Core Insights - The company reported a revenue of 1.204 billion yuan for 2024, representing a year-on-year growth of 15.78%, and a net profit attributable to shareholders of 199 million yuan, up 41.25% year-on-year [1] - The company continues to focus on research and development, with R&D investment increasing by 25.95% in 2024, leading to multiple patents that support product upgrades and new business expansion [2] - The company has adjusted its revenue forecasts for 2025 to 2027, expecting net profits of 245 million, 297 million, and 360 million yuan respectively, with year-on-year growth rates of 23.1%, 21.4%, and 21.2% [3] Revenue and Profit Growth - The company achieved a revenue of 1.204 billion yuan in 2024, marking a 15.78% increase compared to the previous year [1] - The net profit attributable to shareholders reached 199 million yuan, reflecting a significant year-on-year growth of 41.25% [1] Business Operations and R&D Focus - The ammunition equipment segment remains a traditional strength, with improvements in production efficiency and cost reduction through lean management and strict quality control [1] - The solid engine power module segment for missiles (rockets) saw a substantial increase in product delivery due to advanced technology and high-quality products [1] - R&D investment for 2024 was 25.95% higher than the previous year, supporting technological innovation and attracting new customers [2] Future Profit Projections - The company has revised its profit forecasts for 2025 to 2027, with expected net profits of 245 million, 297 million, and 360 million yuan, indicating strong growth potential [3] - Corresponding price-to-earnings ratios for these years are projected to be 36.00, 29.65, and 24.47 times [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential in the ammunition and solid engine sectors [3][6]. Core Insights - The company achieved a revenue of 1.2 billion yuan in 2024, representing a year-over-year growth of 15.8%, with a net profit of 199 million yuan, up 41.3% year-over-year [1]. - The growth in 2024 was supported by strong business development capabilities and market demand, with a notable increase in the gross margin to 34.4% and net margin to 17.1% [1][2]. - The company is focusing on R&D, increasing its R&D expenses by 26% to 90 million yuan, which is expected to drive long-term growth and business expansion [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 440 million yuan, a year-over-year increase of 21.6%, and a net profit of 49 million yuan, up 2.9% year-over-year [1]. - The total accounts receivable increased by 141% to 600 million yuan, leading to a credit impairment loss of 24.24 million yuan [1]. Product Segmentation - The ammunition business grew steadily, with revenue from special products reaching 1.17 billion yuan, a 17.3% increase year-over-year, while the civil products segment remains small at 29 million yuan [2]. - The solid engine power module segment saw significant growth, with revenue increasing by 71.5% to 380 million yuan, and profit soaring by 90% to 112 million yuan [2]. R&D and Future Outlook - The company has 95 ongoing R&D projects, up from 83 the previous year, indicating a strong commitment to innovation [3]. - Future profit projections estimate net profits of 272 million yuan, 348 million yuan, and 425 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 33x, 26x, and 21x [3][5].

Core Viewpoint - The company, Guokexun Military Industry, reported a solid growth in military products, with a focus on ammunition, and is expected to maintain a strong growth trajectory in the coming years [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.204 billion yuan, representing a year-on-year increase of 15.78%, and a net profit attributable to shareholders of 199 million yuan, up 41.25% year-on-year [1]. - The fourth quarter revenue reached 440 million yuan, showing a year-on-year increase of 21.55% and a quarter-on-quarter increase of 56.15% [1]. - Military products generated revenue of 1.167 billion yuan, up 17.34% year-on-year, with a gross margin of 34.50%, an increase of 2.23 percentage points [2]. Product Segmentation - The solid rocket engine power module experienced rapid growth, while the revenue from civilian products decreased by 20.79% to 29 million yuan, with a gross margin of 23.41% [1][2]. - The subsidiaries responsible for ammunition equipment reported a combined revenue of 634 million yuan, up 12.01% year-on-year, while those handling fuses and safety control modules saw a revenue decline of 12.08% to 258 million yuan [2]. Research and Development - The company increased its R&D expenditure by 25.95% to 91.166 million yuan, focusing on core products and enhancing research in missile solid rocket engine power modules and intelligent ammunition systems [2]. Cash Flow - Operating cash flow net amount decreased by 123.87% due to the timing of military unit equipment funding approvals, but adjusted cash flow showed a year-on-year increase of 10.81% to 489 million yuan [2]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 245 million, 301 million, and 366 million yuan for 2025-2027 respectively [3]. - A target price of 69.50 yuan is set based on a 50X target PE for 2025, reflecting the company's strong positioning in ammunition and solid rocket engine sectors [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 69.50 [8][9]. Core Views - The company reported a revenue of RMB 1.204 billion for 2024, representing a year-on-year increase of 15.78%, and a net profit attributable to the parent company of RMB 198.73 million, up 41.25% year-on-year [1][5]. - The company is positioned as a leading player in the consumable equipment sector, expected to benefit from the demand for missiles and ammunition due to their consumable nature [1]. - The solid engine power module for military products has shown rapid growth, with military product revenue reaching RMB 1.167 billion, a year-on-year increase of 17.34% [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of RMB 440 million, a year-on-year increase of 21.55% and a quarter-on-quarter increase of 56.15% [1]. - The gross margin for military products was 34.50%, up 2.23 percentage points year-on-year, while civilian products saw a decline in revenue by 20.79% [2]. Subsidiary Performance - The subsidiaries responsible for ammunition equipment generated a total revenue of RMB 634 million, a year-on-year increase of 12.01%, while those handling fuses and safety control modules experienced a slight decline in revenue [3]. - The subsidiary focused on solid engine power modules saw a revenue increase of 71.57% to RMB 376 million, with a profit increase of 90.15% [3]. Research and Development - The company increased its R&D expenses by 25.95% to RMB 91.166 million, focusing on core products and intelligent ammunition systems [4]. - The operating cash flow decreased by 123.87% due to delays in equipment funding approvals, but adjusted cash flow showed a 10.81% increase [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of RMB 244.53 million, RMB 301.41 million, and RMB 366.11 million for 2025, 2026, and 2027 respectively [5][7]. - The target price is based on a projected PE ratio of 50x for 2025, reflecting the company's strong positioning in the ammunition and missile sectors [5].

Core Insights - The company, Guokexun Military Industry, reported a significant increase in both revenue and net profit for the year 2024, with revenue reaching 1.204 billion yuan, a year-on-year growth of 15.78%, and net profit of 199 million yuan, a growth of 41.25% [2] - The company's commitment to research and development (R&D) is a key driver of its performance, with R&D investment reaching 91.166 million yuan, an increase of 25.95% year-on-year, positioning it among the top in the industry [2][3] - Guokexun Military Industry has successfully maintained double-digit growth in revenue and net profit for two consecutive years since its listing on the Sci-Tech Innovation Board in June 2023, showcasing its effectiveness in technology innovation, market share expansion, and capacity optimization [2] Revenue and Profit Growth - The company achieved a net profit of 199 million yuan, reflecting a robust growth rate of 41.25% compared to the previous year [2] - The non-recurring net profit was reported at 182 million yuan, marking a year-on-year increase of 30.55% [2] R&D and Innovation - Guokexun Military Industry has focused on enhancing product performance and quality through technological innovation, which has strengthened its competitive advantage and allowed it to meet existing customers' needs while attracting new clients [3] - The company has increased its investment in solid rocket engine power modules and intelligent ammunition systems, aiming to upgrade related products and cultivate new business growth points [3] Market Strategy and Future Outlook - The company has initiated an 810 million yuan expansion plan for power module production to meet the growing market demand and support the transition from model development to mass production [3] - Guokexun Military Industry has signed a significant annual order contract worth 739 million yuan for ammunition products, indicating strong customer trust in its offerings [3] - Looking ahead, the company plans to align with the "14th Five-Year Plan," focusing on the development of unmanned and intelligent ammunition systems, new propellants, and power devices to drive high-quality development and contribute to national defense modernization [4]

国科军工: 国泰君安证券股份有限公司关于江西国科军工集团股份有限公司 2024年度募集资金存放与实际使用情况之核查意见 国泰君安证券股份有限公司 关于江西国科军工集团股份有限公司 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为江西 国科军工集团股份有限公司（以下简称"国科军工"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，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》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》和《上海证券交易所上市公司募集资金管理办法（2013 年修订）》等相关规定，对国科军工 2024 年度募集资金的存放与实际使用情况进 行了审慎核查，具体核查情况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金情况 经中国证券监督管理委员会证监许可［2023］1011 号文《关于同意江西国 科军工集团股份有限公司首次公开发行股票注册的批复》的核准，江西国科军工 集团股份有限公司采用向社会公开发行人民币普通股（A 股）3667 万股，发行 价格为每股 43.67 元。截止 2023 年 6 月 16 日，公司实 ...

审计业务收入 13.80 亿元、证券业务收入 4.50 亿元。2023 年上市公司年报审计客 户 204 家（含 H 股），平均资产额 146.53 亿元，收费总额 2.41 亿元。主要分布于 制造业、信息传输、软件和信息技术服务业、电力、热力、燃气及水生产和供应 业、科学研究和技术服务业、水利、环境和公共设施管理业。同行业上市公司审 计客户 134 家。 二、执业记录 国科军工: 江西国科军工集团股份有限公司会计师 事务所履职情况评估报告 江西国科军工集团股份有限公司 会计师事务所履职情况评估报告 江西国科军工集团股份有限公司（以下简称"公司"）聘请大信会计师事务 所（特殊普通合伙）（以下简称"大信"）作为公司 2024 年度年报审计机构。根 据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理 办法》，公司对大信 2024 年审计过程中的履职情况进行评估。经评估，公司认为 大信资质等方面合规有效，履职保持独立性，勤勉尽责，公允表达意见，具体情 况如下： 一、资质条件 大信会计师事务所（特殊普通合伙）成立于 1985 年，2012 年 3 月转制为特殊 普通合伙制事务所，总部位于北京，注册 ...

国科军工: 关于2024年度利润分配及资本公积转增 股本方案的公告 证券代码：688543 证券简称：国科军工 公告编号：2025-011 关于 2024 年度利润分配及资本公积转增股本方案的公告 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： ? 每股分配比例：每股派发现金红利 0.9 元（含税），同时进行资本公积 金转增股本，向全体股东每股转增 0.2 股，不送红股。 ? 本次利润分配及资本公积转增股本以实施权益分派股权登记日登记的 总股本扣减公司回购专用账户中的股份为基数，股权登记日的具体日期将在权 益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持 现金派发每股分配比例和每股转增比例不变，相应调整现金派发总额及转增总 额，并将另行公告具体调整情况。 一、 利润分配及资本公积转增股本方案内容 根据大信会计师事务所（特殊普通合伙）出具的审计报告，江西国科军工 集团股份有限公司（以下简称"公司"）2024 年度合并报表归属于上市公司股 东的净利润为 198,727,1 ...

国科军工: 第三届监事会第十五次会议决议公告 证券代码：688543 证券简称：国科军工 公告编号：2025-010 江西国科军工集团股份有限公司 表决情况：3 票同意；0 票反对；0 票弃权。 本议案尚需提交公司 2024 年年度股东大会审议。 （二）审议《关于 2024 年度财务决算报告及 2025 年度财务预算报告的议案》 公司 2024 年度财务决算报告及 2025 年度财务预算报告按照《中华人民共和 国公司法》《企业会计准则》和《公司章程》的有关规定编制，公允的反映了公 司 2024 年 12 月 31 日的合并及母公司财务状况，以及 2024 年全年度的合并及母 公司经营成果和现金流量。监事会一致同意公司 2024 年度财务决算报告及 2025 年度财务预算报告。 表决情况：3 票同意；0 票反对；0 票弃权。 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 江西国科军工集团股份有限公司(以下简称"公司")于 2025 年 3 月 24 日以 现场方式召开第三届监事会第十五次会议（以下简 ...

证券代码：688543 证券简称：国科军工 公告编号：2025-020 江西国科军工集团股份有限公司 国科军工: 关于召开2024年年度股东大会的通知 关于召开 2024 年年度股东大会的通知 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： （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 4 月 16 日 14 点 00 分 召开地点：江西省南昌市南昌经济技术开发区建业大街 999 号二楼会议室 （五） 网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的 ...