Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its position in the large forging sector and anticipated demand recovery [2][4]. Core Viewpoints - The company reported a revenue of 977 million yuan for the first half of 2024, representing a year-on-year increase of 23.3%, while the net profit attributable to shareholders decreased by 30.7% to 291 million yuan [2]. - The second quarter of 2024 saw a significant decline in performance, with revenue dropping by 45.8% year-on-year to 330 million yuan and net profit down by 59.5% to 82 million yuan, attributed to increased operating expenses [2]. - The company is actively investing in large-scale forging capabilities, establishing a joint venture with an investment of 900 million yuan to enhance its position as a key supplier in the aviation sector [2][3]. Financial Performance Summary - For the first half of 2024, the gross margin decreased by 4.0 percentage points to 42.3%, and the net margin decreased by 3.2 percentage points to 29.8% [2]. - The company plans to achieve net profits of 900 million, 1.1 billion, and 1.22 billion yuan for the years 2024 to 2026, with corresponding price-to-earnings ratios of 17x, 14x, and 12x [2][5]. - The company’s total revenue is projected to grow from 2.83 billion yuan in 2024 to 4.23 billion yuan in 2026, with a compound annual growth rate of 16.8% [5][6]. Investment Strategy - The establishment of the joint venture is expected to solidify the company's leading position in the large forging market, aligning with the anticipated recovery in demand for advanced aviation equipment [2][3]. - The report emphasizes the long-term growth potential of the company's business extensions, reinforcing the recommendation to invest [2][4].

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥977.32 million, a decrease of 23.28% compared to ¥1,273.87 million in the same period last year[10]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥291.50 million, down 30.74% from ¥420.89 million in the previous year[10]. - Basic earnings per share for the first half of 2024 were ¥0.53, a decrease of 31.17% from ¥0.77 in the same period last year[10]. - The net cash flow from operating activities was negative at approximately -¥283.04 million, a significant decline of 517.69% compared to ¥67.76 million in the same period last year[10]. - The company achieved a gross margin of 42.97% for its forging products, down 6.34% from the previous year[26]. - The total profit for the first half of 2024 was CNY 336.30 million, down 31.2% from CNY 489.65 million in the first half of 2023[106]. - The net profit after deducting non-recurring gains and losses decreased by 36.08% to ¥26,484.53 million compared to the same period last year[96]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥9.21 billion, an increase of 10.14% from ¥8.36 billion at the end of the previous year[10]. - The company's cash and cash equivalents decreased by ¥347,934,272.45, a decline of 243.61% compared to an increase of ¥242,280,657.53 in the previous year[25]. - The company's total assets included cash of ¥2,822,975,159.20, accounting for 30.65% of total assets, down from 37.90% the previous year[27]. - The company's short-term borrowings increased to ¥851,253,174.31, representing 9.24% of total assets, up from 5.00% the previous year[27]. - Total liabilities rose to CNY 3,447,245,306.88, up from CNY 2,944,251,097.16, indicating an increase of 17.0%[103]. Research and Development - Research and development investment increased by 40.29% to ¥43,184,728.75, driven by growth in project investments[25]. - The company has a strong technical research and development capability, holding 12 invention patents and 16 utility model patents, which are considered leading in the industry[22]. - The company invested a total of 236 million yuan in R&D over the past three years, accounting for 4.25% of its revenue[55]. Customer and Market Position - The company focuses on the production of large forgings and free forgings for military and civilian aircraft, with a significant portion of its business in the aviation sector[17]. - The company has established deep supply relationships with major manufacturers in the aviation industry and has been recognized as an "excellent supplier" for several consecutive years[21]. - The company has a stable and high-quality customer base, which is crucial for long-term cooperation, especially in the development of customized military products[22]. - The concentration of customers poses a risk, with the top five clients accounting for a significant portion of total revenue[50]. - The company is expanding into overseas markets and other sectors such as high-speed rail and chemicals to diversify its customer base[50]. Financial Management and Fund Utilization - The total amount of raised funds is CNY 254,179.18 million, with CNY 64,076.57 million utilized during the reporting period[32]. - The company has not reported any violations regarding the use of raised funds[37]. - The company has not engaged in derivative investments during the reporting period[41]. - The company has not sold any significant assets during the reporting period[43]. - The company has a total of 49,000 million RMB in entrusted financial management, with no overdue amounts[39]. Corporate Governance and Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[1]. - The company has maintained an A rating for information disclosure from the exchange for two consecutive years, ensuring accurate and timely communication with investors[58]. - The number of shareholders at the end of the reporting period is 44,220, indicating a stable shareholder base[79]. - The largest shareholder, Xi'an Aerospace Industry Investment Co., Ltd., holds 10.90% of the shares, totaling 60,000,000 shares, with 30,000,000 shares pledged[80]. Risk Management - The company faced significant risks and has outlined measures to address these in the management discussion section of the report[1]. - The company faces market risks due to fluctuations in raw material prices, primarily titanium alloys, structural steel, high-temperature alloys, and aluminum[50]. - The company is implementing strategic partnerships with suppliers to stabilize procurement and mitigate market risks[50]. Environmental and Social Responsibility - The company has implemented various environmental protection measures, achieving compliance with national and local environmental standards during the reporting period[63]. - The company continues to focus on social responsibility and community engagement initiatives[64]. - The company has actively provided employment opportunities, including hiring veterans and creating welfare positions for disabled individuals[64]. Accounting and Financial Reporting - The financial statements were approved by the board of directors on August 23, 2024[126]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[130]. - The company recognizes the fair value of previously held equity investments at the acquisition date and accounts for the difference as investment income[144].

| | | 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号—创业板上市公司规范运作》《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》等有 关法律法规的要求，现将西安三角防务股份有限公司（以下简称"公 司"）2024 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）2019 年首次公开发行股票募集资金 经中国证券监督管理委员会证监许可[2019] 680 号文核准，并经 深圳证券交易所同意，本公司由主承销商中航证券有限责任公司于 2019 年 5 月 16 日向社会公众公开发行普通股（A 股）股票 4,955.00 万股，每股面值 1 元，每股发行价人民币 5.91 元。截至 2019 年 5 月 31 日止，本公司共募集资金 292,840,500.00 元，扣除发行费用 32,840,500.00 元 ...

法定代表人:严建亚 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位:西安三角防务股份有限公司 | All and the see the see see se se to the many and the server and | | | | | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 资金占用 | 资金占用方名称 | 占用方与上市公司 | 上市公司核算 | 2024年期初占 | 2024年半年度占用 累计发生金额(不 | 2024年半年度占 | 2024年半年度 | 2024年半年度 | | | | | | 的关联关系 | 的会计科目 | 用资金余额 | | 用资金的利息 | | 偿还累计发生 期末占用资金 | 占用形成原因 | 占用性质 | | 控股股东、实 | | | | | 含利息) | (如有) | 会额 | 余额 | | | | 际控制人及其 | | | | | | | | | | | | 附属企业 | | | | | | | | ...

西安三角防务股份有限公司 第三届监事会第十五次会议决议公告 一、监事会会议召开情况 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司（以下简称"公司"）于2024年8月 18日向全体监事发出了关于召开第三届监事会第十五次会议的通知， 会议于2024年8月23日以现场结合通讯方式召开。本次会议应出席监 事3人，实际出席监事3人。会议由监事会主席李春娟女士主持。本次 会议的召集、召开、表决程序符合《中华人民共和国公司法》等法律 法规、规范性文件和《公司章程》等的有关规定。 二、监事会会议审议情况 1．审议通过《关于2024年半年度报告全文及摘要的议案》 表决结果：同意3票，反对0票，弃权0票。本议案获得通过。 证券代码：300775 证券简称：三角防务 公告编号：2024-069 本公司及监事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 经审核，监事会认为：公司董事会编制的《2024年半年度募集资 金存放与使用情况的专项报告》，符合《深圳证券交易所创业板上市 公司规范运作指引》等的要求，如实反映了公司2024年半年度募集资 金的使用、管理情况，不存在违规 ...

| | | 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 二、董事会会议审议情况 一、 董事会会议召开情况 西安三角防务股份有限公司（以下简称"三角防务"或"公司"） 于2024年8月18日向全体董事发出召开第三届董事会第十八次会议的通知。 会议于2024年8月23日在公司会议室以现场和通讯相结合的方式召开。本 次会议应参与表决董事9名，实际参与表决董事9名。会议由董事长严建 亚先生主持，公司部分监事和高级管理人员列席本次会议。本次会议 的召开符合《中华人民共和国公司法》等法律法规、规范性文件和《公 司章程》的规定。 1．审议通过《关于2024年半年度报告全文及摘要的议案》 表决结果：同意9票，反对0票，弃权0票。本议案获得通过。 经审议，董事会认为：公司2024年半年度报告全文及摘要的编制和审 核的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司2024年上半年经营的实际情况，不存在任何虚假记载、 误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会审议通过。具体内容详见中国证监 会指定的创业板信息披露网站巨潮资讯网（http://www.cnin ...

| | | 西安三角防务股份有限公司 关于使用闲置募集资金及自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 西安三角防务股份有限公司（以下简称"公司"）第三届董事 会第十六次会议、第三届监事会第十三次会议和 2024 年第二次临时 股东大会分别审议通过了《关于使用部分闲置募集资金及自有资金 进行现金管理的议案》, 同意在不影响公司正常经营、募集资金投资 项目建设进度及确保资金安全的情况下，公司（含子公司）使用额 度不超过人民币 132,000 万元的闲置募集资金（其中向不特定对象 发行可转换公司债券闲置募集资金不超过人民币 34,000 万元，向特 定对象发行股票闲置募集资金不超过人民币 98,000 万元）及额度不 超过人民币 220,000 万元闲置自有资金进行现金管理，使用期限为 自股东大会审议通过之日起 12 个月内，在上述额度内，资金可滚动 使用。在额度范围内，公司董事会提请股东大会授权管理层行使该 项投资决策权并签署相关合同文件，由财务部负责组织实施。具体 内容详见公司于 2024 年 7 月 26 日在巨潮资讯网 ...

| | | 债券代码：123114 债券简称：三角转债 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 西安三角防务股份有限公司（以下简称"公司"）于2024年8月7 日向全体监事发出了关于召开第三届监事会第十四次会议的通知，会 议于2024年8月12日下午15:00以现场会议结合通讯方式召开。本次会 议应出席监事3人，实际出席监事3人。会议由监事会主席李春娟女士 主持。本次会议的召集、召开、表决程序符合《中华人民共和国公司 法》等法律法规、规范性文件和《公司章程》等的有关规定。 二、监事会会议审议情况 三、备查文件 西安三角防务股份有限公司 第三届监事会第十四次会议决议公告 1.审议通过《关于公司与关联方共同投资设立合资公司暨关联交 易的议案》 表决结果：3票同意，0票反对，0票弃权。本议案获得通过。 具体内容详见公司2024年8月12日刊载于巨潮资讯网（http： //www.cninfo.com.cn）的相关公告。 监事会 2024 年 8 月 12 日 《第三届监事会第十四次会议决议》。 特此公告。 西安三角防务股份有限公司 ...

证券代码：300775 证券简称：三角防务 公告编号：2024-066 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 2.本次股东大会不涉及变更前次股东大会决议 二、会议召开情况 （一）会议召开时间 （1）现场会议：2024年8月12日（星期一）下午14：30开始； （2）网络投票：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8月12日上午9：15-9：25，9：30-11：30和下 午13：00-15：00； 通过深圳证券交易所互联网投票系统投票的具体时间为：2024 年8月12日上午9：15至下午15：00期间的任意时间。 （二）会议召开地点：西安市航空基地蓝天二路8号公司会议 室。 （三）会议召集人：西安三角防务股份有限公司董事会。 （四）投票方式 一、重要提示 1.本次股东大会未出现否决议案的情形 本次会议采取现场投票与网络投票相结合的方式召开。 本次会议通过深圳证券交易所交易系统和互联网投票系统向社 会公众股股东提供网络 ...

| | | 债券代码：123114 债券简称：三角转债 西安三角防务股份有限公司 关于对外投资设立合资公司暨关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资暨关联交易概述 （一）对外投资基本情况 根据西安三角防务股份有限公司（以下简称"公司"、"三角 防务"）发展战略及业务需求，促进公司中长期战略规划发展，公 司拟与西安西投资本管理有限公司（以下简称"西投资本"）、西 安工创投资有限公司（以下简称"西安工创"）、西安航空产业投 资有限公司（以下简称"西航投资"）签订《投资合作协议》，共 同投资设立西安三重航空科技有限公司（暂定名，最终以市场监督 管理部门核准登记为准，以下简称"三重航空"）。 其中公司以自有资金出资 39,000 万元人民币，占合资公司注册 资本的 43.33%；公司关联方西投资本以现金方式出资 36,000 万元人 民币，占合资公司注册资本的 40.00%；西安工创以现金方式出资 10,000 万元人民币，占合资公司注册资本的 11.11%;公司关联方西 航投资以现金方式出资 5,000 万元人民币，占合资公司注册 ...