Investment Rating - The report assigns a "Buy" rating to the company with a target price of 74.12 CNY [5][24]. Core Insights - The company is a significant supplier of solid propulsion and ammunition systems in China, benefiting from increased defense budgets and ammunition replenishment, leading to strong growth in military product sales [2][11]. - The company has established a dual product system focusing on missile solid propulsion and ammunition equipment, with a strong emphasis on military applications while extending technology into civilian sectors [11][26]. - The report anticipates steady revenue growth, with projected revenues of 1.04 billion CNY in 2023, increasing to 1.88 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.9% [4][16]. Financial Summary - Total revenue is expected to grow from 1,040 million CNY in 2023 to 1,883 million CNY in 2027, with year-on-year growth rates of 24.3%, 15.8%, 15.8%, 16.5%, and 15.9% respectively [4][16]. - Net profit attributable to the parent company is projected to rise from 141 million CNY in 2023 to 330 million CNY in 2027, with growth rates of 27.3%, 41.3%, 14.2%, 21.3%, and 19.8% [4][16]. - The earnings per share (EPS) is expected to increase from 0.67 CNY in 2023 to 1.58 CNY in 2027 [4][15]. Business Segmentation - Military products are the primary revenue source, expected to contribute over 90% of total revenue from 2023 to 2027, with military revenue projected to grow at rates of 16% to 17% during this period [15][40]. - Civilian products are anticipated to experience slower growth, with revenue fluctuations expected, including a projected decline in 2024 [15][40]. - The company is also involved in contracted research and development, which is expected to see a significant decline in revenue over the forecast period [15][40]. Market Trends - The global solid rocket motor market is projected to grow from approximately 10.4 billion USD in 2024 to 23.1 billion USD by 2034, driven by defense modernization and missile system upgrades [48][52]. - The demand for solid rocket engines is expected to remain strong due to their application in tactical and strategic missile systems, as well as in space launch vehicles [52][50]. - The ammunition market is also expected to expand steadily, supported by both military and civilian applications [55][56].

Core Viewpoint - The company is actively implementing the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2024, focusing on high-quality development and enhancing investor returns [2][6][13] Group 1: High-Quality Development - The company has been dedicated to the defense technology industry, specializing in missile solid engine power and control products, and ammunition equipment, primarily for military use [2][3] - R&D investment has increased by 25.95% compared to the previous year, leading to breakthroughs in 39 key technologies, significantly enhancing product competitiveness [2][6] - The company is expanding its market presence through strategic cooperation with core customers and optimizing internal management to improve operational efficiency [2][5] Group 2: Investment Projects - The company plans to invest 810 million yuan in the "Power Module Capability Construction Project" to meet production capacity needs and support scale development [3][4] - An investment of 343 million yuan is proposed for the "Aerospace Power Construction Project," aiming to extend from engine components to complete engine assembly and related industries [4][5] Group 3: Innovation and R&D - The company emphasizes innovation as a core driver, with a focus on developing new quality production capabilities and enhancing technological innovation [6][7] - As of 2024, the company has obtained 176 authorized patents, including 30 invention patents, and has successfully transitioned several products from research to production [6][7] Group 4: Investor Returns - The company is committed to a long-term, stable, and sustainable shareholder return mechanism, utilizing methods such as dividend distribution and share buybacks [8][9] - A share buyback plan was disclosed, with a budget of 70 million to 130 million yuan, aiming to enhance investor confidence and promote long-term healthy development [8][9] Group 5: Investor Relations Management - The company prioritizes investor relations management, ensuring transparent and timely information disclosure to enhance investor trust [10][11] - Various communication channels are utilized to maintain effective interaction with investors, including performance briefings and institutional research receptions [10][11] Group 6: Corporate Governance - The company emphasizes the integration of party leadership and corporate governance, continuously improving its governance structure and decision-making processes [12][13] - A robust internal control framework is being established to mitigate operational risks and ensure compliance with legal regulations [12][13]

江西国科军工集团股份有限公司 JIANGXI GUOKE DEFENCE GROUP CO.,LTD. （江西省南昌市南昌经济技术开发区建业大街 999 号） 首次公开发行股票科创板 上市公告书 保荐人（主承销商） 股票简称：国科军工 股票代码：688543 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司提 醒广 大投 资者 认真 阅读 查阅 刊载 于 上海 证 券 交易 所网 站 （http://www.sse.com.cn）的本公司招股说明书"风险因素"章节的内容，注意 风险，审慎决策，理性投资。 中国（上海）自由贸易试验区商城路 618 号 二〇二三年六月二十日 特别提示 江西国科军工集团股份有限公司（以下简称"国科军工"、"发行人"或"公 司"）股票将于 2023 年 6 月 21 日在上海证券交易所科创板上市。本公司提醒投 资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市初 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资 者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 江西国科军工集团股份有限公司 JIANGXI GUOKE DEFENCE GROUP CO.,LTD. （江西省南昌市南昌经济技术开发区建业大街 999 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 住所：中国（上海）自由贸易试验区商城路 618 号 江西国科军工集团股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 江西国科军工集团股份有 ...

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资 者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 江西国科军工集团股份有限公司 JIANGXI GUOKE DEFENCE GROUP CO.,LTD. （江西省南昌市南昌经济技术开发区建业大街 999 号） 首次公开发行股票并在科创板上市 招股意向书 序。本招股意向书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股意向书全文作为作出投资决定的依据。 保荐人（主承销商） 住所：中国（上海）自由贸易试验区商城路 618 号 本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程 江西国科军工集团股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的 ...

高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资 者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 江西国科军工集团股份有限公司 JIANGXI GUOKE DEFENCE GROUP CO.,LTD. （江西省南昌市南昌经济技术开发区建业大街 999 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书全文作为作出投资决定的依据。 保荐机构（主承销商） 住所：中国（上海）自由贸易试验区商城路 618 号 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依 ...