.77%[2] - The net profit attributable to shareholders for Q3 2024 was ¥93,857,357.16, reflecting an increase of 8.01% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥89,013,059.53, up by 6.59% year-on-year[2] - The basic and diluted earnings per share for Q3 2024 were both ¥0.48, an increase of 6.67% compared to the same period last year[2] - The company's operating profit for the third quarter was CNY 330,546,624.83, compared to CNY 295,850,280.61 in the previous year, representing an increase of 11.7%[20] - The net profit attributable to shareholders of the parent company for the third quarter was CNY 309,465,965.60, up from CNY 270,493,039.83 in the previous year, reflecting a growth of 14.4%[21] - Net profit for the first three quarters of 2024 was ¥335,656,475.01, up 19.5% from ¥280,821,973.34 in the first three quarters of 2023[29] Assets and Liabilities - The total assets at the end of the reporting period reached ¥5,679,646,945.15, marking a 10.04% increase from the end of the previous year[3] - The total current assets amounted to approximately CNY 3.94 billion, slightly down from CNY 4.01 billion, indicating a decrease of about 1.54%[16] - The total liabilities increased to approximately CNY 3.94 billion, compared to CNY 3.01 billion at the end of 2023, indicating a rise of about 30.95%[16] - The total liabilities increased to CNY 1,109,904,964.84, compared to CNY 852,603,005.53 in the previous year, marking a rise of 30.2%[18] - The company's total assets reached CNY 5,679,646,945.15, up from CNY 5,161,666,808.22, indicating a growth of 10.0%[18] - The company's total equity increased to ¥4,479,803,072.71, up from ¥4,191,429,265.84, reflecting a growth in shareholder value[30] Cash Flow - The cash flow from operating activities for the year-to-date was ¥156,583,400.55[2] - The net cash flow from operating activities for the first three quarters of 2024 was CNY 156,583,400.55, compared to a negative cash flow of CNY -72,880,173.26 in the same period of 2023, indicating a turnaround in operational performance[23] - The net cash flow from operating activities was ¥216,564,083.16, a significant improvement from a negative cash flow of -¥46,713,448.65 in the same period last year[31] - The company reported cash inflows from investment activities of CNY 9,592,519,433.51 in the first three quarters of 2024, up from CNY 6,916,788,413.49 in 2023, marking an increase of approximately 38.4%[23] - The company's cash and cash equivalents decreased to approximately CNY 693.86 million from CNY 1.09 billion, representing a decline of about 36.06%[15] - The cash and cash equivalents at the end of the period were ¥633,415,075.08, down from ¥797,930,617.99 at the end of the previous year[32] Research and Development - The company's R&D investment totaled ¥24,890,423.53 in Q3 2024, accounting for 9.85% of operating revenue, a decrease of 1.38 percentage points year-on-year[3] - Research and development expenses for the first three quarters were CNY 57,910,827.15, slightly higher than CNY 57,648,604.29 in the same period last year[19] - Research and development expenses for the first three quarters of 2024 were ¥43,068,901.07, slightly lower than ¥46,375,587.27 in the same period of 2023[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,463, with the largest shareholder holding 22.57% of the shares[10] - There were no significant changes in the top 10 shareholders due to the transfer of shares during the reporting period[14] Operational Metrics - The company experienced a significant increase in prepayments, which rose by 457.03% at the end of the reporting period[7] - Other receivables at the end of the reporting period amounted to 102.19 million, mainly due to an increase in related deposits and guarantees[8] - Inventory at the end of the reporting period was 94.03 million, primarily due to an increase in the cost of goods sold and contract performance[8] - Contract assets at the end of the reporting period decreased by 43.65 million, mainly due to a reduction in warranty deposits[8] - Short-term borrowings at the end of the reporting period decreased by 97.63 million, primarily due to changes in bill discounting[8] - Contract liabilities at the end of the reporting period increased by 115.03 million, mainly due to an increase in advance payments under sales contracts[8] - Operating costs from the beginning of the year to the end of the reporting period were 35.16 million, mainly due to significant costs incurred by subsidiaries still under construction[9] - Sales expenses from the beginning of the year to the end of the reporting period were 31.48 million, primarily due to increased expenses from the expansion of subsidiaries[9] - Other income from the beginning of the year to the end of the reporting period was 97.47 million, mainly due to an increase in government subsidies compared to the same period last year[9]

证券代码：688281 证券简称：华秦科技 公告编号：2024-034 陕西华秦科技实业股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议问题征集：投资者可于 2024 年 11 月 1 日（星期五）前访问网址 https://eseb.cn/1iHisfYlXk4 或使用微信扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 一、说明会类型 陕西华秦科技实业股份有限公司（以下简称"公司"）已于 2024 年 10 月 25 日在上海证券交易所网站（www.sse.com.cn）披露了《2024 年第三季度报告》。 为使投资者更加全面、深入地了解公司情况，公司定于 2024 年 11 月 1 日（星期 五）15:00-16:00 在"价值在线"（www.ir-online.cn）举办 2024 年第三季度业绩说 明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开 ...

陕西华秦科技实业股份有限公司 舆情管理制度 陕西华秦科技实业股份有限公司 舆情管理制度 二零二四年十月 1 | 第一章 | 总 则 | 3 | | --- | --- | --- | | 第二章 | 舆情管理的组织体系及其工作职责 | 3 | | 第三章 | 各类舆情信息的处理原则及措施 | 5 | | 第四章 | 责任追究 | 6 | | 第五章 | 附则 | 7 | 陕西华秦科技实业股份有限公司 舆情管理制度 陕西华秦科技实业股份有限公司 舆情管理制度 第一章 总 则 第一条 为了提高陕西华秦科技实业股份有限公司（以下简称"公司"）应 对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股价、商业信誉及正常经营活动造成的影响，切实保护投资者合法权益，根 据相关法律法规的规定和《陕西华秦科技实业股份有限公司章程》（以下简称《公 司章程》），结合公司实际情况，制订本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 ...

证券代码：688281 证券简称：华秦科技 公告编号：2024-033 陕西华秦科技实业股份有限公司 第二届监事会第五次会议决议公告 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 10 月 16 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 10 月 24 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。 2 详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《2024 年第 三季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 1 特此公告。 陕西华秦科技实业股份有限公司监事会 2024 年 10 月 25 日 4、本次会议的召开和表决程序符合《中华人民共和国公司法》等法律法规 及《公司章程》的有关规定。 二、监事会会议审议 ...