5月19日，杭州市两会新闻发布会召开，介绍市两会主要安排和有关情况。记者了解到，目前，会 议各项准备工作已基本就绪。本次市两会将继续组织"局长通道""代表通道""委员通道"集中采访活动。 大会将继续组织"局长通道""代表通道"集中采访活动。"局长通道"将于5月22日上午第一次全体会 议后进行。届时将邀请6名局长，就政府工作报告和大家关心的问题，介绍有关情况。"代表通道"将于5 月23日下午第二次全体会议之前进行。届时将邀请8名市人大代表讲述自己的履职故事。集中采访活动 将通过电视、网络进行现场直播。 市政协十二届四次会议将于5月21日至5月24日举行。来自各党派团体、各族各界的500多名市政协 委员和有关列席人员将参加这次盛会。 会议期间将听取和审议政协第十二届杭州市委员会常务委员会工作报告、政协第十二届杭州市委员 会常务委员会关于提案工作情况的报告；列席杭州市第十四届人民代表大会第五次会议，听取并讨论政 府工作报告及其他报告；通过有关人事事项；审议通过政协第十二届杭州市委员会第四次会议建议案、 政协第十二届杭州市委员会第四次会议决议；听取政协第十二届杭州市委员会提案委员会关于十二届四 次会议提案审查情况的报 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [25]. Core Views - The company, Zhenhua Technology, reported a total revenue of 5.219 billion yuan for 2024, a year-on-year decrease of 32.99%, and a net profit attributable to shareholders of 970 million yuan, down 63.83% [6][10]. - The first quarter of 2025 showed a slight improvement, with revenue of 908 million yuan, a year-on-year decline of 10.4%, and a net profit of 58.51 million yuan, down 42.6% [7][10]. - The company focuses on new electronic components, which accounted for 99.18% of its revenue in 2024, indicating a strong commitment to its core business despite industry challenges [7][10]. - The report highlights that the demand for military defense is expected to improve as the 14th Five-Year Plan approaches its conclusion, potentially leading to a turning point in the company's performance [10][11]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 5.219 billion yuan, with a significant decline in net profit to 970 million yuan [6][10]. - The first quarter of 2025 saw revenue of 908 million yuan and a net profit of 58.51 million yuan, indicating a narrowing of the decline compared to the previous year [7][10]. - The gross margin for 2024 was reported at 49.7%, down 9.64 percentage points year-on-year, while the net margin was 18.6%, down 15.85 percentage points [8][10]. Business Outlook - The company aims for a revenue target of 5.7 billion yuan in 2025, reflecting a growth of 9.22% year-on-year, with a profit target of 1.145 billion yuan, up 3.06% [11][12]. - New orders in the high-tech electronics sector are expected to continue growing, supporting the outlook for improved military demand [11][12]. - The report anticipates that the military electronics component industry will see a recovery as demand from downstream customers increases [10][11]. Valuation and Forecast - The forecast for 2025 to 2027 includes projected revenues of 6.004 billion yuan, 7.267 billion yuan, and 8.223 billion yuan, with corresponding net profits of 1.169 billion yuan, 1.513 billion yuan, and 1.831 billion yuan [12][13]. - The report provides a price-to-earnings (P/E) ratio forecast of 22.95X for 2025, decreasing to 14.66X by 2027, indicating a potential for valuation improvement as earnings recover [12][13].

十四五收官国防需求有望向好，业绩拐点 有望出现 ——振华科技(000733)2024 年报&2025Q1 点评 证券研究报告-年报点评 买入(首次) 其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 -25% -15% -4% 6% 17% 27% 37% 48% 2024.05 2024.09 2025.01 2025.05 振华科技 沪深300 资料来源：中原证券研究所，聚源 相关报告 联系人：李智 市场数据(2025-05-14) | 收盘价(元) | 48.43 | | --- | --- | | 一年内最高/最低(元) | 64.07/32.59 | | 沪深 300 指数 | 3,943.21 | | 市净率(倍) | 1.81 | | 流通市值(亿元) | 268.19 | | 基础数据(2025-03-31) | | 每股净资产(元) 26.72 每股经营现金流(元) -0.05 毛利率(%) 42.49 净资产收益率_摊薄(%) 0.40 资产负债率(%) 18.02 总股本/流通股(万股) 55,416.94/55, ...