www.dentons.cn 法 律 意 见 书 北 京 大 成 律 师 事 务 所 关 于 常熟市天银机电股份有限公司 2023 年 年 度 股 东 大 会 的 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层（100020） 16-21F, Tower B, ZT International Center, No.10, Chaoyangmen Nandajie，Chaoyang District, 100020, Beijing, China Tel: +86 10-58137799 Fax: +86 10-58137788 北京大成律师事务所 关于常熟市天银机电股份有限公司 2023 年年度股东大会的法律意见书 北 京 大 成 律 师 事 务 所 大成证字[2024]第 075 号 致：常熟市天银机电股份有限公司 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》"）和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》"）等法律、 法规和其他有关规范性文件的要求，北京大成律师事务所 ...

常熟市天银机电股份有限公司 2024 年第一季度报告 证券代码：300342 证券简称：天银机电 公告编号：2024-023 常熟市天银机电股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经过审计 □是 否 1 其他符合非经常性损益定义的损益项目的具体情况 □适用 不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 常熟市天银机电股份有限公司 2024 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | ...

二、会议审议情况 证券代码：300342 证券简称：天银机电 公告编码：2024-025 常熟市天银机电股份有限公司 第五届监事会第九次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、会议召开情况 常熟市天银机电股份有限公司（以下简称"股份公司"或"公司"）第五届 监事会第九次会议于2024年4月25日下午14:00在江苏省常熟市碧溪街道电厂路 19号公司会议室以现场与通讯表决相结合的方式召开。会议通知已于2024年4月 15日发出。会议应到监事3人，实到3人。会议由监事会主席陈娟女士主持。会议 的召开符合《公司法》和《公司章程》的规定。 常熟市天银机电股份有限公司监事会 2024年4月25日 经与会监事认真审议，以记名投票的方式通过了以下议案： 1、审议通过了《关于<常熟市天银机电股份有限公司2024年第一季度报告> 的议案》 经审核，监事会认为董事会编制的公司《2024年第一季度报告》的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际经营情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果： ...

常熟市天银机电股份有限公司 会计师事务所选聘制度 第一章 总 则 第一条 为规范常熟市天银机电股份有限公司（以下简称"公司"）选聘（含 续聘、改聘）会计师事务所的行为，切实维护股东利益，提高财务信息质量，根 据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市公司 选聘会计师事务所管理办法》等相关法律规定，以及《常熟市天银机电股份有限 公司章程》（以下简称"《公司章程》"），特制定本制度。 第二条 本制度所称公司选聘会计师事务所，是指公司根据相关法律法规要 求，聘任会计师事务所对财务会计报告发表审计意见、出具审计报告的行为。公 司聘任会计师事务所从事除财务会计报告审计之外的其他法定审计业务的，可比 照本制度执行。 第三条 公司选聘或者解聘会计师事务所，应经董事会审计委员会（以下简 称"审计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不 得在股东大会决定前聘请会计师事务所开展审计业务。 第二章 会计师事务所要求 第四条 公司选聘的会计师事务所应当符合以下条件： （一）具有独立的主体资格，具备国家行业主管部门和中国证券监督管理委 员会（以下简称"中国证监会"）规定的开展证券期货相关业 ...

证券代码：300342 证券简称：天银机电 公告编码：2024-024 常熟市天银机电股份有限公司 第五届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、常熟市天银机电股份有限公司（以下简称"公司"）第五届董事会第十 次会议通知于2024年4月15日向各位董事送达。 2、本次董事会于2024年4月25日以现场与通讯表决相结合的方式在江苏省常 熟市碧溪街道电厂路19号公司会议室召开。 根据中国证券监督管理委员会等监管机构的要求，公司制作了《常熟市天银 机电股份有限公司2024年第一季度报告》。本议案已经公司第五届董事会审计委 员会第九次会议审议通过。 经与会董事表决，审议通过该议案。 表决结果：赞成票9票，反对票0票，弃权票0票。 具体内容详见中国证券监督管理委员会指定的创业板信息披露网站的相关 公告。 3、本次董事会会议应到董事9名，实到董事9名。 4、会议由董事长方谷钏先生主持，本公司监事、高级管理人员列席会议。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 二 ...

常熟市天银机电股份有限公司 董事、监事和高级管理人员持有和买卖本公司股票管 理制度 第一章 总 则 第一条 为加强对常熟市天银机电股份有限公司（以下简称"公司"或 "本公司"）董事、监事和高级管理人员持有和买卖本公司股票行为的申报、披 露、监督和管理，进一步明确管理程序，根据《中华人民共和国公司法》（以下 简称"公司法"）、《中华人民共和国证券法》（以下简称"证券法"）、《上 市公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》、《上市 公司股东、董监高减持股份的若干规定》、《深圳证券交易所创业板股票上市规 则》（以下简称《创业板股票上市规则》）、《深圳证券交易所上市公司自律监 管指引第2号——创业板上市公司规范运作》（以下简称《创业板规范运作指引》）、 《深圳证券交易所上市公司自律监管指引第10号——股份变动管理》、《深圳证 券交易所上市公司股东及董事、监事、高级管理人员减持股份实施细则》等法律、 法规、规范性文件，以及《常熟市天银机电股份有限公司章程》（以下简称《公 司章程》）的有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司的董事、监事和高级管理人员所持公司股份 及其变动 ...

财务管理制度 第一章 总则 第一条 为加强常熟市天银机电股份有限公司（以下简称"公司"）的财务管 理，规范公司财务工作，保证财务信息质量，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国会计法》（以下简称"《会计法》"）、 《企业会计准则》《会计基础工作规范》等有关法律法规、行政法规、部门规章 和规范性文件及《常熟市天银机电股份有限公司章程》（以下简称《公司章程》 " "） 的规定，结合本公司具体情况，制定本制度。 第二条 本制度适用于公司及子公司（包括全资子公司和控股子公司），参 股公司可参照执行。子公司可根据本制度，结合自身实际情况制定实施细则并报 公司财务部门备案。 常熟市天银机电股份有限公司 第三条 本制度是公司财务管理的基本行为规范，是指导制定本公司财务规 定、办法和操作细则的基本依据。 第二章 财务管理体制及机构设置 第四条 公司股东大会、董事会依据《公司章程》规定的职责权限，负责审 议批准或实施财务管理与会计核算工作中的有关重大事项。公司监事会依据《公 司法》等法律及《公司章程》对财务会计工作进行监督。 第五条 公司法定代表人是公司财务管理工作的最终负责人，对公司的财务 ...

证券代码：300342 证券简称：天银机电 公告编码：2024-021 常熟市天银机电股份有限公司 关于举行2023年度网上业绩说明会的公告 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。 重要内容提示： 会议召开方式：网络互动方式 二、参加人员 1、会议召开时间：2024 年 04 月 22 日（星期一）15:00-17:00 2、会议召开方式：网络互动方式 3、会议召开地点：价值在线（www.ir-online.cn） 4、会 议问题 征集 ：投 资者可 于 2024 年 04 月 22 日 前访 问网址 https://eseb.cn/1dE2xlI79rG 或使用微信扫描下方小程序码进行会前提问，公司将 通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 常熟市天银机电股份有限公司（以下简称"公司"）已于 2024 年 04 月 12 日在巨潮资讯网上披露了《2023 年年度报告》及《2023 年年度报告摘要》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 年 04 月 22 日（星期一）1 ...

Cost Management and Efficiency Improvement - The company faces cost pressure due to rising raw material prices and labor costs, which could lead to significant fluctuations in operating performance. The company plans to strengthen supply chain management, optimize procurement strategies, and promote automation and intelligent upgrades to improve production efficiency and reduce costs[1] - The company's radar and aerospace electronics business has limited bargaining power with upstream suppliers due to smaller procurement volumes. The subsidiary will actively seek strategic procurement partners[1] - The company's procurement model involves selecting suppliers based on comprehensive evaluations of price, product quality, and market reputation, ensuring stable and high-quality supply chain relationships[37] - The company aims to optimize production processes, improve automation, and enhance supply chain management to reduce costs and maintain manufacturing advantages[198] Corporate Governance and Shareholder Structure - The company held 3 general meetings of shareholders during the reporting period, with investor participation rates ranging from 36.39% to 40.46%[6] - The company's controlling shareholder, Lanhai Ruixing, holds 28.99% of the company's shares, while its parent company, Nanhai Industrial Group, holds 0.81% of the shares[4] - The company has established a sound, effective, and transparent governance system and supervision mechanism, ensuring compliance with relevant laws and regulations[3] - The company's board of directors includes experienced professionals with backgrounds in finance, law, and technology, contributing to the company's strategic decision-making[7][9] - The company's board of directors held 5 meetings during the reporting period, with all directors attending either in person or via communication, and no directors missed two consecutive meetings[12] - The company's internal control system was effective as of December 31, 2023, with no significant deficiencies in non-financial reporting[18] - The company strengthened internal management by establishing a decision-making system centered on the "three meetings" (board of directors, board of supervisors, and shareholders' meeting) and improved incentive mechanisms for senior management[24] - The company maintains independence in personnel, assets, business, finance, and organization, ensuring no harm to the interests of minority shareholders[40] - The company's top 10 shareholders did not engage in any agreed repurchase transactions during the reporting period[76] - The actual controller of the company is the State-owned Assets Supervision and Administration Commission of Foshan City, with no changes during the reporting period[77] - The largest shareholder, Foshan Lanhai Ruixing Equity Investment Partnership, holds 28.99% of the shares, totaling 123,200,000 shares[81] - Changshu Tianheng Investment Management Co., Ltd. holds 3.02% of the shares, with 12,846,249 shares, of which 2,000,000 shares are pledged[81] - Zhao Yunwen, a natural person shareholder, holds 2.28% of the shares, totaling 9,710,504 shares, with 9,709,999 shares pledged[81] - Guangdong Nanhai Liye Group Co., Ltd. holds 0.81% of the shares, totaling 3,451,525 shares[81] - Jinzhou Beifa Investment Co., Ltd. holds 0.59% of the shares, totaling 2,500,000 shares[81] - Chen Yuhe, a natural person shareholder, holds 0.47% of the shares, totaling 2,000,000 shares[81] - Shanghai Shenchen Private Fund Management Partnership holds 0.43% of the shares, totaling 1,827,900 shares[81] Financial Performance and Profit Distribution - In 2023, the company proposed a profit distribution plan to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 42,503,511.30 yuan, based on the total share capital of 425,035,113 shares as of December 31, 2023[23] - Revenue in 2023 reached 1.041 billion yuan, a 24.07% increase compared to 2022[96] - The company's main products include refrigerator compressor components and radar and aerospace information equipment[96] - The company's audit report was issued by Zhongxinghua Certified Public Accountants with a standard unqualified opinion[92] - The company's revenue recognition process was identified as a key audit matter due to the risk of manipulation[96] - The company's revenue recognition was verified through sample checks of sales contracts, customer confirmations, and ERP system data[97] - The company's revenue from domestic sales was cross-checked with sales contracts, delivery notes, invoices, and customer acceptance documents[97] - The company's revenue from foreign sales was verified through customs declarations and cross-referenced with data from the State Administration of Foreign Exchange[97] - The company's revenue recognition timing was evaluated to ensure compliance with accounting standards[97] - The company's revenue and gross profit were analyzed by product type and compared with industry peers[97] - Total current assets increased to 1,432,380,867.16 yuan in 2023 from 1,369,511,132.70 yuan in 2022[108] - Cash and cash equivalents rose to 253,935,530.88 yuan in 2023 from 159,181,978.51 yuan in 2022[108] - Accounts receivable grew to 544,779,970.93 yuan in 2023 from 430,635,057.42 yuan in 2022[108] - Inventory decreased to 413,519,982.04 yuan in 2023 from 537,081,602.38 yuan in 2022[108] - Total liabilities decreased to 627,993,097.97 yuan in 2023 from 659,812,739.43 yuan in 2022[109] - Shareholders' equity increased to 1,534,553,669.50 yuan in 2023 from 1,500,883,167.39 yuan in 2022[109] - Retained earnings rose to 638,726,894.21 yuan in 2023 from 607,833,544.29 yuan in 2022[109] - Long-term equity investments decreased to 25,470,646.92 yuan in 2023 from 51,638,890.73 yuan in 2022[108] - Deferred income decreased to 8,988,567.18 yuan in 2023 from 9,932,223.18 yuan in 2022[109] - Total assets slightly increased to 2,162,546,767.47 yuan in 2023 from 2,160,695,906.82 yuan in 2022[109] - Total assets decreased from 1,912,443,130.49 yuan to 1,873,921,347.30 yuan[117] - Long-term equity investments decreased from 788,699,290.07 yuan to 762,506,369.10 yuan[110] - Fixed assets decreased from 338,684,257.30 yuan to 321,532,670.12 yuan[110] - Total operating revenue increased from 839,245,562.63 yuan to 1,041,284,117.41 yuan[118] - Operating costs increased from 640,395,523.43 yuan to 791,107,993.80 yuan[118] - Short-term borrowings decreased from 104,621,962.50 yuan to 41,063,373.61 yuan[110] - Total current liabilities decreased from 325,500,083.54 yuan to 269,115,745.71 yuan[110] - Total owner's equity increased from 1,576,412,927.26 yuan to 1,595,276,267.06 yuan[117] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares[120] - Revenue for 2023 reached 1,041,284,117.41 yuan, a 24.07% increase compared to 2022[128] - Net profit attributable to shareholders in 2023 was 32,779,683.90 yuan, a 319.10% increase compared to 2022[128] - Operating cash flow in 2023 was 178,889,440.05 yuan, a 120.28% increase compared to 2022[128] - Basic earnings per share in 2023 were 0.0771 yuan, a 319.02% increase compared to 2022[128] - Weighted average return on equity in 2023 was 2.18%, an increase of 1.66 percentage points compared to 2022[128] - Total assets at the end of 2023 were 2,162,546,767.47 yuan, a 0.09% increase compared to the end of 2022[128] - Revenue for Q1, Q2, Q3, and Q4 were 218.12 million, 249.64 million, 244.80 million, and 328.73 million respectively[144] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 were 17.78 million, 16.95 million, 8.12 million, and -10.07 million respectively[144] - Net cash flow from operating activities for Q1, Q2, Q3, and Q4 were -22.58 million, 89.77 million, 18.57 million, and 93.12 million respectively[144] - Government subsidies for 2023, 2022, and 2021 were 2.04 million, 3.18 million, and 9.37 million respectively[145] - Non-current asset disposal gains/losses for 2023, 2022, and 2021 were -49,538.34, 101,059.83, and -390,870.76 respectively[145] - Total non-recurring gains and losses for 2023, 2022, and 2021 were 1.67 million, 2.59 million, and 7.11 million respectively[145] - Subsidiary Huarui Technology achieved revenue of 396.66 million, a year-on-year increase of 108.19%[148] - Subsidiary Huarui Technology achieved net profit of 39.79 million, a year-on-year increase of 427.33%[148] - Total operating revenue for 2023 reached RMB 10,412.841 million, a year-on-year increase of 24.07%[167] - Net profit attributable to shareholders of the listed company was RMB 327.797 million, a year-on-year increase of 319.10%[167] - Refrigerator compressor parts business revenue was RMB 549.8946 million, a year-on-year decrease of 10.59%[167] - Radar and aerospace electronics business revenue was RMB 491.3895 million, a year-on-year increase of 121.62%[169] - Sales of starter and protector products reached 39.3274 million units, a year-on-year increase of 9.41%[168] - Sales of muffler products were 42.6959 million units, a year-on-year decrease of 9.06%[168] - Sales of frequency conversion controllers were 2.5648 million units, a year-on-year decrease of 30.73%[168] - Export revenue from refrigerator compressor parts business was RMB 32.1272 million, a year-on-year increase of 8.71%[168] - Total revenue increased by 24.07% to 1,041,284,117.4 yuan in 2023 compared to 839,245,562.63 yuan in 2022[172] - Revenue from the radar and aerospace electronics industry surged by 121.62% to 491,389,514.17 yuan, accounting for 47.19% of total revenue[172] - Domestic sales accounted for 96.60% of total revenue, reaching 1,005,930,596.9 yuan, a 24.60% increase from 2022[172] - The top five customers contributed 63.18% of total sales, with the largest customer accounting for 19.97% of total sales[176] - Research and development expenses increased by 3.43% to 79,923,428.67 yuan in 2023[178] - Financial expenses rose significantly by 157.00% to 1,584,127.33 yuan, primarily due to reduced interest expenses and exchange gains[178] - The gross margin for the radar and aerospace electronics industry was 30.15%, despite a 7.95% decrease compared to the previous year[174] - Revenue from the home appliance parts industry decreased by 10.59% to 549,894,603.24 yuan, now representing 52.81% of total revenue[172] - Export sales grew by 10.83% to 35,353,520.50 yuan, accounting for 3.40% of total revenue[172] - The top five suppliers accounted for 22.09% of total procurement, with the largest supplier contributing 5.51%[176] - R&D investment in 2023 was RMB 79.92 million, accounting for 7.68% of revenue, a decrease from 9.21% in 2022[180] - The number of R&D personnel increased by 2.07% to 345 in 2023, with the proportion of R&D personnel rising to 35.57%[180] - Operating cash flow increased by 120.28% to RMB 178.89 million in 2023, driven by higher cash inflows from sales[182][183] - Investment cash flow decreased by 63.41% to RMB -50.41 million, mainly due to reduced fixed deposit activities[183] - Financing cash flow decreased by 11.47% to RMB -63.24 million, reflecting reduced bank loan activities[183][184] - Investment losses amounted to -1,226,354.67 yuan, accounting for -3.02% of total profit, mainly due to bill discount expenses, fixed deposit income, and equity method recognition of long-term equity investment income[189] - Asset impairment losses totaled -25,617,328.58 yuan, representing -63.06% of total profit, primarily due to provisions for long-term equity investment impairment[189] - Restricted assets at the end of the reporting period included 315,032.00 yuan in monetary funds (due to guarantee deposits) and 93,397,862.25 yuan in receivables (due to bill pledges), totaling 93,712,894.25 yuan[191] Research and Development and Innovation - The company's radar and aerospace electronics business has established a mature technical platform, with 14 new patents added during the reporting period (including 8 invention patents and 6 utility model patents). By the end of the reporting period, subsidiaries held 80 domestic patents (36 invention patents and 44 utility model patents)[17] - The company added 12 new patents in the reporting period, including 6 invention patents, 5 utility model patents, and 1 design patent. By the end of the period, the company held 172 patents globally, with 157 domestic patents (66 invention patents, 86 utility model patents, 5 design patents) and 15 foreign patents[63] - The company completed the development of a low-power integrated motor starter, expected to enhance product performance and competitiveness[179] - A new radar target simulator achieved 90% first-pass acceptance rate after partial localization, improving market competitiveness[179] - The portable electromagnetic situational awareness system is under development, aiming to enhance signal detection and analysis capabilities[179] - The ultra-small deployable star sensor completed phase verification, meeting stringent space requirements and enhancing market competitiveness[180] Market and Industry Trends - The company's radar and aerospace electronics business covers a frequency range of 30M~40GHz, with a maximum instantaneous signal reception bandwidth of 4GHz, real-time analysis bandwidth of 1GHz, and a maximum sampling rate of 10GS/s[14] - The company's radar and aerospace electronics business has a real-time storage bandwidth of up to 6.4GB/s and a resolution of up to 16bit[14] - The company's radar and aerospace electronics business has a dynamic performance of 20 degrees per second and a solar light suppression capability of 15 degrees, meeting the needs of high-precision remote sensing, mapping, and navigation satellites[14] - The company's radar and aerospace electronics business has established a complete workflow from project initiation to product delivery, ensuring product quality consistency and traceability[14] - The company's radar and aerospace electronics business serves both military and civilian markets, with major clients including national defense and military users, research institutes, and aerospace enterprises[14] - The company's sales model for refrigerator compressor parts is direct order-based, with the sales department responsible for customer engagement, sales planning, and tracking customer dynamics[21] - The company's radar and aerospace electronics business includes products such as air-to-air missiles, ground-to-air missiles, and airborne fire control radars, serving multiple military branches[70] - The ultra-wideband signal capture and analysis system has broad market prospects in new radar systems, radio, satellite communications, 5G, and radio astronomy[71] - The company's star tracker products are widely used in China's lunar exploration, high-resolution projects, and satellite internet, with an annual production capacity of 2,000 units[72] - The company's ultra-wideband electronic signal equipment products are leading in high-speed recording and real-time spectrum analysis bandwidth[71] - The company's star tracker products are applied in various satellites, drones, and airships, with significant social impact in national major tasks[72] - The refrigerator market showed steady growth in 2023, driven by trends such as smart, energy-efficient, and large-capacity refrigerators[142] - The company has established long-term stable relationships with major refrigerator compressor manufacturers, securing a stable market share[141] - The Chinese government introduced policies in 2023 to support the home appliance industry, including promoting green and smart appliances[142] - Global refrigerator and freezer production increased by 11.17% and 14.88% respectively in 2023, with total production reaching 96.323 million units and 25.965 million units[68] - The company is a pioneer in the industry, having successfully developed a variable frequency refrigerator controller with core technology independently developed, leading in software algorithms[68] - The company's market share and brand recognition remain leading in the industry, with a stable customer base of downstream leading enterprises[68] - Global security concerns in 2023, including the Russia-Ukraine war and the Israeli-Palestinian conflict, have led to increased defense spending, with some countries maintaining high defense expenditure as a percentage of GDP[152] - The 2024 national defense budget in China is set at 1,665.54 billion yuan, a 7.2% increase from 2023[153] - China's aerospace industry is rapidly developing, with 2023 seeing high-density launch missions and a significant increase in the number of spacecraft developed and launched[154] - In 2024, China plans to carry out approximately 100 launch missions

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [2][7]. Core Views - The company is expected to benefit from the accelerated construction of domestic satellite internet, supported by its leading technological innovation capabilities in radar and avionics [2][8]. - The revenue forecast for 2024-2026 is adjusted to 1.307 billion, 1.628 billion, and 2.004 billion yuan, reflecting year-on-year growth of 25.5%, 24.6%, and 23.1% respectively [2][3]. - The net profit attributable to shareholders is projected to be 61 million, 98 million, and 149 million yuan for the same period, with significant year-on-year growth rates of 85.8%, 61.5%, and 51.5% [2][3]. Financial Summary - The company achieved a revenue of 1.041 billion yuan in 2023, a year-on-year increase of 24.07%, and a net profit of 33 million yuan, up 319.1% from the previous year [7][8]. - The gross profit margin is expected to improve from 24.0% in 2023 to 30.4% by 2026, indicating enhanced profitability [3][11]. - Earnings per share (EPS) are projected to rise from 0.08 yuan in 2023 to 0.35 yuan in 2026, reflecting strong growth potential [3][11]. Business Segments - The radar and aerospace electronics business saw a significant revenue increase of 121.62% in 2023, driven by strong order growth and project delivery acceleration [7][8]. - The company's subsidiary, Huqing Ruida, reported a substantial increase in new orders, indicating a robust demand for its radar target and environment simulators [7][8]. - The refrigerator compressor parts business experienced a decline in revenue, but the overall market is expected to benefit from government policies promoting appliance upgrades [7][8].