国科军工发布2024年报：利润高速增长，大比例分红持续给股东带来回报

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]