Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company's performance is under short-term pressure due to project delays and product price pressures, with a significant decline in revenue and net profit for the first three quarters of 2024 [4][5] - The controlling shareholder's plan to increase holdings reflects confidence in the company's sustainable development [5][6] - Future profit projections for 2024-2026 indicate a recovery, with expected net profits of 10.10 billion, 14.11 billion, and 17.68 billion respectively, corresponding to PE ratios of 26, 19, and 15 times [6] Summary by Sections Company Overview - Latest closing price is 48.15 yuan, with a total market capitalization of 267 billion yuan and a PE ratio of 9.39 [1] Financial Performance - For Q1-Q3 2024, the company reported revenue of 3.74 billion yuan, a 38% decrease year-on-year, and a net profit of 645 million yuan, down 69% year-on-year [4] - In Q3 2024 alone, revenue was 1.31 billion yuan, a 24% decrease year-on-year, with a net profit of 224 million yuan, down 58% year-on-year [4] Cost and Expense Analysis - The gross margin for Q1-Q3 2024 was 49.59%, a decrease of 11.20 percentage points year-on-year, influenced by declining revenue and product price reductions [5] - The expense ratios for sales, management, R&D, and financial costs increased due to the decline in revenue [5] Shareholder Actions - The controlling shareholder, China Zhihua, plans to increase its stake in the company by investing between 1 billion and 2 billion yuan, with a maximum purchase price of 59.60 yuan per share [5] Future Projections - Revenue projections for 2024, 2025, and 2026 are 50.77 billion, 60.84 billion, and 69.91 billion yuan respectively, with corresponding growth rates of -34.82%, 19.84%, and 14.90% [8] - The expected net profit for 2024 is 1.01 billion yuan, with a significant recovery anticipated in subsequent years [8]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported a revenue of 3.74 billion yuan for the first three quarters of 2024, a year-on-year decline of 37.97%, with a net profit attributable to shareholders of 645 million yuan, down 68.69% year-on-year [1]. - The decline in revenue and profit is attributed to insufficient release of new research and production projects, along with downward pressure on product prices, particularly in the high-value-added electronic components sector [1]. - The company's gross margin for the first three quarters was 49.6%, a decrease of 11.2 percentage points year-on-year, while the expense ratio increased by 7.1 percentage points to 20.2% [1]. - The company’s major shareholder, China Zhenhua, plans to increase its stake in the company by investing between 100 million and 200 million yuan, reflecting confidence in the company's future [3]. Financial Performance Summary - For 2024, the company aims for a revenue target of 6.9 billion yuan and a total profit of 2 billion yuan, having completed 54.2% and 37.5% of these targets respectively [2]. - The company’s construction projects are steadily increasing, with ongoing investments aimed at upgrading product quality and expanding market presence [2]. - The company’s projected financials for 2024-2026 include net profits of 1.02 billion, 1.38 billion, and 1.74 billion yuan respectively, with corresponding EPS of 1.84, 2.49, and 3.14 yuan [3][8].

Investment Rating - The report maintains a "Recommend" rating for Zhenhua Technology (000733 SZ) [1][3] Core Views - Zhenhua Technology is a leading domestic special electronic components company with a strong industry position [1] - The company has been investing in fixed asset projects to drive intelligent and digital transformation, improving production efficiency and reducing costs [1] - Despite short-term challenges, the company is expected to emerge from the demand bottom [1] Financial Performance Revenue and Profit - 2024 Q1-Q3 revenue was 3 74 billion yuan, down 38 0% YoY [1] - 2024 Q1-Q3 net profit attributable to parent company was 645 million yuan, down 68 7% YoY [1] - 2024 Q3 revenue was 1 31 billion yuan, down 23 7% YoY [1] - 2024 Q3 net profit attributable to parent company was 224 million yuan, down 57 5% YoY [1] Profit Margins - 2024 Q1-Q3 gross margin declined 11 2ppt to 49 6% [1] - 2024 Q1-Q3 net margin declined 16 9ppt to 17 2% [1] Cash Flow - 2024 Q1-Q3 operating cash flow increased 215% YoY to 1 335 billion yuan [1] - 2024 Q1-Q3 investment cash flow was -318 million yuan [1] - 2024 Q1-Q3 financing cash flow was -948 million yuan [1] Forecasts Revenue and Profit - 2024E revenue is forecasted at 4 924 billion yuan, down 36 8% YoY [2] - 2024E net profit attributable to parent company is forecasted at 1 024 billion yuan, down 61 8% YoY [2] - 2025E revenue is forecasted at 5 873 billion yuan, up 19 3% YoY [2] - 2025E net profit attributable to parent company is forecasted at 1 455 billion yuan, up 42 1% YoY [2] Valuation - 2024E PE is 27x [1][2] - 2025E PE is 19x [1][2] - 2026E PE is 15x [1][2] Key Developments - Controlling shareholder plans to increase holdings by 100-200 million yuan, demonstrating confidence in the company's future [1] - R&D expense ratio increased to 7 1% in 2024 Q1-Q3 [1] - Accounts receivable and notes increased 2 5% QoQ to 6 544 billion yuan at end of 2024 Q3 [1]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company, a leading domestic military electronic components enterprise, experienced a decline in performance in the first three quarters of 2024 due to insufficient downstream demand and price reductions. However, it is expected to benefit from a recovery in downstream demand and continuous product expansion in the future [2] - The controlling shareholder plans to increase holdings, indicating confidence in the company's future development. The planned increase amounts to 100 to 200 million yuan, with a purchase price not exceeding 59.60 yuan per share [2] - The company is actively developing new products, including high-value-added components, which will contribute to its growth as the market recovers [2] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 3.74 billion yuan, a year-on-year decrease of 37.97%, and a net profit attributable to shareholders of 645 million yuan, down 68.69% year-on-year [1] - The gross margin for the first three quarters of 2024 was 49.59%, a decrease of 11.20 percentage points year-on-year, while the net profit margin was 17.25%, down 16.90 percentage points year-on-year [1] - The company’s cash flow from operating activities for the first three quarters of 2024 was 1.335 billion yuan, an increase of 215.14% year-on-year, primarily due to a reduction in cash paid for goods and services [1] Financial Projections - The projected net profit for 2024 is 1.013 billion yuan, with expected growth rates of -62.2% in 2024, 41.6% in 2025, and 25.2% in 2026 [3] - The estimated earnings per share (EPS) for 2024 is 1.83 yuan, with projections of 2.59 yuan for 2025 and 3.24 yuan for 2026 [3] - The price-to-earnings (P/E) ratios are projected to be 27X for 2024, 19X for 2025, and 15X for 2026 [2][3]

Investment Rating - Maintains a "Buy" rating for Zhenhua Technology (000733 SZ) [1] Core Views - Zhenhua Technology reported a 24Q3 revenue of 1 31 billion yuan (YoY -23 7% QoQ -7 5%) and a net profit attributable to the parent company of 224 million yuan (YoY -57 5% QoQ -29 5%) [1] - The company's performance is under pressure due to insufficient demand for special components and price transmission pressure [1] - Gross margin for 24Q1-Q3 was 49 6% (YoY -11 2pct) and net margin was 17 2% (YoY -16 9pct) [1] - Operating cash flow improved significantly with a 24Q1-Q3 operating cash flow of 1 33 billion yuan (YoY +215 14%) [1] - The company's platform strategy and increased investment in construction projects support long-term growth [1] Financial Performance - 24Q3 gross margin was 47 4% (YoY -9 2pct QoQ -5 7pct) and net margin was 17 1% (YoY -13 6pct QoQ -5 3pct) [1] - Operating cash flow for 24Q3 was 140 million yuan an increase of 250 million yuan compared to the same period last year [12] - Fixed assets at the end of 24Q3 were 1 818 billion yuan (QoQ -2 37%) and construction in progress was 390 million yuan (QoQ +8 70%) [1] Future Projections - Expected net profit attributable to the parent company for 2024-2026 is 1 02 billion 1 22 billion and 1 47 billion yuan respectively with a YoY growth rate of -62 1% +19 7% and +20 5% [1] - The corresponding PE ratios are 27 23 and 19 times [1] Industry and Market Context - The company is a leading platform in the military component sector with performance pressure not altering its development trend [1] - Military component prices may slightly decrease due to bulk procurement and cost control in the military industry chain [13]

证券代码：000733 证券简称：振华科技 公告编号：2024- 071 中国振华（集团）科技股份有限公司 第九届董事会第二十八次会议决议公告 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、 误导性陈述或重大遗漏。 一、董事会会议召开情况 中国振华（集团）科技股份有限公司（以下简称公司）第九届董事会 第二十八次会议于2024年10月24日下午在公司四楼会议室召开。本次会议 通知于2024年10月14日以书面、邮件方式通知全体董事。会议应到董事7 人，实到董事7人。会议由董事长杨立明先生主持。会议的召开符合《公 司法》及公司《章程》规定。 表决结果：同意7票，反对0票，弃权0票。 以上议案内容详见2024年10月26日刊登在《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）上的相关公告。 三、备查文件 （一）经与会董事签字并加盖董事会印章的董事会决议； （二）第九届董事会专门委员会会议决议。 特此公告。 中国振华（集团）科技股份有限公司董事会 2024 年 10 月 26 日 二、董事会会议审议情况 审议通过《2024 年第三季度报告》。 ...

二、监事会会议审议情况 审议通过《2024 年第三季度报告》。 表决结果：同意3票，反对0票，弃权0票。 证券代码：000733 证券简称：振华科技 公告编号：2024-072 中国振华（集团）科技股份有限公司 第九届监事会第二十二次会议决议公告 本公司及监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。 一、监事会会议召开情况 中国振华（集团）科技股份有限公司（以下简称公司）第九届监事会 第二十二次会议于2024年10月24日下午在公司三楼会议室召开。本次会议 通知于2024年10月14日以书面、邮件方式通知全体监事。会议应到监事3 人，实到监事3人。会议由监事会主席陈强先生主持。会议的召开符合《公 司法》及公司《章程》的规定。 三、备查文件 经与会监事签字并加盖监事会印章的监事会决议。 特此公告。 中国振华（集团）科技股份有限公司监事会 2024 年 10 月 26 日 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,309,692,569.34, a decrease of 23.73% compared to ¥1,717,178,905.60 in the same period last year[2] - Net profit attributable to shareholders was ¥224,401,923.48, down 57.51% from ¥528,171,739.98 year-on-year[2] - The net profit excluding non-recurring gains and losses was ¥208,171,891.06, reflecting a 58.26% decline from ¥498,816,882.09 in the previous year[2] - The basic earnings per share decreased by 59.21% to ¥0.4031 from ¥0.9882 in the same quarter last year[3] - The weighted average return on equity was 1.57%, down from 4.88% year-on-year, indicating a decline of 3.32%[3] - The net profit for Q3 2024 was CNY 644,903,428.96, a decrease of 68.7% compared to CNY 2,059,080,017.51 in the same period last year[14] - The total comprehensive income for Q3 2024 was CNY 650,578,971.70, down from CNY 2,060,358,295.28 in Q3 2023[15] - Basic and diluted earnings per share for Q3 2024 were both CNY 1.1635, compared to CNY 3.9290 in the previous year[15] - The company reported a decrease in operating profit to CNY 748,306,340.84 from CNY 2,378,364,632.08 in Q3 2023[14] Cash Flow - The net cash flow from operating activities was ¥1,334,797,767.88, an increase of 215.14% compared to ¥423,553,290.40 in the same period last year[3] - Cash flow from operating activities generated a net amount of CNY 1,334,797,767.88, significantly higher than CNY 423,553,290.40 in Q3 2023[15] - The net cash flow from investing activities decreased by 14.21% to -¥318,337,231.10, attributed to increased cash payments for fixed assets[8] - Cash flow from investing activities resulted in a net outflow of CNY 318,337,231.10, compared to a net outflow of CNY 278,735,393.56 in the same quarter last year[16] - The net cash flow from financing activities decreased by 142.54% to -¥947,613,940.72, primarily due to reduced cash from borrowings and increased debt repayments[8] - Cash flow from financing activities showed a net outflow of CNY 947,613,940.72, contrasting with a net inflow of CNY 2,227,789,305.92 in Q3 2023[16] Assets and Liabilities - The total assets at the end of the reporting period were ¥17,974,514,043.52, a decrease of 1.58% compared to the previous year-end[3] - Total assets decreased to CNY 17,689,918,292.70 from CNY 17,974,514,043.52, a decline of 1.58%[12] - Total liabilities decreased to CNY 3,263,645,799.26 from CNY 3,627,845,506.90, a reduction of 10.04%[11] - The company's equity attributable to shareholders increased to CNY 14,427,839,350.02, up from CNY 14,348,600,240.98, an increase of 0.55%[12] Operational Metrics - The company reported a significant decrease in accounts receivable, down 66.94% to ¥780,128,365.00 from ¥2,359,981,754.45 at the beginning of the year[6] - The construction in progress increased by 38.20% to ¥389,799,665.92, attributed to increased project investments during the reporting period[6] - The company experienced a 551.42% increase in employee compensation payable, reaching ¥103,801,886.10, due to unpaid salaries from some subsidiaries[6] - Operating revenue decreased by 37.97% to ¥3,739,583,312.29 compared to ¥6,028,962,766.94 in the previous year[7] - Total operating revenue for Q3 2024 was CNY 3,739,583,312.29, a decrease of 38.06% compared to CNY 6,028,962,766.94 in the same period last year[13] - Total operating costs for Q3 2024 were CNY 2,945,983,519.61, down 17.43% from CNY 3,567,144,234.83 year-on-year[13] - Research and development expenses for Q3 2024 amounted to CNY 263,978,457.25, a decrease of 23.43% compared to CNY 344,650,344.56 in the previous year[13] Other Financial Metrics - Financial expenses decreased by 69.64% to ¥8,763,395.14, primarily due to increased interest income and repayment of loans[7] - Income tax expenses decreased by 67.81% to ¥104,211,556.01, reflecting a decline in total profit[7] - The company reported a 36.74% reduction in credit impairment losses, amounting to ¥81,519,204.65, due to changes in accounting estimates[7] - The company’s other comprehensive income increased by 344.00% to ¥5,675,542.74, influenced by market fluctuations of certain stocks[7] - The company faced downward pricing pressure due to insufficient volume in new research and production projects[7] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 65,775, with the largest shareholder holding 30.60%[9]

证券代码：000733 证券简称：振华科技 公告编号：2024-070 中国振华（集团）科技股份有限公司 关于控股股东增持公司股份计划的公告 控股股东中国振华电子集团有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露内容与信息披露义务人提供的信息一致。 特别提示：中国振华（集团）科技股份有限公司（以下简称振华科技 或公司）今日收到公司控股股东中国振华电子集团有限公司（以下简称中 国振华）发出的《关于增持中国振华（集团）科技股份有限公司股份的函》。 基于对振华科技未来持续稳定发展的坚定信心和价值的认可，同时为增强 投资者信心，促进振华科技持续、稳定、健康发展，在符合法律法规的前 提下，中国振华计划自2024年10月23日起6个月内，通过深圳证券交易所 交易系统允许的方式增持振华科技股份，拟增持金额不低于人民币1亿元， 不超过人民币2亿元，本次增持价格不高于59.60元/股。 本次增持计划不触及要约收购，不会导致公司控股股东及实际控制人 发生变化。 1.增持目的：基于对振华科技未来持续稳定发展的坚定信心和价值的 认可，同时为增强投资者信心 ...

振华科技：控股股东拟以1亿元至2亿元增持 财联社10月22日电，振华科技公告，控股股东中国振华计 划自2024年10月23日起6个月内，通过深圳证券交易所交易系统允许的方式增持公司股份，拟增持金额 不低于人民币1亿元，不超过人民币2亿元，本次增持价格不高于59.60元/股。 增持目的基于对公司未来持续稳定发展的坚定信心和价值的认可，同时为增强投资者信心，促进公司持 续、稳定、健康发展。 增持资金来源为自有资金或自筹资金。 查看公告原文 ...