Investment Rating - Buy (首次) [6] Core Views - The company is a listed industrial platform under China Electronics Technology Group Corporation (CETC), focusing on industry digitization, digital infrastructure, and digital products [2] - The company's three major business segments generated revenues of 8.498 billion, 822 million, and 712 million yuan respectively in 2023 [2] - The company fully owns Baifei Electronics and holds a 10.54% stake in Shanghai Huacheng Jinrui, a server manufacturer [2] - Baifei Electronics, a subsidiary, is a leader in secure and trusted computing and has been successfully integrated, contributing 25.47% of the company's net profit in 2023 [3] - Baifei Electronics is expanding into key industries such as semiconductor equipment, satellites, civil aviation, and GPU-based edge computing platforms [4] - The company is expected to benefit from the military informatization trend following the release of the "Military Equipment Support Regulations" [4] Financial Projections - Revenue is projected to grow to 10.675 billion, 11.415 billion, and 12.105 billion yuan in 2024-2026, with year-on-year growth rates of 6.75%, 6.93%, and 6.04% respectively [5] - Net profit attributable to the parent company is expected to reach 600 million, 701 million, and 803 million yuan in 2024-2026, with year-on-year growth rates of 20.73%, 16.87%, and 14.55% respectively [5] - The company's P/E ratios for 2024-2026 are projected to be 31, 26, and 23 [5] Business Segments - Industry Digitization: The core business segment, contributing the majority of revenue [2] - Digital Infrastructure: A growing segment with significant potential in areas like financial technology and industrial internet [2] - Digital Products: Includes products developed by Baifei Electronics, focusing on high-performance and secure computing solutions [2][3] Strategic Focus - The company is leveraging its position within CETC to focus on "chokepoint" industries, particularly in semiconductor equipment and military informatization [4] - Baifei Electronics is expected to drive growth through its expansion into new markets such as satellites, civil aviation, and edge computing [4] Market Catalysts - The release of the "Military Equipment Support Regulations" is expected to catalyze growth in the military informatization sector, benefiting the company's existing satellite and radar businesses [4] - The ongoing trend of semiconductor localization and the development of low-altitude economies are expected to drive demand for Baifei Electronics' products [4]

证券代码：600850 证券简称：电科数字 编号：临 2024-057 中电科数字技术股份有限公司 关于参加 2024 年上海辖区上市公司三季报 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 13 日下午 15:00-16:30 （二） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： 中电科数字技术股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日 发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年前三季度经营成果、财务状况，公司将参加"2024 年上海辖区上市公司三季报 集体业绩说明会"活动，就投资者关心的问题进行 ...

□其他 （请文字说明其他活动内容） 证券代码：600850 证券简称：电科数字 中电科数字技术股份有限公司投资者关系活动记录表 投资者关系活动类别： | --- | --- | |---------------------------|-----------| | | | | □特定对象调研 □分析师会议 | | | □媒体采访 ■业绩说明会 | | | □新闻发布会 | □路演活动 | | | | □现场参观 参与单位名称及人员姓名： 北京诚盛投资管理有限公司 吴畏，北京泾谷私募基金管理有限公司 高艺，博时 基金管理有限公司 谢泽林，德邦证券股份有限公司 陈涵泊，东北证券股份有限 公司 马宗铠，东方财富证券股份有限公司 方科、向心韵、吕林，敦和资产管理 有限公司 李乾，光大证券股份有限公司 刘勇，广东比邻投资基金管理有限公司 赖昕，广东钜洲投资有限责任公司 王中胜，国海证券股份有限公司 刘熹、郭义 俊，国金证券股份有限公司 孟灿，国联证券股份有限公司 黄楷，国新投资有限 公司 刘宏伟，国元证券股份有限公司 耿军军，果行育德管理咨询(上海)有限公 司 宋海亮，鸿运私募基金管理(海南)有限公司 高波，华创证券有 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Viewpoints - The company has achieved revenue and profit growth in the first three quarters of 2024, with total revenue reaching 7.1 billion yuan, a year-on-year increase of 2.49%, and net profit attributable to shareholders of 302 million yuan, up 8.76% year-on-year [2]. - The financial performance in the third quarter shows a total revenue of 2.587 billion yuan, a decrease of 3.07% year-on-year, while net profit attributable to shareholders increased by 15.38% to 169 million yuan [2]. - The company is positioned as a leading provider of digital solutions in the industry, continuously building a "1+2+N" digital architecture system [2]. - The projected revenue for 2024-2026 is estimated at 11.237 billion, 12.752 billion, and 14.653 billion yuan, with net profits of 583 million, 641 million, and 710 million yuan respectively [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 19.54% and a net margin of 4.3% [2]. - The total expenses for sales, management, and finance amounted to 733 million yuan, accounting for 10.32% of revenue [2]. - The earnings per share (EPS) for 2024 is projected to be 0.85 yuan, with a price-to-earnings (PE) ratio of 28 [3][5]. - The company’s net assets per share increased by 8.11% year-on-year to 6.64 yuan [2]. Financial Forecasts - The company’s revenue is expected to grow at rates of 12.4%, 13.5%, and 14.9% for the years 2024, 2025, and 2026 respectively [3][5]. - The net profit growth rates are projected at 17.2%, 10.1%, and 10.8% for the same years [3][5]. - The company’s total assets are forecasted to increase from 11.425 billion yuan in 2023 to 15.854 billion yuan by 2026 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Views - The company's revenue for the first three quarters of 2024 reached 7.1 billion yuan, a year-on-year increase of 2.49%, while the net profit attributable to shareholders was 302 million yuan, up 8.76% year-on-year. The net profit after deducting non-recurring gains and losses was 299 million yuan, reflecting a growth of 10.67% year-on-year [2] - The digital product business is showing strong growth momentum, and the company is expected to maintain robust business growth throughout 2024 [3] - The controlling shareholder's plan to increase holdings in the company is expected to boost market confidence [4] Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 2.587 billion yuan, a decrease of 3.07% year-on-year, while the net profit attributable to shareholders was 169 million yuan, an increase of 15.38% year-on-year. The net profit after deducting non-recurring gains and losses was 168 million yuan, reflecting a growth of 19.25% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 19.54%, an increase of 0.24 percentage points year-on-year, primarily due to the increased proportion of high-margin digital product business [3] Business Outlook - The company is positioned as a leading provider of comprehensive digital solutions in China, with expectations for steady growth driven by the deepening of the domestic information technology industry and the flourishing of the intelligent industry [3] - Revenue forecasts for 2024-2026 are 11.034 billion yuan, 12.266 billion yuan, and 13.955 billion yuan, respectively, with net profits of 565 million yuan, 657 million yuan, and 783 million yuan, respectively [5][7] Shareholder Confidence - The controlling shareholder, Electric Science Digital Group, and its concerted parties plan to increase their holdings in the company by no less than 200 million yuan and no more than 400 million yuan, which reflects their confidence in the company's future development prospects [4][5]

证券代码：600850 证券简称：电科数字 公告编号：临 2024-056 中电科数字技术股份有限公司 关于公司第二期股票期权激励计划预留授予 《第二期股票期权激励计划实施考核管理办法》（以下简称"《考核管理办法》"） 的相关规定和公司2021年第一次临时股东大会的授权，董事会认为公司第二期股 票期权激励计划（以下简称"本激励计划"）预留授予第一个行权期行权条件已 成就，同时由于预留授予的激励对象中有6名激励对象离职，2名激励对象绩效考 核结果不满足行权条件，9名激励对象绩效考核结果未满足100%行权条件，注销 部分股票期权。现对有关事项说明如下： 一、本激励计划批准及实施情况 （一）本激励计划已履行的相关程序 1、2021 年 3 月 19 日，公司召开第九届董事会第二十次会议、第九届监事会 第八次会议，审议通过了《关于公司第二期股票期权激励计划（草案）及摘要的 议案》、《关于公司第二期股票期权激励计划管理办法的议案》、《关于公司第 第一个行权期自主行权实施的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥2,586,641,034.58, a decrease of 3.07% compared to ¥2,668,521,998.39 in the same period last year[2]. - Net profit attributable to shareholders was ¥168,784,700.91, representing a year-on-year increase of 15.38% from ¥146,291,353.50[3]. - The net profit after deducting non-recurring gains and losses was ¥168,202,125.55, up 19.16% from ¥141,054,252.40 in the previous year[3]. - Basic earnings per share for the period was ¥0.2448, an increase of 14.61% compared to ¥0.2136 in the same period last year[3]. - Total operating revenue for the first three quarters of 2024 reached CNY 7,100,051,857.58, an increase of 2.49% compared to CNY 6,927,330,056.16 in the same period of 2023[12]. - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 302,197,032.46, compared to CNY 277,853,957.23 in 2023, representing a growth of 8.75%[14]. - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 294,499,245.93, an increase from CNY 288,650,759.16 in Q3 2023, reflecting a growth of approximately 1.5%[15]. - The net profit for the third quarter of 2024 was ¥292,987,780.78, compared to ¥144,920,121.57 in the third quarter of 2023, indicating a significant increase of approximately 102.5%[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥11,424,659,144.26, a decrease of 9.33% from the previous year's end[3]. - The company's total assets decreased to CNY 10,358,657,943.88 from CNY 11,424,659,144.26, indicating a decline of 9.32% year-on-year[12]. - The total assets as of the end of the third quarter of 2024 amounted to ¥4,854,049,429.24, up from ¥4,424,313,827.63 at the end of the same period in 2023, reflecting a growth of about 9.7%[21]. - The company's total liabilities as of the end of the third quarter of 2024 were ¥1,600,331,810.07, compared to ¥1,184,442,779.06 at the end of the same period in 2023, indicating an increase of approximately 35.0%[21]. - Current liabilities totaled CNY 5,221,524,440.09, down from CNY 6,253,921,747.67, a decrease of 16.49%[12]. - Non-current liabilities increased to CNY 485,076,647.72 from CNY 430,030,298.08, marking an increase of 12.79%[12]. Cash Flow - The company reported a net cash flow from operating activities of -¥1,230,296,181.02, indicating a significant cash outflow[3]. - Cash flow from operating activities for the first three quarters of 2024 was CNY -1,230,296,181.02, worsening from CNY -1,052,989,042.53 in the same period of 2023[17]. - Cash inflow from operating activities totaled CNY 6,758,493,813.55 for the first three quarters of 2024, down from CNY 7,004,085,300.61 in 2023, indicating a decrease of approximately 3.5%[17]. - The net cash flow from financing activities for Q3 2024 was CNY -330,775,732.31, compared to CNY -304,676,961.71 in Q3 2023, showing a decline of about 8.6%[18]. - The cash and cash equivalents at the end of Q3 2024 were CNY 1,048,818,865.87, down from CNY 1,485,694,784.73 at the end of Q3 2023, a decrease of approximately 29.4%[18]. - Cash outflow for operating activities totaled 928,247,559.36, compared to 870,245,710.77 in the previous year[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,529[7]. - The largest shareholder, East China Computer Technology Research Institute, holds 140,089,809 shares, accounting for 20.53% of the total shares[7]. - The top ten shareholders include state-owned entities, indicating a strong government influence in ownership[8]. - The company has no preferred shareholders with restored voting rights[7]. - The company has not disclosed any significant changes in shareholder relationships or actions during the reporting period[9]. Research and Development - Research and development expenses for the first three quarters of 2024 amounted to CNY 329,134,175.75, compared to CNY 312,641,867.32 in 2023, reflecting a rise of 5.27%[14]. - Research and development expenses for the first three quarters of 2024 totaled ¥27,210,003.37, an increase from ¥22,607,187.41 in the same period of 2023, representing a growth of about 20.5%[22]. Non-Recurring Gains and Losses - Non-recurring gains included government subsidies amounting to ¥543,667.11 for the current period[4]. - The company recognized a total of ¥34,016,206.93 in non-recurring gains from various sources, including fiscal support[6]. - The company has made adjustments to its financial statements in accordance with the new regulations on non-recurring gains and losses issued by the CSRC[3].

证券代码：600850 证券简称：电科数字 编号：临 2024-055 中电科数字技术股份有限公司 关于控股股东及其一致行动人增持公司股份计划的 提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中电科数字技术股份有限公司（以下简称"公司"）于 2024 年 10 月 20 日收 到控股股东中电科数字科技（集团）有限公司（以下简称"电科数字集团"）及 其一致行动人中电科投资控股有限公司（以下简称"电科投资"）通知，电科数 字集团及电科投资拟自本公告披露之日起 12 个月内通过上海证券交易所允许的 方式（包括但不限于集中竞价交易、大宗交易等）增持公司 A 股股份，增持总金 额不低于人民币 2 亿元，不超过人民币 4 亿元，本次增持比例合计不超过公司总 股本的 2%（以下简称"本次增持计划"）。 本次增持计划不触及要约收购，不会导致公司控股股东及实际控制人发生变 化。 本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其他 风险因素导致增持计划的实施无法达到预期的风险。 公司于2024年10月2 ...

Group 1: Business Performance - Beifei Electronics signed new orders in the first half of the year, showing a year-on-year growth of 48% [3] - In the rail transportation sector, new orders exceeded the total of the previous year [3] - The company achieved a contract amount of over 20 million yuan in the low-altitude economy sector [4] Group 2: Innovation and Development - The company's Xinchuang (信创) business signed contracts worth 1.666 billion yuan in the first half of the year, a year-on-year increase of 22.24% [4] - Key capabilities in Xinchuang include overall consulting planning, full-stack cloud base construction, and open-source governance [4] - The company has established a complete capability system to support clients in their Xinchuang construction [4] Group 3: Strategic Partnerships - Since 2019, the company has been in a strategic partnership with Huawei, becoming the largest diamond partner in China by 2023 [5] - The company collaborates with Huawei in various sectors, including finance and smart manufacturing, successfully winning benchmark projects [5] - The partnership is expected to grow further in areas such as artificial intelligence and digital transformation solutions [5] Group 4: Capital Operations - Capital operations are a key path for the company's high-quality development, focusing on mergers and acquisitions to enhance overall efficiency [6][7] - The company aims to leverage its capital platform to promote transformation and high-quality growth [7] Group 5: Asset Overview - The company has various assets under China Electronics Technology Group, including businesses in digital government and domestic server production [7]

中电科数字技术股份有限公司 关于公司第二期股票期权激励计划 2024 年第三季度 自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次股票期权行权的决策程序及相关信息披露 1、2021 年 3 月 19 日，公司召开第九届董事会第二十次会议、第九届监事会 第八次会议，审议通过了《关于公司第二期股票期权激励计划（草案）及摘要的 议案》、《关于公司第二期股票期权激励计划管理办法的议案》、《关于公司第二期 股票期权激励计划实施考核管理办法的议案》等议案，关联董事对该等议案回避 表决。独立董事对公司本激励计划发表了独立意见。公司监事会对本激励计划拟 授予激励对象名单进行了核查，并出具了审核意见。具体内容详见公司于 2021 本次行权股票数量：中电科数字技术股份有限公司（以下简称"公司"）第二 期股票期权激励计划（以下简称"本激励计划"）首次授予第一个行权期可行 权股票期权数量为798.5774万份，实际可行权时间为2023年11月10日至2024 年11月9日。2024年7月1日至20 ...