1 凤引九雏 赋就核心动能 五洲四海 造就美好未来 追风逐电 创就一流价值 社稷之器 绘就幸福家园 附录 | | (0) | | --- | --- | | 报告规范 | 01 | | 领导致辞 | 03 | | 走进四川九洲 | 05 | | 责任管理 | 07 | | 凤引九雏 | (0) | | --- | --- | | 赋就核心动能 | 01 | | 强化党建引领 | 11 | | 完善治理体系 | 13 | | 五洲四海 | 0 D | | --- | --- | | 造就美好未来 | | | 引领行业发展 | 19 | | 携手伙伴同行 | 20 | | 增进员工福祉 | 24 | | 追风逐电 | (0) | | --- | --- | | 创就一流价值 | 03 | | 夯实主责主业 | 31 | | 严守产品质量 | 34 | | 聚焦科技创新 | 38 | | 社稷之器 | (0) | | --- | --- | | 绘就幸福家园 | 04 | | 守护绿色生态 | 45 | | 抓牢安全生产 | 47 | | 真诚奉献社会 | 49 | | 附录 | 9 | | --- | --- | ...

2.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1.召开时间： 证券代码：000801 证券简称：四川九洲 公告编号：2024031 四川九洲电器股份有限公司 2023 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示 1.本次股东大会未出现否决提案的情形。 现场会议召开时间：2024 年 4 月 25 日 14:30 网络投票时间： 公司部分董事、监事、董事会秘书出席了本次会议，公司高 级管理人员列席了本次会议，北京金杜（成都）律师事务所周敏 律师、杨梓赪律师见证了本次会议。 （1）通过深圳证券交易所交易系统进行网络投票的具体时 间为：2024年4月25日9:15—9:25，9:30—11:30和13:00—15:00。 （2）通过深圳证券交易所互联网投票的具体时间为：2024 年4月25日9:15至2024年4月25日15:00期间的任意时间。 2.召开地点：四川省绵阳市九洲大道 259 号四川九洲电器股 份有限公司会议室。 3.召开方式：现场表决和网络投票相结合的方式 4.召集人：四川九洲电器股 ...

证券代码：000801 证券简称：四川九洲 公告编号：2024032 四川九洲电器股份有限公司 第十三届董事会 2024 年度第四次会议 决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二、审议通过《关于公司 2023 年度环境、社会及治理（ESG） 报告的议案》； 表决情况：7 票同意、0 票反对、0 票弃权。 详见公司同日在巨潮资讯网披露的《2023 年度环境、社会 及治理（ESG）报告》。 三、备查文件 1.四川九洲电器股份有限公司第十三届董事会 2024 年度第 四次会议决议； 四川九洲电器股份有限公司（下称公司）第十三届董事会 2024 年度第四次会议于 2024 年 4 月 25 日 15:30 在公司会议室 以现场、通讯相结合的方式召开。会议通知于 2024 年 4 月 19 日 以专人、邮件或传真方式送达。董事长杨保平先生因公出差，经 半数以上董事共同推举，由董事程旗女士主持会议，公司监事、 高管人员列席会议。本次董事会应参加表决董事 7 人，实际参加 表决董事 7 人（其中委托出席董事 1 名，董事长杨保平先生因公 出差，书面授权委 ...

四川九洲电器股份有限公司 2024 年第一季度报告 四川九洲电器股份有限公司 2024 年第一季度报告 证券代码：000801 证券简称：四川九洲 公告编号：2024033 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 □是 否 1 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 885,249,870.87 | 923,704,974.11 | | -4.16% | | 归属于上市公司股东的净利 | 36,492,017.76 | 39,867,632.25 | | -8.47% | | 润（元） | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6][7]. Core Insights - The company achieved a total revenue of 3.832 billion yuan in 2023, a slight decrease of 1.36% year-on-year, while the net profit attributable to shareholders was 200 million yuan, reflecting a growth of 1.23% [2][6]. - The company is focusing on optimizing its business structure, with significant growth in its three main business areas: smart terminals, air traffic control products, and microwave RF, which collectively accounted for 92.8% of total revenue, an increase of 12.92 percentage points from the previous year [2][3]. - The company is positioned to benefit from the low-altitude economy, with expectations of steady growth in military and civilian demand supporting its performance [3][6]. Financial Performance and Forecast - Revenue projections for the company are as follows: 4.683 billion yuan in 2024 (up 22.23% year-on-year), 5.366 billion yuan in 2025 (up 14.58%), and 5.870 billion yuan in 2026 (up 9.38%) [2][7]. - The net profit forecasts are 330 million yuan for 2024 (up 64.90%), 452 million yuan for 2025 (up 36.79%), and 550 million yuan for 2026 (up 21.73%) [2][7]. - The report highlights an increase in R&D investment to 356 million yuan in 2023, a growth of 9.43%, with a focus on enhancing the company's technological capabilities [2][6]. Strategic Developments - The company announced the acquisition of Shanghai Zhiliang Electronics, which will enhance its military electronic warfare capabilities and strengthen its position in the military supply chain [6][7]. - The integration of Shanghai Zhiliang Electronics is expected to create synergies with the company's existing microwave RF business, further enhancing its competitive edge in the market [6][7].

Investment Rating - The report initiates coverage on the company with a "Buy" rating [1] Core Views - The company is well-positioned in the air traffic control (ATC) industry and has promising prospects in the low-altitude economy sector [1] - Excluding the impact of the acquisition, the company's net profit is forecasted to be RMB 259 million, RMB 334 million, and RMB 419 million for 2024-2026, with EPS of RMB 0.25, RMB 0.33, and RMB 0.41, respectively [1] - The current stock price corresponds to a PE ratio of 52x, 40x, and 32x for 2024-2026 [1] Company Overview - The company is the largest military and civilian ATC system and equipment R&D and production base in China, serving as a key supplier in the domestic ATC market [8] - It focuses on the R&D, manufacturing, and sales of ATC and related avionics equipment, with over 100 proprietary ATC products covering the entire flight process [8] - The company is expected to benefit significantly from the development of the low-altitude economy [8] Acquisition of Zhiliang Electronics - The company announced plans to acquire 100% of Zhiliang Electronics for RMB 6.57 per share, aiming to expand into electronic warfare and enhance its market competitiveness [8] - Zhiliang Electronics is a high-growth enterprise in the military electronics sector, specializing in electronic reconnaissance, electronic jamming, radar countermeasures, and simulation training [8] Financial Performance - In 2023, the company reported revenue of RMB 3.832 billion, a slight decrease of 1.36% YoY, with net profit attributable to shareholders of RMB 200 million, up 1.23% YoY [17] - The company's core businesses—smart terminals, ATC products, and microwave RF—showed steady growth, with ATC product revenue increasing by 11.20% YoY to RMB 1.113 billion [17] - The company's gross margin improved to 23.80%, up 1.48 percentage points YoY [17] Low-Altitude Economy Development - The low-altitude economy has gained policy support, with the market size expected to reach RMB 1.5 trillion by 2025 and RMB 3.5 trillion by 2035 [13] - The company is well-positioned to capitalize on this growth opportunity, given its strong presence in the ATC sector [8][13] Financial Forecasts - Revenue is projected to grow from RMB 3.832 billion in 2023 to RMB 5.913 billion in 2026, with a CAGR of 16.4% [23][30] - Net profit attributable to shareholders is expected to increase from RMB 200 million in 2023 to RMB 419 million in 2026, with a CAGR of 29.4% [23][30] - The company's ROE is forecasted to rise from 6.2% in 2023 to 10.5% in 2026 [23][30] Valuation Metrics - The company's P/E ratio is expected to decline from 66.9x in 2023 to 32.0x in 2026, reflecting improved profitability [23] - The P/S ratio is projected to decrease from 3.5x in 2023 to 2.3x in 2026, indicating better valuation attractiveness [23]

证券代码：000801 证券简称：四川九洲 公告编号：2024030 四川九洲电器股份有限公司 关于发行股份购买资产并募集配套资金 暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据深圳证券交易所（下称深交所）的相关规定，经公 司申请，公司证券（证券品种：A 股股票，证券简称：四川九 洲，证券代码：000801）自 2023 年 12 月 21 日开市起开始停 牌，具体内容详见公司分别于 2023 年 12 月 21 日、12 月 28 日在巨潮资讯网上披露的《四川九洲电器股份有限公司关于 筹划发行股份购买资产并募集配套资金暨关联交易事项的 停牌公告》（公告编号：2023045）、《四川九洲电器股份有限 公司关于筹划发行股份购买资产并募集配套资金暨关联交 易事项的停牌进展公告》（公告编号：2023047）。 2024 年 1 月 4 日，公司召开第十三届董事会 2024 年度 第一次会议审议通过了本次交易预案及其摘要等与本次交 易相关的议案，具体内容详见公司于 2024 年 1 月 5 日在巨 潮资讯网（www.cninfo.com.c ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company achieved a total revenue of 3.83 billion RMB in 2023, a slight decrease of 1.4% year-on-year, while the net profit attributable to the parent company was 200 million RMB, reflecting a growth of 1.2% year-on-year [4][23]. - The company focuses on three main business segments: smart terminal products, air traffic control products, and microwave RF, which have shown stable revenue growth [39][23]. - The gross profit margin for 2023 was 23.8%, an increase of 1.5 percentage points year-on-year, indicating improved profitability after divesting from a loss-making plastic raw materials business [25][44]. - The company plans to acquire Zhilang Electronics to expand its electronic countermeasure business, positioning itself in a high-growth sector [23]. Summary by Sections Financial Performance - In 2023, the smart terminal products generated revenue of 2.23 billion RMB (up 16.1% YoY), air traffic control products 1.11 billion RMB (up 11.2% YoY), and microwave RF products 220 million RMB (up 17.3% YoY) [39][23]. - The company reported a net profit margin of 5.2% for 2023, a slight increase of 0.1 percentage points year-on-year, primarily due to increased expenses [25][23]. - R&D expenses increased by 9.4% year-on-year to 360 million RMB, reflecting a commitment to innovation and market expansion [25][23]. Asset Management - Fixed assets increased by 22.4% to 370 million RMB, while construction in progress rose significantly to 470 million RMB, mainly due to the ongoing development of the Chengdu Innovation Center [68][23]. - The company has a healthy cash collection rate, with a cash recovery ratio of 0.96, indicating good cash flow management [55][23]. Market Position and Future Outlook - As a leading player in the domestic air traffic control system market, the company is well-positioned to benefit from the development of low-altitude economy initiatives [23][39]. - The company is expected to achieve net profits of 250 million RMB, 340 million RMB, and 440 million RMB for 2024-2026, representing growth rates of 26%, 34%, and 28% respectively [4][23].

| --- | --- | --- | --- | --- | --- | --- | |--------------|----------|-------------------|------------------------|-------------------|----------------------|----------| | 产品分类 | 项目 | 2023 \n金额 | 年 \n占营业成本比 重 | 2022 \n金额 | 年 \n占营业成本比 重 | 同比增减 | | 智能终端产品 | 直接材料 | 1,518,033,72 8.81 | 80.96% | 1,330,120,98 6.03 | 82.19% | 14.13% | （8） 主要销售客户和主要供应商情况 | --- | --- | --- | --- | --- | |----------|----------------|----------------|----------|--------------| | | | | | 单位：元 | | | 2023 年 | 2022 年 | 同比增减 | 重大变动说明 | | ...

四川九洲电器股份有限公司 2023 年度监事会工作报告 2023 年,四川九洲电器股份有限公司(下称公司)监事会本着 对公司全体股东负责的原则,严格按照《公司法》《证券法》等 法律法规和《公司章程》《监事会议事规则》等规定,认真履行 监督职责,对公司依法运作情况和公司董事、高级管理人员履行 职责的情况进行监督｡ 公司全体监事恪尽职守、勤勉尽责,为保 障公司规范运作,避免资产及财务管理风险而努力,维护了公司及 股东的合法权益｡ 现将本年度主要工作报告如下: 一、监事会会议召开情况 2023 年 1 月 1 日至 2023 年 12 月 31 日期间(下称报告期),公 司监事会共召开了 5 次会议,会议的召开和表决程序均符合《公 司法》《公司章程》等法律法规和规范性文件的规定,具体会议 情况如下: 1．公司第十一届监事会 2023 年度第一次会议于 2023 年 4 月 18 日在公司会议室召开,全体监事出席会议｡ 会议审议并通过 以下议案:《2022 年度监事会工作报告》《2022 年度财务决算报 告》《关于公司 2022 年年度报告全文及摘要的议案》《2022 年 度利润分配预案》《关于开展金融衍生品业务的议 ...