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 2024 年第二次临时股东大会 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2024 年第一次临时股东大会审议通过的《四川九洲电器股份有 限公司章程》（以下简称《公司章程》）； 2. 公司 2024 年 10 月 31 日刊登于巨潮资讯网及深圳证券交易所网站的 《四川九洲电器股份有限公司第十三届董事会 2024 年度第七次会议决 议公告》； 3. 公司 2024 年 10 月 31 日刊登于巨潮资讯网及深圳证券交易所网站的 《四川九洲电器股份有限公司第十二届监事会 2024 年度第七次会议决 议公告》； 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的事 实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本材料、 复印材料、承诺函或证明，并无隐瞒记载、虚假陈述和重大遗漏之处；公司提供 给本所的文件和材料是真实、准确、完整和有效的，且文件材料为副本或复印件 的，其与原件一致和相符。 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has slightly come under pressure, with total revenue for the first three quarters of 2024 at 2.722 billion yuan, a year-on-year decrease of 3.76%, and net profit attributable to shareholders at 120 million yuan, down 15.10% year-on-year. However, there was a recovery in the third quarter, with total revenue of 965 million yuan, an increase of 5.88% year-on-year, and net profit of 52 million yuan, a decrease of 6.39% year-on-year [1][2] - The company has seen a significant decrease in accounts receivable, down 84.09% year-on-year, and a reduction in receivables financing by 37.95%. Prepayments increased by 205.48% due to increased project procurement prepayments. Contract liabilities increased by 60.60% year-on-year due to an increase in received contract prepayments [1][2] - The establishment of a joint venture in low-altitude economy testing services is expected to create new business growth points and enhance the company's competitive edge in the aviation service sector [3] - The profit forecast has been adjusted downwards, with expected net profits for 2024-2026 at 209 million, 250 million, and 291 million yuan respectively, corresponding to P/E ratios of 70, 59, and 50 times [3] Summary by Sections Financial Performance - Total revenue for 2024 is projected to be 3.934 billion yuan, with a year-on-year growth of 2.66%. Net profit is expected to be 208.80 million yuan, reflecting a growth of 4.21% year-on-year [1][10] - The company's cash flow from operating activities has decreased by 50.73% year-on-year, while cash flow from investing activities has dropped by 43.51% due to increased fixed asset investments [2][11] Business Developments - The joint venture with Mianyang Technology City aims to capitalize on low-altitude economic opportunities, enhancing the company's service offerings and revenue sources [3] - The company has a strong order backlog, primarily from government and institutional clients, which is expected to improve cash flow and revenue recognition in the upcoming quarters [2] Valuation Metrics - The company's P/E ratio is currently at 73.25, projected to decrease to 70.29 in 2024 and further to 58.72 in 2025 [10][11] - The projected net profit margins are expected to improve slightly, with net profit margins of 5.31% in 2024 and 5.60% in 2025 [10]

四川九洲（000801.SZ） 买入(维持评级) 公司点评 证券研究报告 2024 年 10 月 30 日，公司发布 2024 年三季度报告。公司 24Q1-Q3 营 业收入 27.22 亿（同比-3.8%），实现归母净利润 1.20 亿（同比-15.1%）。 其中 24Q3 营业收入 9.65 亿（同比+5.9%，环比+10.7%），实现归母 净利润 0.52 亿（同比-6.4%，环比+66.6%）。公司 24Q3 业绩环比显 著修复。 业绩环比修复，或因需求有所恢复。下游军民赛道需求有所恢复，公 司 24Q3 实现归母净利润 0.52 亿（同比-6.4%，环比+66.6%）。公司 24Q3 业绩环比显著修复。 毛利率保持稳定，环比小幅提升。24Q1-Q3 毛利率 22.4%（同比- 1.0pct），归母净利率 4.4%（同比-0.6pct）；24Q3 毛利率 23.7%（同 比-1.2pct，环比+1.4pct），归母净利率 5.4%（同比-0.7pct，环比 +1.8pct）。24Q3 公司毛利率保持稳定。 合同负债显著提升，景气拐点已至。截至 24Q3 末，公司合同负债 0.95 亿元，较 24H1 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥965,124,743.66, representing a 5.88% increase compared to ¥911,500,668.63 in the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥52,079,069.71, a decrease of 6.39% from ¥55,635,851.61 in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥40,775,176.48, showing a significant increase of 38.28% from ¥26,888,670.76 in the same period last year[3]. - Basic earnings per share for Q3 2024 were ¥0.0509, a decrease of 6.40% compared to ¥0.0544 in the same period last year[3]. - Total operating revenue for the current period is CNY 2,722,174,519, a decrease of 3.75% from CNY 2,828,423,058.40 in the previous period[17]. - Net profit attributable to shareholders of the parent company is CNY 119,832,436.80, down from CNY 141,142,764.01 in the previous period, representing a decline of 15.06%[19]. - The company reported a net profit margin of approximately 4.41% for the current period, down from 5.00% in the previous period[19]. - The total comprehensive income for the current period is CNY 152,845,389.80, compared to CNY 180,417,084.85 in the previous period, reflecting a decrease of 15.3%[19]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥98,744,250.54, down 50.73% from ¥200,425,259.78 in the previous year[3]. - Operating cash inflow for the period reached ¥3,195,003,977.62, compared to ¥2,624,959,126.54 in the previous period, reflecting an increase of approximately 21.7%[20]. - Net cash flow from operating activities was ¥98,744,250.54, down from ¥200,425,259.78 in the previous period, indicating a decline of about 50.8%[21]. - Cash inflow from investment activities totaled ¥1,575,075,974.02, compared to ¥1,038,407,074.05 in the previous period, representing an increase of approximately 51.7%[21]. - The net cash flow from financing activities was ¥7,934,924.44, a decrease from ¥98,214,243.79 in the previous period, indicating a decline of approximately 91.9%[21]. - The company received tax refunds of ¥29,063,427.94, down from ¥56,634,568.04 in the previous period, indicating a decrease of approximately 48.7%[21]. - Total cash outflow from operating activities was ¥3,211,763,005.23, compared to ¥2,529,601,267.31 in the previous period, representing an increase of about 26.9%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥6,715,497,087.33, reflecting a slight increase of 0.97% from ¥6,780,600,580.67 at the end of the previous year[3]. - The company's total assets are reported at CNY 6,780,600,580.67, an increase from CNY 6,715,497,087.33 in the previous period[18]. - Total liabilities amount to CNY 3,492,529,546.16, slightly increased from CNY 3,465,688,307.11 in the previous period[18]. - The company reported a significant increase in accounts payable, rising to ¥1,597,061,911.89 from ¥1,479,523,275.49, which is an increase of approximately 8.0%[15]. Investments and Shareholder Information - The company plans to acquire a 5% stake in Sichuan Jiuzhou Satellite Navigation Investment Development Co., Ltd. from its controlling shareholder, with the transfer price to be determined after evaluation[12]. - The company completed the transfer of a 30% stake in Shenzhen Jiuzhou Zhuoneng Electric Co., Ltd. for a minimum price of ¥5.9 million[13]. - A joint venture was established with a registered capital of ¥35 million, where the company holds a 60% stake, to capitalize on low-altitude economic opportunities[13]. - The number of ordinary shareholders at the end of the reporting period was 66,516[8]. - The largest shareholder, Sichuan Jiuzhou Investment Holding Group Co., Ltd., holds 47.61% of the shares[8]. Changes in Financial Metrics - The company reported a decrease in financial expenses by 100.23%, primarily due to reduced exchange losses[6]. - Investment income increased by 30.05% to ¥1,872.80, compared to ¥1,440.05 in the previous year, driven by higher wealth management returns[6]. - The company recognized non-recurring gains totaling ¥11,303,893.23 for the reporting period, with a year-to-date total of ¥44,329,460.31[4]. - Accounts receivable decreased by 84.09% to ¥4,025.61 million due to the maturity of large notes payable[7]. - Prepayments increased by 205.48% to ¥1,815.80 million primarily due to increased project procurement prepayments[7]. - Fixed assets rose by 100.49% to ¥73,721.81 million as the Chengdu Innovation Center property was reclassified as fixed assets[7]. - Contract liabilities increased by 60.60% to ¥9,519.14 million due to an increase in contract advance payments received[7]. - Long-term borrowings increased by 239.42% to ¥22,537.37 million primarily due to an increase in bank long-term loans[7]. - The company has seen a 50.51% decrease in other current assets to ¥19,697.12 million primarily due to the maturity of term deposits within one year[7]. - The company reported a significant decrease of 56.07% in employee compensation payable to ¥9,626.71 million due to cross-period salary payments[7]. - Other current liabilities decreased by 66.89% to ¥260.19 million due to a reduction in the amount of tax payable[7]. - The company's cash and cash equivalents decreased to ¥792,446,786.00 from ¥869,596,040.71, representing a decline of approximately 8.5%[14]. - Accounts receivable increased to ¥2,662,397,815.03 from ¥2,369,363,302.04, showing a growth of about 12.4%[15]. - Inventory rose to ¥771,128,636.25 from ¥650,825,488.86, indicating an increase of approximately 18.5%[15]. - Short-term borrowings decreased to ¥515,381,108.50 from ¥578,133,305.91, a reduction of approximately 10.9%[15]. - The company’s non-current assets totaled ¥1,810,882,982.13, an increase from ¥1,554,100,786.13, representing a growth of about 16.5%[15].

证券代码：000801 证券简称：四川九洲 公告编号：2024050 四川九洲电器股份有限公司 第十三届董事会 2024 年度第七次会议 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《关于补选非独立董事的议案》； 经公司董事会提名委员会审核，董事会同意补选张邯先生为 公司第十三届董事会非独立董事，任期自公司 2024 年第二次临 时股东大会审议通过之日起至本届董事会任期届满之日止。张邯 先生经公司股东大会同意选举为非独立董事后，将同时担任公司 第十三届董事会战略委员会委员、提名委员会委员、审计委员会 委员、薪酬与考核委员会委员职务，任期自公司 2024 年第二次 临时股东大会审议通过之日起至本届董事会任期届满之日止。 表决情况：6 票同意、0 票反对、0 票弃权。 本议案尚需提交公司 2024 年第二次临时股东大会审议。 四川九洲电器股份有限公司（以下简称公司）第十三届董事 会 2024 年度第七次会议于 2024 年 10 月 30 日 13 点以通讯方式 召开。会议通知于 2024 年 10 月 28 日以专人、邮件或传真方式 送 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024052 四川九洲电器股份有限公司 关于变更公司副总经理、总会计师的公告 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。 邓明兴先生与公司控股股东不存在关联关系；与其他持有公 司 5%以上股份的股东、公司其他董事、监事和高级管理人员不 存在关联关系。截至本公告披露日，邓明兴先生未直接持有公司 股份，其委托绵阳市九华投资管理中心（有限合伙）间接持有公 司股票 15,600 股。邓明兴先生不存在不得被提名为高级管理人 员的情形；未被中国证监会在证券期货市场违法失信信息公开查 询平台公示或者被人民法院纳入失信被执行人名单；未受过中国 证监会及其他有关部门的处罚和证券交易所纪律处分；不存在因 涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证监会立 案稽查，尚未有明确结论之情形；符合《公司法》《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》等有关法律、行政法规、部门 规章、规范性文件等要求的任职资格。 四川九洲电器股份有限公司董事会 2024 年 10 月 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024057 四川九洲电器股份有限公司 关于 2024 年前三季度计提资产减值准备 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）应收款项坏账准备的确认标准和计提方法 — 1 — 以预期信用损失为基础，根据信用风险特征，考虑所有合理 且有依据的信息，按具体信用风险特征分类，基于单项和客户信 用特征及账龄组合，分别评估应收款项的预期信用减值。 （二）本报告期计提信用减值情况 本报告期计提应收票据坏账准备-3,033,638.45 元，应收账 款坏账准备 20,363,452.23 元 ， 其 他 应 收 款 坏 账 准 备 1,410,875.51 元，合计计入信用减值损失 18,740,689.29 元。 四川九洲电器股份有限公司（以下简称公司）根据《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》《深圳证券交易所上市公司 自律监管指南第 1 号》《企业会计准则》等相关要求，对截至 2024 年 9 月 30 日的各项资产进行清查并对存 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024055 四川九洲电器股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 1.拟续聘会计师事务所名称：中汇会计师事务所（特殊普通 合伙）。 2.本次续聘会计师事务所符合财政部、国务院国资委、证监 会印发的《国有企业、上市公司选聘会计师事务所管理办法》（财 会〔2023〕4 号）的规定。 四川九洲电器股份有限公司（以下简称公司或本公司）于 2024 年 10 月 30 日召开第十三届董事会 2024 年度第七次会议， 审议通过《关于续聘会计师事务所的议案》，同意续聘中汇会计 师事务所（特殊普通合伙）为公司 2024 年度审计服务机构，该 事项尚需提交公司股东大会审议。现将具体情况公告如下： 一、拟续聘会计师事务所的基本情况 （一）基本信息 中汇会计师事务所（特殊普通合伙），于 2013 年 12 月转制 为特殊普通合伙，管理总部设立于杭州，系原具有证券、期货业 务审计资格的会计师事务所之一，长期从事证券服务业务。 事务所名称：中汇会计师事务所（特殊普通合 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024053 本次补选董事完成后，公司董事会董事的组成和人数符合 《公司法》《公司章程》等有关规定，公司董事会中兼任公司高 级管理人员人数总计未超过公司董事总数的二分之一。 特此公告。 四川九洲电器股份有限公司董事会 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（以下简称公司）于 2024 年 10 月 30 日召开第十三届董事会 2024 年度第七次会议，审议通过了 《关于补选非独立董事的议案》，经公司董事会提名委员会审核， 董事会同意补选张邯先生为公司第十三届董事会非独立董事，任 期自公司 2024 年第二次临时股东大会审议通过之日起至本届董 事会任期届满之日止。张邯先生经公司股东大会同意选举为非独 立董事后，将同时担任公司第十三届董事会战略委员会委员、提 名委员会委员、审计委员会委员、薪酬与考核委员会委员职务， 任期自公司 2024 年第二次临时股东大会审议通过之日起至本届 董事会任期届满之日止。（张邯先生简历附后）。 2024 年 10 月 31 日 四川九洲电器股份有 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024051 四川九洲电器股份有限公司 第十二届监事会 2024 年度第七次会议 决议公告 本公司及监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、误导性陈述或者重大遗漏。 四川九洲电器股份有限公司（以下简称公司）第十二届监事 会 2024 年度第七次会议于 2024 年 10 月 30 日 15:00 以通讯方 式召开。会议通知于 2024 年 10 月 28 日以专人、邮件或传真方 式送达。本次监事会应参加表决监事 3 人，实际参加表决监事 3 人。会议由监事会主席郑洲主持。会议召集、召开及表决程序符 合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。会议审议通过了以下议案： 表决情况：3 票同意、0 票反对、0 票弃权。 三、备查文件 四川九洲电器股份有限公司第十二届监事会 2024 年度第七 次会议决议。 特此公告。 二、审议通过《关于续聘会计师事务所的议案》。 表决情况：3 票同意、0 票反对、0 票弃权。 详见公司同日在《证券时报》、巨潮资讯网披露的《关于续 聘会计师事务所的公告》。 本议案尚需提交公司股东大 ...