证券代码：300922 证券简称：天秦装备 公告编号：2025-042 秦皇岛天秦装备制造股份有限公司（以下简称"公司"）于 2025 年 5 月 26 日分 别召开第四届董事会第十九次会议和第四届监事会第十八次会议，审议通过《关于调 整 2024 年限制性股票激励计划授予价格的议案》，公司 2024 年限制性股票激励计划 （以下简称"本激励计划"）首次授予及预留授予价格由 6.07 元/股调整为 5.89 元/ 股。现将具体情况公告如下： 秦皇岛天秦装备制造股份有限公司 关于调整 2024 年限制性股票激励计划授予价格的公告 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。 一、本激励计划已履行的相关审批程序 （一）2024 年 3 月 5 日，公司召开第四届董事会第八次会议，审议通过《关于公 司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制 性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办理公 司 2024 年限制性股票激励计划相关事宜的议案》等与本激励计划相关的议案。在审 议与本激励计划相关的议 ...

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"）第四届监事会第十八次 会议于 2025 年 5 月 26 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 5 月 16 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《关于调整 2024 年限制性股票激励计划授予价格的议案》 经核查，监事会认为：公司本次调整 2024 年限制性股票激励计划授予价格的事 项符合《上市公司股权激励管理办法》及公司《2024 年限制性股票激励计划（草案）》 中关于限制性股票授予价格调整的相关规定。上述事项在公司 2024 年第一次临时股 东大会授权范围内，审议程序合法合规，不存在损害公司及全体股东 ...

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [4]. Core Insights - The core viewpoint emphasizes that domestic trade and military trade continue to drive demand in the industry [10][48]. Summary by Sections Industry Overview - The "New Era of China's National Security" white paper was released on May 12, outlining China's strategic focus on national security and its interaction with global stability [48]. - Recent defense sales agreements were made with Saudi Arabia, Qatar, and the UAE, totaling approximately $4.3 billion, indicating strong international demand for military equipment [49][50][51]. Market Performance - The military industry index (801740) decreased by 1.18% from May 12 to May 16, underperforming compared to the Shanghai and Shenzhen 300 index, which increased by 1.12% [19]. - The military index has increased by 0.68% since 2025, while the Shanghai and Shenzhen 300 index has decreased by 1.16%, showing relative strength in the long term [21]. Investment Opportunities - The report identifies three main investment lines: domestic trade, foreign trade, and self-sufficiency [54]. - Domestic Trade: Companies such as Tianqin Equipment, Gaode Infrared, and others are highlighted [54]. - Foreign Trade: Companies like Guangdong Hongda and Aerospace Rainbow are recommended [55]. - Self-Sufficiency: Companies involved in commercial engines and nuclear fusion are noted [56]. Financial Insights - As of May 16, the military industry index has a TTM price-to-earnings ratio of 65.05, indicating a high valuation but potential for recovery in demand by 2025 [53][38]. - Passive fund inflows into military ETFs have increased, suggesting a positive outlook for the sector [32].

秦皇岛天秦装备制造股份有限公司 2024 年年度权益分派实施公告 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。 特别提示： 证券代码：300922 证券简称：天秦装备 公告编号：2025-039 1.秦皇岛天秦装备制造股份有限公司（以下简称"公司"或"本公司"）回购 专用证券账户中的 1,541,300 股不参与本次权益分派。公司 2024 年度利润分配方 案为：以公司现有总股本 156,811,200 股扣除回购股份 1,541,300 股后的总股本 155,269,900 股(具体以实施权益分派股权登记日扣除回购股份后的总股本）为基 数，向全体股东每 10 股派发现金股利人民币 1.80 元（含税），不送红股，不进行 资本公积金转增股本，预计派发现金股利人民币 27,948,582.00 元（含税）。若在 本次利润分配方案公告日起至实施权益分派股权登记日前，出现股权激励行权、可 转债转股、股份回购等股本总额发生变动情形时，公司将按照现金分红比例不变的 原则，对分配总额进行相应调整。 2.本次权益分派实施后计算除权除息价格时，按总股本（含回购股份）折算的 ...

行 业 华福证券 国防军工 2025 年 05 月 11 日 研 究 国防军工 军工本周观点：中国军工的价值重估时刻已到 投资要点： 本周核心观点： 行 业 定 期 报 告 5 月 7 日，巴基斯坦表示，印度当天凌晨向巴基斯坦本土及巴控克什米尔 地区的三处地点发射了导弹，印巴冲突升级，直至 5 月 10 日，印巴双方同 意立即停火；而巴基斯坦为我国主要武器装备出口国，根据海国图智研究 院援引的斯德哥尔摩国际和平研究所（SIPRI）统计，2023 年中国军贸出 口占全球市场份额的 5.80%，其中约 60%的出口对象为巴基斯坦，且交战 期间相关实况报道进一步验证了中国军事装备近年快速发展的强实力，因 此本周军贸主题及其相关标的跑出明显超额，带动国防军工板块表现优异， 本周（5.6-5.9）申万军工指数（801740）上涨 6.33% ，同期沪深 300 指数 上涨 2.00%，相对超额 4.32pct。 5 月 11 日，人民日报刊文《加快解放和发展新质战斗力》，文中写到："向 新而生，向质图强。当前，新一轮科技革命和产业变革蓬勃发展，大量高 新技术武器用于实战，智能技术、无人装备、大数据应用等成为战斗力新 的 ...

Market Overview - The three major A-share indices opened slightly lower on May 9, with the Shanghai Composite Index down 0.3% to 3342 points, the ChiNext Index down 0.87% to 2011.77 points, and the STAR Market 50 Index down 1.96% to 1006.32 points [3][4] - A total of 1212 stocks rose while 4061 stocks fell across the exchanges, with a total trading volume of 11.92 billion yuan, a decrease of 1.014 billion yuan from the previous trading day [4][5] Sector Performance - Bank stocks continued to rise, with several banks reaching new highs, including China Construction Bank and Jiangsu Bank, both gaining over 2% [6] - The semiconductor sector faced significant declines, with companies like Huahong Semiconductor and Espressif Systems dropping over 7% [6] - The textile and apparel sector showed strong performance, with multiple stocks hitting the daily limit or rising over 10% [6] - The real estate sector performed poorly, with several companies declining over 3% [7] Market Sentiment and Outlook - Analysts expect the market to maintain a steady upward trend in the short term, supported by structural monetary policy and anticipated fiscal measures aimed at boosting domestic demand [8][9] - The market is likely to experience a structural rally driven by both policy and earnings, with a focus on sectors with high earnings certainty and clear policy catalysts [9] - The military and defense sector is expected to benefit from ongoing geopolitical tensions, with growth potential in military trade and increased competitiveness of Chinese military products [10]

Summary of Key Points from Conference Call Records Industry Overview - **Military Industry**: The military sector is expected to enter a new growth cycle from 2025 to 2027, following a period of demand adjustment and performance decline in 2023-2024. Analysts are optimistic about the military sector's future performance, indicating clear signs of a bottoming out in terms of earnings and holdings [1][1][1]. Company Insights - **Tianqin Equipment**: The company holds "four military certificates" and specializes in ammunition storage and protection products. Its customer base includes major manufacturers and various military branches, covering multiple protective device packaging and components [2][2][2]. - **Xinyu Guoke**: This company offers a wide range of military explosives, with over 400 products in production and development, serving various military branches including the army, navy, air force, and police [2][2][2]. Smart Driving Sector - **Strategic Partnership**: Shenzhou Car Rental and Baidu Apollo have formed a strategic partnership to launch the world's first autonomous vehicle rental service, aiming to innovate the application of autonomous driving technology in the rental industry. This collaboration is expected to accelerate the deployment of autonomous driving technology across various urban scenarios, tapping into a significant market potential [3][3][3]. - **Market Growth**: The smart driving market is projected to experience rapid growth, with IDC forecasting that the global connected vehicle scale will reach 78.3 million by 2025, with a compound annual growth rate (CAGR) of 11.5%. By 2026, the scale of autonomous vehicles is expected to reach 89.3 million, with a CAGR of 14.8% [3][3][3]. Additional Company Developments - **Dazhong Transportation**: Collaborating with Baidu to conduct smart connected vehicle demonstrations in Jiading, leveraging advanced technologies for scalable L4-level autonomous driving systems across various industries and scenarios [4][4][4]. - **Ningbo Huaxiang**: The company is enhancing cooperation in robotics and aims to leverage its advanced manufacturing experience in automotive parts to participate deeply in the intelligent robotics industry chain [17][17][17]. Market Trends - **Stock Performance**: The military sector stocks have shown significant performance, with several companies reaching historical highs. The military and automotive sectors are highlighted as key areas of growth, with a notable number of stocks achieving new highs [11][11][11][16][16][16]. Conclusion - The military and smart driving sectors are poised for growth, with strategic partnerships and technological advancements driving innovation and market expansion. Companies within these sectors are well-positioned to capitalize on emerging opportunities, despite recent performance challenges in the military industry.

A股军工板块盘初回调，爱乐达、通易航天、电光科技、天秦装备、西菱动力、中科海讯、国瑞科技、 国科军工等多股跌超5%。 订阅A股市场资讯 +订阅 ...

Group 1 - Military stocks experienced a collective adjustment with significant declines in several companies [1] - Companies such as Aileda, Tongyi Aerospace, and Deguang Technology saw drops exceeding 5% [1] - Other affected companies include Tianqin Equipment, Xiling Power, Zhongke Haixun, Guorui Technology, and Guoke Military Industry [1]

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