证券代码：001270 证券简称：铖昌科技 编号：20241112 | --- | --- | --- | --- | |-----------------------|---------------------------------------------------|----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------| | | √ 特定对象调研 | □ 分析师会议 | | | | □ 媒体采访 □ | 业绩说明会 | | | 投资者关系活动 | □ 新闻发布会 | □ 路演活动 | | | 类别 | □ 现场参观 | | | | | □ 其他（请文字说明其他活动内容） | | | | 活动参与单位 | 本。 | | 鹏华基金、平安基金、宁银理财、华商基金、浙商证券、 招商证券、民生证券、华创证券、圆信 ...

Investment Rating - The investment rating for the company is downgraded to "Recommended" with a target price of 51.52 CNY, compared to the current price of 44.46 CNY [1]. Core Views - The company's performance is under short-term pressure, but there is a slight recovery in net profit levels in Q3. The total revenue for the first three quarters of 2024 is 100 million CNY, a year-on-year decrease of 41.22%, and the net profit attributable to the parent company is -32 million CNY, a year-on-year decrease of 160.19% [1]. - The decline in revenue is primarily due to customer demand plans and pricing mechanisms, with a significant drop in project delivery in the first half of 2024. However, Q3 revenue shows a year-on-year increase of 413.08% [1]. - The company is actively responding to downstream project progress and demand, with production and delivery tasks concentrated in the second half of 2024, indicating potential for annual performance recovery [1]. Financial Summary - For 2024, the company is expected to have total revenue of 277 million CNY, a decrease of 3.7% year-on-year, and a net profit of 69 million CNY, a decrease of 14.0% year-on-year. The projected net profits for 2025 and 2026 are 119 million CNY and 141 million CNY, with growth rates of 73.0% and 18.4% respectively [2][5]. - The company's earnings per share (EPS) for 2024 is projected at 0.33 CNY, with a price-to-earnings (P/E) ratio of 134 [2][5]. - The company has a total market capitalization of 9.215 billion CNY and a circulating market value of 4.508 billion CNY [3]. Industry Context - The company is expanding its product application areas, particularly in satellite communication, and is involved in multiple projects that are entering mass production [1]. - Recent policies in China are encouraging the development of low-orbit satellite communication, which is expected to drive innovation and application in various sectors such as aviation, maritime, public safety, and energy [1].

Investment Rating - The report maintains a "Buy-B" rating for the company [4] Core Views - The domestic satellite industry is expected to experience explosive growth from 2025 to 2026, driven by the integration of rocket launch, satellite assembly, and payload industries [1] - The company's satellite models have expanded, with multiple R&D projects entering mass production, indicating potential for bulk orders in the near term [1] - The company's airborne TR chips have formed deep cooperative partnerships with customers, supporting airborne phased array antenna systems, and are expected to remain a major revenue contributor [2] - Ground-based TR chip deliveries have declined due to reduced customer demand, but recovery is anticipated as customer demand rebounds [2] - The company's Q3 2024 revenue reached a historical high, signaling a turning point in industry demand and order placement [3] - The company's R&D expenses doubled in Q3 2024, reflecting significant investment in innovation [3] - The company's fixed assets increased to 270 million yuan in Q3 2024 due to expanded production capacity and new office and laboratory facilities [3] - The company's market position is strong, being one of the few private enterprises capable of providing complete and advanced T/R chip solutions, as well as aerospace-grade chip R&D, testing, and production [4] - The company's performance is expected to recover rapidly, with projected net profits of 34 million yuan, 94 million yuan, and 150 million yuan for 2024, 2025, and 2026, respectively [4] Financial Performance and Projections - In Q1-Q3 2024, the company reported revenue of 100 million yuan, a year-on-year decrease of 41.22%, and a net loss of 32 million yuan, a year-on-year decrease of 160.19% [2] - In Q3 2024, the company achieved revenue of 29 million yuan, a year-on-year increase of 413.08%, and a net loss of 7 million yuan, a year-on-year improvement of 40.72% [2] - The company's inventory increased in Q3 2024, primarily due to raw material stockpiling and unfinished products awaiting customer pickup, which are expected to convert into future revenue [3] - The company's 2024-2026 revenue is projected to be 274 million yuan, 436 million yuan, and 609 million yuan, respectively, with corresponding net profits of 34 million yuan, 94 million yuan, and 150 million yuan [5] - The company's EPS for 2024-2026 is forecasted to be 0.17 yuan, 0.45 yuan, and 0.72 yuan, respectively [5] - The company's P/E ratios for 2024-2026 are estimated at 268.8x, 98.1x, and 61.4x, respectively [5] Industry and Market Outlook - The satellite industry is poised for rapid development, with the company benefiting from the integration of rocket launch, satellite assembly, and payload industries [1] - The company's airborne TR chips are expected to continue contributing significantly to revenue, supported by multiple models entering mass production [2] - The company's ground-based TR chips are anticipated to recover as customer demand rebounds, with the company's small-sized phased array TR chips offering advantages in target detection, anti-interference, and real-time processing [2] - The company's Q3 2024 performance indicates a turning point in industry demand, with inventory levels suggesting strong underlying demand [3] - The company's long-term outlook is positive, with expectations of a business inflection point in Q4 2024, driven by improved demand in the military and satellite industries [4]

Group 1: Company Overview and Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 10,043.24 million yuan, a decrease of 41.22% compared to the same period last year (7,041.93 million yuan) [1] - The third quarter of 2024 saw operating revenue of 2,861.33 million yuan, an increase of 413.08% compared to the same period last year (2,303.65 million yuan) [2] - The net profit for the third quarter of 2024 was -724.96 million yuan, but this represented a 40.72% improvement from -1,222.98 million yuan in the same period last year [2] Group 2: Project Delivery and Market Demand - The company’s product delivery in the first three quarters was primarily focused on satellite, airborne, and ground phased array radar and satellite communication fields [2] - The delivery scale in the ground sector decreased compared to last year due to customer demand fluctuations, but is gradually recovering [2] - The company is actively working to accelerate project delivery and has a high amount of accounts receivable from quality clients, which are primarily large national research institutions [2][3] Group 3: Research and Development - The company has been increasing its R&D investment, focusing on both customer-driven product enhancements and forward-looking technology applications [4] - R&D efforts have led to the development of a series of products across various frequency bands and applications, enhancing product competitiveness [4] - The company is one of the few in China capable of providing complete solutions for T/R chips, with products already in mass production for satellite, ground, and airborne phased array radar and satellite communication [3][4] Group 4: Industry Position and Future Outlook - The phased array antenna technology offers significant advantages over traditional systems, positioning it as a mainstream development direction for advanced wireless systems [3] - The company is committed to maintaining its technological leadership and will continue to invest in R&D to meet the evolving needs of customers for high-frequency, high-integration, lightweight, and multifunctional products [3][4] - The company has established itself as a core supplier in the satellite communication sector, with ongoing collaborations with research institutions and enterprises [3][4]

Investment Rating - The report has adjusted the investment rating for the company to "Accumulate" [1][3]. Core Views - The company experienced a significant decline in revenue and net profit in the first three quarters of 2024, with total revenue of 100 million yuan, a year-on-year decrease of 41.22%, and a net profit attributable to shareholders of -31.53 million yuan, a year-on-year decrease of 160.19% [1]. - Despite the overall decline, there was a notable recovery in the third quarter, with revenue reaching 29 million yuan, a year-on-year increase of 413.08% [1]. - The company is focusing on expanding its product applications in satellite, airborne, and ground fields, achieving significant progress in satellite projects that are entering mass production [3]. Financial Performance Summary - For 2024, the company is expected to generate total revenue of 301.93 million yuan, with a year-on-year growth of 5.07% [1]. - The net profit forecast for 2024 has been adjusted to 81.05 million yuan, with a slight increase of 1.68% year-on-year [1]. - The earnings per share (EPS) for 2024 is projected to be 0.39 yuan, with a price-to-earnings (P/E) ratio of 106.08 [1]. Cash Flow and Asset Management - As of the third quarter of 2024, the company's total assets amounted to 1.47 billion yuan, a year-on-year decrease of 2.63% [2]. - The cash flow from operating activities showed a net outflow of -106 million yuan, a decline of 120.98%, primarily due to slow customer payments [2]. - The company has increased its fixed assets by 119.74%, reaching 271 million yuan, driven by capacity expansion and equipment procurement [2].

Financial Performance - The company's revenue for Q3 2024 reached ¥28,613,256.37, a significant increase of 413.08% compared to ¥5,576,739.22 in the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was -¥7,249,577.65, showing a 40.72% improvement from -¥12,229,785.65 in Q3 2023[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥8,210,607.79, a 19.52% increase compared to -¥10,202,031.39 in the previous year[2]. - The company achieved a revenue of ¥100,432,357.94 for the first three quarters of 2024, a decrease of 41.22% compared to ¥170,851,646.10 in the same period last year[4]. - Operating revenue for the first nine months of 2024 was ¥100,432,357.94, a decline of 41.22% compared to ¥170,851,646.10 in the same period of 2023, primarily due to slower project delivery[8]. - Net profit for the first nine months of 2024 was -¥31,532,277.60, a decrease of 160.19% from ¥52,389,699.06 in 2023, impacted by increased credit impairment losses and R&D costs[8]. - Total operating revenue for the current period was ¥100,432,357.94, a decrease of 41.0% compared to ¥170,851,646.10 in the previous period[14]. - Net profit for the current period was a loss of ¥31,532,277.60, compared to a profit of ¥52,389,699.06 in the previous period[15]. - Earnings per share for the current period was -0.1550, down from 0.2574 in the previous period[16]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥106,440,920.69 for the year-to-date, a decline of 120.98% from -¥48,167,314.47 in the same period last year[2]. - Cash and cash equivalents decreased by 61.96% to ¥193,034,430.60 due to investments in financial products and slow customer payments[6]. - The net cash flow from operating activities was -¥106,440,920.69, a decline of 120.98% compared to -¥48,167,314.47 in the previous year, due to slow customer payments[8]. - Cash inflow from operating activities totaled ¥97,885,857.40, a decrease of 38.0% from ¥157,963,171.68 in the previous period[17]. - The ending balance of cash and cash equivalents was ¥193,034,430.60, significantly down from ¥489,754,811.78 year-over-year[18]. - The company reported a total cash outflow from operating activities of 204,326,778.09 CNY, slightly lower than 206,130,486.15 CNY in the previous year[18]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,480,571,926.51, a decrease of 0.72% from ¥1,469,843,884.46 at the end of the previous year[2]. - The equity attributable to shareholders was ¥1,408,183,808.65, down 3.30% from ¥1,361,778,591.97 in the previous year[2]. - Total liabilities increased to ¥108,065,292.49, up from ¥72,388,117.86 in the previous period[15]. - The company reported a significant reduction in accounts payable from ¥36,753,862.04 to ¥7,680,744.81, a decrease of about 79%[12]. - The company’s total liabilities decreased by 79.10% in accounts payable to ¥7,680,744.81, as a result of payments made for procurement[6]. - Accounts receivable increased to ¥459,548,264.17 from ¥410,607,043.12, reflecting a growth of about 12%[11]. - Inventory rose to ¥221,396,589.61 from ¥186,885,029.02, indicating an increase of approximately 18%[12]. - The company has a non-current asset total of ¥425,322,656.58, up from ¥313,674,069.11, reflecting an increase of approximately 36%[12]. Research and Development - R&D expenses increased by 77.93% to ¥60,733,948.20, reflecting higher investment in research and development[8]. - Research and development expenses rose significantly to ¥60,733,948.20, an increase of 78.2% compared to ¥34,134,557.59 in the previous period[14]. Strategic Initiatives - The company is expanding its product applications, with new fields contributing to an increasing share of revenue, particularly in satellite and airborne products[5]. - The company plans to enhance core chip technology and product innovation in satellite communication to maintain its competitive edge[5]. - The company aims to accelerate the production and delivery of projects across various fields to achieve its strategic and operational goals[5]. - The company is focusing on expanding its market presence and developing new technologies, although specific figures were not disclosed in the report[9]. Other Financial Metrics - Other income rose by 132.66% to ¥14,402,511.79, mainly due to government subsidies received[8]. - Total operating costs increased to ¥137,634,130.17, up 13.2% from ¥121,531,308.14 in the previous period[14]. - Cash paid for goods and services was ¥129,885,816.98, consistent with the previous period's amount of ¥129,885,724.46[17]. - The company has no preferred shareholders or significant changes in shareholder financing activities reported[10]. - The company did not undergo an audit for the third quarter report[19].

二〇二四年十月 1 浙江铖昌科技股份有限公司 章程 | 第一章 | 总 则 4 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 5 | | | 第三章 | 股 份 5 | | | 第一节 | 股份发行 | 5 | | 第二节 | 股份增减和回购 | 8 | | 第三节 | 股份转让 | 9 | | 第四章 | 股东和股东大会 10 | | | 第一节 | 股 东 | 10 | | 第二节 | 股东大会的一般规定 | 13 | | 第三节 | 股东大会的召集 | 15 | | 第四节 | 股东大会的提案与通知 | 17 | | 第五节 | 股东大会的召开 | 18 | | 第六节 | 股东大会的表决和决议 | 21 | | 第五章 | 董事会 25 | | | 第一节 | 董 事 | 25 | | 第二节 | 董事会 | 28 | | 第三节 | 董事会专门委员会 | 33 | | 第六章 | 总经理及其他高级管理人员 34 | | | 第七章 | 监事会 36 | | | 第一节 | 监 事 | 36 | | 第二节 | 监事会 | 37 | | 第八章 | 财务会计制度、利润 ...

公司监事会已对本次拟注销限制性股票激励计划涉及的激励对象名单进行 核实。监事会认为： 浙江铖昌科技股份有限公司 监事会关于回购注销部分限制性股票数量及人员名单的审核意见 浙江铖昌科技股份有限公司（以下简称"公司"）于2024年10月28日召开第 二届董事会第十次会议和第二届监事会第九次会议审议通过了《关于回购注销 2024年限制性股票激励计划部分激励对象已获授但尚未解除限售的限制性股票 的议案》，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股权激励管理办法》及《公司章程》等有关规定，监事会对公司注销部分 限制性股票事宜发表如下审核意见： 本次回购注销人员名单： | 序号 | 姓名 | 职务岗位 | | --- | --- | --- | | 1. | 童晓翊 | 核心骨干人员 | 浙江铖昌科技股份有限公司监事会 2024年10月29日 公司2024年限制性股票激励计划中有1名激励对象因个人原因离职，根据 《上市公司股权激励管理办法》等法律、法规及公司《2024年限制性股票激励 计划（草案）》的相关规定，同意公司对其已获授予但尚未解除限售的限制性 股票共计1.30万股予以回购注销。本次回购注 ...

第二届监事会第九次会议决议公告 证券代码：001270 证券简称：铖昌科技 公告编号：2024-052 浙江铖昌科技股份有限公司 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。 一、监事会会议召开情况 浙江铖昌科技股份有限公司（以下简称"公司"）第二届监事会第九次会议通 知于2024年10月23日以专人和电子邮件的方式送达给各位监事和高级管理人员。 会议于2024年10月28日在公司会议室以现场结合通讯表决方式召开。会议应出席 监事3名，实际出席监事3名（其中张丽女士、姜毅先生以通讯表决方式出席会议）， 公司高级管理人员列席了会议。本次会议的出席人数、召集、召开程序和议事内 容均符合《公司法》和《公司章程》的规定。会议由监事会主席张丽女士主持，经 与会人员认真审议，形成如下决议。 二、监事会会议审议情况 1、审议通过了《2024年第三季度报告》。 经审核，公司监事会认为董事会编制和审核公司2024年第三季度报告的程序 符合法律、行政法规和中国证监会的有关规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决 ...

证券代码：001270 证券简称：铖昌科技 公告编号：2024-054 浙江铖昌科技股份有限公司 关于改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、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1、拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以下 简称"立信"）。 4、本次拟变更会计师事务所事项符合《国有企业、上市公司选聘会计师事务 所管理办法》等有关规定。公司审计委员会、董事会对本次变更会计师事务所事 项无异议。本次变更事项尚需提交公司股东大会审议。 浙江铖昌科技股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 28 日分别召开第二届董事会第十次会议、第二届监事会第九次会议，审议通过了 《关于改聘会计师事务所的议案》。同意公司聘任立信会计师事务所（特殊普通合 伙）为公司 2024 年度财务及内部控制审计机构，聘期一年。该事项尚需提交公司 2024 年第四次临时股东大会审议。现就相关情况公告如下： 一、聘任会计师事务所的基本信息 （一）机构信息 1、基本信息 机构名称：立信会计师事务所（特殊普通合伙） 成立日期：2011 年 0 ...