本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 1、关于公司营业收入低于1亿元，股票可能面临被实施退市风险警示的风险 观典防务技术股份有限公司（以下简称"公司"）经与年审会计师深入沟通，结合公司业务实际情况，对 部分销售收入确认进行再次分析，基于谨慎性原则，部分收入 2024年度不予确认，公司2024年度营业 收入预计为8,998.38万元。若最终经审计的扣除与主营业务无关的营业收入低于1亿元，则可能触及《上 海证券交易所科创板股票上市规则》第12.4.2条第一款所述之情形，即"最近一个会计年度经审计的利润 总额、净利润或者扣除非经常性损益后的净利润孰低者为负值且营业收入低于1亿元，或者追溯重述后 最近一个会计年度利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值且营业收入低于1 亿元"，而被上海证券交易所实施退市风险警示的情况。公司已于2025年4月12日披露了《2024年度业绩 预告、业绩快报更正暨可能被实施退市风险警示的公告》（公告编号：2025-011）。 登录新浪财经APP 搜索【信披】查 ...

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 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].

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Market Overview - The A-share market saw a collective rise in major indices on April 9, with the Shanghai Composite Index closing at 3186.81 points, up 1.31%, the Shenzhen Component Index at 9539.89 points, up 1.22%, and the ChiNext Index at 1858.36 points, up 0.98% [1][2] Sector Performance - Military stocks experienced a surge, with several stocks hitting the daily limit, including Tongyi Aerospace and Shengnan Technology, both up nearly 30% [4][5] - Duty-free store concept stocks also saw significant activity in the afternoon, with companies like Gree Real Estate and Zhongxin Tourism reaching their daily limits [6] - The semiconductor sector, low-altitude economy, deep-sea technology, computing power, AI applications, robotics, e-commerce, and consumer electronics were among the top gainers [1][4] Capital Flow - Main capital inflows were observed in the electronics, computer, and national defense sectors, while outflows were noted in pharmaceuticals, public utilities, and basic chemicals [7] - Specific stocks such as China Great Wall, Hang Steel, and Beidahuang saw net inflows of 21.27 billion, 19.28 billion, and 15.64 billion respectively [7] Institutional Insights - Zhongtai Securities indicated that the market has quickly priced in risks from irrational declines, suggesting limited potential for further significant downturns [9] - CITIC Securities noted an overall oversupply in the semiconductor sector but highlighted the resilience of leading companies [10]

军工装备板块短线拉升，炼石航空（000697）、通易航天涨停，晟楠科技涨超10%，中船应急 （300527）、北方长龙（301357）、中兵红箭（000519）、新余国科（300722）、中航成飞（302132） 等跟涨。 暗盘资金正涌入这些股票，点击速看>>> ...

Core Viewpoint - The company emphasizes its commitment to enhancing operational quality and governance to support national strategic security and development needs [1][2]. Group 1: Operational Focus - The company will concentrate on its core business, leveraging its capabilities and technological advantages to improve the research and manufacturing levels of its main products [1]. - The company aims to enhance value creation by implementing cost control measures and performance assessments, focusing on efficiency and effectiveness [1]. Group 2: Governance Improvement - The company plans to revise governance systems in accordance with the Company Law and improve the governance structure to enhance operational efficiency [2]. - There will be a focus on strengthening the role of independent directors to improve decision-making efficiency and operational effectiveness [2]. - The company will enhance compliance management and risk monitoring to prevent and mitigate major risks, ensuring robust audit supervision [2]. Group 3: Transparency and Investor Relations - The company will continue to fulfill its information disclosure obligations to improve transparency and protect investors' rights [3]. - There will be an emphasis on deepening investor relations management and increasing communication with the capital market [3].

截至2025年3月31日 10:42，中证高端装备细分50指数下跌2.34%。成分股方面，中航重机领跌，中航机载、航发控制、振华风光、天奥电子跟跌。高端装备 ETF(159638)回调整固，盘中成交额已达3045.37万元。 消息面方面，中国民航局28日向广东和安徽的两家公司同时颁发了载人类民用无人驾驶航空器运营合格证，这是全国首批载人类民用无人驾驶航空器运营合 格证，标志着中国低空经济"载人时代"序章正式开启。 华泰证券表示，合肥合翼航空有限公司收到了由中国民航局颁发的全球首张"载人类"民用无人驾驶航空器运营合格证（OC证）；亿航智能旗下全资子公司 亿航通航获得OC证。该载人类OC证落地代表着低空经济载人空中交通运营场景的从"0"到"1"突破，行业发展初期的"有没有运营场景"问题得到落地，建议 从飞行器侧和低空基建侧两大方向关注低空经济板块的投资机遇。 场外投资者可通过中证高端装备细分50ETF联接基金（018028）布局行业轮动机会。 拉长时间看，截至2025年3月28日，高端装备ETF近半年累计上涨12.17%。规模方面，高端装备ETF最新规模达11.40亿元。从资金净流入方面来看，高端装 备ETF近5 ...

Core Viewpoint - Taihao Technology is intensifying its industrial layout by acquiring a 13.87% stake in Jiangxi Taihao Military Group, despite facing significant financial losses over the past five years, totaling 2.718 billion yuan in net profit losses [1][11]. Group 1: Acquisition Details - The company plans to purchase the stake from Beijing Guofa Aviation Engine Industry Investment Fund Center (Limited Partnership) through a share issuance, with the stock suspension expected to last no more than 10 trading days [1][4]. - Currently, Taihao Technology holds a 72.12% stake in Jiangxi Taihao and aims to increase its ownership to 99.58% if the acquisition is completed [6][5]. - The acquisition is part of the company's strategy to enhance its focus on the military equipment industry and military-civilian integration emergency equipment sector [1][8]. Group 2: Financial Performance - Taihao Technology has reported continuous net profit losses, with a total of 2.718 billion yuan in losses from 2020 to 2024, and expects further losses in 2024 [11][10]. - The company's revenue for the first half of 2024 was 1.749 billion yuan, a year-on-year increase of 5.89%, but it still recorded a net loss of 59 million yuan, a decline of 139.38% compared to the previous year [10][11]. - The company anticipates a net profit loss of 950 million yuan and a non-recurring net profit loss of 900 million yuan for the full year of 2024, attributed to delays in project progress and increased credit impairment losses [11][10]. Group 3: Strategic Focus - The company is actively divesting non-core assets, having sold 100% stakes in Shanghai Boyuan, Taihao Information, and Shanghai Taihao, as well as 40% of Delta Company in early 2025 [8][9]. - Taihao Technology is concentrating its resources on the military equipment sector, which includes products like vehicle communication command systems and military navigation equipment, while also pursuing technological innovation [9][10].

Summary of the Conference Call for Taihao Technology Company Overview - **Company**: Taihao Technology - **Date of Call**: March 25, 2025 Key Points Industry and Company Background - Taihao Technology is engaging in a share issuance to acquire assets, specifically targeting minority stakes in its subsidiary, Jiangxi Taihao Military Industry Group, following the introduction of strategic investors in November 2022, which raised approximately 780 million yuan [3][4] - The strategic investors include major state-owned enterprises such as China Aviation Engine Group and China Ordnance Industry Group, aimed at enhancing the company's net profit and reducing financial costs by approximately 80 million yuan annually [3][4] Financial Performance and Projections - The military business is expected to recover to 2023 levels by 2025, benefiting from accelerated execution of the 14th Five-Year Plan and increased orders for older equipment models [3][6] - The revenue for Jiangxi Taihao Military Industry Group is projected to be around 2 billion yuan in 2023, with a net profit of approximately 160 million yuan, indicating significant potential for profit increase through the acquisition of a 27% stake [4][5] Market Dynamics - The market for marine power products is competitive, with low bidding prices affecting procurement negotiations. The IDC rental income is influenced by brand preference, with foreign brands like MTOS and Caterpillar being favored due to supply shortages potentially benefiting domestic brands [3][9] - Domestic engines are not expected to impact the overseas engine market significantly, as the current shortages are primarily due to structural import deficiencies [10] Orders and Collaborations - The company has a solid order backlog, with expectations of significant improvement compared to the previous year. The single-soldier equipment business is projected to reach a scale of 400-500 million yuan [6] - Collaborations with major tech firms like ByteDance are progressing well, with expectations to deliver 200-300 units throughout the year [12] Pricing and Cost Trends - The price of overseas units is anticipated to rise to 2.8-3 million yuan, with cost locking translating directly into profits. Domestic price increases are influenced by aggressive domestic production expansion [18] - The bidding prices for imported equipment remain stable, with slight increases expected due to rising demand and supply constraints [15][20] Future Outlook - The company expects to maintain engine shipment guidance at around 600-700 units for 2025, with an equal split between imported and domestic engines [16][17] - The overall market demand is projected to increase, particularly from telecom operators, which may lead to more projects in the future [22] Strategic Considerations - The acquisition of minority stakes is seen as a strategic move to enhance equity and optimize the company's financial structure, which is crucial for future financing and business development [4] - The competitive landscape indicates that domestic manufacturers are aggressively expanding, which may lead to structural shortages in the market [26] Conclusion - Taihao Technology is positioned to benefit from strategic partnerships and market recovery in the military sector, with a focus on enhancing profitability through asset acquisitions and operational efficiencies. The company is navigating a complex market landscape with both challenges and opportunities ahead.