公司研究 证 券 研 究 报 告 四川九洲（000801）2025 年中报点评 推荐（维持） Q2 业绩高增，持续看好公司发力低空领域， 构建可落地商业闭环 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,178 | 4,649 | 5,324 | 6,209 | | 同比增速(%) | 9.0% | 11.3% | 14.5% | 16.6% | | 归母净利润(百万) | 194 | 224 | 275 | 333 | | 同比增速(%) | -3.0% | 15.1% | 22.7% | 21.2% | | 每股盈利(元) | 0.19 | 0.22 | 0.27 | 0.33 | | 市盈率(倍) | 95 | 83 | 68 | 56 | | 市净率(倍) | 6.1 | 5.8 | 5.6 | 5.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 8 月 26 日收盘价 证监会审核华创证券投资咨询业务资 ...

Core Viewpoint - Sichuan Jiuzhou's microwave and air traffic control products have extensive applications in the military and defense sectors [1] Group 1: Air Traffic Control Products - The company's air traffic control products focus on monitoring, communication, navigation, and information technology, providing equipment and comprehensive solutions [1] - Sichuan Jiuzhou is expanding into the low-altitude economy, which includes low-altitude testing, infrastructure construction, flight safety operation control solutions, and innovative application scenario development [1] Group 2: Microwave and RF Products - The company's microwave and RF products are primarily used in military applications across various industries, including aviation, aerospace, electronics, weaponry, and shipping [1] - These products serve critical functions in communication, radar, electronic countermeasures, and measurement and control [1]

Core Viewpoint - The company reported a revenue of 4.32 billion yuan for 2024, representing a year-over-year (YOY) increase of 21.3%, with a net profit attributable to shareholders of 570 million yuan, up 14.8% YOY, and a non-recurring net profit of 510 million yuan, up 16.9% YOY, meeting market expectations [1] Financial Performance - For 4Q24, the company achieved a revenue of 1.17 billion yuan, a YOY increase of 30.1%, marking a historical high for a single quarter; however, the net profit attributable to shareholders was 90 million yuan, down 21.4% YOY due to a 61.4% increase in asset impairment losses [1] - The gross margin for 2024 improved by 0.2 percentage points to 50.3%, while the net margin decreased by 1.6 percentage points to 10.2%, indicating overall stable profitability [1] Product Performance - The infrared thermal imaging business generated a revenue of 3.91 billion yuan, up 30.0% YOY, driven by strong demand in domestic low-altitude economy, industrial temperature measurement, and visual perception sectors; the gross margin increased by 1.16 percentage points to 53.7% [2] - The microwave radio frequency business reported a revenue of 290 million yuan, down 29.1% YOY, primarily due to declining demand from existing customers and price reductions on older products; the gross margin fell by 10.85 percentage points to 17.9% [2] Regional Performance - Domestic revenue reached 3.23 billion yuan, a YOY increase of 56.7%, with the infrared thermal imaging business showing strong demand, accounting for 75% of total revenue and a gross margin increase of 4.33 percentage points to 50.7% [2] - International revenue was 1.03 billion yuan, down 27.3% YOY, representing 24% of total revenue, with a gross margin decrease of 2.34 percentage points to 51.2%, affected by business adjustments and intensified market competition [2] Expense Management - The company's expense ratio decreased by 2.3 percentage points to 35.0% in 2024, with selling expenses down 1.0 percentage point to 5.0%, and management expenses down 2.1 percentage points to 8.9%; R&D expenses increased by 0.7 percentage points to 19.9% [3] - As of the end of 2024, accounts receivable and notes totaled 1.5 billion yuan, up 10.2% from the beginning of the year, with a bad debt loss of 110 million yuan recognized due to sanctions [3] - Inventory stood at 1.74 billion yuan, up 12.1% from the beginning of the year, with a significant portion in raw materials and self-made semi-finished products, leading to a provision for inventory impairment of 170 million yuan [3] Investment Outlook - The company has established a new pattern focusing on infrared business while gradually breaking through in microwave and laser multi-dimensional sensing fields, empowering various sectors including industrial manufacturing, emergency safety, smart vehicles, outdoor consumption, low-altitude economy, and satellite communication [4] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 733 million yuan, 897 million yuan, and 1.092 billion yuan respectively, with current stock prices corresponding to price-to-earnings ratios of 34x, 28x, and 23x for those years [4]