Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][7]. Core Insights - The company achieved a total revenue of 3.832 billion yuan in 2023, a slight decrease of 1.36% year-on-year, while the net profit attributable to shareholders was 200 million yuan, reflecting a growth of 1.23% [2][6]. - The company is focusing on optimizing its business structure, with significant growth in its three main business areas: smart terminals, air traffic control products, and microwave RF, which collectively accounted for 92.8% of total revenue, an increase of 12.92 percentage points from the previous year [2][3]. - The company is positioned to benefit from the low-altitude economy, with expectations of steady growth in military and civilian demand supporting its performance [3][6]. Financial Performance and Forecast - Revenue projections for the company are as follows: 4.683 billion yuan in 2024 (up 22.23% year-on-year), 5.366 billion yuan in 2025 (up 14.58%), and 5.870 billion yuan in 2026 (up 9.38%) [2][7]. - The net profit forecasts are 330 million yuan for 2024 (up 64.90%), 452 million yuan for 2025 (up 36.79%), and 550 million yuan for 2026 (up 21.73%) [2][7]. - The report highlights an increase in R&D investment to 356 million yuan in 2023, a growth of 9.43%, with a focus on enhancing the company's technological capabilities [2][6]. Strategic Developments - The company announced the acquisition of Shanghai Zhiliang Electronics, which will enhance its military electronic warfare capabilities and strengthen its position in the military supply chain [6][7]. - The integration of Shanghai Zhiliang Electronics is expected to create synergies with the company's existing microwave RF business, further enhancing its competitive edge in the market [6][7].

Investment Rating - The report initiates coverage on the company with a "Buy" rating [1] Core Views - The company is well-positioned in the air traffic control (ATC) industry and has promising prospects in the low-altitude economy sector [1] - Excluding the impact of the acquisition, the company's net profit is forecasted to be RMB 259 million, RMB 334 million, and RMB 419 million for 2024-2026, with EPS of RMB 0.25, RMB 0.33, and RMB 0.41, respectively [1] - The current stock price corresponds to a PE ratio of 52x, 40x, and 32x for 2024-2026 [1] Company Overview - The company is the largest military and civilian ATC system and equipment R&D and production base in China, serving as a key supplier in the domestic ATC market [8] - It focuses on the R&D, manufacturing, and sales of ATC and related avionics equipment, with over 100 proprietary ATC products covering the entire flight process [8] - The company is expected to benefit significantly from the development of the low-altitude economy [8] Acquisition of Zhiliang Electronics - The company announced plans to acquire 100% of Zhiliang Electronics for RMB 6.57 per share, aiming to expand into electronic warfare and enhance its market competitiveness [8] - Zhiliang Electronics is a high-growth enterprise in the military electronics sector, specializing in electronic reconnaissance, electronic jamming, radar countermeasures, and simulation training [8] Financial Performance - In 2023, the company reported revenue of RMB 3.832 billion, a slight decrease of 1.36% YoY, with net profit attributable to shareholders of RMB 200 million, up 1.23% YoY [17] - The company's core businesses—smart terminals, ATC products, and microwave RF—showed steady growth, with ATC product revenue increasing by 11.20% YoY to RMB 1.113 billion [17] - The company's gross margin improved to 23.80%, up 1.48 percentage points YoY [17] Low-Altitude Economy Development - The low-altitude economy has gained policy support, with the market size expected to reach RMB 1.5 trillion by 2025 and RMB 3.5 trillion by 2035 [13] - The company is well-positioned to capitalize on this growth opportunity, given its strong presence in the ATC sector [8][13] Financial Forecasts - Revenue is projected to grow from RMB 3.832 billion in 2023 to RMB 5.913 billion in 2026, with a CAGR of 16.4% [23][30] - Net profit attributable to shareholders is expected to increase from RMB 200 million in 2023 to RMB 419 million in 2026, with a CAGR of 29.4% [23][30] - The company's ROE is forecasted to rise from 6.2% in 2023 to 10.5% in 2026 [23][30] Valuation Metrics - The company's P/E ratio is expected to decline from 66.9x in 2023 to 32.0x in 2026, reflecting improved profitability [23] - The P/S ratio is projected to decrease from 3.5x in 2023 to 2.3x in 2026, indicating better valuation attractiveness [23]

证券代码：000801 证券简称：四川九洲 公告编号：2024030 四川九洲电器股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据深圳证券交易所（下称深交所）的相关规定，经公 司申请，公司证券（证券品种：A 股股票，证券简称：四川九 洲，证券代码：000801）自 2023 年 12 月 21 日开市起开始停 牌，具体内容详见公司分别于 2023 年 12 月 21 日、12 月 28 日在巨潮资讯网上披露的《四川九洲电器股份有限公司关于 筹划发行股份购买资产并募集配套资金暨关联交易事项的 停牌公告》（公告编号：2023045）、《四川九洲电器股份有限 公司关于筹划发行股份购买资产并募集配套资金暨关联交 易事项的停牌进展公告》（公告编号：2023047）。 2024 年 1 月 4 日，公司召开第十三届董事会 2024 年度 第一次会议审议通过了本次交易预案及其摘要等与本次交 易相关的议案，具体内容详见公司于 2024 年 1 月 5 日在巨 潮资讯网（www.cninfo.com.c ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company achieved a total revenue of 3.83 billion RMB in 2023, a slight decrease of 1.4% year-on-year, while the net profit attributable to the parent company was 200 million RMB, reflecting a growth of 1.2% year-on-year [4][23]. - The company focuses on three main business segments: smart terminal products, air traffic control products, and microwave RF, which have shown stable revenue growth [39][23]. - The gross profit margin for 2023 was 23.8%, an increase of 1.5 percentage points year-on-year, indicating improved profitability after divesting from a loss-making plastic raw materials business [25][44]. - The company plans to acquire Zhilang Electronics to expand its electronic countermeasure business, positioning itself in a high-growth sector [23]. Summary by Sections Financial Performance - In 2023, the smart terminal products generated revenue of 2.23 billion RMB (up 16.1% YoY), air traffic control products 1.11 billion RMB (up 11.2% YoY), and microwave RF products 220 million RMB (up 17.3% YoY) [39][23]. - The company reported a net profit margin of 5.2% for 2023, a slight increase of 0.1 percentage points year-on-year, primarily due to increased expenses [25][23]. - R&D expenses increased by 9.4% year-on-year to 360 million RMB, reflecting a commitment to innovation and market expansion [25][23]. Asset Management - Fixed assets increased by 22.4% to 370 million RMB, while construction in progress rose significantly to 470 million RMB, mainly due to the ongoing development of the Chengdu Innovation Center [68][23]. - The company has a healthy cash collection rate, with a cash recovery ratio of 0.96, indicating good cash flow management [55][23]. Market Position and Future Outlook - As a leading player in the domestic air traffic control system market, the company is well-positioned to benefit from the development of low-altitude economy initiatives [23][39]. - The company is expected to achieve net profits of 250 million RMB, 340 million RMB, and 440 million RMB for 2024-2026, representing growth rates of 26%, 34%, and 28% respectively [4][23].

| --- | --- | --- | --- | --- | --- | --- | |--------------|----------|-------------------|------------------------|-------------------|----------------------|----------| | 产品分类 | 项目 | 2023 \n金额 | 年 \n占营业成本比 重 | 2022 \n金额 | 年 \n占营业成本比 重 | 同比增减 | | 智能终端产品 | 直接材料 | 1,518,033,72 8.81 | 80.96% | 1,330,120,98 6.03 | 82.19% | 14.13% | （8） 主要销售客户和主要供应商情况 | --- | --- | --- | --- | --- | |----------|----------------|----------------|----------|--------------| | | | | | 单位：元 | | | 2023 年 | 2022 年 | 同比增减 | 重大变动说明 | | ...

四川九洲电器股份有限公司 2023 年度监事会工作报告 2023 年,四川九洲电器股份有限公司(下称公司)监事会本着 对公司全体股东负责的原则,严格按照《公司法》《证券法》等 法律法规和《公司章程》《监事会议事规则》等规定,认真履行 监督职责,对公司依法运作情况和公司董事、高级管理人员履行 职责的情况进行监督｡ 公司全体监事恪尽职守、勤勉尽责,为保 障公司规范运作,避免资产及财务管理风险而努力,维护了公司及 股东的合法权益｡ 现将本年度主要工作报告如下: 一、监事会会议召开情况 2023 年 1 月 1 日至 2023 年 12 月 31 日期间(下称报告期),公 司监事会共召开了 5 次会议,会议的召开和表决程序均符合《公 司法》《公司章程》等法律法规和规范性文件的规定,具体会议 情况如下: 1．公司第十一届监事会 2023 年度第一次会议于 2023 年 4 月 18 日在公司会议室召开,全体监事出席会议｡ 会议审议并通过 以下议案:《2022 年度监事会工作报告》《2022 年度财务决算报 告》《关于公司 2022 年年度报告全文及摘要的议案》《2022 年 度利润分配预案》《关于开展金融衍生品业务的议 ...

四川九洲电器股份有限公司 2023 年度审计报告 中汇会审[2024]2975号 四川九洲电器股份有限公司全体股东： 一、审计意见 目 录 | 一、审计报告 | 页 次 1-6 | | --- | --- | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17-18 | | | | 审 计 报 告 我们审计了四川九洲电器股份有限公司(以下简称四川九洲公司)财务报表， 包括2023年12月31日的合并及母公司资产负债表，2023年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及财务报表附 注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了四川九洲公司2023年12月31日的合并及母公司财务状况以及2023年度 ...

证券代码:000801 证券简称:四川九洲 公告编号:2024024 四川九洲电器股份有限公司 关于 2023 年度利润分配预案的公告 公司于 2024 年 3 月 27 日召开了第十三届董事会 2024 年度 第三次会议及第十二届监事会 2024 年度第三次会议，审议通过 了《关于公司 2023 年度利润分配的预案》，董事会、监事会均认 为本次利润分配预案符合《公司章程》《公司法》等法律、法规 对公司利润分配的有关要求，综合考虑了公司实际经营情况、未 来业务发展及资金需求，兼顾了公司的可持续发展和股东的合理 回报需求，不会对公司未来经营所需现金流造成影响，更不存在 损害股东尤其是中小股东利益的情形，符合公司和全体股东的利 益。董事会、监事会同意该事项的实施，并同意提交 2023 年度 股东大会审议。 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。 2024 年 3 月 27 日，四川九洲电器股份有限公司（下称公司） 召开第十三届董事会 2024 年度第三次会议审议通过《关于公司 2023 年度利润分配的预案》。本事项尚需提交股东大会审议，现 将具体情况公告如 ...

单位:万元 四川九洲电器股份有限公司 2023 年度财务决算报告 四川九洲电器股份有限公司(下称公司)2023 年实现营业收 入 383,174.30 万元,同比减少 5,285.49 万元或 1.36%;实现归属 于母公司所有者的净利润 20,037.13 万元,同比增加 242.92 万 元或 1.23%｡ 一、合并报表范围和财务报表审计情况 （一）2023 年公司合并报表范围 公司合并财务报表范围包括四川九州电子科技股份有限公 司、深圳市九洲电器有限公司、四川迪佳通电子有限公司、深圳 智英电子有限公司、九洲(香港)多媒体有限公司、四川九洲空管 科技有限责任公司及成都九洲迪飞科技有限责任公司 7 个子(孙) 公司｡ （二）2023 年度公司财务报表审计情况 公司 2023 年度财务报告经中汇会计师事务所(特殊普通合 伙)审计,并出具标准无保留意见的审计报告｡ 审计认为,公司在 所有重大方面按照企业会计准则的规定编制,公允反映了 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及 母公司经营成果和现金流量｡ 二、主要会计数据和财务指标 | 项 目 | 2023 年 | 202 ...

根据证监会《上市公司独立董事管理办法》、深圳证券交易 所《股票上市规则》《上市公司自律监管指引第 1 号——主板上 市公司规范运作》等要求,四川九洲电器股份有限公司（下称公 司）董事会就 2023 年度公司在任独立董事刘海月、徐锐敏、武 刚及已离任独立董事冯建的独立性情况进行评估并出具如下专 项意见： 四川九洲电器股份有限公司董事会 2024 年 3 月 29 日 四川九洲电器股份有限公司 关于董事会对独立董事独立性自查情况的专项 评估报告 经核查 2023 年度公司在任独立董事刘海月、徐锐敏、武刚 及已离任独立董事冯建的任职经历以及签署的相关自查文件，上 述人员未在公司担任除独立董事以外的任何职务，也未在公司主 要股东公司担任任何职务，与公司以及主要股东之间不存在利害 关系或其他可能妨碍其进行独立客观判断的关系，因此，公司董 事会认为，公司独立董事符合《上市公司独立董事管理办法》《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》等规定中对独立董事独立性的相关要求。 ...