浙江省杭州市西湖区学院路 77 号 黄龙万科中心 A 座 16 楼 邮编：310012 电话：(86-571) 2689-8188 传真：(86-571) 2689-8199 北京君合（杭州）律师事务所 关于浙江铖昌科技股份有限公司 2024 年第三次临时股东大会之法律意见书 致: 浙江铖昌科技股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受浙江铖昌科技股份有 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》）、中国证券监督管理委 员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）、《律 师事务所从事证券法律业务管理办法》等中华人民共和国（以下简称"中国"，为 本法律意见书之目的，不包括香港特别行政区、澳门特别行政区和台湾地区）现 行有效的法律、行政法规、规章和规范性文件和现行有效的《浙江铖昌科技股份 有限公司章程》（以下简称《公司章程》）有关规定，指派律师列席了公司于 2024 年 9 月 10 日召开的 2024 年第三次临时股东大会（以下简称"本次股东大会"）， 并就本次股东大会相 ...

证券代码：001270 证券简称：铖昌科技 公告编号：2024-050 特别提示： 浙江铖昌科技股份有限公司 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会决议。 一、会议召开情况 1、会议召开时间： （1）现场会议召开时间：2024年9月10日（星期二）下午14:30 （2）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9月10 日上午9:15-9:25和9:30-11:30，下午13:00-15:00。通过深圳证券交易所互联网投票 的具体时间为：2024年9月10日9:15-15:00期间的任意时间。 2024年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 2、现场会议召开地点：杭州市西湖区智强路428号云创镓谷研发中心3号楼会 议室。 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 4、会议召集人：浙江铖昌科技股份有限公司董事会 5、会议主持人：董事长罗珊珊女士 6、会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票 上市规则》及《公司章程》等 ...

上 市 公 司 国防军工 证 券 研 究 报 告 2024 年 09 月 08 日 铖昌科技 (001270) ——期间费用及减值损失增加影响短期业绩，看好长期成 长空间 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 06 日 | | 收盘价（元） | 28.54 | | 一年内最高/最低（元） | 95.80/28.40 | | 市净率 | 4.4 | | 息率（分红/股价） | 0.70 | | 流通 A 股市值（百万元） | 2,894 | | 上证指数/深证成指 | 2,765.81/8,130.77 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 6.55 | | | | | 资产负债率 % | 8.21 | | 总股本/流通 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 29.97 yuan [6] Core Viewpoints - The company's short-term performance is under pressure due to slower project deliveries and increased expenses, but long-term investment value is promising [2] - T/R chip business faces short-term demand pressure, but performance is expected to recover in the second half of 2024 [2] - The company is actively upgrading facilities and optimizing processes to reduce costs and improve efficiency [2] - Future growth is anticipated with the expansion of the satellite internet market and the implementation of multi-domain projects [8] Financial Performance - In H1 2024, the company reported revenue of 718.19 million yuan, a 56.55% YoY decrease, and a net loss of 242.83 million yuan, a 137.58% YoY decline [2] - Total assets stood at 1.478 billion yuan, a slight decrease of 0.17% from the beginning of the period, while equity attributable to shareholders decreased by 3.66% to 1.357 billion yuan [2] - Q2 2024 revenue was 520.43 million yuan, down 58.41% YoY, with a net loss of 93.79 million yuan, a 117.90% YoY decline [2] - Gross margin in Q2 2024 improved to 60.83%, up 8.15 percentage points YoY [2] R&D and Innovation - The company invested 364.16 million yuan in R&D in H1 2024, a 61.63% YoY increase [4] - Key developments include the MMIC series products and GaN-based power amplifiers, which are being applied in satellite communication and radar systems [4] - The company has achieved a product lineup for GaN-based products and is continuously improving performance [4] Cash Flow and Expenses - Financial expenses decreased by 47.74% YoY to -3.17 million yuan due to increased interest income [3] - Management expenses rose by 43.38% YoY to 155.32 million yuan, driven by increased salaries, stock incentive costs, and new facility expenses [3] - Operating cash flow was -767.62 million yuan, a 1,860.23% YoY decrease, mainly due to slower customer payments [3] - Financing cash flow was 431.88 million yuan, primarily from restricted stock investments [3] Equity Incentive Plan - The company implemented a restricted stock incentive plan in 2024, granting 4.16 million shares at 19.76 yuan per share [5] - The plan includes 93 key personnel, aligning their interests with the company's long-term growth [5] Market and Valuation - The company's market capitalization is 6.21187 billion yuan, with a circulating market value of 3.03872 billion yuan [6] - The stock price has declined by 59% over the past year, underperforming the CSI 300 index [7] - The company is positioned as a core supplier of T/R chips for satellite internet and other applications, with significant growth potential [8]

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [2][6]. Core Views - The company's performance in H1 2024 has been under pressure due to the rhythm of downstream orders, but a demand turning point is gradually approaching [2][3]. - The company reported a revenue of 72 million yuan in H1 2024, a year-on-year decrease of 56.55%, and a net profit attributable to shareholders of -24 million yuan, a year-on-year decrease of 137.58% [1][3]. - The company is focusing on maintaining strong partnerships with research institutes and related enterprises, continuing to iterate satellite communication TR chip solutions, and expanding its product lines in ground and airborne sectors [1][3]. Financial Performance - The company’s revenue for 2024 is projected to be 279 million yuan, a decrease of 3% year-on-year, with net profit expected to be 76 million yuan, down 4.4% year-on-year [3][4]. - The gross profit margin is expected to decline to 59.2% in 2024, down from 62.3% in 2023 [3][5]. - The company’s inventory and work-in-progress have increased by 26% and 41% respectively compared to the beginning of the year, indicating positive downstream order guidance [1][3]. Market Position and Outlook - The company is well-positioned in the satellite industry, with a solid market position as one of the few private enterprises capable of providing complete and advanced T/R chip solutions [1][3]. - The report anticipates a significant growth in the domestic satellite industry between 2025 and 2026, driven by the simultaneous development of remote sensing and low-orbit satellite constellations [1][3]. - The company is expected to see a recovery in demand in H2 2024, with concentrated deliveries anticipated based on production plans [1][3].

| --- | --- | |----------------|---------------------------------| | | √特定对象调研 □分析师会议 | | | □媒体采访 | | 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 | | | | 券、富达基金、海南儋石私募。 | | | 总经理：王立平 | | 上市公司接待人 | | | | 副总经理、董事会秘书：赵小婷 | | 员姓名 | | | | 证券事务代表：朱峻瑶 | | 时间 2024 | 年 8 月 27 日 | | 地点 会议室 | | | 形式 现场调研 | | | | 一、问答环节 | | | 1 | | | | | | | | 交流内容及具体 | | | 问答记录 | | | | | | | | | | | | | 助力。 | 浙江铖昌科技股份有限公司 投资者关系活动记录表 | --- | |------------------------------------------------ ...

证券代码：001270 证券简称：铖昌科技 浙江铖昌科技股份有限公司 投资者关系活动记录表 编号：20240823 | --- | --- | --- | --- | --- | |----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 特定对象调研 | 分析师会议 | | | | | √ □ 媒 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its core competitiveness and long-term fundamentals [3]. Core Insights - The company reported a significant improvement in Q2 2024 performance, with a quarter-on-quarter revenue increase of 163.2%, although year-on-year revenue decreased by 58.4% [1]. - The company has implemented its first equity incentive plan since its listing, aimed at promoting long-term development by aligning employee interests with company growth [1]. - Despite short-term industry growth slowdown, the company remains one of the few domestic providers of complete and advanced phased array T/R chip solutions, indicating a stable long-term outlook [1]. Financial Performance Summary - In 1H24, the company achieved revenue of 72 million yuan, a year-on-year decline of 56.5%, and a net profit attributable to shareholders of -24 million yuan, compared to 65 million yuan in 1H23 [1]. - For Q2 2024, the company reported a revenue of 52 million yuan, with a net profit of -9 million yuan, showing a narrowing loss compared to Q1 2024 [1]. - The gross margin for Q2 2024 improved by 4.6 percentage points to 60.8%, while the net margin decreased by 59.9 percentage points to -18.0% [1]. Future Earnings Forecast - The company is projected to achieve net profits of 71 million yuan, 89 million yuan, and 104 million yuan for the years 2024, 2025, and 2026, respectively [2]. - The expected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 87x, 69x, and 59x, respectively, reflecting a gradual improvement in profitability [2]. Equity Incentive Plan - The equity incentive plan involves granting 3.77 million shares at a price of 19.76 yuan per share, with performance targets set for revenue growth of 20%, 35%, and 40% over the next three years [1].

来源：公司年报、国金证券研究所 鍼昌科技 (001270.SZ) 增持(维持评级) 公司点评 证券研究报告 事件简评 2024 年 8 月 22 日，公司发布 2024 年中报，2024 年 H1 公司实现 营业收入 7182 万元，同比下降 56.55%；归母净利润亏损 2428 万 元，同比下降 137.6%。其中 Q2 单季度实现营业收入 5204 万元， 同比下降 58.41%，环比增长 163.16%；归母净利润亏损 937.9 万 元，同比下降 117.9%，环比增长 37.07%。 经营分析 受下游客户需求影响业绩同比下滑，二季度毛利率大幅回升：2024 上半年，受下游用户需求计划影响，公司交付项目产品进度较慢， 营业收入较上年同期下降。受公司计提的信用减值损失增加、研发 投入增长及 2024 年限制性股票激励计划计提股份支付费用的影 响，净利润同比下降。但公司积极采取一系列应对措施，2024 二 季度公司毛利率为 60.83%，较 2024 年第一季度已大幅回升。根 据客户生产计划要求，公司 2024 年生产交付任务主要集中于下半 年，全年业绩有望企稳。 持续加大研发投入：公司持续加大研发投入 ...

浙江铖昌科技股份有限公司 2024 年半年度报告全文 浙江铖昌科技股份有限公司 2024 年半年度报告 2024 年 8 月 1 浙江铖昌科技股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人罗珊珊、主管会计工作负责人张宏伟及会计机构负责人(会计 主管人员)张宏伟声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、经营目标、业绩预测等方面的内容，均不 构成本公司对任何投资者的实质承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异，敬请广大的投资者注 意投资风险。 本半年度报告第三节"管理层讨论与分析"中描述了公司未来可能存在的风 险，敬请投资者留意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 浙江镶昌科技股份有限公司 2024 年半年度报告全文 目录 | --- | --- | |--- ...