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].

Financial Performance - In 2023, the direct material cost for smart terminal products was CNY 1,518,033,728.81, accounting for 80.96% of operating costs, representing a 14.13% increase from CNY 1,330,120,986.03 in 2022[1]. - Sales expenses increased by 12.45% to CNY 89,019,800.69 in 2023, compared to CNY 79,164,282.45 in 2022[3]. - R&D expenses rose by 9.43% to CNY 356,097,331.55 in 2023, up from CNY 325,414,111.55 in 2022[3]. - The company's operating revenue for 2023 was CNY 3,831,743,013.76, a decrease of 1.36% compared to CNY 3,884,597,912.00 in 2022[43]. - The net profit attributable to shareholders of the listed company was CNY 200,371,262.56, an increase of 1.23% from CNY 197,937,067.49 in the previous year[43]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 116,057,260.34, a decrease of 20.29% compared to CNY 135,982,760.10 in 2022[43]. - The net cash flow from operating activities was CNY 217,511,581.66, down 4.26% from CNY 227,199,008.89 in the previous year[43]. - Basic earnings per share for 2023 were CNY 0.1959, an increase of 1.24% from CNY 0.1935 in 2022[43]. - The company reported quarterly revenues of CNY 923,704,974.11 in Q1, CNY 993,217,415.66 in Q2, CNY 911,500,668.63 in Q3, and CNY 1,003,319,955.36 in Q4[48]. - The net profit attributable to shareholders in Q4 was CNY 59,228,498.55, showing a positive trend compared to previous quarters[48]. Investment and Dividends - The investment income for 2023 was CNY 29,240,878.99, accounting for 11.99% of total profit[8]. - The company plans to distribute a cash dividend of CNY 1 per 10 shares to all shareholders, based on a total of 1,022,806,646 shares[22]. - The fair value changes in profit and loss for 2023 amounted to CNY 1,008,476.34, representing 0.41% of total profit[8]. - The company reported an asset impairment of CNY -82,040,568.60, primarily due to inventory write-downs and bad debt provisions[8]. Research and Development - The company completed the development and delivery of the JZ5STR17 transceiver module, which addresses key technical challenges in high-frequency signal processing[4]. - The MONI_UNIT monitoring unit project has completed two batches of development and delivery, with ongoing improvements for the third batch[4]. - The US29652801 antenna interface unit project has also completed two batches of development and delivery, enhancing customer satisfaction and market expansion[4]. - The company has a robust R&D strategy that includes customized projects, joint development with research institutions, and pre-research based on national policy directions[72]. - The company has developed over 100 air traffic management products with independent intellectual property rights, including secondary radar and airborne collision avoidance systems[71]. - The company has established a strong technical research and development capability in smart terminal and air traffic management sectors, leading to significant product innovations[76]. Market Position and Strategy - The company is positioned as a leading player in the smart terminal sector, with a significant market share in set-top boxes[61]. - The company is actively expanding its market presence in the communication sector, promoting WiFi6 routers and smart terminals, and strengthening partnerships with telecom operators[68]. - The company aims to enhance its core technologies in traditional businesses while exploring new markets in areas such as shipborne phased array systems and drone payloads[73]. - The company is committed to military-civilian integration, with most of its air traffic management products adhering to international civil aviation standards[71]. - The company plans to enhance its customized design and manufacturing capabilities for set-top boxes, aiming to increase market share and generate economic benefits[96]. Financial Management and Governance - The company has established a risk control mechanism for derivative investments, emphasizing the use of simple and liquid financial derivatives to mitigate market risks[119]. - The company emphasizes the importance of internal control and compliance in its derivative trading activities to protect shareholder interests[119]. - The remuneration for directors and senior management is determined based on a comprehensive assessment of the company's annual operating plan and individual performance, with specific monthly and annual allowances set for different roles[164]. - The company has a structured compensation system for directors, supervisors, and senior management, with specific monthly allowances for the chairman and directors[164]. - The company held its first board meeting on April 18, 2023, where it approved the 2022 annual financial report and profit distribution plan[167]. Challenges and Risks - The company acknowledges potential policy risks affecting its smart terminal and air traffic management businesses due to uncertain policy changes[130]. - Market competition risks are significant in the smart terminal sector, with a saturated market and high barriers in the telecommunications field[130]. - The air traffic management business faces challenges from traditional and foreign competitors, prompting the company to strengthen customer engagement and market exploration[131]. Subsidiaries and Acquisitions - The company reported an increase in subsidiaries and businesses due to mergers under common control, with their operating results and cash flows included in the consolidated financial statements from the date of control[148]. - For subsidiaries acquired under non-common control, the financial statements are adjusted based on the fair value of identifiable net assets at the acquisition date, with revenues, expenses, and profits included from the acquisition date to the end of the reporting period[148]. - The company’s subsidiary, Sichuan Jiuzhou Electronic Technology Co., Ltd., reported total assets of 2,321,142,313.36 CNY and a net profit of 37,697,872.21 CNY[122]. - The company’s subsidiary, Chengdu Jiuzhou Difei Technology Co., Ltd., reported total assets of 614,244,522.00 CNY and a net profit of 55,067,850.95 CNY[126]. Future Outlook - In 2024, the company aims for high-quality development through a dual strategy in the smart terminal business, emphasizing market expansion and technological innovation[129]. - The company plans to strengthen market development and cost control in the air traffic management business, aiming to improve operational efficiency[129]. - The microwave RF business will focus on technology innovation and quality improvement, with a commitment to digital transformation and risk management[129]. - The company will continue to invest in technology and talent to drive innovation and maintain its market position amid increasing competition in the military electronics sector[131].

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。 ...

证券代码:000801 证券简称:四川九洲 公告编号:2024027 四川九洲电器股份有限公司 关于控股子公司挂牌转让参股公司股权的公告 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、交易概述 四川九洲电器股份有限公司（下称公司）控股子公司深圳市 九洲电器有限公司（下称深圳九洲电器）拟通过产权交易所以公 开挂牌的方式转让其持有的深圳数字电视国家工程实验室股份 有限公司（下称数字工程实验室）全部 1.6%股权。本次交易以 评估报告为依据（最终价格以经备案的评估结果为准），挂牌底 价为人民币 827 万元，最终交易对手方和交易价格将通过公开挂 牌交易确定。挂牌交易完成后，公司将不再持有数字工程实验室 的股权。 本次交易不构成《上市公司重大资产重组管理办法》规定的 重大资产重组，因以公开挂牌方式进行，受让方暂不确定，无法 判断是否涉及关联交易，如果经公开挂牌程序确定的受让方为公 司的关联方，公司将履行相应的披露程序。本次挂牌转让数字工 程实验室 1.6%股权事宜已经第十三届董事会 2024 年度第三次会 议审议通过。 二、交易对方基本情况 因本次转让以公开挂牌 ...