研究所 证券研究报告：国防军工 | 公司点评报告 发布时间：2025-04-22 股票投资评级 买入|维持 个股表现 -21% -15% -9% -3% 3% 9% 15% 21% 27% 33% 2024-04 2024-07 2024-09 2024-11 2025-02 2025-04 国科军工 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 53.50 | | --- | --- | | 总股本/流通股本（亿股）1.76 / 0.97 | | | 总市值/流通市值（亿元）94 / 52 | | | 52 周内最高/最低价 | 59.16 / 35.09 | | 资产负债率(%) | 27.3% | | 市盈率 | 46.93 | | 第一大股东 | 江西省军工控股集团有 | | 限公司 | | 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 国科军工(688543) 弹药业务稳定增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - In 2024, the company achieved operating revenue of 1.204 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 199 million yuan, up 41% year-on-year [5][6]. - The ammunition business has shown stable growth, while the solid rocket engine segment has experienced rapid expansion, contributing to a 17% increase in military product revenue [6][7]. - The company is advancing in the ammunition sector, particularly in medium-caliber and rocket ammunition, and has made significant progress in military trade [6][7]. - The solid rocket engine segment saw substantial growth, with a subsidiary achieving revenue of 376 million yuan, a 72% increase, and a net profit of 112 million yuan, up 90% [7]. - A stock incentive plan was completed in December 2024, with performance targets set for 2025-2027, aiming for a compound annual growth rate of no less than 15% [7]. - Forecasts for net profit attributable to shareholders for 2025-2027 are 247 million, 331 million, and 427 million yuan, representing year-on-year growth rates of 24%, 34%, and 29% respectively [7]. Financial Summary - For 2024, the company reported operating revenue of 1.204 billion yuan and a net profit of 199 million yuan [9]. - Projected operating revenues for 2025, 2026, and 2027 are 1.466 billion, 1.831 billion, and 2.255 billion yuan, with respective growth rates of 21.74%, 24.85%, and 23.17% [9][12]. - The projected net profit for 2025, 2026, and 2027 is 247 million, 331 million, and 427 million yuan, with growth rates of 24.16%, 34.09%, and 29.12% respectively [9][12]. - The company's price-to-earnings ratio (P/E) is projected to decrease from 47.30 in 2024 to 22.00 by 2027 [9][12].

证券代码：688543 证券简称：国科军工 公告编号：2025-022 江西国科军工集团股份有限公司 关于持股 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 本次减持计划实施前，江西国科军工集团股份有限公司（以下简称"公司"） 股东泰豪科技股份有限公司（以下简称"泰豪科技"）持有公司股份 10,328,985 股，占公司总股本的 5.88%，其中 7,728,985 股来源为公司 IPO 前取得的股份， 2,600,000 股为公司 2023 年年度权益分派实施资本公积转增股本取得的股份，且 均于 2024 年 6 月 21 日起上市流通。 减持计划的实施结果情况 2024 年 12 月 19 日，公司披露了《江西国科军工集团股份有限公司关于持 股 5%以上股东减持股份计划公告》（公告编号：2024-086）。因股东自身资金 需要，泰豪科技计划通过集中竞价交易方式减持公司股份数量不超过 1,757,015 股，占公司总股本的比例不超过 1%， ...

国浩律师(上海)事务所 法律意见书 国浩律师(上海) 事务所 关于江西国科军工集团股份有限公司 2024年年度股东大会的法律意见书 致:江西国科军工集团股份有限公司 国浩律师(上海)事务所(以下简称"本所")作为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")之特聘法律顾问,根据《中华人 民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以 下简称"《证券法》"）、《上市公司股东会规则》(以下简称"《股东会规则》"、 《江西国科军工集团股份有限公司章程》〈以下简称"《公司章程》"等法律法 规及规范性文件的规定,指派律师出席并见证了公司于2025年4月16日下午14点 00分在江西省南昌市南昌经济技术开发区建业大街999号二楼会议室召开的2024 年年度股东大会(以下简称"本次股东大会"),并对本次股东大会的召集、召 开程序、出席人员资格、会议表决程序等事宜进行了审查。 为出具本法律意见书,本所律师出席了本次股东大会,审查了公司提供的有 关本次大会各项议程及相关文件,听取了公司董事会就有关事项所作的说明。 在审查有关文件的过程中,公司向本所律师保证并承诺,其向本所提供的文 件 ...

证券代码：688543 证券简称：国科军工 公告编号：2025-021 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。 江西国科军工集团股份有限公司 2024年年度股东大会决议公告 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 16 日 （二） 股东大会召开的地点：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 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 112 | | --- | --- | | 普通股股东人数 | 112 | | 2、出席会议的股东所持有的表决权数量 | 102,115,417 | | 普通股股东所持有表决权数量 | 102,115,417 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 58.6752 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 58.675 ...

Summary of Key Points Core Viewpoint - The article reports on the recent block trading activities of Guokai Military Industry, highlighting significant trading volumes and price movements, indicating potential investor interest and market dynamics [1]. Trading Activity - On April 10, Guokai Military Industry recorded 4 block trades with a total volume of 205,000 shares and a total transaction value of 10.291 million yuan [1]. - The transaction price was 50.20 yuan, reflecting an 8.29% discount compared to the closing price of the day [1]. - Over the past three months, the stock has seen a total of 39 block trades, amounting to 155 million yuan [1]. Market Performance - The closing price of Guokai Military Industry on the reporting day was 54.74 yuan, marking a 1.41% increase, with a turnover rate of 11.50% and a total trading volume of 599 million yuan [1]. - The net inflow of main funds for the day was 47.1385 million yuan, with a cumulative increase of 9.41% over the past five days and a total net inflow of 47.4785 million yuan [1]. Margin Trading Data - The latest margin trading balance for Guokai Military Industry is 256 million yuan, showing a decrease of 1.2065 million yuan over the past five days, which is a decline of 0.47% [1].

江西国科军工集团股份有限公司 2024 年年度股东大会会议资料 江西国科军工集团股份有限公司 2024 年年度股东大会 会议资料 股票简称：国科军工 股票代码：688543 2025 年 4 月 | 目 | 录 | | | | | --- | --- | --- | --- | --- | | 2024 | 年年度股东大会会议须知 1 | | | | | 2024 | 年年度股东大会会议议程 4 | | | | | 2024 | 年度董事会工作报告的议案》 6 | 议案一《关于 | | | | 2024 | 年度监事会工作报告的议案》 11 | 议案二《关于 | | | | 2024 | 2025 | 年度财务预算报告的议案》 16 | 议案三《关于 | 年度财务决算报告及 | | 2024 | 年年度报告及摘要的议案》 21 | 议案四《关于 | | | | 2024 | 年度利润分配的预案的议案》 22 | 议案五《关于公司 | | | | 2025 | 年度董事薪酬方案的议案》 23 | 议案六《关于公司 | | | | 2025 | 年银行授信额度授权的议案》 25 | 议案七《关于公司 | | | ...

Core Insights - The company reported a revenue of 1.204 billion yuan in 2024, representing a year-on-year growth of 15.78% [1][2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 182 million yuan, up 30.55% year-on-year, with a basic earnings per share of 1.14 yuan [1][2] - The company plans to distribute a cash dividend of 9 yuan per 10 shares to all shareholders [1] Financial Performance - The company achieved a net profit of 207 million yuan in 2024, a significant increase of 40.55% year-on-year, indicating enhanced profitability [2] - The company has experienced continuous growth in revenue and profit for six consecutive years, with revenues increasing from 308 million yuan in 2019 to 1.204 billion yuan in 2024 [2] - Research and development (R&D) investment reached 91.17 million yuan, a 25.95% increase, supporting advancements in core technologies [2] Profitability Metrics - The asset-liability ratio decreased to 27.26% in 2024 from 29.77% in 2023, reflecting a solid financial safety margin [3] - The gross profit margin improved from 32.35% to 34.42%, while the net profit margin rose from 14.13% to 17.15%, indicating further enhancement in profitability [3] - The company distributed a total cash dividend of 157 million yuan, accounting for 78.82% of the net profit attributable to shareholders [3] Industry Outlook - The military industry is poised for significant growth driven by national defense modernization and technological advancements, with the government emphasizing the importance of a strong military [4] - The company is well-positioned to benefit from the increasing demand for defense equipment and the integration of military and civilian sectors [4] - The company has developed a range of products, including solid rocket engine modules and various types of ammunition, leveraging its technological expertise [4][6] Market Position - The company operates in two core business segments: solid rocket engine power and control products, and ammunition equipment, holding a prominent position in the military products market [5] - The company has a long-standing technical advantage in ammunition production, with successful bids for medium-caliber ammunition marking a new phase of business expansion [6] - The company is one of the few domestic enterprises engaged in the research and production of solid rocket engine power modules, contributing significantly to its revenue growth [6][7] Strategic Initiatives - The company is increasing R&D investments in response to rising performance requirements for missile weaponry, achieving breakthroughs in key technologies [7] - Strengthening strategic partnerships with core clients and actively participating in military equipment project bids has led to a substantial increase in product delivery volumes [7] - The military industry is entering a golden period of high-quality development, with the company expected to leverage its technological barriers and first-mover advantages for further growth [7]

| 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 具体的持续督导工作制定相应的工作计划。 | 保荐机构已建立健全并有效执行 | | | | 了持续督导工作制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与国科军工签订《持 | | | 前，与上市公司或相关当事人签署持续督导协 | 续督导协议》，该协议明确了双方 | | | 议，明确双方在持续督导期间的权利义务，并报 | 在持续督导期间的权利和义务， | | | 上海证券交易所备案。 | 并报上海证券交易所备案 | | 3 | 持续督导期间，按照有关规定对上市公司违法违 | 2024 年度国科军工在持续督导期 | | | 规事项公开发表声明的，应当向上海证券交易所 | 间未发生按有关规定须保荐机构 | | | 报告并经上海证券交易所审核后予以披露。 | 公开发表声明的违法违规情况 | | 4 | 持续督导期间，上市公司或相关当事人出现违法 | 2024 年度国科军工在持续督导期 间未发生违法违规或违 ...

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]