Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant growth in aerospace and marine applications, actively promoting the development of military, civilian, and foreign trade products [5][22] - The company reported a revenue of 2.494 billion yuan in 2023, a year-on-year increase of 32.90%, and a net profit attributable to shareholders of 815 million yuan, up 30.39% year-on-year [22][23] - The first quarter of 2024 saw a revenue of 643 million yuan, a decrease of 2.28% year-on-year but an increase of 17.91% quarter-on-quarter [3][9] Financial Summary - In 2023, the company achieved a gross profit margin of 43.70%, down 2.49 percentage points year-on-year, and a net profit margin of 32.66%, down 0.63 percentage points year-on-year [5][12] - The company’s revenue projections for 2024-2026 are 3.043 billion yuan, 3.676 billion yuan, and 4.247 billion yuan, respectively, with corresponding net profits of 1.015 billion yuan, 1.213 billion yuan, and 1.416 billion yuan [5][40] - The earnings per share (EPS) are projected to be 1.84 yuan, 2.20 yuan, and 2.57 yuan for 2024, 2025, and 2026, respectively [5][40] Product Performance - The revenue from forged products reached 2.237 billion yuan in 2023, a year-on-year increase of 32.10%, accounting for 89.71% of total revenue [5][11] - The revenue from free-forged products was 207 million yuan, showing a remarkable growth of 93.64% year-on-year [5][30] Research and Development - As of the end of 2023, the company had 63 R&D personnel, a 50% increase from the beginning of the year, focusing on developing new products and technologies [5][13] - The company is actively pursuing the development of military, civilian, and foreign trade products, with multiple national invention patents obtained [5][13] Investment Projects - The company is steadily advancing its fundraising projects, with significant investments in various initiatives, including a digital integration center for aviation [5][38]

西安三角防务股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 为促进公司规范运作、健康发展，增强公司信息透明度，加强与 广大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公 司协会根据陕西证监局工作部署，联合深圳市全景网络有限公司举办 "2024 年陕西辖区上市公司投资者集体接待日暨 2023 年度业绩说 明会活动"。 届时，公司负责人及相关高管人员将通过互动平台与投资者进行 网络沟通和交流，欢迎广大投资者踊跃参加！ 证券代码：300775 证券简称：三角防务 公告编号：2024-043 债券代码：123114 债券简称：三角转债 关于参加"2024 年陕西辖区上市公司投资者集体接待日 暨 2023 年度业绩说明会"的公告 网址：http://rs.p5w.net 特此公告。 西安三角防务股份有限公司 董事会 2024 年 5 月 15 日 活动时间：2024 年 5 月 22 日 15:00-17:00 活动地址："全景路演" ...

| 证券代码：300775 | 证券简称：三角防务 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：123114 | 债券简称：三角转债 | | 西安三角防务股份有限公司 关于使用闲置募集资金及自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 西安三角防务股份有限公司（以下简称"公司"）第三届董事 会第十四次会议、第三届监事会第十一次会议和 2024 年第一次临时 股东大会分别审议通过了《关于使用部分闲置募集资金及自有资金 进行现金管理的议案》,同意在确保不影响募集资金投资项目建设和 正常生产经营的情况下，公司使用额度不超过人民币 111,000 万元 的闲置募集资金（其中向不特定对象发行可转换公司债券闲置募集 资金不超过人民币 45,000 万元，向特定对象发行股票闲置募集资金 不超过人民币 66,000 万元）及额度不超过人民币 80,000 万元闲置 自有资金进行现金管理，使用期限为自股东大会审议通过之日起 12 个月内，在上述额度内，资金可滚动使用。在额度范围内，公司董 事会提请股 ...

北京观韬（西安）律师事务所 法律意见书 北京观韬（西安）律师事务所 Guantao Law Firm Tel：86 29 88422608 Fax：86 29 88420929 E-mail：guantaoxa@guantao.com http：// www.guantao.com 中国西安市高新区高新路 51 号尚中心 713 室 邮编：710075 Room 713 Shang Zhong Xin,No.51 Gaoxin Road, Xi'an, Shaanxi,China 北京观韬（西安）律师事务所 关于西安三角防务股份有限公司 2023 年年度股东大会的法律意见书 观意字 2024 第 003588 号 致：西安三角防务股份有限公司 北京观韬（西安）律师事务所（以下简称"本所"）受西安三角防务股份有 限公司（以下简称"公司"）之委托，指派律师列席 2024 年 5 月 10 日召开的公 司 2023 年年度股东大会（以下简称"本次股东大会"），并根据《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》"）等相关法律、行政法规、《上市公司股东大会规则》 ...

1.本次股东大会未出现否决议案的情形 2.本次股东大会不涉及变更前次股东大会决议 证券代码：300775 证券简称：三角防务 公告编号：2024-041 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 2023 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、重要提示 本次会议通过深圳证券交易所交易系统和互联网投票系统向社 会公众股股东提供网络形式的投票平台。 （五）会议主持人 本次会议由公司董事长严建亚主持召开。 二、会议召开情况 （一）会议召开时间 （1）现场会议：2024年5月10日（星期五）下午14：30开始； （2）网络投票：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5月10日上午9：15-9：25，9：30-11：30和下 午13：00-15：00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年5月10日上午9：15至下午15：00期间的任意时间。 （二）会议召开地点：西安市航空基地蓝天二路8号公司会议室。 （三）会议召集人：西安三角防务股份有限公司董事会。 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, with a current price of 25.62 CNY and a fair value of 32.87 CNY [2][23]. Core Insights - The company achieved a revenue growth of 32.90% year-on-year in 2023, reaching 2.494 billion CNY, driven by stable product quality and new product development [1][3]. - The gross profit margin for 2023 was 43.70%, with a net profit margin of 32.66%, reflecting a slight decrease from the previous year [1]. - The company is expected to have an EPS of 1.83, 2.22, and 2.68 CNY for the years 2024, 2025, and 2026 respectively [1][23]. Financial Summary - Revenue for 2023 was 2.494 billion CNY, with a year-on-year growth of 32.90% [3][24]. - The net profit for 2023 was 815 million CNY, representing a growth of 30.39% compared to the previous year [3][24]. - The company’s operating cash flow for 2023 was -40 million CNY, a decrease of 109.50% year-on-year [1][24]. - The projected revenue for 2024 is 2.995 billion CNY, with an expected growth rate of 20.1% [24].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][21] Core Views - The company has maintained rapid growth in performance, with a revenue of 2.494 billion yuan in 2023, representing a year-on-year increase of 32.90%, and a net profit attributable to the parent company of 814.52 million yuan, up 30.39% year-on-year [20] - The company is expanding its business through the establishment of new subsidiaries in Shenyang, Chengdu, and Shanghai, which will enhance its strategic development in the aircraft industry [7][20] - The company is actively investing in projects, with construction projects amounting to 355 million yuan at the end of 2023, a 92% increase from the beginning of the year, which is expected to enhance its overall integrated capabilities and product structure [7][20] Financial Performance and Forecast - The company is projected to achieve revenues of 3.227 billion yuan, 4.180 billion yuan, and 5.419 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 29.40%, 29.54%, and 29.64% [11][21] - The net profit attributable to the parent company is expected to be 1.010 billion yuan, 1.244 billion yuan, and 1.527 billion yuan for the years 2024, 2025, and 2026, reflecting growth rates of 24%, 23%, and 23% [21] - The earnings per share (EPS) are projected to be 1.83 yuan, 2.26 yuan, and 2.78 yuan for the years 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 12.98, 10.53, and 8.58 [11][21]

经中国证券监督管理委员会证监许可【2021】1352 号）核准，西安三角防务 股份有限公司（以下简称"三角防务"、"发行人"或"公司"）向不特定对象 公开发行面值总额 904,372,700.00 元可转换公司债券，每张面值人民币 100 元， 发行数量 9,043,727.00 张，期限 6 年。 中航证券有限公司（以下简称"中航证券"或"保荐机构"）作为三角防务 向不特定对象发行可转换公司债券并在创业板上市的保荐机构，持续督期限截至 2023 年 12 月 31 日。截至 2023 年 12 月 31 日，持续督导期已经届满，中航证券 根据《证券发行上市保荐业务管理办法》《深圳证券交易所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 13 号——保荐业务》《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》等法律法规和 规范性文件的相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及相关资料的内容不存在虚假记载、误导性 陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律 责任。 2、保荐机构及保荐代表人自愿 ...

| 证券代码：300775 | 证券简称：三角防务 | 公告编号：2024-040 | | --- | --- | --- | | 债券代码：123114 | 债券简称：三角转债 | | 西安三角防务股份有限公司 关于质量回报双提升行动方案的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 西安三角防务股份有限公司（以下简称"公司"）为践行中央 政治局会议提出的"要活跃资本市场、提振投资者信心"及国常会 指出的"要大力提升上市公司质量和投资价值，要采取更加有力有 效措施，着力稳市场、稳信心"的指导思想，制定了"质量回报双 提升"行动方案 。具体内容详见公司于 2024 年 2 月 29 日在巨潮资 讯网（http://www.cninfo.com.cn）披露的《关于推动质量回报双 提升行动方案的公告》（公告编号：2024-013）。关于质量回报双 提升行动方案的落实进展情况如下： 一、聚焦主业发展，稳健增长，迈向世界一流航空锻造企业 公司长期聚焦主业发展，弘扬企业家精神和工匠精神，坚持扎 根实业、深耕主业、做精专业，培养核心竞争力，守正创新，致力 成为 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [15][34]. Core Insights - The company experienced short-term pressure in Q1 due to a high base from the previous year, but the gross profit margin remains high, and the overall performance for the year is expected to maintain a medium to high growth rate [4][15]. - In Q1 2024, the company reported revenue of 643 million, a decrease of 2.28% year-on-year, and a net profit attributable to the parent company of 209 million, down 4.04% year-on-year [6]. - The company is leveraging its core technology in large forging and has a multi-model coverage to strengthen its risk resistance, indicating that the impact of a single model's slowdown on overall performance is limited [15][24]. Financial Performance Summary - For 2023, the total revenue is projected at 2,494 million, with expectations to grow to 3,016 million in 2024, 3,784 million in 2025, and 4,769 million in 2026 [17]. - The gross profit for 2023 is estimated at 1,090 million, with a gross profit margin of 44%, expected to remain stable at 44% in 2024 and 2025, and slightly increase to 45% in 2026 [17]. - The net profit attributable to the parent company is forecasted to be 815 million in 2023, increasing to 1,016 million in 2024, 1,279 million in 2025, and 1,630 million in 2026, reflecting a year-on-year growth rate of 25%, 26%, and 27% respectively [24]. Market Position and Strategy - The company is actively preparing for downstream demand recovery, as indicated by a significant increase in prepaid expenses, which rose by 26.03% year-on-year to 12 million at the end of Q1 2024 [24]. - The company’s construction projects are continuously improving, with the total construction in progress reaching 355 million at the end of 2023, indicating ongoing capacity expansion [24]. - The company maintains a high level of profitability despite the trend towards lower-cost equipment in the industry, showcasing its competitive edge in high-value-added products [24].