编号：2024-004 证券代码：688543 证券简称：国科军工 江西国科军工集团股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------|--------------------------|-----------------------------------------------------------| | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 | R 业绩说明会 | | 投资者关系 | □ 新闻发布会 | £ 路演活动 | | 活动类别 | □现场参观 | | | | □ 其他 | | | 参与单位名 | | 通过上海证券报•中国证券网参加公司 2024 年三季度业绩说 | | 称及人员姓 | 明会的全体投资者 | | | 名 会议时间 | 2024 年 11 月 20 | 日 16:00-17:00 | | 会议地点 | roadshow.cnstock.com/ | 上 海 证 券 报 • 中 国 证 券 网 （ 网 址 ： https:// ） | | | 董事长：毛勇先生 | | | 上市公司接 | 总经理：余永 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company focuses on missile (rocket) solid engine power and control products, as well as ammunition equipment, with a strong emphasis on R&D and core technology advantages. Revenue for 2022, 2023, and Q1-3 of 2024 was 837 million, 1,040 million, and 764 million yuan respectively, showing year-on-year growth of 24.50%, 24.25%, and 12.70% [4][6] - The company has announced significant investments to expand solid engine production capacity and develop a research center for aerospace power, which is expected to alleviate capacity bottlenecks and drive rapid growth in the solid engine business [4] - The company has a strong position in the ammunition sector, being the only enterprise outside of state-owned military groups capable of producing various types of small and medium caliber ammunition. Recent successful bids for new models indicate ongoing expansion in this area [4] - A stock incentive plan has been introduced to motivate employees, covering 200 individuals and representing 2.05% of total shares, which is expected to enhance management's commitment to future growth [4] Financial Summary - Revenue projections for 2024-2026 are 1,307 million, 1,536 million, and 1,984 million yuan, with expected growth rates of 25.6%, 17.6%, and 29.2% respectively. Net profit is projected to be 185 million, 214 million, and 291 million yuan for the same period, with growth rates of 31.8%, 15.2%, and 36.0% [6][10] - The company’s EPS is forecasted to be 1.05, 1.22, and 1.65 yuan for 2024, 2025, and 2026 respectively, with a corresponding PE valuation range of 60-65 times for 2024, indicating a fair value range of 63.30 to 68.57 yuan [4][10] Market Performance - The company has shown a strong market performance with a 41.83% increase compared to the Haidong Composite Index, outperforming the market significantly [2]

关于召开 2024 年三季度业绩说明会的公告 证券代码：688543 证券简称：国科军工 公告编号：2024-075 江西国科军工集团股份有限公司 （一） 会议召开时间：2024 年 11 月 20 日 下午 16:00-17:00 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 20 日(星期三) 下午 16:00-17:00 会议召开地点： 上海证券报 · 中国证券网 （ 网 址 ： https://roadshow.cnstock.com/） 会议召开方式：网络平台在线互动 投资者可于 11 月 19 日(星期二)17:00 前将相关问题通过电子邮件的 形式发送至公司邮箱 zqb@guokegroup.com，公司将在说明会上对投资者普遍 关注的问题进行回答。 江西国科军工集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公司 2024 年三季度报告，为便于广大投资者更全面深入地了解公司 2024 年三季度经营成果、财务状况，公司计划于 2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for the first three quarters of 2024 reached 764 million yuan, a year-on-year increase of 12.7%, with a net profit attributable to the parent company of 149 million yuan, up 61.2% year-on-year [6][7] - The significant increase in gross margin may indicate a change in revenue structure, with higher contributions from higher-margin businesses [6][7] - The company has secured a major sales contract worth 316 million yuan for ammunition, which is expected to ensure revenue stability for the year [6][7] - The solid rocket engine is identified as a bottleneck in the missile industry chain, and if demand recovers, the company's position in the industry chain may improve [6][7] - The market space is broad, and profit is expected to grow steadily, leading to the maintenance of the "Buy" rating [6][7] Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 1.296 billion yuan, with a growth rate of 24.55% [7] - The net profit is expected to reach 193 million yuan, reflecting a year-on-year growth of 36.84% [7] - The earnings per share (EPS) is forecasted to be 1.10 yuan, with a corresponding price-to-earnings (P/E) ratio of 54x [7] Market Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of 25.19% for revenue and 34.46% for net profit over the next three years [6][7] - The gross margin is projected to improve, indicating a favorable shift in the product mix towards higher-margin offerings [6][7] Industry Position - The company is positioned as a core supplier of solid rocket engines, which are critical in the missile supply chain, potentially benefiting from supply-demand imbalances [6][7] - The defense industry is expected to see increased demand, which may enhance the company's market position [6][7]

Investment Rating - The investment rating for the company is "Buy" [1][17]. Core Views - The company has achieved a rapid growth in net profit of 61.20% in the first three quarters of 2024, driven by strong downstream demand and increased investment in R&D and new projects [1][10]. - The company is expected to maintain a strong growth trajectory in revenue and net profit, benefiting from multiple national key missile projects and military trade contracts [1][10][16]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company reported revenue of 764 million yuan, an increase of 12.70%, and a net profit of 149 million yuan, up 61.20% [1]. - The gross margin improved to 37.25%, up 3.01 percentage points, and the net margin increased to 20.39%, up 5.97 percentage points [1]. - The company’s Q3 2024 performance showed revenue of 282 million yuan, a 1.40% increase, and a net profit of 70 million yuan, up 41.11% [1]. Business Segments - The military product segment saw significant growth, with military product revenue reaching 460 million yuan in the first half of 2024, a 26.15% increase, accounting for 95.42% of total revenue [4]. - The company has five main subsidiaries, with notable growth in the aerospace subsidiary, which achieved a revenue increase of 102.72% [4][5]. R&D and Future Projects - The company is actively increasing its R&D investment, with 83 projects underway and a total investment of 370 million yuan planned [11]. - The company aims to enhance its production capacity and expand into new areas, including unmanned aerial vehicles [11][16]. Market Outlook - The company is well-positioned to benefit from the ongoing demand for missiles and smart munitions, with expectations for continued high demand through 2025 and 2027 [10][16]. - Future revenue projections estimate 1.265 billion yuan for 2024, 1.579 billion yuan for 2025, and 1.961 billion yuan for 2026, with corresponding net profits of 185 million yuan, 229 million yuan, and 293 million yuan [17].

2024 年 6 月 7 日，公司完成 2023 年年度权益分派。根据本次回购方案规定， 公司本次实施权益分派后回购股份价格上限由不超过 58.00 元/股调整为不超过 47.76 元/股，除前述调整外，回购方案的其他事项均无变化。本次回购计划具体的 回购数量及占公司总股本比例以回购完毕或回购实施期限届满时公司的实际回购 情况为准。具体内容详见公司于 2024 年 6 月 8 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于 2023 年度权益分派实施后调整回购股份价格上 限的公告》（公告编号：2024-036）。 | 回购方案首次披露日 | 2024/2/9 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 2 日~2025 年 2 月 7 | 月 | 8 | 日 | | 预计回购金额 | 万元 7,000 万元~13,000 | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 累计已回购股数 | ...

证券代码：688543 证券简称：国科军工 江西国科军工集团股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|--------------------------|--------------------------------| | | R 特定对象调研 £ | 分析师会议 | | 投资者关系活 | £ 媒体采访 £ | 业绩说明会 | | 动类别 | £ 新闻发布会 £ | 路演活动 | | | £ 现场参观 | | | | £ | 其他（请文字说明其他活动内容） | | 参与单位名称 | 兴业证券：石 康、李博彦 | | | | 长江证券：王贺嘉、张晨晨 | | | 及人员姓名 | 广发证券：孟祥杰、吴坤其 | | | | 申万宏源：韩 强、达邵炜 | | | | 国盛证券：刘天祥 | | | | 信达证券：张润毅 | | | | 中信建投：王泽金 | | | | 中金公司：刘中玉 | | | | 海通证券：李雨泉、胡舜杰 | | | | 光大证券：刘宇辰 | | | | 银河证券：胡浩淼 | | | | 国泰君安：黄 龙 | | | | 中国信达 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 764 million yuan for the first three quarters of 2024, representing a year-on-year growth of 12.70%, and a net profit attributable to shareholders of 149 million yuan, which is a year-on-year increase of 61.20% [2][3] - The main driver for profit growth is attributed to the rapid increase in revenue from solid rocket engine power modules, increased cash management income, and a decrease in interest expenses [3] - The company continues to increase its investment in core product research and development, focusing on solid rocket engine power modules and intelligent new-type ammunition equipment [3] Financial Summary - The projected net profits for 2024, 2025, and 2026 are 188 million yuan, 245 million yuan, and 297 million yuan, respectively, with year-on-year growth rates of 33.5%, 30.2%, and 21.4% [4] - The corresponding price-to-earnings (P/E) ratios for these years are expected to be 52.11, 40.02, and 32.96 [4] - The company’s revenue for 2024 is projected to be 1.396 billion yuan, with a year-on-year growth of 34.2% [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential [1][3]. Core Insights - The company reported a significant increase in net profit, with a year-on-year growth of 61.2% for the first three quarters of 2024, driven by increased revenue from solid rocket engine modules, improved cash management, and reduced interest expenses [1]. - The third quarter of 2024 saw a 41.1% increase in net profit, with notable improvements in profit margins, achieving a gross margin of 39.1% and a net margin of 25.8% [1]. - The company is focusing on expanding its production capacity in solid rocket engine modules, with an investment of 8.1 billion yuan planned to support its growth and meet production demands [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 764 million yuan, a 12.7% increase year-on-year, and a net profit of 149 million yuan [1]. - The company’s operating cash flow for the first three quarters was -338 million yuan, primarily due to increased cash payments for goods and services [1]. - The forecast for the company's net profit for 2024 to 2026 is 188 million yuan, 248 million yuan, and 318 million yuan respectively, with corresponding PE ratios of 55x, 42x, and 33x [1][2]. Financial Metrics - The company’s revenue is projected to grow from 1,040 million yuan in 2023 to 1,945 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 22.5% [2][4]. - The net profit margin is expected to improve from 13.52% in 2023 to 16.34% in 2026, reflecting enhanced operational efficiency [5]. - The company’s total assets are projected to increase from 3,247 million yuan in 2023 to 4,160 million yuan in 2026, indicating a solid growth trajectory [4][5].

Financial Performance - The company's operating revenue for Q3 2024 was ¥282,080,351.99, representing a year-on-year increase of 1.40%[2] - The net profit attributable to shareholders for Q3 2024 was ¥69,598,029.70, reflecting a significant increase of 41.11% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date was ¥130,977,717.82, up 43.74% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.40, an increase of 42.86% compared to the previous year[2] - Total operating revenue for the first three quarters of 2024 reached CNY 763,957,394.14, an increase from CNY 677,880,041.47 in the same period of 2023, representing a growth of approximately 12.7%[15] - The company's net profit for the first three quarters of 2024 was CNY 175,253,863.14, compared to CNY 110,257,663.54 in the same period of 2023, showing an increase of around 59.0%[15] - The total profit for Q3 2024 is approximately ¥175.24 million, an increase from ¥110.33 million in Q3 2023, representing a growth of 58.8%[16] - The net profit attributable to shareholders of the parent company is approximately ¥149.24 million, up from ¥92.58 million in the same period last year, reflecting a growth of 61.0%[18] - Basic earnings per share for Q3 2024 is ¥0.85, compared to ¥0.63 in Q3 2023, indicating a 35.1% increase[18] Research and Development - Total R&D investment for the year-to-date reached ¥66,197,045.86, which is an increase of 42.67% year-on-year[4] - R&D investment accounted for 8.36% of operating revenue in Q3 2024, up 0.91 percentage points from the previous year[4] - Research and development expenses for the first three quarters of 2024 amounted to CNY 66,197,045.86, compared to CNY 46,399,087.84 in 2023, reflecting a significant increase of approximately 42.7%[15] Assets and Liabilities - The company's total assets as of the end of the reporting period were ¥2,957,972,361.52, a decrease of 8.90% compared to the end of the previous year[4] - The equity attributable to shareholders of the parent company was CNY 2,230,310,962.24, slightly down from CNY 2,266,966,430.49 in the previous year[13] - The company's total liabilities amounted to CNY 710,225,329.92, a decrease from CNY 966,513,151.93 in 2023, representing a decline of about 26.5%[13] - Non-current liabilities totaled CNY 45,535,485.20, down from CNY 86,364,159.60 in the previous year, indicating a reduction of approximately 47.3%[13] Cash Flow and Liquidity - The company's cash and cash equivalents amounted to approximately RMB 1.1 billion, a decrease from RMB 1.83 billion in the previous period[11] - Cash flow from operating activities for the first three quarters of 2024 is negative at approximately -¥338.31 million, compared to -¥71.40 million in the same period last year[19] - Cash flow from investing activities is negative at approximately -¥140.63 million for Q3 2024, compared to -¥76.26 million in Q3 2023[20] - Cash flow from financing activities shows a net outflow of approximately -¥247.29 million in Q3 2024, contrasting with a net inflow of ¥1.22 billion in the same quarter last year[20] - The cash and cash equivalents at the end of Q3 2024 amount to approximately ¥1.10 billion, down from ¥1.41 billion at the end of Q3 2023[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 8,883[8] - The largest shareholder, Jiangxi Military Industry Holding Group, holds 59,400,000 shares, accounting for 33.81% of the total shares[8] - The company has a total of 1,666,533 shares repurchased, representing 0.9485% of the total share capital[9] - The report indicates no significant changes in the top 10 shareholders due to securities lending activities[10] Operational Insights - The increase in net profit for the reporting period was primarily driven by rapid growth in missile (rocket) solid engine module revenue and improved cash management returns[7] - The company has not reported any new strategies or significant operational changes during the reporting period[11] - There are no reminders for investors regarding the company's operational situation during the reporting period[11]