5.32%股份完成转让，不会对公司带来重大不利影响：公司股东杜柯呈与冯健于2024 年4 月19 日签署了《股票转让协议》；于2024 年4 月26日签署了《股票转让协议之补充协议》；于2024 年5 月10 日签署了《股票转让协议之补充协议（二）》。股份转让完成前，杜柯呈持股数量为14,912,576 股，持股比例13.30%；股份转让完成后杜柯呈持股数量为8,952,576 股，持股比例7.99%，冯健持股数量为5,960,000 股，持股比例5.32%。本次股份转让前后，公司控股股东和实际控制人未发生变化，本次股份转让过户登记不会对公司带来重大不利影响，也不存在损害公司及其他股东利益的情形。Incident: The company published its 2020 annual report. The first half of 2024 achieved revenue of 0.159 billion yuan, or -47.81% year-on-year, and realized net profit to mother of 0.0017 billion yuan, or -95.76% year-on-year.
Key points of investment
Revenue declined and net cash flow increased: The company achieved revenue of 0.159 billion yuan in the first half of 2024, or -47.81% year-on-year, and realized net profit to mother 0.0017 billion yuan, or -95.76% year-on-year. Among them, operating income decreased by 47.81% year on year, mainly in the first half of the year, due to delays in some orders due to delays in the industry environment, leading to a decrease in delivery; net profit attributable to shareholders of listed companies decreased by 95.76% year on year, mainly due to a decline in operating income. In the first half of 2024, net cash flow from the company's operating activities increased compared to the same period last year, mainly due to the increase in the maturing acceptance of notes receivable in the first half of the year compared to the same period last year; the company's basic earnings per share decreased by 95.86% year on year, diluted earnings per share decreased by 95.77% year on year, and earnings per share after deducting non-recurring profit and loss decreased by 104.28% year on year, mainly due to a decrease in net profit for the first half of the year compared to the same period last year.
The completion of the transfer of 5.32% of the shares will not have a significant adverse effect on the company: the company's shareholders Du Kecheng and Feng Jian signed the “Stock Transfer Agreement” on April 19, 2024; signed the “Supplementary Agreement to the Stock Transfer Agreement” on April 26, 2024; and signed the “Supplementary Agreement to the Stock Transfer Agreement (2)” on May 10, 2024. Before the share transfer was completed, Duco held 14,912,576 shares, with a shareholding ratio of 13.30%; after the share transfer was completed, Duke held 8,952,576 shares, with a shareholding ratio of 7.99%, and Feng Jian held 5,960,000 shares, with a shareholding ratio of 5.32%. There were no changes in the controlling shareholders and actual controllers of the company before and after this share transfer. The registration of this share transfer will not have a significant adverse effect on the company, nor will there be any harm to the interests of the company or other shareholders.
Continuously update technology to consolidate core competitiveness: The company mainly provides customized embedded modules and solutions. The products and solutions have covered technical directions such as signal acquisition, image perception and intelligent processing, intelligent computing terminals, bus control, edge storage, and high-reliability intelligent power supplies. The products have been used in key national customers for many years. The products are used in various key areas of equipment platforms such as airborne, missile, space, drones, and commercial aerospace. With the level of scientific and technological innovation as its core competitiveness, the company has formed a complete development and production control process and product quality traceability system based on core technology. In addition, the company is continuously improving the R&D management mechanism, and is always paying attention to industry technology, increasing the company's R&D investment, strengthening the technical advantages of existing core products on the one hand, and actively developing new core technologies on the other.
Profit forecast and investment rating: The company's semi-annual performance is under pressure. Considering that the industry is in an adjustment period, we lowered the company's net profit forecast values for 2024-2026 to 0.099/0.124/0.15 billion yuan, the previous value was 0.135/0.177/0.234 billion yuan, corresponding to PE 24/19/16 times, respectively, and downgraded to an “increase” rating.
Risk warning: 1) the risk of high dependence on national key area groups; 2) the risk of technology development; 3) the risk of high customer concentration.
