Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 1.04 billion yuan in 2023, representing a year-on-year growth of 24.25%, and a net profit attributable to the parent company of 141 million yuan, which is a year-on-year increase of 27.34% [4][5] - The company has made progress in research and development as well as market expansion, focusing on core business development and technology innovation [5] - The forecasted 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% [6] Financial Performance Summary - In 2023, the company achieved a revenue of 1.04 billion yuan, with a gross profit margin of 32.4% [8] - The projected revenues for 2024, 2025, and 2026 are 1.396 billion yuan, 1.792 billion yuan, and 2.218 billion yuan respectively, with corresponding year-on-year growth rates of 34.2%, 28.3%, and 23.8% [8] - The net profit attributable to the parent company is expected to grow from 141 million yuan in 2023 to 188 million yuan in 2024, 245 million yuan in 2025, and 297 million yuan in 2026 [8] - The company's P/E ratios for the years 2024, 2025, and 2026 are projected to be 40.89, 31.41, and 25.87 respectively [8]

Investment Rating - The report maintains a "Recommended" rating for the company [7][10]. Core Views - The company achieved a revenue of 1.04 billion yuan in 2023, representing a year-on-year growth of 24.3%. The net profit attributable to shareholders was 141 million yuan, with a year-on-year increase of 27.3% [7]. - The company has shown strong growth potential with new projects and products opening up growth opportunities. The net profit for 2024 is projected to be 189 million yuan, with further increases expected in subsequent years [7]. - The company is a core supplier of ammunition and guided equipment components, benefiting from the development of ammunition intelligence and its consumable nature [7]. Financial Performance Summary - Revenue (in million yuan): 1,040 in 2023, with a growth rate of 24.3% [3]. - Net profit attributable to shareholders (in million yuan): 141 in 2023, with a growth rate of 27.3% [3]. - Earnings per share (in yuan): 0.96 in 2023, projected to increase to 1.99 by 2026 [3][11]. - The company’s gross margin for 2023 was 32.4%, a decrease of 4.8 percentage points year-on-year, while the net margin increased by 0.6 percentage points to 14.1% [7]. - The company’s total assets are projected to grow from 3,247 million yuan in 2023 to 3,966 million yuan by 2026 [9][11]. Growth and Efficiency Metrics - The company’s operating profit is expected to grow from 167 million yuan in 2023 to 346 million yuan by 2026, reflecting a compound annual growth rate [9]. - The return on equity (ROE) is projected to increase from 6.21% in 2023 to 12.21% by 2026 [9]. - The company has successfully reduced its expense ratio, with a decrease of 4.1 percentage points in 2023, indicating improved operational efficiency [7].

Financial Performance - The company reported a distributable profit of RMB 254,216,285.90 for the year 2023[5]. - A cash dividend of RMB 8 per 10 shares (including tax) will be distributed, totaling RMB 116,132,070.40, which accounts for 82.55% of the net profit attributable to shareholders[6]. - The company's operating revenue for 2023 reached ¥1,040,254,236.84, representing a year-on-year increase of 24.25% compared to ¥837,223,820.23 in 2022[21]. - The net profit attributable to shareholders for 2023 was ¥140,687,943.45, up 27.34% from ¥110,481,218.94 in 2022[21]. - The net profit after deducting non-recurring gains and losses increased by 37.42% year-on-year, amounting to ¥139,065,558.18[23]. - The net cash flow from operating activities surged by 175.98%, totaling ¥441,494,722.00, driven by increased sales and customer prepayments[23]. - The net assets attributable to shareholders grew by 235.17% year-on-year, reaching ¥2,266,966,430.49, primarily due to the funds raised from the IPO on the Sci-Tech Innovation Board[23]. - The basic earnings per share for 2023 was ¥1.10, a 10.00% increase from ¥1.00 in 2022[23]. - The total profit reached 166.76 million yuan, reflecting a growth of 28.75% compared to the previous year[31]. - The gross margin for military products was reported at 32.27%[81]. Shareholder and Governance Matters - The board of directors has approved the profit distribution plan, which is subject to the approval of the annual general meeting[6]. - The company has confirmed that all board members are able to guarantee the authenticity and completeness of the annual report[8]. - The board of directors consists of 7 members, including 3 independent directors, and has established 4 specialized committees to assist in decision-making[126]. - The company held 9 board meetings during the reporting period, ensuring compliance with legal and regulatory requirements[126]. - The supervisory board comprises 3 members, including 1 employee supervisor, and held 6 meetings to oversee financial and operational compliance[127]. - The company conducted its annual general meeting and two extraordinary general meetings, all resolutions were passed without any rejections[129]. - The company has committed to enhancing information disclosure quality, ensuring it is timely, accurate, and complete[128]. - The company has not reported any significant differences in governance compared to regulatory requirements[128]. - The company has completed the board re-election process in August 2023, ensuring a diverse and complementary skill set among board members[126]. Research and Development - The R&D expenditure as a percentage of operating revenue decreased to 6.96% from 7.72% in the previous year[23]. - The company successfully completed 12 products transitioning from research to mass production and added 25 new research projects[31]. - The company obtained 19 new authorized patents, bringing the total to 150, including 28 invention patents[32]. - The company is actively focusing on core technology research and development to ensure smooth product delivery[31]. - Total R&D expenditure increased by 11.92% year-on-year, reaching ¥72,380,372.12, while the proportion of R&D expenditure to operating income decreased by 0.76 percentage points to 6.96%[64]. - The company has 83 ongoing projects, with a total expected investment of ¥370,222,600, of which ¥72,380,400 was invested in the current period and ¥248,202,400 cumulatively[68]. - The number of R&D personnel increased to 175, representing 20.35% of the total workforce, with total R&D personnel compensation amounting to ¥30,942,700[71]. Market and Business Expansion - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[23]. - The company has established strong partnerships with military industrial groups, enhancing its market influence and competitiveness[74]. - The company is exploring new market opportunities to diversify its revenue streams and reduce dependency on existing markets[136]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[139]. - The company is focused on high-quality delivery of research and production tasks, optimizing processes to reduce operational risks and costs[120]. Risk Management - The company has outlined potential risks in its operations, which are detailed in the management discussion and analysis section[4]. - The company faces risks related to high customer concentration, with the top five clients accounting for 78.95% of revenue[78]. - The company is exposed to potential declines in military orders due to macroeconomic factors and the need for continuous R&D capabilities[78]. - The company emphasizes risk management and internal control, ensuring the protection of shareholder and employee rights, which supports sustainable development[34]. Environmental and Social Responsibility - The company emphasizes the importance of ESG (Environmental, Social, and Governance) principles in its operations, focusing on low-carbon and energy-saving practices[174]. - The company invested 1.7877 million yuan in environmental protection during the reporting period[176]. - The company reduced carbon emissions by approximately 182.54 tons through the installation of non-powered ventilation fans in various workshops[183]. - The company contributed a total of 3.182 million yuan to poverty alleviation and rural revitalization efforts, including 1.182 million yuan for purchasing agricultural products[189]. - The company organized a "Charity Day Donation" event, raising 44,760 yuan for charitable activities[190]. - The company actively engages in volunteer services, including tree planting and educational support, contributing to community welfare[175]. Future Outlook - The company plans to invest ¥810 million in expanding the capacity of solid rocket motor modules to meet the demands of model development tasks[75]. - The company aims to develop smart munitions and non-lethal special ammunition for various military applications, leveraging existing technologies in the ammunition sector[118]. - The company is committed to increasing R&D investment, particularly in ammunition and solid rocket engine technologies, to drive innovation and meet military operational demands[120]. - The company aims to improve operational efficiency through targeted investments in technology and human resources[136]. - The company provided a forward guidance of 10% revenue growth for the next quarter, projecting revenues between 1.3 billion RMB and 1.4 billion RMB[139].

江西国科军工集团股份有限公司 关于独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》、上海证券交易所《科创板股票 上市规则》《科创板上市公司自律监管指引第1号--规范运作》等要求,江西国 科军工集团股份有限公司(以下简称"公司")董事会,就公司在任独立董事朱 星文、段卓平、易蓉的独立性情况进行评估并出具如下专项意见: 经核查独立董事朱星文,段卓平、易蓉的任职经历以及签署的相关自查文件, 上述人员未在公司担任除独立董事以外的任何职务,也未在公司主要股东公司担 任任何职务,与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独 立客观判断的关系,因此,公司董事会认为,公司独立董事符合《上市公司独立 董事管理办法》《科创板上市公司自律监管指引第 1 号-- 规范运作》等规定中对 独立董事独立性的相关要求。 江西国科军工集团股份有限公司 黃事会 2024 年 3 月 26 日 江西国科军工集团股份有限公司 2023 年度独立董事关于独立性自查情况的报告 本人 89 年为江西国科军工集团股份有限公司独立董事,在 2023 年度 严格遵守法律法规等相关要求,勤勉尽责、忠实履职,符合《上市公司独立 ...

江西国科军工集团股份有限公司 审计 报 告 大信审字[2024]第 6-00006 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 長敗 1 旦 第 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F Xuevuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone: +86 (10) 82327668 在直 Fax. 网 til Internet: www.daxincna.com.cn 审计报告 大信审字[2024]第 6-00006 号 江西国科军工集团股份有限公司全体股东: 一、审计意见 我们审计了江西国科军工集团股份有限公司(以下简称"贵公司")财务报表,包括 2023 年 12 月 31 目的合并及母公司资产负债表,2023年度 ...

关于 2024 年度申请综合授信额度并提供担保的公告 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： 被担保方：江西国科军工集团股份有限公司（以下简称"公司"或"国 科军工"）的子公司宜春先锋军工机械有限公司（以下简称"宜春先锋"）、九 江国科远大机电有限公司（以下简称"九江国科"）、江西星火军工工业有限公 司（以下简称"星火军工"）、江西新明机械有限公司（以下简称"新明机械"）、 江西航天经纬化工有限公司（以下简称"航天经纬"） 2024 年公司及子公司拟向银行等金融机构申请不超过人民币 15 亿元的 综合授信额度，并提请同意公司董事会在股东大会授权的额度范围内，授权公司 经营管理层根据生产经营、投资等需要办理提用综合授信总金额不超过 10 亿元 人民币的额度内的相关事宜，公司及子公司拟以母子公司互保方式向银行等金融 机构申请综合授信担保额度合计不超过 5 亿元人民币 一、担保情况概述 （一）担保基本情况 为满足经营和发展需求，公司及子公司 2024 年度拟向银行等金融机构申请 不超过人民币 15 亿元的 ...

江西国科军工集团股份有限公司 募集资金存放与实际使用情况 审核报告 大信专审字[2024]第 6-00004 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查理 报告编码:京2 WUYIGE Cerlified Public Accountants. LLP % 1 导 Room 2206 22/F. Xuevuan International Tower 2 层 2206 No.1 Zhichun Road, Haidian Dist, Beijing, China, 100083 I i.I: Tolonhono. +86 (10) 82320558 www.daxincpa.com.cn 募集资金存放与实际使用情况审核报告 大信专审字[2024]第 6-00004 号 江西国科军工集团股份有限公司全体股东: 我们接受委托,对后附的江西国科军工集团股份有限公司(以下简称"贵公司")《2023 年度募集资金存放与实际使用情况的专 ...

证券代码：688543 证券简称：国科军工 公告编号：2024-020 江西国科军工集团股份有限公司 关于公司第三届董事、监事、高管薪酬方案的公告 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。 江西国科军工集团股份有限公司（以下简称"公司"）召开第三届董事会第 七会议和第三届监事会第六次会议，分别审议了《关于公司 2024 年度董事薪酬 方案的议案》、《关于公司 2024 年度高级管理人员薪酬方案的议案》和《关于 公司 2024 年度监事薪酬方案的议案》。出于谨慎性原则，上述议案的相关董事 及监事回避表决，议案将提交公司2023年度股东大会审议。现将2024年度董事、 监事、高管薪酬有关方案公告如下： 一、董事薪酬方案 （一）适用对象 本方案适用于在公司领取薪酬的董事。 独立董事按照经公司 2023 年第二次临时股东大会审议通过的独立董事津贴 标准执行，非独立董事杜增龙、罗汉不在公司领取报酬。 （二）薪酬标准 在公司担任党政职务的非独立董事薪酬，按公司相关薪酬与绩效考核管理制 度领取薪酬，不再另外领取董事津贴。 3、绩效 ...

(一)个人工作履历、专业背景及兼职情况 江西国科军工集团股份有限公司 2023 年度第三届董事会独立董事述职报告 作为江西国科军工集团股份有限公司(以下简称"公司")的独立董事,本人严格按照《公 司法》、《证券法》、《上市公司独立董事管理办法》、《上海证券交易所科创板股票上市规则》、 《江西国科军工集团股份有限公司章程》(以下简称"《公司章程》")、《独立董事工作制度》 等有关规定和要求,认真行使权利,依法履职,做到不受其他与公司存在利害关系的单位或 个人的影响与左右,充分发挥独立董事的作用,监督公司规范化运作,维护公司和股东尤其 是中小股东的利益,客观、公正、独立地履行独立董事职责。现将 2023年度履职情况报告 如下: 一、 独立董事基本情况 2023年8月16日,公司召开 2023年第一次临时股东大会,审议通过了《关于董事会 换届选举暨选举第三届董事会独立董事的议案》,根据公司董事会提名,选举朱星文、段卓 平、易蓉为公司第三届董事会独立董事,任期三年。 朱星文先生,1962年4月出生,中国国籍,无境外永久居留权,研究生学历,博士学位, 江西财经大学教授,主要从事会计学、审计学理论与实践教学研究,在公司治 ...

关于 2023 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 0.8 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"）2023 年度合并报表归属于上市公司股 东的净利润为 140,687,943.45 元；截至 2023 年 12 月 31 日，母公司期末可供投 资者分配的利润为 254,216,285.90 元。经董事会决议，公司拟以实施 ...