Core Insights - The company reported a revenue of 1.204 billion yuan in 2024, representing a year-on-year growth of 15.78% [1][2] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 182 million yuan, up 30.55% year-on-year, with a basic earnings per share of 1.14 yuan [1][2] - The company plans to distribute a cash dividend of 9 yuan per 10 shares to all shareholders [1] Financial Performance - The company achieved a net profit of 207 million yuan in 2024, a significant increase of 40.55% year-on-year, indicating enhanced profitability [2] - The company has experienced continuous growth in revenue and profit for six consecutive years, with revenues increasing from 308 million yuan in 2019 to 1.204 billion yuan in 2024 [2] - Research and development (R&D) investment reached 91.17 million yuan, a 25.95% increase, supporting advancements in core technologies [2] Profitability Metrics - The asset-liability ratio decreased to 27.26% in 2024 from 29.77% in 2023, reflecting a solid financial safety margin [3] - The gross profit margin improved from 32.35% to 34.42%, while the net profit margin rose from 14.13% to 17.15%, indicating further enhancement in profitability [3] - The company distributed a total cash dividend of 157 million yuan, accounting for 78.82% of the net profit attributable to shareholders [3] Industry Outlook - The military industry is poised for significant growth driven by national defense modernization and technological advancements, with the government emphasizing the importance of a strong military [4] - The company is well-positioned to benefit from the increasing demand for defense equipment and the integration of military and civilian sectors [4] - The company has developed a range of products, including solid rocket engine modules and various types of ammunition, leveraging its technological expertise [4][6] Market Position - The company operates in two core business segments: solid rocket engine power and control products, and ammunition equipment, holding a prominent position in the military products market [5] - The company has a long-standing technical advantage in ammunition production, with successful bids for medium-caliber ammunition marking a new phase of business expansion [6] - The company is one of the few domestic enterprises engaged in the research and production of solid rocket engine power modules, contributing significantly to its revenue growth [6][7] Strategic Initiatives - The company is increasing R&D investments in response to rising performance requirements for missile weaponry, achieving breakthroughs in key technologies [7] - Strengthening strategic partnerships with core clients and actively participating in military equipment project bids has led to a substantial increase in product delivery volumes [7] - The military industry is entering a golden period of high-quality development, with the company expected to leverage its technological barriers and first-mover advantages for further growth [7]

| 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对 具体的持续督导工作制定相应的工作计划。 | 保荐机构已建立健全并有效执行 | | | | 了持续督导工作制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与国科军工签订《持 | | | 前，与上市公司或相关当事人签署持续督导协 | 续督导协议》，该协议明确了双方 | | | 议，明确双方在持续督导期间的权利义务，并报 | 在持续督导期间的权利和义务， | | | 上海证券交易所备案。 | 并报上海证券交易所备案 | | 3 | 持续督导期间，按照有关规定对上市公司违法违 | 2024 年度国科军工在持续督导期 | | | 规事项公开发表声明的，应当向上海证券交易所 | 间未发生按有关规定须保荐机构 | | | 报告并经上海证券交易所审核后予以披露。 | 公开发表声明的违法违规情况 | | 4 | 持续督导期间，上市公司或相关当事人出现违法 | 2024 年度国科军工在持续督导期 间未发生违法违规或违 ...

Core Insights - The company reported a revenue of 1.204 billion yuan for 2024, representing a year-on-year growth of 15.78%, and a net profit attributable to shareholders of 199 million yuan, up 41.25% year-on-year [1] - The company continues to focus on research and development, with R&D investment increasing by 25.95% in 2024, leading to multiple patents that support product upgrades and new business expansion [2] - The company has adjusted its revenue forecasts for 2025 to 2027, expecting net profits of 245 million, 297 million, and 360 million yuan respectively, with year-on-year growth rates of 23.1%, 21.4%, and 21.2% [3] Revenue and Profit Growth - The company achieved a revenue of 1.204 billion yuan in 2024, marking a 15.78% increase compared to the previous year [1] - The net profit attributable to shareholders reached 199 million yuan, reflecting a significant year-on-year growth of 41.25% [1] Business Operations and R&D Focus - The ammunition equipment segment remains a traditional strength, with improvements in production efficiency and cost reduction through lean management and strict quality control [1] - The solid engine power module segment for missiles (rockets) saw a substantial increase in product delivery due to advanced technology and high-quality products [1] - R&D investment for 2024 was 25.95% higher than the previous year, supporting technological innovation and attracting new customers [2] Future Profit Projections - The company has revised its profit forecasts for 2025 to 2027, with expected net profits of 245 million, 297 million, and 360 million yuan, indicating strong growth potential [3] - Corresponding price-to-earnings ratios for these years are projected to be 36.00, 29.65, and 24.47 times [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its competitive advantages and growth potential in the ammunition and solid engine sectors [3][6]. Core Insights - The company achieved a revenue of 1.2 billion yuan in 2024, representing a year-over-year growth of 15.8%, with a net profit of 199 million yuan, up 41.3% year-over-year [1]. - The growth in 2024 was supported by strong business development capabilities and market demand, with a notable increase in the gross margin to 34.4% and net margin to 17.1% [1][2]. - The company is focusing on R&D, increasing its R&D expenses by 26% to 90 million yuan, which is expected to drive long-term growth and business expansion [3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 440 million yuan, a year-over-year increase of 21.6%, and a net profit of 49 million yuan, up 2.9% year-over-year [1]. - The total accounts receivable increased by 141% to 600 million yuan, leading to a credit impairment loss of 24.24 million yuan [1]. Product Segmentation - The ammunition business grew steadily, with revenue from special products reaching 1.17 billion yuan, a 17.3% increase year-over-year, while the civil products segment remains small at 29 million yuan [2]. - The solid engine power module segment saw significant growth, with revenue increasing by 71.5% to 380 million yuan, and profit soaring by 90% to 112 million yuan [2]. R&D and Future Outlook - The company has 95 ongoing R&D projects, up from 83 the previous year, indicating a strong commitment to innovation [3]. - Future profit projections estimate net profits of 272 million yuan, 348 million yuan, and 425 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 33x, 26x, and 21x [3][5].

Core Viewpoint - The company, Guokexun Military Industry, reported a solid growth in military products, with a focus on ammunition, and is expected to maintain a strong growth trajectory in the coming years [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.204 billion yuan, representing a year-on-year increase of 15.78%, and a net profit attributable to shareholders of 199 million yuan, up 41.25% year-on-year [1]. - The fourth quarter revenue reached 440 million yuan, showing a year-on-year increase of 21.55% and a quarter-on-quarter increase of 56.15% [1]. - Military products generated revenue of 1.167 billion yuan, up 17.34% year-on-year, with a gross margin of 34.50%, an increase of 2.23 percentage points [2]. Product Segmentation - The solid rocket engine power module experienced rapid growth, while the revenue from civilian products decreased by 20.79% to 29 million yuan, with a gross margin of 23.41% [1][2]. - The subsidiaries responsible for ammunition equipment reported a combined revenue of 634 million yuan, up 12.01% year-on-year, while those handling fuses and safety control modules saw a revenue decline of 12.08% to 258 million yuan [2]. Research and Development - The company increased its R&D expenditure by 25.95% to 91.166 million yuan, focusing on core products and enhancing research in missile solid rocket engine power modules and intelligent ammunition systems [2]. Cash Flow - Operating cash flow net amount decreased by 123.87% due to the timing of military unit equipment funding approvals, but adjusted cash flow showed a year-on-year increase of 10.81% to 489 million yuan [2]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 245 million, 301 million, and 366 million yuan for 2025-2027 respectively [3]. - A target price of 69.50 yuan is set based on a 50X target PE for 2025, reflecting the company's strong positioning in ammunition and solid rocket engine sectors [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 69.50 [8][9]. Core Views - The company reported a revenue of RMB 1.204 billion for 2024, representing a year-on-year increase of 15.78%, and a net profit attributable to the parent company of RMB 198.73 million, up 41.25% year-on-year [1][5]. - The company is positioned as a leading player in the consumable equipment sector, expected to benefit from the demand for missiles and ammunition due to their consumable nature [1]. - The solid engine power module for military products has shown rapid growth, with military product revenue reaching RMB 1.167 billion, a year-on-year increase of 17.34% [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of RMB 440 million, a year-on-year increase of 21.55% and a quarter-on-quarter increase of 56.15% [1]. - The gross margin for military products was 34.50%, up 2.23 percentage points year-on-year, while civilian products saw a decline in revenue by 20.79% [2]. Subsidiary Performance - The subsidiaries responsible for ammunition equipment generated a total revenue of RMB 634 million, a year-on-year increase of 12.01%, while those handling fuses and safety control modules experienced a slight decline in revenue [3]. - The subsidiary focused on solid engine power modules saw a revenue increase of 71.57% to RMB 376 million, with a profit increase of 90.15% [3]. Research and Development - The company increased its R&D expenses by 25.95% to RMB 91.166 million, focusing on core products and intelligent ammunition systems [4]. - The operating cash flow decreased by 123.87% due to delays in equipment funding approvals, but adjusted cash flow showed a 10.81% increase [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of RMB 244.53 million, RMB 301.41 million, and RMB 366.11 million for 2025, 2026, and 2027 respectively [5][7]. - The target price is based on a projected PE ratio of 50x for 2025, reflecting the company's strong positioning in the ammunition and missile sectors [5].

Core Insights - The company, Guokexun Military Industry, reported a significant increase in both revenue and net profit for the year 2024, with revenue reaching 1.204 billion yuan, a year-on-year growth of 15.78%, and net profit of 199 million yuan, a growth of 41.25% [2] - The company's commitment to research and development (R&D) is a key driver of its performance, with R&D investment reaching 91.166 million yuan, an increase of 25.95% year-on-year, positioning it among the top in the industry [2][3] - Guokexun Military Industry has successfully maintained double-digit growth in revenue and net profit for two consecutive years since its listing on the Sci-Tech Innovation Board in June 2023, showcasing its effectiveness in technology innovation, market share expansion, and capacity optimization [2] Revenue and Profit Growth - The company achieved a net profit of 199 million yuan, reflecting a robust growth rate of 41.25% compared to the previous year [2] - The non-recurring net profit was reported at 182 million yuan, marking a year-on-year increase of 30.55% [2] R&D and Innovation - Guokexun Military Industry has focused on enhancing product performance and quality through technological innovation, which has strengthened its competitive advantage and allowed it to meet existing customers' needs while attracting new clients [3] - The company has increased its investment in solid rocket engine power modules and intelligent ammunition systems, aiming to upgrade related products and cultivate new business growth points [3] Market Strategy and Future Outlook - The company has initiated an 810 million yuan expansion plan for power module production to meet the growing market demand and support the transition from model development to mass production [3] - Guokexun Military Industry has signed a significant annual order contract worth 739 million yuan for ammunition products, indicating strong customer trust in its offerings [3] - Looking ahead, the company plans to align with the "14th Five-Year Plan," focusing on the development of unmanned and intelligent ammunition systems, new propellants, and power devices to drive high-quality development and contribute to national defense modernization [4]

江西国科军工集团股份有限公司 审计 报 告 大信审字[2025]第 6-00002 号 大信会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入"注册资审计报告是否由具有执业许可的会计师事务所出身 的可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 c.mor.gov.c WUYIGE Cerlified Public Accountants.LLP ** 1 号 Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing, China, 100083 山 i舌 Telephone: +86 (10) 82330558 +86 (10) 82327668 生肖 F2Y. ed til- Internet . www.daxincpa.com.co 审计报告 大信审字[2025]第 6-00002 号 江西国科军工集团股份有限公司全体股东: WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 一、审计意见 我们 ...

国泰君安证券股份有限公司 止。 关于江西国科军工集团股份有限公司 2025 年度申请综合授信额度并提供担保之核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为江西 国科军工集团股份有限公司（以下简称"国科军工"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》和《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》等相关规定，对国科军工 2025 年度申请综合授信额度 并提供担保事项进行了审慎核查，具体核查情况如下： 一、本次担保概述 （一）基本情况 为满足经营和发展需求，公司及子公司 2025 年度拟向银行等金融机构申请 不超过人民币 20 亿元的综合授信额度，包括但不限于流动资金贷款、项目贷款、 银行承兑汇票、商业承兑汇票、保函、贴现、进出口贸易融资、融资租赁等业务 具体授信额度和期限以各家金融机构最终核定为准。以上授信额度不等于公司的 实际融资金额，实际融资金额在总授信额度内，以公司及子公司与金融机构实际 发生的融资金额为准。 公司及六家子公司拟以母子公司互保方式向银行等金融机构申请综 ...

国泰君安证券股份有限公司 关于江西国科军工集团股份有限公司 2024 年度募集资金存放与实际使用情况之核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐机构"）作为江西 国科军工集团股份有限公司（以下简称"国科军工"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所科创板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》和《上海证券交易所上市公司募集资金管理办法（2013 年修订）》等相关规定，对国科军工 2024 年度募集资金的存放与实际使用情况进 行了审慎核查，具体核查情况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金情况 经中国证券监督管理委员会证监许可［2023］1011 号文《关于同意江西国 科军工集团股份有限公司首次公开发行股票注册的批复》的核准，江西国科军工 集团股份有限公司采用向社会公开发行人民币普通股（A 股）3667 万股，发行 价格为每股 43.67 元。截止 2023 年 6 月 16 日，公司实际已向社会公开发行人民 币普通股（A 股）3667 万股，募集资金总 ...