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 - The recent leadership changes at Sichuan Jiuzhou, including the resignation of Chairman Yang Baoping and the appointment of Gu Yu, may impact the company's strategic direction and investor confidence, especially given the company's significant stock price increase during Yang's tenure [1][2][4]. Group 1: Leadership Changes - Yang Baoping has resigned from his positions as Chairman and Director of Sichuan Jiuzhou due to work relocation, effective July 23 [1]. - Gu Yu has been appointed as the new Chairman of Jiuzhou Group, replacing Yang Baoping, as announced by the Mianyang Municipal Government on July 17 [1][4]. - The company is currently in the process of selecting a new Chairman and adjusting its board committee members [1]. Group 2: Company Performance - Under Yang Baoping's leadership, Sichuan Jiuzhou's stock price increased by 122% within his nearly two-year tenure [2]. - The company reported a 20.29% year-on-year decline in net profit excluding non-recurring items, while receiving government subsidies amounting to 61.34 million yuan [2]. - The company has been benefiting from national policies promoting low-altitude economy development and accelerating the domestic production of air traffic control systems [2]. Group 3: Strategic Initiatives - Yang Baoping was actively involved in promoting the company's strategic transformation and capital operations, including a proposal for a share buyback of 100 million to 200 million yuan [3]. - A meeting was held to discuss the development of the robotics industry, indicating a focus on expanding into new sectors [3].

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]