Financial Performance - The company's operating revenue for Q1 2025 was ¥49,873,397.14, representing a 29.46% increase compared to ¥38,525,023.61 in the same period last year[5]. - The net profit attributable to shareholders decreased by 7.60% to ¥9,242,544.58 from ¥10,003,240.72 year-on-year[5]. - Total operating revenue for the current period reached ¥49,873,397.14, an increase of 29.5% compared to ¥38,525,023.61 in the previous period[24]. - Net profit for the current period was ¥9,243,164.40, a decrease of 7.6% from ¥10,003,240.72 in the previous period[25]. - Total operating costs amounted to ¥39,768,295.20, up 51.8% from ¥26,214,260.35 in the prior period[24]. Cash Flow and Liquidity - The net cash flow from operating activities surged by 153.86% to ¥30,263,657.95, up from ¥11,921,487.25 in the previous year[5]. - Operating cash inflow for the current period was $73,827,762.62, up from $52,834,615.50 in the previous period, representing an increase of approximately 39.7%[28]. - Net cash flow from operating activities reached $30,263,657.95, significantly higher than $11,921,487.25 in the prior period, indicating a growth of about 153.5%[29]. - Cash inflow from investment activities totaled $47,382,575.34, a decrease from $157,662,868.14 in the previous period, reflecting a decline of approximately 69.9%[29]. - The net increase in cash and cash equivalents was -$93,386,177.09, compared to -$17,853,727.94 in the prior period, indicating a decline[29]. Assets and Liabilities - Total assets increased by 1.62% to ¥1,061,729,640.49 compared to ¥1,044,767,829.21 at the end of the previous year[5]. - Total liabilities rose to ¥141,713,800.42, slightly up from ¥141,320,803.65, indicating a marginal increase of 0.3%[22]. - The company's equity attributable to shareholders reached ¥919,515,172.36, an increase of 1.3% from ¥902,946,977.67[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 13,426[13]. - The largest shareholder, Song Jinsuo, holds 27.73% of shares, totaling 43,478,260 shares[13]. - The number of shares held by the top ten unrestricted shareholders includes Song Jinsuo with 10,869,565 shares[14]. - The total number of shares with restrictions at the end of the period is 33,503,742 shares[17]. - The company has no preferred shareholders or changes in preferred shareholder status reported[15]. Expenses and Investments - The company's management expenses rose by 165.44% to ¥7,499,210.56, primarily due to increased share-based payments and salaries[9]. - Research and development expenses were ¥2,327,524.97, showing a slight increase from ¥2,269,385.12 in the previous period[25]. - Investment income increased by 33.25% to ¥33,835.25, attributed to returns from cash management products[9]. - Cash paid to employees increased to ¥9,518,734.34 from ¥7,602,937.25, marking an increase of approximately 25.1%[28]. - Cash paid for taxes rose significantly to ¥8,517,958.41 from ¥2,993,620.83, representing an increase of about 184.5%[28]. Future Plans - The company plans to implement a restricted stock incentive plan in 2024, with details approved on March 7, 2025[18]. - The company plans to expand its market presence and invest in new technologies to drive future revenue growth[27].

2025年4月7日，公司使用闲置募集资金2,000.00万元认购了中国民生银行股份有限 公司的现金管理产品。近日，公司已将上述现金管理产品赎回，赎回的本金及收益具体 情况如下： | 币种：人民币 | | --- | 证券代码：300922 证券简称：天秦装备 公告编号：2025-032 秦皇岛天秦装备制造股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 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。 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于2024年11月26日召开了 第四届董事会第十四次会议及第四届监事会第十三次会议，并于2024年12月13日召开了 2024年第三次临时股东大会，审议通过了《关于继续使用部分闲置募集资金及自有资金 进行现金管理的议案》，同意公司在确保不影响募集资金投资项目建设、不影响公司正 常生产经营及确保资金安全的情况下，使用不超过人民币3,000.00万元（含本数）的闲 置募集资金及不超过人民币35,000.00万元（含本数）的自有资金进行现金管理，使用期 限自股东大会审议通过之日起12个月内有效，在前述额度 ...

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].

上 市 公 司 国防军工 2025 年 04 月 11 日 天秦装备 (300922) —— 防护装备核心供应商，深度受益整弹放量 投资要点： | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 155 | 231 | 422 | 667 | 1,025 | | 同比增长率（%） | 4.5 | 49.1 | 83.1 | 58.0 | 53.6 | | 归母净利润（百万元） | 32 | 42 | 96 | 170 | 283 | | 同比增长率（%） | 19.7 | 29.5 | 131.4 | 76.5 | 66.1 | | 每股收益（元/股） | 0.21 | 0.27 | 0.61 | 1.09 | 1.80 | | 毛利率（%） | 38.0 | 35.4 | 38.2 | 39.2 | 40.3 | | ROE（%） | 3.6 | 4.6 | 9.8 | 15.1 | 20.8 | | 市盈率 | 101 | 78 | 34 | 19 | 11 | | 注 ...

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， ...