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 ...

证券代码：000733 证券简称：振华科技 公告编号：2024-069 中国振华(集团)科技股份有限公司 2024年第三次临时股东大会决议公告 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。 特别提示： 2. 现场会议召开地点：贵阳市乌当区新添大道北段268号。 3. 召开方式：本次股东大会采取现场表决与网络投票相结合的方式召 1 开。 （一）本次会议未出现否决议案的情形 （二）本次大会未出现新增临时提案情形 （三）本次会议未涉及变更前次股东大会决议的情形 一、会议召开和出席情况 （一）会议召开情况 1. 召开时间： （1）现场会议时间：2024年10月11日下午15:00。 （2）网络投票时间：通过深圳证券交易所交易系统投票的具体时间为 2024年10月11日上午9:15～9:25、9:30～11:30，下午13:00～15:00；通过 深圳证券交易所互联网投票系统投票的具体时间为2024年10月11日9:15～ 15:00期间的任意时间。 7. 本次会议通知于2024年9月21日发出，会议议题及相关内容刊登在 2024年9月21日《证券时报》及巨潮资讯网( ...

贵州桓智律师事务所 法律意见书 关于中国振华（集团）科技股份有限公司 2024 年第三次临时股东大会的 法律意见书 致：中国振华（集团）科技股份有限公司 贵州桓智律师事务所（以下简称"本所"）接受中国振华（集团） 科技股份有限公司（以下简称"公司"）的委托，指派律师出席 2024 年 10 月 11 日下午 15:00 在贵州省贵阳市乌当区新添大道北段 268 号 公司办公楼四楼会议室召开的公司 2024 年第三次临时股东大会（以 下简称"本次股东大会"），现依据《中华人民共和国公司法》《中 华人民共和国证券法》等现行法律、行政法规和其他规范性文件（以 下简称"法律法规"）及《中国振华（集团）科技股份有限公司章程》 （以下简称"公司章程"）的规定，就本次股东大会的召集和召开程 序、出席会议人员资格、召集人资格、会议表决程序和现场表决结果 等事宜（以下简称"程序事宜"）出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东 大会的文件、公司第九届董事会第二十七次会议决议以及根据上述决 议内容刊登的公告、本次股东大会的通知、议案、表决票和决议等， 同时听取了公司就有关事实的陈述和说明，列席了 ...

证券代码：000733 证券简称：振华科技 公告编号：2024-068 | | 中国建设银行 | 中国建设银行贵州省分行单位人 | 保本浮动 | | 2024年9 | 2024年10 | 0.95%-2. | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 4 | 股份有限公司 | 民币定制型结构性存款（产品编 | | 10,000 | | | | 18.94 | | | 贵阳城北支行 | 号：52045000020240904001） | 收益型 | | 月4日 | 月8日 | 70% | | | | | 合计 | | 210,000 | - | - | - | 2838.53 | 二、购买理财产品的基本情况 | | | | | 理财本金 | 产品 | 预期年化收益 | 资金来 | 关联关 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 受托方 | 产品名称 | 产品类型 | （万元人民 | 期限 | 率 | 源 | 系 | | | | | | 币） | ...