Financial Performance - The company's operating revenue for 2024 was ¥5,219,282,776.27, a decrease of 32.99% compared to ¥7,789,286,189.22 in 2023[16] - The net profit attributable to shareholders for 2024 was ¥970,184,122.63, down 63.83% from ¥2,682,093,963.01 in 2023[16] - Basic earnings per share for 2024 were ¥1.7512, a decline of 65.85% from ¥5.1277 in 2023[16] - The company reported a significant increase in non-recurring gains, totaling CNY 132.38 million in 2024, compared to CNY 128.81 million in 2023[22] - The company reported a net profit attributable to shareholders of CNY 970 million, a decrease of 63.83% year-over-year[37] - The company's net profit for the fiscal year 2024 is CNY 1,091,776,579.32, after accounting for statutory and discretionary reserves totaling CNY 218,355,315.86[135] - The total distributable profit available for shareholders at year-end is CNY 1,654,057,234.41, with a cash dividend distribution plan of CNY 99,750,497.58, equating to CNY 1.80 per 10 shares[135] Cash Flow and Investments - The net cash flow from operating activities increased by 29.95% to ¥1,600,812,101.61 in 2024, compared to ¥1,231,863,787.38 in 2023[16] - The total cash inflow from investment activities rose significantly by 71.15% year-on-year to ¥5,213,527,796.15, mainly from the recovery of cash from structured deposits and the sale of stocks[52][55] - The net cash flow from financing activities decreased by 142.66% year-on-year, resulting in a net outflow of ¥908,427,308.76, largely due to a reduction in cash received from issuing stocks[52][56] - The company reported a retained undistributed profit of CNY 1,554,306,736.83 after the dividend distribution[135] Assets and Liabilities - Total assets at the end of 2024 were ¥18,062,430,877.13, reflecting a slight increase of 0.49% from ¥17,974,514,043.52 at the end of 2023[16] - The net assets attributable to shareholders increased by 2.79% to ¥14,749,329,513.19 at the end of 2024, compared to ¥14,348,600,240.98 at the end of 2023[16] - The total amount of accounts receivable decreased by 0.97% year-on-year, amounting to ¥4,577,863,060.31, as the company actively communicated with clients to manage collection pressures[62] - The long-term borrowings decreased by 1.44% year-on-year to ¥412,971,000.00, primarily due to the reclassification of some long-term borrowings to current liabilities[63] Research and Development - The company applied for a total of 395 patents during the reporting period, with 222 patents granted, including 79 invention patents, enhancing its innovation portfolio[30] - The number of R&D personnel increased by 6.21% to 1,231 in 2024, compared to 1,159 in 2023[50] - R&D investment amounted to ¥407,869,273.04 in 2024, a decrease of 18.70% from ¥501,687,273.64 in 2023[50] - The proportion of R&D investment to operating income rose to 7.81% in 2024 from 6.44% in 2023, an increase of 1.37%[50] Market and Competition - The company is facing increased competition in the basic components sector due to policy changes and market dynamics, impacting profit margins[37] - The company is strategically targeting emerging sectors such as commercial aerospace and new energy vehicles, which are expected to drive demand for electronic components[25] - The company has established a comprehensive sales network and is actively expanding into strategic emerging sectors such as commercial aerospace and new energy vehicles[32] Corporate Governance - The board of directors consists of 7 members, including 4 independent directors, complying with legal and regulatory requirements[102] - The company has established a performance evaluation system for senior management, linking their performance directly to compensation[103] - The company maintains complete independence from its controlling shareholders in terms of business, personnel, assets, and finance[105] - The company has a diverse board with members holding various positions in other organizations, enhancing governance and oversight[117] Environmental Compliance - The company has obtained environmental impact assessment approvals for its projects, including the switch and display control component R&D project[153] - The company holds valid pollution discharge permits for its subsidiaries, with one permit valid until September 14, 2028[154] - The company has implemented measures to ensure compliance with environmental protection regulations and standards[150] - The company reported a total wastewater discharge of 0.00035 million tons, with no exceedance of permitted limits for total phosphorus[155] Social Responsibility - The company is committed to social responsibility, integrating it into its development strategy and operations[170] - The company signed 14 new welfare and job management policies in 2024 to enhance employee rights protection[171] - A total of 288 safety inspections were conducted, identifying 904 safety hazards, all of which were rectified[174] - The company organized 50 volunteer activities, accumulating 500 hours of service in 2024[175]

振华科技（000733）公告，2024年营业收入52.19亿元，同比减少32.99%。归属于上市公司股东的净利 润9.7亿元，同比减少63.83%。公司经本次董事会审议通过的利润分配预案为：以5.54亿股为基数，向 全体股东每10股派发现金红利1.8元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

振华科技（000733）公告，公司控股股东中国振华电子集团有限公司计划自2024年10月23日起6个月内 增持公司股份，增持金额不低于1亿元，不超过2亿元，增持价格不高于59.6元/股。截至本公告披露 日，中国振华累计增持公司A股股份226.46万股，占公司总股本的0.4086%，合计增持金额1亿元(不含各 类规费及手续费)。本次增持计划已实施完成，中国振华持有公司A股股份1.72亿股，占公司已发行总股 本的31.0082%。 ...

Group 1 - Liu Gesong's funds reported a total scale of 32.171 billion yuan at the end of Q1, a decrease of approximately 2 billion yuan compared to the previous quarter [2] - The main sectors for investment include new energy vehicles, electronics, lithium batteries, photovoltaics, and military industry [2] - The flagship fund, Guangfa Shuangqing Upgrade, has a year-to-date return of -3.89%, underperforming its benchmark [2] Group 2 - The concentration of the top ten holdings in Guangfa Shuangqing Upgrade decreased to 71.21% from 81.76% in the previous quarter, a decline of about 10% [2] - Six out of the top ten holdings were reduced, with the largest reduction in Beifang Huachuang, which saw a decrease of 33.83% in shares held [2][3] - New entrants to the top ten holdings include Zhenhua Technology and Fenzhong Media, while Tianhe Energy and AVIC Optoelectronics exited [3] Group 3 - Guangfa Industry Fund's latest scale is 6.38 billion yuan, down by approximately 400 million yuan [4] - New top ten holdings include Xiaomi Group-W and Alibaba-W, with Tencent Holdings seeing over a 20% increase in shares held [4] Group 4 - Guangfa Technology Pioneer Fund reduced its holdings in Seris by 10.76%, with a latest holding of 6.67 million shares valued at 840 million yuan [6] - Guangfa Small Cap Growth Fund significantly reduced its holdings in EVE Energy by 53%, with a latest holding of 3.92 million shares [7] Group 5 - Liu Gesong anticipates a steady recovery in the domestic economy, driven by government policies focusing on livelihood, consumption, and real estate [8] - The technology growth sector is expected to perform independently of economic cycles, with a higher probability of a prosperous market [9] - Liu maintains an optimistic outlook for the overall economic environment in 2024, expecting a gradual recovery of internal economic momentum [9]

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating an expectation for the industry to outperform the overall market [7][31]. Core Insights - The defense and military industry is expected to experience robust growth in the coming years, driven by a clear upward trend in fundamentals and increased military spending due to geopolitical factors [7]. - The report highlights that the industry is entering a phase of accelerated mechanization and informatization as it approaches the centenary of the military, with a focus on quality and quantity improvements [7]. - The impact of tariff conflicts is viewed positively for the military industry, as it emphasizes the comparative advantages of domestic demand and is expected to accelerate investment in the sector [7]. - New forms of combat capabilities, including AI and robotics, are anticipated to become key growth drivers for the industry, creating new investment opportunities [7]. - The construction of remote sensing constellations and the upcoming aerospace conference are expected to boost the sector's performance [7]. Market Review - Last week, the Shenwan Defense and Military Index fell by 2.55%, while the overall market indices showed mixed results, with the Shanghai Composite Index rising by 1.19% [3][8]. - The report notes that the defense and military sector's performance ranked last among 31 primary industry categories [8]. - The top five performing stocks in the defense and military sector last week included Beimo Gaoke (up 11.94%), Taihe New Materials (up 9.38%), and others, while the worst performers included Zhenhua Technology (down 16.23%) and Hongyuan Electronics (down 13.17%) [8][16][17]. Valuation Changes - The current PE-TTM for the defense and military sector is 68.10, indicating it is in the upper range historically, with a valuation percentile of 54.04% since January 2014 [17]. - The report identifies a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [17][22]. Key Investment Targets - The report suggests increasing attention on high-end combat capabilities and new combat capabilities, with specific stocks highlighted for potential investment [7][24]. - Notable stocks include Feiliwa, Tianqin Equipment, and others in the high-end combat category, as well as Chengdu Huami and Huaying Technology in the new combat capabilities category [7][24].

Core Viewpoint - The military electronics sector has experienced a significant decline, with multiple stocks dropping over 5% [1] Group 1 - Torch Electronics, Zhenhua Wind Power, Zhenhua Technology, Hongda Electronics, and Hongyuan Electronics all saw declines exceeding 5% [1] - Other companies such as Zhimingda, Aerospace Electric, Ruichuang Micro-Nano, and Mengsheng Electronics also followed the downward trend [1]

从中证500相对价值指数持仓的市场板块来看，上海证券交易所占比55.14%、深圳证券交易所占比 44.86%。 金融界4月14日消息，上证指数高开高走，中证500相对价值指数 (500R价值，H30354)报6989.26点。 数据统计显示，中证500相对价值指数近一个月下跌7.13%，近三个月上涨1.59%，年至今下跌5.15%。 据了解，中证500相对价值指数综合考察中证500指数样本的价值和成长特征，选取价值风格较为突出的 证券为样本，并采用经综合价值概率调整后的自由流通市值加权，以反映中证500指数中具有价值风格 特征证券的整体表现，为市场提供更具多元化风险收益特征的投资标的。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证500相对价值指数十大权重分别为：苏州银行（1.04%）、东山精密（1.03%）、 永泰能源（0.91%）、华天科技（0.78%）、长沙银行（0.76%）、振华科技（0.75%）、东吴证券 （0.75%）、财通证券（0.72%）、云天化（0.72%）、浙江龙盛（0.7%）。 从中证500相对价值指数持仓样本的行业来看，工业占比19.84%、原材 ...

Market Overview - The Shanghai Composite Index fell by 0.46% on March 31, with four sectors rising, led by telecommunications and home appliances, which increased by 0.58% and 0.37% respectively [1] - The sectors with the largest declines were electric power equipment and national defense industry, which dropped by 1.94% and 1.81% respectively [1] - Overall, there was a net outflow of 40.409 billion yuan in the main funds across the two markets, with five sectors experiencing net inflows [1] Sector Performance - The public utilities sector had the largest net inflow of funds, totaling 311 million yuan, while it rose by 0.15% [1] - The steel sector also saw a net inflow of 283 million yuan despite a decline of 1.45% [1] - A total of 26 sectors experienced net outflows, with electric power equipment leading at 5.832 billion yuan, followed by machinery equipment with 5.311 billion yuan [1] National Defense Industry - The national defense industry saw a decline of 1.81% with a net outflow of 2.175 billion yuan [2] - Out of 139 stocks in this sector, 22 rose while 115 fell, including one stock that hit the daily limit down [2] - The top three stocks with net inflows were Yaxing Anchor Chain (22.978 million yuan), Zhongke Haixun (21.664 million yuan), and Aopu Optoelectronics (15.279 million yuan) [2] National Defense Industry Outflows - The top three stocks with the largest net outflows were Guangqi Technology (-24.526 million yuan), Jingjiawei (-13.736 million yuan), and Tianhai Defense (-13.063 million yuan) [4] - Other notable outflows included China Shipbuilding (-8.134 million yuan) and AVIC Heavy Machinery (-9.586 million yuan) [4]

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 2024 年度持续督导培训情况报告 深圳证券交易所： 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）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"）2022 年度向特定对象发 行 A 股股票的保荐人和持续督导机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关法律、法规和规 范性文件的要求，于 2025 年 3 月 25 日对振华科技相关人员进行了培训，本次培训具 体情况如下： 一、本次持续督导培训的基本情况 培训时间：2025 年 3 月 25 日 培训地点及方式：贵州省贵阳市振华科技现场及线上培训 培训人员：苏云、奚菁霏、张剑桥 培训对象：公司董事、监事、高级管理人员、相关部门负责人及公司控股股东、 实际控制人相关人员 二、培训的主要内容 结合《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》等规则，培训人员对上市公司规范运作、关联交 易、信息披露及募集资金管理和使用等要求进行了培训。 三、培训的完成 ...

振华科技: 关于中国振华（集团）科技股份有限公 司2025年第一次临时股东大会的法律意见书 关于中国振华（集团）科技股份有限公司 法律意见书 ）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、公司第十届董事会第四次会议决议、第十届监事会第二 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， 列席了本次股东大会。公司承诺其所提供的文件和所作的陈述和说明 是完整、真实和有效的，无任何隐瞒、疏漏之处。 致：中国振华（集团）科技股份有限公司 北京市炜衡（贵阳）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 2025 年 3 月 26 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 2025 年第一次临时 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 ...