Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Viewpoints - The company, Tianqin Equipment, has evolved from a single protective function product to a comprehensive range of defense products and equipment components, with a significant focus on ammunition packaging and protection [4][12]. - The company is expected to benefit from the increasing demand for ammunition packaging, with a projected market space of approximately 6 billion yuan in China [4][58]. - The company is expanding into the missile packaging sector, which is anticipated to provide long-term growth drivers [4][55]. Summary by Sections 1. Core Supplier in Equipment Protection - Tianqin Equipment was founded in 1996 and went public in 2020, focusing on protective devices for ammunition and related equipment [4][12]. - The main products include specialized protective devices, which accounted for 89% of revenue in 2024, with major clients being military industrial groups [18]. - The company has shown rapid growth in the past three years, with operating cash flow consistently exceeding net profit [21]. 2. Benefiting from Ammunition Demand - The ammunition packaging is crucial for ensuring the reliability and safety of ammunition storage and usage, with the market space for ammunition packaging in China estimated at 6 billion yuan [4][29]. - The company’s revenue from packaging boxes was 206 million yuan in 2024, with a gross margin of 32.63% [39]. - The domestic ammunition sector is expected to grow rapidly, driven by increased training intensity and military export demands [41]. 3. Expansion into Missile Packaging - The missile packaging market is projected to be significantly larger than the ammunition packaging market, with estimates suggesting a potential market size of 20-30 billion yuan [55]. - The company is actively developing various missile protective boxes and integrated launch tubes, with several projects already completing prototype development [53][55]. - The expansion into missile packaging is expected to provide new revenue growth points for the company [4][55]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 0.85 billion, 1.46 billion, and 2.05 billion yuan from 2025 to 2027, with growth rates of 104%, 72%, and 40% respectively [4][58]. - The current price-to-earnings ratios are estimated at 37, 21, and 15 times for the respective years [4][58].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company, Tianqin Equipment, has evolved from a single protective function product to a comprehensive defense product supplier, with a significant focus on ammunition packaging and protective devices [4][12]. - The company is expected to benefit from the increasing demand for ammunition packaging, with a projected market space of approximately 6 billion yuan in China [4][58]. - The company is expanding into missile packaging, which is anticipated to provide long-term growth drivers [4][55]. Summary by Sections Company Overview - Tianqin Equipment was founded in 1996 and went public on the ChiNext board in 2020, initially focusing on moisture-proof seals for ammunition and gradually expanding its product range to include various defense equipment components [4][12]. - The company's main products include specialized protective devices and equipment components, with specialized protective devices accounting for 89% of revenue in 2024 [18]. Financial Performance - The company's performance bottomed out in 2022, with a recovery and growth expected in 2023 and 2024. The projected net profit for 2024 is 42 million yuan, a 29% increase year-on-year [4][21]. - The company has maintained positive net profits and strong operating cash flow, with cash flow consistently exceeding net profit [21]. Market Opportunity - The ammunition packaging market in China is estimated to be around 120 billion yuan, with packaging costs accounting for 5% of total ammunition costs, leading to a market space of approximately 6 billion yuan [4][30]. - The company is well-positioned to benefit from increased ammunition consumption due to heightened training intensity and military export trends [41]. Growth Strategy - The company is actively developing missile packaging solutions, which are expected to have a higher value and larger market potential compared to traditional ammunition packaging [55]. - Ongoing projects include various missile protective cases and integrated storage and launch systems, with several prototypes already completed [53][55]. Profit Forecast and Investment Advice - The company is projected to achieve net profits of 85 million, 146 million, and 205 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 104%, 72%, and 40% [4][58]. - The current price-to-earnings ratios are estimated at 37, 21, and 15 times for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4][58].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, identifying it as a core supplier of protective equipment for complete ammunition systems, benefiting from demand across multiple application areas [3][9]. Core Insights - The company specializes in the research, development, and production of protective products for defense equipment, with a strong foothold in the industry due to its deep technical accumulation and extensive application experience [18]. - The company has experienced a steady recovery in performance, with revenue and profit expected to grow significantly as customer demand rebounds and product deliveries increase [8][34]. - The report highlights three main advantages for the company: its strong market position due to the scarcity of competitors, the acquisition of Rongchuang Intelligent to enhance its metal processing capabilities, and its technological barriers that support cost reduction and efficiency improvements [8][9]. Summary by Sections 1. Core Supplier of Protective Equipment - The company focuses on protective products for defense equipment, with a diverse range of specialized protective devices and components serving multiple military branches [18][29]. - The company has a strong historical background, having been established in 1996 and evolving through various stages to become a leading player in the protective equipment sector [18][21]. 2. Demand Driven by Ammunition Systems - The stable growth of national defense budgets in China and the U.S. supports the overall high demand in the military industry, which is crucial for the company's growth [46][47]. - Increased frequency of live-fire training exercises is driving the demand for ammunition, which in turn boosts the need for protective equipment [46]. 3. Technological Strengths and Competitive Advantages - The company possesses strong technical capabilities, with its products designed to withstand extreme conditions, ensuring safety during the transport and storage of ammunition [30]. - The acquisition of Rongchuang Intelligent has strengthened the company's supply chain and cost control, while also enhancing its product offerings in metal protective devices [8][9]. 4. Financial Forecast and Valuation - The company is projected to achieve significant revenue growth, with estimated revenues of 422 million yuan in 2025, reflecting an 83.1% year-on-year increase [2]. - The expected net profits for 2025-2027 are forecasted to be 96 million, 170 million, and 283 million yuan, respectively, indicating a strong growth trajectory [2][9].

Core Viewpoint - Tianqin Equipment (300922.SZ) held board and supervisory meetings to discuss important proposals regarding the company's 2024 performance, dividend distribution, and 2025 financing plans, attracting investor attention [1] Financial Performance - In 2024, Tianqin Equipment achieved operating revenue of 231 million yuan, a year-on-year increase of 49.14%, and a net profit attributable to shareholders of 41.68 million yuan, up 29.49% [2][3] - The company reported a net cash flow from operating activities of 75.73 million yuan, a decrease of 25.28% compared to the previous year [3] - Basic and diluted earnings per share were both 0.27 yuan, reflecting a 28.57% increase from the previous year [3] Revenue Composition - The main source of revenue for Tianqin Equipment comes from the sale of specialized protective devices and equipment components, with specialized protective devices accounting for 89.36% of total revenue [4][6] - In 2024, revenue from specialized protective devices increased by 36.74%, while revenue from equipment components surged by 742.57% [6] Dividend Distribution - The board proposed a cash dividend of 1.80 yuan per 10 shares, totaling approximately 27.95 million yuan, which represents 67.05% of the net profit for 2024 [7][9] - The company has maintained a tradition of cash dividends, with cumulative cash dividends of 66.92 million yuan over the past three years, exceeding 30% of the average net profit for the last three years [7][9] Financing Plans - Tianqin Equipment plans to raise up to 3.5 billion yuan through a combination of a private placement of shares and a bank credit application [10][12] - The private placement will involve issuing shares to no more than 35 specific investors, with a total financing amount not exceeding 300 million yuan [10] - The company also intends to apply for a low-risk credit limit of up to 50 million yuan from China Minsheng Bank for operational needs [10][11] Upcoming Shareholder Meeting - A shareholder meeting is scheduled for May 8, 2025, to review the 2024 annual report and other related proposals [13] - Tianqin Equipment, founded in 1996, specializes in the research, production, and sales of specialized protective devices and equipment components [13]

Core Viewpoint - Tianqin Equipment's 2024 annual report shows significant growth in revenue and net profit, indicating strong performance in the military equipment sector driven by industry trends and improved market share [2][3]. Financial Performance - The company achieved operating revenue of 231 million yuan, a year-on-year increase of 49.14% [2]. - Net profit attributable to shareholders reached 41.68 million yuan, up 29.49% year-on-year [2]. - The net profit excluding non-recurring items was 38.75 million yuan, reflecting a growth of 44.68% [2]. Product Line Performance - Revenue from specialized protective devices was 206 million yuan, a year-on-year increase of 36.74% [3]. - Revenue from equipment components surged to 2.401 million yuan, with a remarkable growth rate of 742.57% [3]. Industry Context - The acceleration of national defense modernization is driving the upgrade of equipment and increasing demand for protective gear, benefiting Tianqin Equipment's main products [3]. - The overall market for equipment manufacturing is expanding due to sustained industry demand [3]. Technological Advancements - The company has a strong technical foundation in various areas, including engineering plastic formulation and composite material design [4]. - In 2024, Tianqin Equipment invested 8.147 million yuan in R&D and has accumulated 15 invention patents and 16 utility model patents [5]. Strategic Focus - The company aims to enhance product performance and quality while expanding into civilian protective fields to maintain long-term competitive advantages [5]. - Tianqin Equipment emphasizes collaboration with domestic research institutions to innovate and apply theoretical research to product development [5].

证券代码：300922 证券简称：天秦装备 公告编号：2025-030 秦皇岛天秦装备制造股份有限公司 关于召开 2024 年年度股东大会的通知 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、召开会议的基本情况 1.股东大会届次：2024 年年度股东大会。 2.股东大会的召集人：公司董事会。 经公司第四届董事会第十七次会议审议通过《关于召开 2024 年年度股东大会的 议案》，决定召开本次股东大会。 3.会议召开的合法、合规性：本次股东大会的召集、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》等相关规定。 4.会议召开的日期、时间： （1）现场会议召开时间：2025 年 5 月 8 日（星期四）14:00。 （2）网络投票时间：2025 年 5 月 8 日（星期四）。 （1）截至股权登记日下午收市时，在中国证券登记结算有限责任公司深圳分公 司登记在册的公司全体已发行有表决权股份的股东均有权出席股东大会。并可以以书 面形式委托代理人出席会议和参加表决，该股东代理人不必是本公司的股东； （2）公司董事、监事和高级管理人员； （3）公司聘请的 ...

证券代码：300922 证券简称：天秦装备 公告编号：2025-021 秦皇岛天秦装备制造股份有限公司 第四届监事会第十六次会议决议公告 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、监事会会议召开情况 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）第四届监事会第十六 次会议于 2025 年 4 月 8 日在公司会议室以现场结合通讯会议的方式召开，会议于 2025 年 3 月 28 日以书面、通讯方式送达各位监事。本次会议由监事会主席李立永 先生召集并主持，会议应出席监事 3 名，实际出席监事 3 名。公司董事会秘书和证 券事务代表列席了本次会议。会议的通知、召集、召开和表决程序符合《中华人民 共和国公司法》《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 2 号——创业板上市公司规范运作》《公司章程》等有关规定。 二、监事会会议审议情况 经与会监事认真审议，形成以下决议： 1.审议通过《关于<2024 年年度报告>及其摘要的议案》 经审核，监事会认为董事会编制和审核公司《2024 年年度报告》及其摘要的 程序符合法律、行 ...

证券代码：300922 证券简称：天秦装备 公告编号：2025-020 秦皇岛天秦装备制造股份有限公司 第四届董事会第十七次会议决议公告 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 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）第四届董事会第十 七次会议于 2025 年 4 月 8 日在公司会议室以现场结合通讯会议的方式召开。会 议通知已于 2025 年 3 月 28 日以书面、通讯方式送达各位董事。本次会议由董事 长宋金锁先生召集并主持，会议应出席董事 7 人，实际出席董事 7 人。公司全体 监事及高级管理人员列席了本次会议。会议的通知、召集、召开和表决程序符合 《中华人民共和国公司法》《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 2 号——创业板上市公司规范运作》《公司章程》 等有关规定。 二、董事会会议审议情况 经与会董事认真审议，形成以下决议： 1.审议通过《关于<2024 年年度报告>及其摘要的议案》 董事会认为，公司《2024 年年度报告》及其摘要的编制符合法律、行政法 规等相关规定， ...

关于提请股东大会授权董事会 办理以简易程序向特定对象发行股票的公告 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。 证券代码：300922 证券简称：天秦装备 公告编号：2025-027 秦皇岛天秦装备制造股份有限公司 根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司证券发 行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细则》等 相关规定，秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于 2025 年 4 月 8 日召开第四届董事会第十七次会议，审议通过《关于提请股东大会授权董事会办理以简 易程序向特定对象发行股票的议案》，同意公司董事会提请股东大会授权董事会办理以 简易程序向特定对象发行融资总额不超过人民币3 亿元且不超过最近一年末净资产20% 的股票，授权期限为自 2024 年年度股东大会通过之日起至下一年度股东大会召开之日 止，本议案尚需提交股东大会审议，现将有关情况公告如下： 一、具体内容 （一）发行股票的种类和面值 本次发行股票的种类为境内上市人民币普通股（A 股），每股面值人民币1.00 元。 （二）发行方式、发行对 ...

秦皇岛天秦装备制造股份有限公司 二〇二四年度 审计报告 致同会计师事务所（特殊普通合伙） 目 录 审计报告 | 合并及公司资产负债表 | 1-2 | | --- | --- | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-85 | 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 审计报告 致同审字（2025）第 110A007009 号 秦皇岛天秦装备制造股份有限公司全体股东： 一、审计意见 我们审计了秦皇岛天秦装备制造股份有限公司（以下简称天秦装备公司）财 务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公 司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报 表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了天秦装备公司 2024 ...