Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 7.789 billion yuan in 2023, representing a year-on-year growth of 7.19%, and a net profit attributable to shareholders of 2.682 billion yuan, which is a year-on-year increase of 12.57% [2][3] - The significant increase in net profit is attributed to a substantial reduction in interest expenses and increased investment income from joint ventures and associates [3] - The company is focusing on the domestic production of high-tech electronic components, which is expected to accelerate due to the rising demand for high-tech equipment and the trend towards localization [3] - The company has made breakthroughs in the development of power module products, which are now widely applied in the low-altitude flight sector, indicating a growing market potential [3] - The establishment of the Information Support Force by the national defense sector presents historical opportunities for the company, which has extensive experience in electronic information products [3] Financial Forecast and Valuation - The company's performance is in line with expectations, but due to the industry being in a period of order fluctuations, the net profit forecasts for 2024 and 2025 have been revised down to 1.983 billion yuan and 2.367 billion yuan respectively, with a new forecast for 2026 set at 2.919 billion yuan [4] - The corresponding P/E ratios for these years are projected to be 14, 12, and 10 times [4] - The company maintains a strong position in the industry due to its central enterprise background and continuous technological advancements [4]

证券研究报告·公司点评报告·军工电子Ⅱ 振华科技（000733） 2023 年年报点评：归母净利润同比增长 2024 年 04月 29日 12.57%，高新电子元件转向自主化 证券分析师 苏立赞 买入（维持） 执业证书：S0600521110001 sulz@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 许牧 营业总收入（百万元） 7,267 7,789 6,495 7,729 9,143 执业证书：S0600523060002 xumu@dwzq.com.cn 同比 28.48 7.19 (16.61) 19.00 18.29 研究助理 高正泰 归母净利润（百万元） 2,383 2,682 1,983 2,367 2,919 执业证书：S0600123060018 同比 59.81 12.57 (26.06) 19.37 23.29 gaozht@dwzq.com.cn EPS-最新摊薄（元/股） 4.30 4.84 3.58 4.27 5.27 P/E（现价&最新摊薄） 11.83 10.51 14.21 ...

1.召开时间：2024 年 5 月 9 日 15:40-17:30 证券代码：000733 证券简称：振华科技 公告编号：2024-047 2.召开方式：网络远程方式。 中国振华（集团）科技股份有限公司 关于举办2024年投资者集体接待日 暨2023年度业绩说明会并征集问题的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 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4月 27日在巨潮资讯网披露了《2023年年度报告》。为加强上市公司与投资 者的交流互动，便于投资者进一步了解公司2023年度经营情况及其他关 切问题，在贵州证监局指导下，贵州证券业协会联合深圳市全景网络有 限公司举办2024年贵州辖区上市公司投资者集体接待日暨2023年度业绩 说明会并征集相关问题，具体安排如下： 一、业绩说明会的安排 欢迎广大投资者积极参与。 特此公告。 中国振华（集团）科技股份有限公司董事会 - 2 - 3.出席本次活动人员有：公司董事长杨立明先生；董事、总经理沈建 华女士；独立董事张波先生；董事会秘书、总会计师胡光文先生，具体以 当天实际参会人员为准。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][24]. Core Views - The company reported a revenue of 7.79 billion RMB in 2023, a year-on-year increase of 7.2%, and a net profit attributable to the parent company of 2.68 billion RMB, up 12.6% year-on-year. However, Q1 2024 saw a significant decline in revenue and net profit due to order delays in the military electronics sector [2][8][24]. - The company is a leader in military electronic components and is expected to benefit from long-term demand driven by accelerated deployment of new equipment and upgrades of traditional equipment, despite facing short-term pressures from cost control and order delays [2][3][24]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 77.9 billion RMB, with a net profit of 26.8 billion RMB. Q4 2023 revenue was 17.6 billion RMB, and net profit was 6.2 billion RMB. However, Q1 2024 revenue dropped to 10.1 billion RMB, a decrease of 51.7% year-on-year, with net profit falling to 1.0 billion RMB, down 86.1% [2][8][24]. - The gross margin for 2023 was 59.3%, down 3.4 percentage points year-on-year, while the net profit margin was 34.4%, up 1.6 percentage points year-on-year. In Q1 2024, the gross margin fell to 47.6%, a decrease of 16.0 percentage points year-on-year, and the net profit margin dropped to 10.1%, down 24.9 percentage points year-on-year [14][24]. Capacity Expansion and Investment - The company has been gradually increasing its fixed assets, which reached 19.2 billion RMB in 2023, a 16.6% increase from the beginning of the year. The company plans to invest 1.0 billion RMB to enhance production capacity for circuit breakers and vacuum arc chambers, which is expected to generate an additional revenue of 164 million RMB annually [18][24]. - The company is focusing on digital transformation and lean production through "Industrial Internet + Intelligent Manufacturing" initiatives to improve production efficiency [2][18]. Profitability Forecast - The company forecasts net profits of 16.1 billion RMB, 19.7 billion RMB, and 24.2 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year changes of -40.1%, +22.6%, and +22.9%. The corresponding price-to-earnings ratios are projected to be 18, 14, and 12 times [3][24].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 7.79 billion yuan in 2023, representing a year-on-year growth of 7.2%, and a net profit attributable to shareholders of 2.68 billion yuan, up 12.6% year-on-year, aligning with market expectations [1] - In Q1 2024, the company reported a revenue of 1.01 billion yuan, down 51.7% year-on-year, and a net profit of 100 million yuan, down 86.1% year-on-year, which was below market expectations due to a decline in high-value product sales [1] - The company focuses on its core business in electronic components, with significant growth in its subsidiary, Zhihua Yongguang, which reported a revenue of 2 billion yuan, up 41.1% year-on-year, and a net profit of 980 million yuan, up 49.4% year-on-year [1] Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.76 billion yuan, a year-on-year increase of 12.4%, and a net profit of 620 million yuan, up 20.2% year-on-year, with a net profit margin of 34.4%, the highest level in history [1] - The gross profit margin for 2023 decreased by 3.4 percentage points to 59.3%, while the net profit margin increased by 1.7 percentage points [1] - The company’s operating cash flow increased by 50% year-on-year to 1.23 billion yuan in 2023, primarily due to an increase in cash received from sales [1] Future Earnings Forecast - The company is expected to achieve net profits of 2.29 billion yuan, 2.71 billion yuan, and 3.17 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12x, 10x, and 9x [2][3]

中国振华（集团）科技股份有限公司监事会 关于2023年年度报告及2024年第一季度报告 中国振华（集团）科技股份有限公司监事会 2024年4月25日 的书面审核意见 经审核，监事会认为，董事会编制和审议公司2023年年度报告和 2024年第一季度报告的程序符合法律、法规的要求，报告内容真实、 准确、完整地反映了公司的实际情况，不存在虚假记载、误导性陈述 或者重大遗漏。报告的内容和格式符合中国证监会和深圳证券交易所 的各项规定。 ...

中国振华（集团）科技股份有限公司 2023 年度环境、社会及治理 (ESG) 报告 | 目 录 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 关于本报告 | | 01 | | | | | | | 董事长致辞 | | 03 | | | | | | | 走进振华科技 | | 05 | | | | | | | ESG 策略与管理 | | 12 | | | | | | | 01 | 绿色发展看长远 | 15 | 平台搭建勇创新 03 | 31 | 05 | 践行责任赴使命 | 47 | | 双碳目标共践行 | | | 积淀成果拓边界 | | | 社会公益助振兴 | | | 强化环境管理 | | 17 | 健全研发体系 | 33 | | 履行缴税义务 | 49 | | 严格污染防控 | | 19 | 厚植研发实力 | 33 | | 投身公益行动 | 49 | | 推动清洁生产 | | 20 | 积淀丰硕成果 | 35 | | 助力乡村振兴 | 51 | | 响应"双碳"目标 | | 22 | 保护知识产权 | 36 | | | | ...

中国振华（集团）科技股份有限公司监事会 关于2023年度内部控制自我评价报告的 （二）根据公司非财务报告内部控制重大缺陷认定情况，于内部 控制评价报告基准日，公司未发现非财务报告内部控制重大缺陷。 （三）自内部控制评价报告基准日至内部控制评价报告发出日之 间，未发生影响内部控制有效性评价结论的重大因素。 中国振华（集团）科技股份有限公司监事会 2024年4月25日 书面审核意见 根据财政部、证监会等部门联合发布的《企业内部控制基本规范》 《公开发行证券的公司信息披露编报规则第21号—年度内部控制评 价报告的一般规定》以及《深圳证券交易所上市公司自律监管指引第 1号——主板上市公司规范运作》等有关规定，监事会对公司2023年 度内部控制自我评价报告进行了认真审阅，作出以下审核意见： （一）根据公司财务报告内部控制重大缺陷的认定情况，于内部 控制评价报告基准日，不存在财务报告内部控制重大缺陷，公司已按 照企业内部控制规范体系和相关规定的要求，在所有重大方面保持了 有效的财务报告内部控制。 ...

广发证券股份有限公司关于 中国振华（集团）科技股份有限公司 2023 年度内部控制自我评价报告的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为中国 振华（集团）科技股份有限公司（以下简称"振华科技"或"公司"）向特定对 象发行 A 股股票的持续督导机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号— —保荐业务》等相关法律法规和规范性文件的要求，对《中国振华（集团）科 技股份有限公司 2023 年度内部控制自我评价报告》进行了核查，并发表核查意 见如下： 一、保荐机构的核查工作 2、业务范围 根据《企业内部控制配套指引》及《企业全面风险管理指引》要求，在全 面评价的基础上，按照重要性原则，本报告期确定了组织架构、人力资源、销 售业务、采购业务、资金活动、资产管理 6 项业务作为评价重点；重点关注价 格管理风险、工程项目管理风险、生产安全风险、质量风险、资金安全风险等。 上述纳入评价范围的单位、业务和事项以及高风险领域，涵盖了公司经营 管理的 ...

证券代码：000733 证券简称：振华科技 公告编号：2024-038 中国振华（集团）科技股份有限公司 关于确认2023年度日常关联交易事项的公告 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、 误导性陈述或重大遗漏。 一、2023年度日常关联交易概述 2023 年 4 月 26 日，中国振华（集团）科技股份有限公司（以下简称 公司）召开第九届董事会第七次会议审议通过了《关于 2023 年度日常关 联交易预计的议案》，预计公司及控股子公司与关联方发生日常关联交易 的金额为 13,721.62 万元。公司 2023 年度实际发生的日常关联交易总金额 为 14,949.97 万元，为预计总金额的 108.95%，实际发生金额超出预计交易 金额 1,228.35 万元。存在部分预计关联交易事项实际发生额超出预计金额 以及与预计的关联人存在差异的情况，其中，部分预计关联交易事项实际 发生额超出预计金额 3,676.75 万元，与未预计到的关联方发生关联交易的 事项共计 16 项，交易金额为 814.22 万元。 2024年4月25日，公司召开第九届董事会第二十五次会议，审议通过 《关于确认 ...