Investment Rating - The report gives a "Buy" rating for the company, with a target price based on the expected performance and valuation metrics [5][34] Core Views - The company is a leader in military search and rescue equipment and is transitioning from being a device supplier to a system integrator, which is expected to enhance its market position [5] - The company's shortwave communication equipment is a critical battlefield communication tool, and its future growth is driven by new military aircraft deployments and retrofitting of existing ones [32] - The company's products, including shortwave communication, ELT, audio integration, and active noise cancellation devices, have broad application prospects in civil aviation and low-altitude economy [6][97] - The acquisition of Changling Technology is expected to expand the company's product line and enhance its service capabilities, contributing to revenue growth [33][122] Company Overview - The company, formerly known as Changling Co Ltd, underwent a restructuring in 2010 and shifted its focus to military products [15][40] - The company's main products include anti-jamming communication equipment, rescue and directional equipment, and digital intercom systems, which are widely used in military and professional communication fields [40] - The company's historical performance has shown steady growth, although it faced short-term pressure in 2023 due to a decline in gross margin [42] Financial Performance - The company's revenue in 2023 was 1.47 billion yuan, with a year-on-year decline of 8.11%, but it is expected to grow by 9.85%, 14.79%, and 19.76% in 2024, 2025, and 2026, respectively [9] - The company's net profit attributable to the parent company in 2023 was 52.34 million yuan, a year-on-year decline of 46.41%, but it is expected to grow by 67.78%, 31.57%, and 32.85% in the next three years [9] - The company's R&D expenses accounted for 16.68% of its revenue in 2023, reflecting its commitment to innovation [42] Business Segments - The company is a backbone enterprise in military shortwave communication, with its performance driven by new military aircraft deployments and retrofitting of existing ones [24][32] - The company's search and rescue equipment business is transitioning from single-device supply to system integration, with significant potential in multi-platform and multi-user integration [5][27] - The company's products, such as shortwave/ultra-shortwave radios and ELT, have broad application prospects in civil aviation and low-altitude economy [6][82] - The company's subsidiary, Hongsheng Technology, is engaged in the production of audio communication systems, while its subsidiary, Aikete, has significant potential in active noise cancellation technology [89][90] Acquisition of Changling Technology - The company plans to acquire 98.40% of Changling Technology, which specializes in radar navigation systems, with a transaction value of 1.147 billion yuan [21][44] - Changling Technology's main products include radio altimeters, Doppler radar navigation systems, and precision approach radars, with a revenue of 843 million yuan and a net profit of 59.7 million yuan in 2022 [33][116] - The acquisition is expected to enhance the company's product line and regional coverage, contributing to revenue growth [33][122] Industry Analysis - The military communication equipment industry is highly competitive, with key players including CETC 10th Institute, Tianjin 712, Guangzhou Haige Communication, and Shaanxi Fenghuo Electronics [26] - The company's shortwave communication equipment is considered a critical battlefield communication tool, with future growth driven by new military aircraft deployments and retrofitting of existing ones [32][59] - The company's search and rescue equipment business is expected to benefit from the increasing importance of battlefield search and rescue capabilities [70] Valuation and Forecast - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 162 million yuan, 197 million yuan, and 243 million yuan, respectively, with a corresponding P/E ratio of 39x, 32x, and 26x [34] - The company's valuation is considered attractive compared to its peers, with a P/E ratio lower than the industry average [124]

活动时间：2024 年 5 月 22 日 15:00-17:00。 活动地址："全景路演" 网址：http://rs.p5w.net。 股票简称：烽火电子 股票代码：000561 公告编号：2024-033 陕西烽火电子股份有限公司 关于参加"2024 年陕西辖区上市公司投资者集体接待日暨 2023 年度业绩说明会"的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、 误导性陈述或重大遗漏。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广大投 资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会根据中国证券监 督管理委员会陕西监管局工作部署，联合深圳市全景网络有限公司举办"2024 年陕西 辖区上市公司投资者集体接待日暨 2023 年度业绩说明会"。 届时，公司总经理及相关高级管理人员将通过互动平台与投资者进行网络沟通和 交流，欢迎广大投资者踊跃参加。 为充分尊重投资者、提升交流的针对性，公司现就"2024 年陕西辖区上市公司投 资者集体接待日暨 2023 年度业绩说明会"提前向投资者公开征集问题，广泛听取投 资者的意见和建议。投资者可访问网址 https ...

证券代码：000561 证券简称：烽火电子 公告编码：2024-029 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量。 陕西烽火电子股份有限公司 关于回购股份事项股东大会股权登记日前十名股东及前十名无限售 条件股东持股情况的公告 | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 | | --- | | 假记载、误导性陈述或者重大遗漏。 | 陕西烽火电子股份有限公司 以下简称 公司"）于 2024 年 4 月 29 日召开 第九届董事会第二十次会议，审议通过了 关于回购公司股份方案的议案》，本 议案尚需提交公司股东大会审议。具体内容详见 2024 年 4 月 30 日刊登在 证券 时报》 中国证券报》和巨潮资讯网 http://www.cninfo.com.cn）上的 关于 回购公司股份方案的公告》 公告编号：2024-026）。 根据 上市公司股份回购规则》 深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，现将公司 2023 年度股东大会股权登记日 即 2024 年 5 月 6 日）登记在册的前十名股东和前十名无限售条件股东的名称、持 股数量和持 ...

证券代码：000561 证券简称：烽火电子 公告编码：2024-028 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的持股数量。 陕西烽火电子股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东持股情况的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 陕西烽火电子股份有限公司 以下简称 公司"）于 2024 年 4 月 29 日召开 第九届董事会第二十次会议，审议通过了 关于回购公司股份方案的议案》，本 议案尚需提交公司股东大会审议。具体内容详见 2024 年 4 月 30 日刊登在 证券 时报》 中国证券报》和巨潮资讯网 http://www.cninfo.com.cn）上的 关于 回购公司股份方案的公告》 公告编号：2024-026）。 根据 上市公司股份回购规则》 深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定，现将公司董事会公告回购股份决议的前一个交 易日 即 2024 年 4 月 29 日）登记在册的前十名股东和前十名无限售条件股东的 名称、持股数量和持股比例情况公告如下： | 序号 | 股东名称 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥138,967,008.78, a decrease of 42.24% compared to ¥240,611,512.67 in the same period last year[3]. - The net profit attributable to shareholders was -¥58,707,099.97, worsening from -¥18,878,365.82 year-on-year[3]. - Net profit for Q1 2024 was a loss of ¥67,167,726.24, compared to a loss of ¥23,900,044.56 in Q1 2023, representing a significant increase in losses[24]. - Total comprehensive income for Q1 2024 was a loss of ¥31,025,898.78, compared to a loss of ¥23,900,044.56 in Q1 2023[24]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥309,683,183.21, compared to -¥146,693,036.30 in the previous year, indicating a significant decline in cash inflow from sales[11]. - The company reported a net cash outflow from operating activities of ¥309,683,183.21 in Q1 2024, worsening from a net outflow of ¥146,693,036.30 in Q1 2023[26]. - Cash and cash equivalents decreased by 50.69% to ¥303,603,739.68 from ¥615,682,827.40 due to the payment of various taxes and the maturity of notes payable[8]. - Cash and cash equivalents at the end of Q1 2024 were ¥214,924,617.69, down from ¥292,240,447.32 at the end of Q1 2023[27]. - The company received cash from operating activities totaling ¥210,631,315.54 in Q1 2024, down from ¥307,598,884.71 in Q1 2023[26]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,039,648,269.97, down 6.24% from ¥4,308,330,726.99 at the end of the previous year[3]. - The company's current assets decreased to CNY 3,088,080,718.57 from CNY 3,355,887,228.06, reflecting a decline of approximately 7.96%[18]. - Total liabilities decreased to CNY 2,073,310,310.71 from CNY 2,274,825,041.49, a decline of approximately 8.84%[20]. - The company's equity attributable to shareholders decreased from CNY 1,894,080,251.68 to CNY 1,835,373,151.70, a decrease of about 3.1%[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 58,762[12]. - The company has proposed a share repurchase plan as indicated in the announcement dated April 19, 2024[15]. Research and Development - The company incurred R&D expenses of ¥55,808,089.61 in Q1 2024, an increase from ¥52,775,033.64 in Q1 2023[23]. Other Financial Metrics - The company's basic and diluted earnings per share were both -¥0.10, compared to -¥0.03 in the same period last year[3]. - The weighted average return on net assets was -3.15%, compared to -1.05% in the previous year[3]. - The company received government subsidies amounting to ¥3,005,103.60, an increase of 383.94% compared to ¥620,968.77 in the previous year[10]. - The company reported a significant increase in other receivables, which rose by 79.85% to ¥46,068,431.91 from ¥25,615,529.67[8]. - Accounts receivable decreased from CNY 1,565,976,693.95 to CNY 1,501,738,334.47, a reduction of approximately 4.1%[18]. - Inventory increased to CNY 876,678,848.06 from CNY 826,667,041.09, marking an increase of about 6.05%[18]. - The company reported a total of CNY 1,007,537,995.90 in undistributed profits as of March 31, 2024[20].

Investment Rating - The investment rating for the company is "Buy" with a target price of 10.00 yuan, corresponding to a PE ratio of 39 times for 2024-2026 forecasted EPS [2][21]. Core Viewpoints - The company is positioned as a leading enterprise in military shortwave communication and is expanding into high-tech communication fields through the acquisition of Longling Technology, which is expected to enhance its product line and performance [21][16]. - The company has a comprehensive research and production capability layout, focusing on next-generation communication technologies to meet user needs in various scenarios [1]. - The company has experienced fluctuations in revenue and profit due to downstream demand adjustments, with a reported revenue of 1.47 billion yuan in 2023, down 8.11% year-on-year, and a net profit of 52.34 million yuan, down 46.41% [21][33]. Summary by Relevant Sections Financial Performance - The company reported a revenue of 1.47 billion yuan in 2023, a decrease of 8.11% compared to the previous year, with a net profit of 52.34 million yuan, down 46.41% [21][33]. - For 2024-2026, projected revenues are 3.00 billion yuan, 3.33 billion yuan, and 3.66 billion yuan, with corresponding net profits of 125.33 million yuan, 143.23 million yuan, and 163.32 million yuan [2][3]. Business Development - The company is focusing on high-tech communication and has plans to acquire 98.40% of Longling Technology, which specializes in radar and related products, to enhance its capabilities in high-tech communication [16][21]. - The company has successfully developed multiple generations of shortwave communication equipment, representing the highest level in the industry [1]. Market Outlook - The company is expected to benefit from the modernization of national defense and military communication construction, as well as the growing demand for civil emergency communication systems [16][21]. - The market for emergency communication products is anticipated to expand, with increasing investments in various sectors such as public safety and disaster prevention [16].

股票简称：烽火电子 股票代码：000561 公告编号：2024-022 陕西烽火电子股份有限公司 关于公司控股股东提议回购公司股份的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 陕西烽火电子股份有限公司（以下简称"公司"）董事会于2024年4月 18日收到公司控股股东陕西烽火通信集团有限公司（以下简称"烽火集团"） 《关于提议回购公司股份的函》，烽火集团提议公司使用自有资金以集中竞 价交易方式回购公司已发行的部分人民币普通股（A股）股票，具体内容如 下： 一、提议人的基本情况 1、提议人：烽火集团 2、提议时间：2024年4月18日 二、提议回购股份的原因和目的 基于对公司未来持续发展的信心和对公司价值的认可，为保障公司全体 股东特别是公众股东利益，增强投资者信心，稳定及提升公司价值，烽火集 团提议公司以自有资金通过集中竞价交易方式进行股份回购，并全部予以注 销减少注册资本。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A股）。 2、回购股份的用途：本次回购的股份将全部予以注销减少注册资本。 3、回购股份的方式：深圳证券交易所交易系统 ...

股票简称：烽火电子 股票代码：000561 公告编号：2024—021 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 陕西烽火电子股份有限公司于 2024 年 4 月 10 日召开了第九届董 事会第十九次会议，审议通过了《关于调整董事会专门委员会委员的 议案》。 调整后的董事会审计委员会成员具体如下： 主任委员：聂丽洁 委员：茹少峰、何健康 审计委员会成员任期自本次董事会会议审议通过之日起至第九 届董事会届满时止。 特此公告。 陕西烽火电子股份有限公司董事会 陕西烽火电子股份有限公司 关于调整董事会专门委员会成员的公告 二〇二四年四月十二日 ...

Financial Performance - The company's operating revenue for 2023 was ¥1,470,321,144.51, representing a decrease of 8.11% compared to ¥1,600,015,742.95 in 2022[20] - The net profit attributable to shareholders for 2023 was ¥52,341,866.20, a decline of 46.41% from ¥97,676,603.79 in the previous year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥24,777,224.25, down 66.68% from ¥74,358,081.82 in 2022[20] - Basic earnings per share for 2023 were ¥0.09, a decrease of 43.75% from ¥0.16 in the previous year[20] - The diluted earnings per share for 2023 decreased to 0.09 CNY, down 43.75% from 0.16 CNY in 2022[21] - The weighted average return on net assets fell to 2.86%, a decrease of 2.71 percentage points compared to 5.57% in 2022[21] - Total assets at the end of 2023 were approximately 4.31 billion CNY, a slight decrease of 0.10% from the previous year[21] - Net assets attributable to shareholders increased by 4.96% to approximately 1.89 billion CNY compared to 1.80 billion CNY at the end of 2022[21] Cash Flow and Investments - The net cash flow from operating activities was -¥182,855,699.53, compared to -¥87,354,621.71 in 2022[20] - Non-operating income for 2023 totaled approximately 27.56 million CNY, compared to 23.32 million CNY in 2022[26] - The company reported an investment income of ¥11,187,306.76, which accounted for 16.40% of total profit[50] - The fair value of investment properties increased to ¥86,257,600.00, with a fair value change of ¥36,141,827.46 recorded during the period[54] - Total investment during the reporting period was ¥17,436,932.47, representing a decrease of 15.61% compared to the previous year[56] Research and Development - The company plans to focus on technological innovation and reform to enhance competitiveness and sustainable development in 2024[67] - The company completed 180+ research projects in 2023, with 15 projects recognized as key new products by Shaanxi Province, and received multiple national and provincial awards[37] - The net profit attributable to the parent company was CNY 52.34 million, with R&D investment amounting to CNY 245 million, accounting for 16.68% of operating revenue, an increase of 0.3 percentage points year-on-year[35] - The R&D budget has been increased by 30% to support innovation in new technologies[86] Market and Business Strategy - The company is focused on expanding its market presence and enhancing its product offerings in the electronic communication equipment sector[19] - The company aims to expand its international business and has established a good reputation in multiple countries and regions[31] - The company is focusing on the development of next-generation communication technologies to meet the increasing demand for military and emergency communication systems[30] - The company aims to strengthen its core business and develop non-traditional communication sectors, focusing on business chain extension and new industry projects for growth[68] Governance and Compliance - The company emphasizes the importance of accurate and timely information disclosure in compliance with regulatory requirements[4] - The company maintains a strong governance structure, ensuring compliance with legal regulations and protecting shareholder rights[79] - The company has established effective communication channels with investors to enhance understanding and foster long-term relationships[70] - The company has implemented measures to enhance environmental management, achieving compliance with national pollution discharge standards[118] Human Resources and Management - The company is focused on enhancing its talent pool and has implemented a contract-based assessment for managerial staff to boost internal competition and capabilities[38] - The company emphasizes talent development and management, aiming to improve the quality of technical personnel and establish a robust skills training system[70] - The company has a salary system primarily based on performance, with a structure that includes basic and performance-based wages[106] - The company reported a total of 2,689 employees at the end of the reporting period, with 1,835 in the parent company and 854 in major subsidiaries[105] Risks and Challenges - The company recognizes challenges from policy adjustments and market competition, emphasizing the need for continuous innovation and reform[67] - The company faces policy risks due to international political instability, which may impact its operational status and industry outlook[72] - The company is closely monitoring exchange rate fluctuations as its international sales are settled in foreign currencies, which could affect revenue[72] Shareholder Information - The annual shareholders meeting had an investor participation rate of 46.34% on May 18, 2023[82] - The first extraordinary shareholders meeting of 2023 had an investor participation rate of 46.36% on December 29, 2023[82] - The total number of shares held by the current management team is 496,704 shares, with a decrease of 3,700 shares during the reporting period[84] - The company has a total of 500,404 shares held by its board and management, with no new shares acquired during the reporting period[84] Audit and Financial Reporting - The audit report issued by Sigma Accounting Firm confirmed a standard unqualified opinion on the financial statements[182] - The financial statements were prepared in accordance with the accounting standards for enterprises, reflecting the company's financial position fairly[182] - The audit identified inherent risks related to revenue recognition, particularly the timing of revenue recognition to meet specific targets[185] - The company is required to assess its ability to continue as a going concern and disclose relevant matters[189]

陕西烽火电子股份有限公司 内部控制审计报告 希会审字(2024)2667 号 目 录 一、 内部控制审计报告……………………（1-2） 二、证书复印件 (一) 注册会计师资质证明 (二) 会计师事务所营业执照 (三) 会计师事务所执业证书 玛会计师事务所(特殊普通合伙) Xigema Cpas(Special General Partnership) 希会审字(2024)2667 号 内部控制审计报告 陕西烽火电子股份有限公司全体股东: 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低, 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 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） 据生编码 · 陕2 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了陕西烽火电子股份有限公司（以下简称"贵公司"）2023 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部 ...