证券代码:000801 证券简称:四川九洲 公告编号:2024035 四川九洲电器股份有限公司 关于为控股子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 四川九洲电器股份有限公司(下称公司)于 2024 年 1 月 4 日 召开第十三届董事会 2024 年度第一次会议审议通过了《关于 2024 年度为控股子公司提供担保额度的议案》,同意公司为控股 子公司成都九洲迪飞科技有限责任公司(下称九洲迪飞)、深圳市 九洲电器有限公司、九洲(香港)多媒体有限公司分别提供不超过 人民币 11,000 万、7,000 万、4,200 万额度的连带责任担保｡ 担 保额度的有效期为自公司董事会审议通过之日起一年内,担保额 度在授权期限内可循环使用｡ 具体内容详见公司于 2024 年 1 月 5 日在巨潮资讯网上披露的《关于 2024 年度为控股子公司提供 担保额度的公告》(公告编号:2024006)｡ 一、担保情况概述 为支持九洲迪飞生产经营资金需求,保障其业务顺利开展, 公司拟为九洲迪飞分别向中国建设银行股份有限公司绵阳分行 (下称建设银行)、中国农业 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024034 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。 特别提示： 1.四川九洲电器股份有限公司（下称公司）于 2024 年 1 月 5 日披露的《四川九洲电器股份有限公司发行股份购买资 产并募集配套资金暨关联交易预案》（下称本次交易预案）及 其摘要中已对本次交易涉及的有关风险及尚需履行的审批 程序进行了详细说明，敬请广大投资者认真阅读有关内容， 并注意投资风险。 2.截至本公告披露日，除本次交易预案披露的风险因素 外，公司尚未发现可能导致公司董事会或者交易对方撤销、 中止本次交易或者对本次交易方案作出实质性变更的相关 事项，本次交易工作正在持续推进中。 一、本次交易基本情况 二、本次交易的进展情况 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 202 ...

四川九洲 (000801.SZ) 所得税扰动实际经营优于表观，空管 盈利预测、估值与评级 公司点评 证券研究报告 事件 预计公司 2024-2026 年归母净利润分别为 2.5/3.4/4.4 亿，同比 增长 26%、34%、28%，对应 PE 分别为 60/44/35 倍；备考净利润分 别为 4.0/6.1/8.1 亿，同比增长 46%、51%、34%，对应 PE 分别为 38/25/19 倍。维持"买入"评级。 风险提示 军工组 市价 (人民币): 14.75元 相关报告: 0 500 1,000 1,500 2,000 2,500 3,000 5.00 7.00 9.00 11.00 13.00 15.00 17.00 230425230725231025240125240425 人民币(元) 成交金额(百万元) 成交金额 四川九洲 沪深300 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|--------|--------|-------- ...

北京金杜（成都）律师事务所 关于四川九洲电器股份有限公司 2023 年年度股东大会 之法律意见书 致：四川九洲电器股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受四川九洲电器股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称 《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、《上市 公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人 民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章和规范性文件以及现行有效的《四川九洲电器股份有限公司章程》有 关规定，指派律师出席了公司于 2024 年 4 月 25 日召开的 2023 年年度股东大 会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 在本法律意见书中，本所仅对本次股东大会召集和召开的程序、出席本次 股东大会人员资格和召集人资格及表决程序、表决结果是否符合有关法律、行 政法规和《股东大会规则》《公司章程》的规定发表意见，并不对本次股东大 会所审议的议案内容以及该等议案所表述 ...

1 凤引九雏 赋就核心动能 五洲四海 造就美好未来 追风逐电 创就一流价值 社稷之器 绘就幸福家园 附录 | | (0) | | --- | --- | | 报告规范 | 01 | | 领导致辞 | 03 | | 走进四川九洲 | 05 | | 责任管理 | 07 | | 凤引九雏 | (0) | | --- | --- | | 赋就核心动能 | 01 | | 强化党建引领 | 11 | | 完善治理体系 | 13 | | 五洲四海 | 0 D | | --- | --- | | 造就美好未来 | | | 引领行业发展 | 19 | | 携手伙伴同行 | 20 | | 增进员工福祉 | 24 | | 追风逐电 | (0) | | --- | --- | | 创就一流价值 | 03 | | 夯实主责主业 | 31 | | 严守产品质量 | 34 | | 聚焦科技创新 | 38 | | 社稷之器 | (0) | | --- | --- | | 绘就幸福家园 | 04 | | 守护绿色生态 | 45 | | 抓牢安全生产 | 47 | | 真诚奉献社会 | 49 | | 附录 | 9 | | --- | --- | ...

2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1.召开时间： 证券代码：000801 证券简称：四川九洲 公告编号：2024031 四川九洲电器股份有限公司 2023 年度股东大会决议公告 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 1.本次股东大会未出现否决提案的情形。 现场会议召开时间：2024 年 4 月 25 日 14:30 网络投票时间： 公司部分董事、监事、董事会秘书出席了本次会议，公司高 级管理人员列席了本次会议，北京金杜（成都）律师事务所周敏 律师、杨梓赪律师见证了本次会议。 （1）通过深圳证券交易所交易系统进行网络投票的具体时 间为：2024年4月25日9:15—9:25，9:30—11:30和13:00—15:00。 （2）通过深圳证券交易所互联网投票的具体时间为：2024 年4月25日9:15至2024年4月25日15:00期间的任意时间。 2.召开地点：四川省绵阳市九洲大道 259 号四川九洲电器股 份有限公司会议室。 3.召开方式：现场表决和网络投票相结合的方式 4.召集人：四川九洲电器股 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024032 四川九洲电器股份有限公司 第十三届董事会 2024 年度第四次会议 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、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二、审议通过《关于公司 2023 年度环境、社会及治理（ESG） 报告的议案》； 表决情况：7 票同意、0 票反对、0 票弃权。 详见公司同日在巨潮资讯网披露的《2023 年度环境、社会 及治理（ESG）报告》。 三、备查文件 1.四川九洲电器股份有限公司第十三届董事会 2024 年度第 四次会议决议； 四川九洲电器股份有限公司（下称公司）第十三届董事会 2024 年度第四次会议于 2024 年 4 月 25 日 15:30 在公司会议室 以现场、通讯相结合的方式召开。会议通知于 2024 年 4 月 19 日 以专人、邮件或传真方式送达。董事长杨保平先生因公出差，经 半数以上董事共同推举，由董事程旗女士主持会议，公司监事、 高管人员列席会议。本次董事会应参加表决董事 7 人，实际参加 表决董事 7 人（其中委托出席董事 1 名，董事长杨保平先生因公 出差，书面授权委 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥885,249,870.87, a decrease of 4.16% compared to ¥923,704,974.11 in the same period last year[5] - Net profit attributable to shareholders was ¥36,492,017.76, down 8.47% from ¥39,867,632.25 year-on-year[5] - The basic earnings per share decreased by 8.46% to ¥0.0357 from ¥0.0390 in the previous year[5] - Total operating revenue for Q1 2024 was CNY 885,249,870.87, a decrease of 4.1% compared to CNY 923,704,974.11 in Q1 2023[21] - Net profit for Q1 2024 was CNY 45,919,948.83, a decrease of 7.5% compared to CNY 49,468,406.68 in Q1 2023[22] - R&D expenses increased to CNY 95,104,040.19 in Q1 2024, up from CNY 93,022,482.45 in the same period last year[22] - The company recorded a tax expense of CNY 11,975,998.41 for Q1 2024, significantly higher than CNY 4,035,572.78 in the same period last year[22] - Other comprehensive income after tax for Q1 2024 was CNY 2,008,747.55, compared to a loss of CNY 770,381.60 in Q1 2023[23] Cash Flow - The net cash flow from operating activities significantly dropped by 89.32%, from ¥104,063,264.84 to ¥11,113,242.07[5] - The report indicates that net cash flow from operating activities was CNY 11,113,242.07, a decrease of 89.36% compared to CNY 104,063,264.84 in the previous year[26] - Total cash outflow from operating activities reached CNY 1,089,178,578.84, up 33.33% from CNY 816,598,448.28 year-on-year[26] - Net cash flow from investing activities rose by 98.26% to ¥84,432,153.42, primarily due to increased cash recovered from investments[10] - Net cash flow from investing activities increased to CNY 84,432,153.42, compared to CNY 42,585,527.35 in the same period last year, marking a growth of 98.25%[26] - Cash inflow from financing activities totaled CNY 250,000,000.00, down 28.38% from CNY 348,600,018.48 in the previous year[26] - Net cash flow from financing activities decreased by 67.82% to ¥78,335,287.57, mainly due to cash payments for debt repayment[10] - Net cash flow from financing activities was CNY 78,335,287.57, a decrease of 67.80% compared to CNY 243,416,073.38 last year[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,742,122,273.68, reflecting a slight increase of 0.40% from ¥6,715,497,087.33 at the end of the previous year[5] - The company reported a total current asset of CNY 5,262,425,334.46 as of March 31, 2024, an increase from CNY 5,161,396,301.20 at the beginning of the period, reflecting a growth of approximately 2.05%[17] - Total liabilities as of Q1 2024 were CNY 3,445,094,772.76, slightly down from CNY 3,465,688,307.11 in the previous year[22] - The company’s total assets amounted to CNY 6,742,122,273.68, a slight increase from CNY 6,715,497,087.33 at the beginning of the period, reflecting a growth of approximately 0.39%[18] - The company’s total non-current assets decreased to CNY 1,479,696,939.22 from CNY 1,554,100,786.13, indicating a decline of about 4.79%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 77,516[11] - Sichuan Jiuzhou Investment Holding Group Co., Ltd. holds 47.61% of shares, totaling 486,907,288 shares[11] - The second largest shareholder, Yang Jie, holds 1.68% of shares, totaling 17,229,102 shares[11] - The top ten shareholders include various entities, with the largest being a state-owned enterprise[12] - The total number of shares held by the top ten unrestricted shareholders is 486,907,288 shares[12] - The company has a total of 0 preferred shareholders with voting rights restored[11] - The report indicates that there are no known related party transactions among the top ten shareholders, except for certain identified parties[12] Acquisitions and Investments - The company plans to acquire 5% equity in Sichuan Jiuzhou Satellite Navigation Investment Development Co., Ltd. from its controlling shareholder, Jiuzhou Electric Group, with the transfer price based on assessed value[13] - The company intends to issue shares to acquire 100% equity of Shanghai Zhiliang Electronic Technology Co., Ltd. from Jiuzhou Electric and other partners, while raising matching funds from no more than 35 specific investors[13] - The company has not made substantial progress on the acquisition of the 5% equity as of the end of the reporting period[13] - The company completed the transfer of 100% equity of Sichuan Dijiatong Electronics Co., Ltd. for CNY 46,425,800 to its controlling shareholder, Jiuzhou Group, marking a significant related party transaction[14] - The company is in the process of publicly transferring 30% equity of Shenzhen Jiuzhou Zhuoneng Electric Co., Ltd. with a base price of CNY 5,900,000[15] Inventory and Receivables - The company’s accounts receivable rose to CNY 2,386,622,840.42 from CNY 2,369,363,302.04, indicating a slight increase of approximately 0.73%[17] - The company’s inventory stood at CNY 651,962,655.87, showing a marginal increase from CNY 650,825,488.86[18] - The company’s accounts payable increased to CNY 1,566,823,906.60 from CNY 1,479,523,275.49, representing an increase of approximately 5.91%[18] - Cash and cash equivalents increased to CNY 1,059,703,221.22 from CNY 869,596,040.71, representing a growth of about 21.88%[17] - The ending balance of cash and cash equivalents was CNY 961,158,429.71, an increase from CNY 852,000,784.72 year-on-year[26]

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]