Financial Performance - The basic earnings per share for 2024 is 1.6091 yuan, a decrease of 0.45% compared to 2023's 1.6163 yuan [1] - The net profit for 2024 is 33.54 billion yuan, showing a slight increase of 0.45% from 33.39 billion yuan in 2023 [1] - The total operating revenue for 2024 is 206.86 billion yuan, reflecting a growth of 3.05% from 200.74 billion yuan in 2023 [1] - The return on equity for 2024 is 15.67%, down 11.37% from 17.68% in 2023 [1] - The net asset per share increased by 15.2% to 11.14 yuan in 2024 from 9.67 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 111,100.21 million shares, accounting for 53.83% of the circulating shares, with an increase of 438.51 million shares compared to the previous period [2] - China Aviation Technology Industry Co., Ltd. holds 77,866.35 million shares, representing 37.73% of the total share capital, with no change [2] - Henan Investment Group Co., Ltd. holds 16,911.87 million shares, accounting for 8.19% of the total share capital, also unchanged [2] Dividend Distribution - The company has announced a dividend distribution plan of 10 yuan per share (including tax) [3]

Core Viewpoint - The establishment of the National Military-Civilian Integration Industry Investment Fund Phase II, with a registered capital of 59.6 billion yuan, is a significant driver for the strong performance of military and civilian integration stocks, particularly those related to military technology and electronics [1][3][6]. Group 1: Market Performance - "Zhong" stocks, especially military-related ones, showed remarkable strength, with the Zhong stock index rising nearly 1% and military ETFs increasing by approximately 1.5% [3]. - Military electronics stocks experienced a substantial increase, with the sector index rising by 2.5%, indicating a strong recovery after several days of adjustment [3][6]. - Specific stocks such as Zhongyida and China First Heavy Industries hit the daily limit, while others like China Nuclear Technology and China Nuclear Construction also outperformed the market [1][3]. Group 2: Fund Details - The National Military-Civilian Integration Industry Investment Fund Phase II includes shareholders such as the Ministry of Finance, various government investment funds, and major military state-owned enterprises like China Aerospace and China Shipbuilding [1][4]. - The fund's activities will focus on private equity investments, investment management, and asset management, aiming to accelerate the commercialization of military technology [6]. Group 3: Industry Outlook - The military-civilian integration sector is projected to reach a production value of 7.3 trillion yuan by 2024, with civilian applications accounting for 6.27 trillion yuan and military applications for 1.03 trillion yuan [6]. - The global military expenditure is entering a high-growth phase, with potential opportunities for China's military trade, driven by increasing defense budgets in various countries [7]. - The U.S. has announced significant investments in military technology, such as the sixth-generation fighter jet F-47, which could influence global military dynamics and create opportunities for Chinese military exports [6][7].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is expected to achieve a 2024 net profit of 50.14 million yuan, representing a year-on-year growth of 11.30%, with revenue projected at 279 million yuan, a 29.07% increase [2] - The company has a competitive edge in the market due to its innovative products, particularly in the LED ball dome visual system and network bus products, which are in high demand [2][3] - The company has secured a significant order worth 29.92 million yuan for its LED ball dome display equipment from a subsidiary of AVIC, indicating strong market demand [3] Financial Summary - Revenue is projected to grow from 216 million yuan in 2023 to 279 million yuan in 2024, with a year-on-year growth rate of 29.1% [5] - The net profit is expected to increase from 45 million yuan in 2023 to 50 million yuan in 2024, with a year-on-year growth rate of 10.5% [5] - The company's gross margin is forecasted to be 45.3% in 2024, with a net margin of 17.8% [5] - Earnings per share (EPS) are projected to rise from 0.71 yuan in 2023 to 0.78 yuan in 2024 [5] Market Position and Product Development - The company fills a market gap in network bus products, which are essential for military aircraft modernization, with a significant portion of China's second-generation aircraft still in service [2] - The LED ball dome visual system has undergone five technical iterations and has been recognized for its superiority over traditional projection technologies, reducing reliance on foreign products [3] - The company has a robust order backlog in the special display sector, further diversifying its product offerings [3]

Market Performance - The main board led the gains with notable increases from companies such as Dawi Technology (+10.03%), Jiahuan Technology (+10.03%), and Dongsoft Group (+10.02%) [1] - The ChiNext board saw significant growth with Yihau New Materials (+20.02%) and Tongniu Information (+13.46%) leading the charge [1] - The Sci-Tech Innovation board was also active, with Kaiweite (+12.23%) and Xinyuanwei (+10.19%) showing strong performance [1] Domestic News - Lenovo announced plans for full localization of PC manufacturing in India over the next three years and collaboration with Krutrim to build the largest supercomputer in India [1] - Despite reports of declining sales, Apple remains a top player in the domestic smartphone market as of the ninth week of 2025 [1] - China's exports of electromechanical products reached $3.23736 trillion, accounting for 43.80% of total exports, with a year-on-year growth of 4.15% [1] - TrendForce reported that the combined production of the top six global smartphone brands is expected to reach 335 million units in Q4 2024, a 9.2% quarter-on-quarter increase [1] Company Announcements - Yundeng Technology completed a share reduction plan, with director Wang Licai reducing 19,125 shares, representing 0.0028% of the total share capital [2] - Liard announced the completion of a share buyback, acquiring 6,083,800 shares, which is 0.22% of the total share capital [2] - Tongxingbao's subsidiary won a bid for a public service project related to the digital transformation of highway traffic infrastructure in Hunan Province [2] - Zhongke Feice plans to raise up to 2.5 billion yuan through a private placement of A-shares [2] Overseas News - The global game event GDC 2025 will take place in San Francisco from March 17 to 21, featuring a summit by Meta on mixed reality development [3] - Reports indicate that the U.S. government may restrict the use of DeepSeek on government devices, with China opposing the politicization of economic and technological issues [3] - Ceva announced a strategic partnership with Arm and SynaXG to provide advanced 5G solutions, enhancing energy efficiency for wireless networks [3] - Tata Electronics of India signed a memorandum with Taiwanese companies to innovate in display technology and ultra-low power AI sensor products [3]

容诚会计师事务所（特殊普通合伙） 关于对广东新劲刚科技股份有限公司 的关注函的回复 容诚专字[2023]510Z0105 号 深圳证券交易所： 广东新劲刚科技股份有限公司（以下简称"公司"或"新劲刚"）于 2023 年 6 月 15 日收到深圳证券交易所创业板公司管理部《关于对广东新劲刚科技股份 有限公司的关注函》（创业板关注函〔2023〕第 231 号，以下简称"关注函"）， 我们对关注函中涉及审计机构的相关问题进行了核查，对相关情况说明如下： 问题 1：公告显示，仁健微波 2022 年、2023 年一季度的营业收入分别为 4,934.15 万元、948.92 万元，净利润分别为 1,424.18 万元、132.79 万元，经营活动产生的 现金流量净额分别为 77.04 万元、-516.44 万元；仁健微波 2022 年末、2023 年一 季度末的净资产分别为 5,684.55 万元、4,324.43 万元；2023 年一季度末的总资产 为 10,589.15 万元，其中应收款项总额为 7,403.58 万元。请补充说明： （1）结合市场环境、仁健微波业务特点、近三年分季度财务数据等，分析说明 仁健微波 2 ...