关于使用部分闲置募集资金进行现金管理的进展公告 公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 中国振华（集团）科技股份有限公司（以下简称公司）于2024年9月 19日召开第九届董事会第二十七次会议，审议通过《关于使用部分闲置募 集资金进行现金管理的议案》，同意公司自董事会审议通过之日起12个月 内使用额度不超过180,000万元的暂时闲置募集资金，在确保不影响募集 资金投资项目建设和募集资金投资计划正常进行的前提下进行现金管理。 具体内容详见2024年9月21日刊登在《证券时报》及巨潮资讯网的《关于 使用部分闲置募集资金进行现金管理的公告》。 证券代码：000733 证券简称：振华科技 公告编号：2025-032 中国振华（集团）科技股份有限公司 现将公司近期使用闲置募集资金进行现金管理的实施进展情况公告 如下： | | | | | 理财本金 | | | 预期年化 | 实际收 益(万 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 受托方 | 产品名称 | 产品类型 | （万元 ...

Investment Rating - The report maintains an "Increase" rating for the defense and military industry [6] Core Viewpoints - The grand military parade on September 3 will showcase new generation equipment and new combat forces, emphasizing the importance of unmanned intelligent systems, underwater operations, electronic warfare, and hypersonic technologies [9][22] - The appointment of Zhang Yujin as the new chairman of China Aviation Engine Group is expected to accelerate procurement and capital operations within the industry, indicating a turning point for the aviation engine sector [12][23] Summary by Sections Industry Overview - The defense and military industry consists of 143 listed companies with a total market value of 26,967.47 billion and a circulating market value of 22,823.81 billion [3] Market Performance - The defense and military index rose by 6.90%, outperforming other major indices, with a current PE(TTM) of 68.4 times [8][42][48] Key Developments - The establishment of a joint laboratory for key vacuum measurement devices in nuclear fusion aims to promote independent innovation in this field [14][31] - The revision of the civil aviation law focuses on the development of the low-altitude economy and passenger rights [15][32] - The successful test of the second-stage propulsion system of the LQ-2 liquid launch vehicle marks a significant step towards enhancing China's capabilities in commercial space [17][37] Recommendations - Suggested companies to watch include: - Military electronics: Zhenhua Technology, Hongyuan Electronics, Huada Electronics [26] - Missile industry chain: Tianqin Equipment, Zhimin Technology [26] - Domestic engines: Aero Engine Corporation of China, Aero Engine Control [27] - New domains: Satellite internet and low-altitude economy companies [28]

Core Viewpoint - Zhenhua Technology (000733) reported a closing price of 50.05 yuan as of June 30, 2025, reflecting a 3.84% increase, with a trading volume of 204,200 hands and a transaction amount of 1.015 billion yuan [1] Financial Performance - For Q1 2025, the company reported total operating revenue of 908 million yuan, a year-on-year decrease of 10.45% - The net profit attributable to shareholders was 58.5143 million yuan, down 42.60% year-on-year - The non-recurring net profit was 44.5947 million yuan, a decrease of 52.82% year-on-year - Current ratio stood at 6.630, quick ratio at 5.507, and debt-to-asset ratio at 18.02% [1] Capital Flow - On the reported day, the net inflow of main funds was 69.6043 million yuan, accounting for 6.86% of the transaction amount - Large orders saw a net inflow of 60.3564 million yuan, representing 5.95% of the transaction amount - Medium orders experienced a net outflow of 22.8283 million yuan, while small orders had a net outflow of 46.7761 million yuan [1] Company Overview - Zhenhua Technology, established in 1997 and located in Guiyang, primarily engages in software and information technology services - The registered capital is 554.169431 million yuan, with paid-in capital also at 554.16943 million yuan - The legal representative of the company is Yang Liming [1][2] Investment and Intellectual Property - The company has made investments in 26 enterprises and participated in 28 bidding projects - It holds 45 trademark registrations and 211 patents, along with 3 administrative licenses [2]

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Insights - The demand for military equipment is expected to expand due to ongoing international turmoil, with a focus on military trade and upstream sectors [1]. - The military electronics market is anticipated to grow significantly as modernized weapon systems require advanced electronic components [7][28]. - The recent escalation of conflicts, particularly between Israel and Iran, is likely to sustain the demand for military equipment [31]. Summary by Sections Industry Performance - The defense and military industry index increased by 1.03%, outperforming the Shanghai Composite Index, which decreased by 0.25% [10][13]. - The relative return of the defense and military index compared to the CSI 300 was +1.29% [10]. Key News and Developments - Russia is focusing on developing modernized weapon systems, emphasizing the need for advanced electronic components [28][30]. - The ongoing Israel-Iran conflict has led to increased military equipment demands, with Israel conducting extensive airstrikes [31]. Investment Recommendations - The report suggests focusing on specific sectors within the military industry, including military electronics and key materials [7]. - Recommended stocks include: - Military Electronics: Zhenhua Technology, Aerospace Electrical, and others [7]. - Key Materials: Western Superconducting, Chujian New Materials, and others [7].

Group 1 - The core viewpoint of the news highlights the financial performance and stock activity of Zhenhua Technology, indicating a decline in revenue and net profit for the first quarter of 2025 [1] - As of June 13, 2025, Zhenhua Technology's stock closed at 46.42 yuan, with a slight increase of 0.96% and a trading volume of 117,300 lots, amounting to 545 million yuan [1] - The company experienced a net inflow of main funds amounting to 33.54 million yuan, representing 6.16% of the total transaction amount, with significant contributions from large orders [1] Group 2 - For the first quarter of 2025, Zhenhua Technology reported total operating revenue of 908 million yuan, a year-on-year decrease of 10.45%, and a net profit attributable to shareholders of 58.51 million yuan, down 42.60% year-on-year [1] - The company's financial ratios include a current ratio of 6.630, a quick ratio of 5.507, and a debt-to-asset ratio of 18.02% [1] - Zhenhua Technology has made investments in 24 companies and participated in 28 bidding projects, holding 45 trademark registrations and 212 patents [2]

证券代码：000733 证券简称：振华科技 公告编号：2025-031 中国振华（集团）科技股份有限公司 2024 年年度权益分派实施公告 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限， 持股1个月（含1个月）以内，每10股补缴税款0.360000元；持股1个月以 上至1年（含1年）的，每10股补缴税款0.180000元；持股超过1年的，不 需补缴税款。】 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、 误导性陈述或重大遗漏。 中国振华（集团）科技股份有限公司（以下简称本公司）2024年年度 利润分配方案已获2025年5月14日召开的2024年度股东大会审议通过，现 将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1.本公司2024年度利润分配方案已获2025年5月14日召开的2024年度 股东大会审议通过，具体方案为：按照公司总股本554,169,431股为基数, 每10股派发现金红利1.80元(含税)，派发金额为99,750,497.58元。 2.2024年度利润分配将按分配总额不变的原则实施，自2024年度利润 分配方案披露至分派实施期间本公司 ...

Investment Rating - The report maintains a "Positive" outlook on the Chinese defense and military industry [5] Core Insights - The military trade is expected to become a second growth curve for the industry, with Indonesia considering the procurement of Chinese J-10 fighter jets due to their high performance and cost-effectiveness [27] - The report highlights that the recent geopolitical tensions have increased military spending globally, creating new opportunities for China's military exports [6][27] - The domestic aviation industry is expected to accelerate the development of indigenous engines due to U.S. export restrictions on commercial engines [6] Summary by Sections Market Trends - The defense and military industry index rose by 0.41% during the week, underperforming compared to the Shanghai Composite Index, which increased by 1.13% [10][11] - The defense and military industry ranked 24th out of 31 sectors in terms of weekly performance [13] News and Announcements - Indonesia is evaluating the feasibility of purchasing Chinese J-10 fighter jets to modernize its air force while considering budget constraints [27] - The U.S. has restricted the export of key technologies, which is expected to accelerate the domestic development of aviation engines in China [6] - The report notes that military trade could drive performance in various segments of the supply chain, including core subsystems and components [6] Investment Recommendations - The report suggests focusing on upstream components and key materials, highlighting specific companies such as Zhihua Technology, Aerospace Electric, and Xibu Superconductor for potential investment [6]

2 证券代码：000733 证券简称：振华科技 中国振华（集团）科技股份有限公司 投资者关系活动记录表 编号：2025-04 | | ☑特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | ☑现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 国华卫星基金。 | | 人员姓名 | | | 时间 | 2025 年 6 月 4 日-5 日 | | 地点 | 现场调研 | | 上市公司接待人 | 董事长杨立明先生，董事、总经理沈建华女士，总会计师、董事会 | | 员姓名 | 秘书、总法律顾问胡光文先生。 | | | 1.公司 2025 年 1-5 月新签订单情况。 答：2025 年初至今，公司高新电子领域新增订单同比保持增长， | | | 从目前来看，上半年订单预计较为饱满，公司产能利用率保持了较 | | 投资者关系活动 | 高的水平。一直以来，公司不断加大技改投入，打通生产瓶颈，提 | | | 高生产效能，加快推动数智化转型升级，提高生产效率，为满足"十 | | 主要内容 ...

Group 1: Company Performance and Orders - The company has seen a year-on-year increase in new orders in the high-tech electronics sector since the beginning of 2025, with a full order book expected for the first half of the year [2] - The company's production capacity utilization remains high, supported by ongoing investments in technological upgrades to enhance production efficiency [2][3] Group 2: Pricing and Profitability - The prices of the company's main products are currently stable [2] - The gross profit margin has experienced a decline due to price control in the high-tech electronic components market, but is expected to stabilize and potentially increase slightly as market conditions improve [3] Group 3: Business Development and Strategy - The company is actively expanding its high-end civilian product offerings and international market presence, particularly in sectors like commercial aerospace, automotive electronics, and renewable energy [3][4] - Future plans include implementing new equity incentive measures to motivate core personnel, following successful past implementations [3] Group 4: Accounts Receivable Management - The increase in accounts receivable is attributed to the longer settlement cycles typical in the new electronic components sector, with a focus on high-value clients [4] - The company plans to enhance accounts receivable management and collection efforts to mitigate risks [4] Group 5: Industry Outlook - The company maintains a positive outlook on the industry, driven by rapid advancements in technology and growth in strategic sectors such as new energy vehicles and commercial aerospace [5] - The demand for electronic components is expected to continue growing, supported by trends towards miniaturization and smart technologies [5] Group 6: Core Competitiveness - The company has established itself as a core supplier in the domestic high-tech electronic components field, leveraging years of technological expertise and strategic focus [5]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [25]. Core Views - The company, Zhenhua Technology, reported a total revenue of 5.219 billion yuan for 2024, a year-on-year decrease of 32.99%, and a net profit attributable to shareholders of 970 million yuan, down 63.83% [6][10]. - The first quarter of 2025 showed a slight improvement, with revenue of 908 million yuan, a year-on-year decline of 10.4%, and a net profit of 58.51 million yuan, down 42.6% [7][10]. - The company focuses on new electronic components, which accounted for 99.18% of its revenue in 2024, indicating a strong commitment to its core business despite industry challenges [7][10]. - The report highlights that the demand for military defense is expected to improve as the 14th Five-Year Plan approaches its conclusion, potentially leading to a turning point in the company's performance [10][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 5.219 billion yuan, with a significant decline in net profit to 970 million yuan [6][10]. - The first quarter of 2025 saw revenue of 908 million yuan and a net profit of 58.51 million yuan, indicating a narrowing of the decline compared to the previous year [7][10]. - The gross margin for 2024 was reported at 49.7%, down 9.64 percentage points year-on-year, while the net margin was 18.6%, down 15.85 percentage points [8][10]. Business Outlook - The company aims for a revenue target of 5.7 billion yuan in 2025, reflecting a growth of 9.22% year-on-year, with a profit target of 1.145 billion yuan, up 3.06% [11][12]. - New orders in the high-tech electronics sector are expected to continue growing, supporting the outlook for improved military demand [11][12]. - The report anticipates that the military electronics component industry will see a recovery as demand from downstream customers increases [10][11]. Valuation and Forecast - The forecast for 2025 to 2027 includes projected revenues of 6.004 billion yuan, 7.267 billion yuan, and 8.223 billion yuan, with corresponding net profits of 1.169 billion yuan, 1.513 billion yuan, and 1.831 billion yuan [12][13]. - The report provides a price-to-earnings (P/E) ratio forecast of 22.95X for 2025, decreasing to 14.66X by 2027, indicating a potential for valuation improvement as earnings recover [12][13].