Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced significant performance pressure, with a revenue decline of 33.0% in 2024, resulting in a revenue of 5.22 billion and a net profit drop of 63.8% to 970 million. The first quarter of 2025 shows a revenue of 910 million, down 10.4% year-on-year and 38.6% quarter-on-quarter, with a net profit of 60 million, down 42.6% year-on-year and 82.0% quarter-on-quarter. However, the company is expected to see a turnaround in performance in 2025 as the military industry recovers [2][3][4] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 52.2 billion (down 33.0%) and a net profit of 9.7 billion (down 63.8%). For Q1 2025, revenue was 9.1 billion (down 10.4% year-on-year, down 38.6% quarter-on-quarter) with a net profit of 0.6 billion (down 42.6% year-on-year, down 82.0% quarter-on-quarter). The expected operating indicators for 2025 are a revenue of 57 billion and a total profit of 11.45 billion [1][2] Operational Analysis - The company's performance has been under pressure due to delayed orders and price declines. The subsidiaries also faced challenges, with significant revenue drops. However, the subsidiary Zhihua Yongguang showed resilience, with a profit decline of 48.8%, which is significantly lower than the overall company decline of 63.8%, indicating a strong market position in semiconductor discrete devices [2][3] Profitability Analysis - The company’s gross margin for 2024 was 49.7% (down 9.6 percentage points), and the net margin was 18.6% (down 15.9 percentage points). For Q1 2025, the gross margin was 42.5% (down 5.1 percentage points year-on-year, down 7.5 percentage points quarter-on-quarter), and the net margin was 6.4% (down 3.6 percentage points year-on-year, down 15.6 percentage points quarter-on-quarter). The report anticipates an improvement in profit margins as orders recover in 2025 [3][4] Forecast and Valuation - The company is projected to achieve net profits of 1.28 billion, 1.63 billion, and 1.97 billion from 2025 to 2027, representing year-on-year growth rates of 31.62%, 27.93%, and 20.43%, respectively. The corresponding price-to-earnings ratios are expected to be 23.4, 18.3, and 15.2 times. The company is positioned as a leading platform for military components, with significant performance elasticity and sustainability advantages as the industry recovers [4]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the domestic high-tech electronic components sector [6][8]. Core Views - The company reported a revenue of 5.22 billion yuan for 2024, a year-on-year decrease of 33.0%, and a net profit of 970 million yuan, down 63.8% year-on-year. The first quarter of 2025 showed a revenue of 910 million yuan, down 10.4% year-on-year, and a net profit of 59 million yuan, down 42.6% year-on-year. The performance aligns with expectations despite significant challenges in the market [3]. - The company faces pressure from cyclical market fluctuations and price reductions affecting profitability. The gross margin for 2024 decreased by 9.6 percentage points to 49.7%, and the net margin fell by 15.8 percentage points to 18.6% due to intensified competition and changes in procurement and technology [3][4]. - The company expects a revenue of 5.7 billion yuan for 2025, representing a year-on-year growth of 9.2%, and a total profit of 1.145 billion yuan, up 3.1% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit across its subsidiaries, with notable decreases in revenue and net profit for its main business units [4]. - The company’s operating cash flow improved, with net cash flow from operating activities reaching 1.6 billion yuan in 2024, compared to 1.23 billion yuan in 2023 [5]. Revenue and Profit Forecast - The forecast for 2025 to 2027 indicates a gradual recovery, with expected net profits of 1.134 billion yuan, 1.371 billion yuan, and 1.6 billion yuan respectively, alongside corresponding PE ratios of 27x, 22x, and 19x [6][7]. Market Position and Strategy - The company is positioned as a core supplier in the high-tech electronic components field, leveraging its brand value matrix and capabilities in various emerging sectors such as commercial aerospace and new energy vehicles [6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its industry leadership and growth potential [6][8]. Core Views - The company reported a revenue of 5.22 billion yuan for 2024, a year-over-year decline of 33.0%, and a net profit of 970 million yuan, down 63.8% year-over-year. The first quarter of 2025 also showed a revenue of 910 million yuan, down 10.4% year-over-year, with a net profit of 59 million yuan, down 42.6% year-over-year. The performance aligns with expectations despite significant challenges in the market [3]. - The company is expected to achieve a revenue of 5.7 billion yuan in 2025, representing a year-over-year growth of 9.2%, and a total profit of 1.145 billion yuan, up 3.1% year-over-year. These figures are budget estimates and do not represent a definitive profit forecast for 2025 [4]. - The company is positioned as a core supplier in the domestic high-tech electronic components sector, leveraging its reliable product system and full industry chain collaboration to capitalize on opportunities in emerging fields such as commercial aerospace, low-altitude economy, civil aviation, and new energy vehicles [6]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit due to market cyclicality and price reductions. The gross margin fell by 9.6 percentage points to 49.7%, and the net margin decreased by 15.8 percentage points to 18.6% [3]. - The company's subsidiaries also reported varying degrees of revenue and profit declines in 2024, with the main subsidiary, Zhihua YG, generating 1.24 billion yuan in revenue, down 38.0% year-over-year, and a net profit of 500 million yuan, down 48.8% [4]. Cost and Cash Flow - The company's operating expenses decreased by 6.9% year-over-year to 1.39 billion yuan in 2024, but the expense ratio increased by 7.5 percentage points to 26.7% due to a significant drop in revenue [5]. - As of the end of Q1 2025, the company reported improved operating cash flow of 1.6 billion yuan compared to 1.23 billion yuan in 2023 [5]. Profit Forecast - The company forecasts net profits of 1.134 billion yuan, 1.371 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 27x, 22x, and 19x [6][7].

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 年度涉及财务公司关联交易的存款、贷款等金融业务 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 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 7 号——交易与关联交 易》等有关规定，对振华科技 2024 年度涉及财务公司关联交易的存款、贷款等 金融业务进行了核查，具体情况如下： 一、财务公司基本情况 1、中国电子科技财务有限公司（以下简称"中电财务公司"）是经中国人 民银行银复〔2000〕243 号文件批准成立的非银行金融机构。 2、金融许可证机构编码：L0014H211000001。 3、统一社会信用代码：91110000102090836Y。 4、注册资本：250,000.00 万元人民币，股东构成如下： | 股东名称 | 投资金额（亿元） | 持股比例 | | --- | - ...

中国振华（集团）科技股份有限公司 对会计师事务所 2024 年履职情况评估报告 及审计委员会履职监督职责情况的报告 根据《公司法》《证券法》《国有企业、上市公司选聘会计师事务所 管理办法》、《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》及公司《章程》等相关规定，现将中国振华（集团）科 技股份有限公司（以下简称公司）2024 年度会计师事务所履职情况及审 计委员会对会计师事务所履行监督职责情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 1.基本信息 （1）事务所名称：大信会计师事务所（特殊普通合伙） （2）机构性质：特殊普通合伙企业 （3）历史沿革：大信会计师事务所（特殊普通合伙）（以下简称大 信）成立于 1985 年，2012 年 3 月转制为特殊普通合伙制事务所，总部位 于北京，注册地址为北京市海淀区知春路 1 号 22 层 2206。大信在全国设 有 33 家分支机构，在香港设立了分所，并于 2017 年发起设立了大信国际 会计网络，目前拥有美国、加拿大、澳大利亚、德国、法国、英国、新加 坡等 38 家网络成员所。主要分布于制造业，信息传输 ...

证券代码：000733 证券简称：振华科技 公告编号：2025-023 中国振华（集团）科技股份有限公司 关于确认2024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。 中国振华（集团）科技股份有限公司（以下简称公司）于 2025 年 4 月 22 日召开第十届董事会第五次会议，审议通过《关于确认 2024 年度日 常关联交易事项的议案》，此议案属于关联事项议案，关联董事在表决时 进行了回避。按照《深圳证券交易所股票上市规则》规定，此议案无需提 交股东大会审议。具体情况报告如下： 一、2024年度日常关联交易概述 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 了《关于 2024 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 14,597.55 万元。公司 2024 年度实 际发生的日常关联交易总金额为 13,682.99 万元，为预计总金额的 93.73%，实际发生金额低于预计交易金额 914.56 万元。 二、2024年日常关联交易情况 （一）采购商品或接受服务 ...

2024 年度环境、社会及治理（ESG）报告 关于本报告 关于本报告 本报告是中国振华（集团）科技股份有限公司（简称"振华科技""公司"或"我们"）发布的环境、社会及治理 （ESG）报告，本着客观、规范、透明和全面的原则，详细披露了公司 2024 年在积极承担社会责任、有效 管理 ESG 风险与机遇等方面的具体举措、重点实践、亮点案例和关键绩效，旨在回应利益相关方的期望， 未来更好地履行社会责任。 报告范围 本报告以中国振华（集团）科技股份有限公司为主体，包含其所属子公司。 释义 | 简称 | | 全称 | | --- | --- | --- | | 振华科技 / 公司 / 本公司 / 我们 | 指 | 中国振华（集团）科技股份有限公司 | | 控股股东： | | | | 中国振华 | 指 | 中国振华电子集团有限公司 | | 子公司： | | | | 振华云科 | 指 | 中国振华集团云科电子有限公司 | | 振华新云 | 指 | 中国振华（集团）新云电子元器件有限责任公司 | | 振华永光 | 指 | 中国振华集团永光电子有限公司 | | 振华宇光 | 指 | 中国振华电子集团宇光电工有限公司 | | 振 ...

2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：中国振华（集团）科技股份有限公司 单位：人民币万元 | | | | | | 2024 年 | 2024 年 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2024 年 | 度占用 | 度占用 | 2024 年 | 2024 年 | | | | 非经营性资金 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 期初占 | 累计发 | 资金的 | 度偿还 | 期末占 | 占用形 | 占用性质 | | 占用 | | 司的关联关系 | 的会计科目 | 用资金 | 生金额 | 利息 | 累计发 | 用资金 | 成原因 | | | | | | | 余额 | （不含 | （如 | 生金额 | 余额 | | | | | | | | | 利息） | 有） | | | | | | 控股股东、实际 | | | | | | | | | | 非经营性占用 | | 控制人及其附 | | | | | | | | | | 非经营性占用 ...

中国振华（集团）科技股份有限公司 2024 年度董事会工作报告 2024 年，中国振华（集团）科技股份有限公司（以下简称公司）董 事会严格按照《公司法》《证券法》《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》以 及公司《章程》等有关规定和要求规范开展相关工作，紧密围绕公司发展 战略，积极应对复杂多变的市场环境，切实履行各项职责，致力于推动公 司持续、稳定、健康发展。现将公司董事会 2024 年度工作报告如下。 第一部分 2024 年度工作回顾 一、主要指标完成情况 2024 年，受地缘政治因素及行业价格管控的影响，高新电子元器件 领域市场出现阶段性量价齐跌的态势。面对挑战，公司董事会带领全体职 工不断转变发展模式和发展思路，加快产业升级、强化创新驱动、加强内 部管理及风险管控，使公司经营取得了行业内较好成绩。全年实现营业收 入 52.19 亿元，同比下降 32.99%；实现利润总额 11.11 亿元，同比下降 64.38%；实现归属于上市公司股东净利润 9.70 亿元，同比下降 63.83%。 二、重点工作完成情况 1 （一）聚焦职能定位，强化"定战略、 ...

（一）扣除发行费用后的实际募集资金金额、资金到账时间 关于2024年度募集资金存放与实际使用情况的 专项报告 经中国证券监督管理委员会《关于同意中国振华（集团）科技股份有 限公司向特定对象发行股票注册的批复》（证监许可[2023]1391 号）核准， 公司采用向特定对象发行的方式发行人民币普通股（A 股）31,813,013.00 股，发行价格为每股 79.15 元。截止 2023 年 9 月 26 日，公司实际已向特 定对象发行人民币普通股（A 股）31,813,013 股，募集资金总额 2,517,999,978.95 元，扣除承销费、保荐费、审计费、律师费等发行费 用 5,686,549.58 元后，实际募集资金净额为 2,512,313,429.37 元。上述 资金到位情况已经大信会计师事务所（特殊普通合伙）验证，并出具了大 信验字[2023]第 14-00013 号的验资报告。 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。 中国振华(集团)科技股份有限公司 中国振华（集团）科技股份有限公司（以下简称公司）于 2025 年 4 月 22 日召开第十届 ...