Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company faced significant challenges in 2024, with a revenue decline of 26.38% year-on-year, resulting in a net loss of 31 million yuan. However, the first quarter of 2025 showed a strong recovery with a revenue increase of 365.26% year-on-year and a net profit of 30 million yuan, marking a 300.06% increase [2][3]. Summary by Sections Event Review - In 2024, the company reported revenues of 212 million yuan and a net loss of 31 million yuan. In Q1 2025, revenues reached 92 million yuan, showing a significant year-on-year growth [2]. Operational Analysis - The company's 2024 performance was impacted by delayed project approvals and increased R&D expenses, with a R&D expense ratio of 41.5%, up 17.86 percentage points year-on-year. Despite these challenges, the gross margin improved to 74.6% in Q4 2024, and inventory levels decreased significantly, enhancing operational efficiency [3]. - The company is positioned for growth with a dual focus on satellite and airborne applications, benefiting from the increasing demand in low-orbit satellite launches and military applications [4]. Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 446 million, 597 million, and 788 million yuan, respectively, with net profits expected to be 108 million, 153 million, and 182 million yuan. The corresponding price-to-earnings ratios are 62.8, 44.4, and 37.2 [5].

Core Points - Zhejiang Chengchang Technology Co., Ltd. reported significant declines in multiple financial metrics for the year 2024, including a net profit decrease of 139.04% and a cash flow from operating activities decline of 228.47% [1] Revenue - The company's operating revenue for 2024 was 211,539,009.02 yuan, down 26.38% from 287,353,971.81 yuan in the previous year, primarily due to project delays and extended funding approval cycles [2] - T/R chip sales accounted for 91.48% of total revenue but fell by 30.52% year-on-year, while revenue from technical services grew by 103.95% [2] Net Profit - The net profit attributable to shareholders was -31,117,893.52 yuan in 2024, compared to 79,707,857.22 yuan in 2023, marking a shift from profit to loss [3] - The decline in net profit was attributed to high R&D investments, increased credit impairment losses, and stock-based compensation expenses related to an employee incentive plan [3] Deducted Non-Recurring Profit - The deducted non-recurring profit was -43,613,965.50 yuan, a decrease of 162.38% from 69,911,116.06 yuan in 2023, indicating weakened core business profitability [4] Earnings Per Share - Basic earnings per share fell to -0.1529 yuan from 0.3917 yuan in 2023, reflecting a significant decline in shareholder returns [5] - The deducted earnings per share also turned negative at -0.2143 yuan, highlighting operational challenges [6] Expenses - Sales expenses increased by 6.17% to 10,813,778.71 yuan, likely due to efforts to expand market share [7] - Management expenses rose by 13.58% to 28,845,485.07 yuan, driven by increased personnel costs and other operational expenditures [9] - Financial expenses showed a 36.46% increase due to reduced interest income [10] - R&D expenses surged by 29.15% to 87,859,915.93 yuan, reflecting the company's commitment to innovation despite short-term profit pressures [11] Cash Flow - The net cash flow from operating activities was -47,571,089.62 yuan, a decrease of 228.47% from the previous year, indicating reduced cash generation capabilities [13] - The net cash flow from investing activities turned negative at -145,078,870.29 yuan, primarily due to increased capital expenditures [14] - The net cash flow from financing activities increased by 197.81% to 52,961,833.20 yuan, aided by employee stock incentive funding [15] R&D Personnel - The number of R&D personnel remained stable at 99, but the proportion of R&D staff decreased from 47.60% to 41.77% [12] Summary - Overall, Chengchang Technology's performance in 2024 showed significant declines across various financial metrics, with multiple challenges ahead, including cash flow issues and operational pressures. The company is actively pursuing market expansion and R&D initiatives to address these challenges [1]

Group 1 - The company plans to use idle self-owned funds for cash management, with a limit of up to RMB 150 million, to enhance the efficiency of fund utilization while ensuring daily operations and fund safety [1][2][11] - The investment period for the cash management is set to not exceed 12 months from the date of approval by the shareholders' meeting [2][4] - The company will invest in bank wealth management products that are high in safety and liquidity, with a maximum investment period of 12 months, and will not engage in securities investments or purchase stocks and derivatives [3][11] Group 2 - The decision for cash management will be valid for 12 months from the date of approval by the shareholders' meeting, and the board of directors will have the authority to make investment decisions within the specified limit [4][5] - The company will disclose the cash management details in accordance with relevant regulations and rules [6][10] Group 3 - The company has approved the grant of 390,000 restricted stocks to 37 incentive objects at a price of RMB 19.76 per share, which accounts for approximately 0.1882% of the total share capital [17][29] - The stock grant is part of the 2024 restricted stock incentive plan, which aims to enhance the company's performance and align the interests of employees with those of shareholders [18][22] Group 4 - The incentive plan includes performance assessment criteria for the release of restricted stocks, with specific performance targets set for the years 2024, 2025, and 2026 [25][26] - The company will not provide any financial assistance for the purchase of restricted stocks, and all funds for the purchase will be self-raised by the incentive objects [38]

证券代码：001270 证券简称：铖昌科技 公告编号：2025-016 浙江铖昌科技股份有限公司 关于使用闲置自有资金进行现金管理的公告 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。 浙江铖昌科技股份有限公司（以下简称"公司"） 于 2025 年 4 月 21 日召开第 二届董事会第十一次会议、第二届监事会第十次会议，审议通过了《关于使用闲 置自有资金进行现金管理的议案》，同意在不影响公司日常生产经营、保证资金安 全性和流动性的前提下，使用额度不超过人民币 15,000 万元的闲置自有资金进行 现金管理，使用期限自公司股东大会审议通过之日起不超过 12 个月，在前述期限 和额度范围内资金可以滚动使用。该议案尚需提交 2024 年年度股东大会审议，现 将相关事项公告如下： 一、对闲置自有资金进行现金管理的具体情况 （一）管理目的 为提高资金使用效率，在确保公司日常运营和资金安全的情况下，增加公司 现金资产收益。 （二）投资额度及期限 在确保公司日常运营和资金安全的情况下，增加公司现金资产收益。公司拟 使用不超过人民币 15,000 万元的闲置自有资金进行现金 ...

浙江铖昌科技股份有限公司 2024 年度财务决算报告 浙江铖昌科技股份有限公司（以下简称"公司"）2024 年度财务报告已经立信 会计师事务所（特殊普通合伙）审计，并出具了标准无保留意见的审计报告。现 就公司 2024 年主要财务指标及经营情况报告如下： 一、公司 2024 年度主要会计数据 报告期内，公司实现营业收入 21,153.90 万元，较去年同期降低 26.38%，实 现归属于上市公司股东的净利润为-3111.79 万元，较去年同期降低 139.04%，实 现归属于上市公司股东的扣除非经常性损益的净利润-4361.40 万元，较上年同期 降低 162.38%。 | 项目 | 2024 年度 | 2023 年度 | 本年比上年增减 | | --- | --- | --- | --- | | 营业收入（元） | 211,539,009.02 | 287,353,971.81 | -26.38% | | 归属于上市公司股 | -31,117,893.52 | 79,707,857.22 | -139.04% | | 东的净利润（元） | | | | | 归属于上市公司股 东的扣除非经常性 | -43,61 ...

证券代码：001270 证券简称：铖昌科技 公告编号：2025-020 浙江铖昌科技股份有限公司 关于2024年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、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 浙江铖昌科技股份有限公司（以下简称"公司"）于2025年4月21日召开了第二 届董事会第十一次会议、第二届监事会第十次会议，审议通过了《关于2024年度 计提资产减值准备的议案》，结合公司会计政策的相关规定，对部分可能发生信用 减值损失、资产减值损失的资产计提了减值准备，现将公司本次计提资产减值准 备的具体情况公告如下： 一、本次计提资产减值准备的情况概述 根据《企业会计准则》《深圳证券交易所股票上市规则》等法律法规的要求， 为了更加真实、准确地反映公司截止2024年12月31日的资产和财务状况，本着谨 慎性原则，公司对资产进行了减值测试，对可能发生减值损失的各项资产计提或 转回相应的减值准备。2024年度计提（计提与转回抵消后金额）的信用减值损失 共计49,584,115.85元、资产减值损失18,493,324.01元，相关明细如下： | 项目 | 2024 年度计提金额 ...

浙江铖昌科技股份有限公司 2024 年度监事会工作报告 | 会议届次 | | 召开日期 | | 召开方式 | 会议决议 | | --- | --- | --- | --- | --- | --- | | 第二届监事 会第三次会 | 2024 | 年 | 1 | 现场结合 | 1、审议通过《关于募投项目变更实施地点、实施 | | 议 | | | | | | | | 月 2 | 日 | | 通讯 | 方式并调整内部投资结构的议案》 年年度报告全文及摘要》 1、审议通过《2023 | | | | | | | 2、审议通过《2023 年度监事会工作报告》 | | | | | | | 3、审议通过《2023 年度财务决算报告》 | | | | | | | 4、审议通过《关于拟续聘 年度审计机构的议 2024 | | | | | | | 案》 | | | | | | | 5、审议通过《关于 2023 年度利润分配及资本公积 | | 第二届监事 | | | | | 转增股本预案的议案》 | | | 2024 | 年 | 3 | 现场结合 | 年度预计日常关联交易的 6、审议通过《关于 2024 | | 会第四次会 | 月 ...

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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《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》的相关规定，浙江铖昌科技股份有限公司（以下简称 "公司"）就 2024 年年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 证券代码：001270 证券简称：铖昌科技 公告编号：2025-015 浙江铖昌科技股份有限公司 2024 年度募集资金存放与使用情况的专项报告 指引第 2 号—上市公司募集资金管理和使用的监管要求》的相关规定，公司制定 了《募集资金使用管理制度》并开立了募集资金专项账户（以下简称"专户"）对 募集资金的存储与使用进行管理。公司于 2022 年 6 月分别与广发银行股份有限 公司深圳分行、中国民生银行股份有限公司杭州分行以及保荐机构国信证券股份 有限公司签订了《募集资金三方监管协议》，协议主要条款与深圳证券交易所三 方监管协议范本不存在重大差异，本报告期内三方监管协议正常履行。 (一) 募集资金金额、资金 ...

公司 2024 年营收及净利润短期承压，公司已在积极采取一系列应对措施加 快推进业务发展并取得显著成效，并在 2025 年第一季度有明显体现，实现了营 收及利润的高增长。随着行业需求加速恢复，公司在手的订单及项目显著增加， 浙江铖昌科技股份有限公司 2024 年度董事会工作报告 2024 年，浙江铖昌科技股份有限公司（以下简称"公司"）董事会严格按照 《公司法》《证券法》等法律法规和《公司章程》的相关规定，切实履行股东大 会赋予的董事会职责，勤勉尽责地开展各项工作，促进公司持续、健康、稳定的 发展，充分维护了公司和股东的合法权益。现将董事会 2024 年度工作情况汇报 如下： 一、2024 年度公司经营情况 2024 年，受到下游用户项目计划、相关项目、资金拨付审批周期延长导致 交付验收延迟等因素的影响，公司产品交付验收进度低于预期，应收账款回款 较慢，2024 年公司计提的预期信用减值损失为 4,958.41 万元，导致公司 2024 年营业利润、利润总额、归属于上市公司股东的净利润等指标同比下降。同时 公司作为一个技术密集型的企业，承担多领域新装备研发需求，持续加大研发 投入，研发费用相比上期增加 1,9 ...

浙江铖昌科技股份有限公司 2024年度年审会计师履职情况评估报告 浙江铖昌科技股份有限公司（以下简称"公司"）聘请立信会计师事务所 （特殊普通合伙）（以下简称"立信所"）作为公司2024年度年报审计机构。根 据财政部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管 理办法》，公司对立信所2024年审计过程中的履职情况进行评估。经评估，公 司认为立信所资质等方面合规有效，履职保持独立性，勤勉尽责，公允表达意 见，具体情况如下： 一、资质条件 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于1927年在上海创建，1986年复办，2010年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先 生。立信是国际会计网络BDO的成员所，长期从事证券服务业务，新证券法实 施前具有证券、期货业务许可证，具有H股审计资格，并已向美国公众公司会 计监督委员会（PCAOB）注册登记。 截至2024年末，立信拥有合伙人296名、注册会计师2,498名、从业人员总数 10,021名，签署过证券服务业务审计报告的注册会计师743名。 立信20 ...