文章转自2025年12月28日军工 团队报告，作者：马浩然 投资要点 深控及要的武器装备供应商之一。 制其耕产引国品信防及与重弹智点药能领装控域备制，的产打研品造发，地、广方生泛军产应工与用龙销于头售防企。空业目反。前导公，、司公装是司甲江产突西品击省涵、军盖火工各力控种压股导制集弹、团、空所火中属箭格的弹斗国固与有体舰控发舰股动攻混机防改动等企力作业模战，块场自、景成安，立全承以与担来控了始制军终模方专块多注，项于多重导型点弹主型（战号火装的箭备科弹的研）主生固用产体弹任发药务动、，机特是动种我力弹军与药重 导业目未来业绩有望续创历史新高。 "弹之和（一"航火，天箭发动）动力固机建体动设发力项动模目机块"与产的控品持制广续产泛推品应进：用，已于不列各仅装类能多导够型弹满现、足役火新装箭批备弹产，系任内统务需动交外力付贸，需空发求间动，广机更阔总有。装助公主于司要公是应司国用在内于产少业靶数链弹从上、事的各导延类弹伸助（拓推火展器箭。。）军随固贸着体订"固发单体动落火机地箭动将发力为动模公机块司制及开造总启应装更急科大能研成力生长建产空设的间项企， 弹品药方面具备国内先进水平。目前，公司正在由常规弹药向智能化 ...

Group 1 - The core viewpoint of the article highlights that Guokai Military Industry is a key manufacturer of ammunition equipment and a leader in aerospace propulsion, actively exploring mixed ownership reform in the military industry [1] - The company has been deeply involved in the national defense technology industry for many years, holding an important position as a key supplier of solid rocket engines and ammunition equipment in China [1] - Since the 14th Five-Year Plan, the company has experienced significant growth in revenue and net profit, driven by the increase in solid engine power modules and main ammunition products, with steady improvement in profitability [1] Group 2 - Looking ahead to the 15th Five-Year Plan, the company's growth is expected to accelerate further due to a rich reserve of projects and models, with gradual realization of mass production [1] - The company is continuously expanding its customer base and exploring new markets, including military trade, based on deep cooperation with various military and defense units in China [1] - To meet delivery tasks and business expansion needs, the company has been actively expanding production since its listing, with multiple ongoing construction projects progressing steadily, and new production capacity is about to be released [1] Group 3 - Solid engines are considered scarce assets, and the company is well-positioned to expand its aerospace applications [1] - The company has significant advantages in focusing on small and medium-caliber main ammunition, having deepened its expertise in ammunition equipment over the years [1]

Investment Rating - The investment rating for the company is "Buy" with a first-time recommendation [7]. Core Insights - The company is a key supplier of missile (rocket) solid engine power and control products, as well as ammunition equipment, with strong asset scarcity. The company has seen significant revenue growth driven by the volume production of solid engine power modules and main ammunition products since the 14th Five-Year Plan [5][22]. - The company has a rich reserve of projects and models, which is expected to gradually lead to batch production and revenue growth. It is actively expanding its production capacity to meet delivery tasks and business expansion needs [34][40]. - The solid rocket engine has vast application potential in both military and commercial aerospace fields, with a focus on high-energy, high-burn rate, and safe materials development [6][45]. Summary by Relevant Sections Company Overview - Established in December 2007, the company is a pioneer in mixed-ownership reform among state-owned military enterprises and became the first company in Jiangxi Province to be listed on the Sci-Tech Innovation Board in 2023 [5][16]. Business Segments - The company focuses on solid engine power modules and ammunition equipment, holding a significant position in the defense technology industry. It has seen substantial growth in revenue and net profit due to the increased demand for solid engine power modules and main ammunition products [5][22]. Financial Performance - In 2024, the company achieved revenue of 1.204 billion yuan, a year-on-year increase of 15.78%, and a net profit of 199 million yuan, up 41.25% year-on-year. The growth rate for the first three quarters of 2025 showed a slowdown due to high base effects and upstream material supply issues [26][30]. Production Capacity and Expansion - The company is actively expanding its production capacity to address delivery tasks and business growth. It has multiple ongoing projects aimed at enhancing its production capabilities, including a significant investment in solid engine power module production [40][41]. Research and Development - The company emphasizes forward-looking research and development, with a rich reserve of projects and models. It is involved in various key technology research projects and has established collaborations with multiple military and research institutions [34][37]. Market Opportunities - The company is expanding its market presence by establishing new customer relationships and exploring military trade opportunities. It has signed contracts for military trade products, indicating a proactive approach to market expansion [37][38].

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 ...