Investment Rating - The report maintains a "Recommend" rating for Sugon (603019 SH) [1] Core Views - Sugon achieved steady growth in the first three quarters of 2024, with revenue increasing by 3 65% YoY to RMB 8 041 billion and net profit attributable to shareholders growing by 2 57% YoY to RMB 770 million [2][3] - The company continues to deepen its layout in the computing power field, promoting the interconnection of computing resources and industrial openness [6] - Sugon is actively seizing development opportunities in the era of large models, with its computing power industry layout providing a strong foundation [6] Financial Performance Revenue and Profit - Q3 2024 revenue decreased by 1 19% YoY to RMB 2 329 billion, while net profit attributable to shareholders increased by 0 41% YoY to RMB 206 million [3] - Gross margin improved by 0 93 percentage points YoY to 26 81% in the first three quarters of 2024 [3] - Operating expense ratio increased by 2 67 percentage points YoY to 21 29%, with R&D expense ratio rising by 1 15 percentage points to 12 22% [3] R&D and Innovation - R&D expenses reached RMB 983 million in the first three quarters of 2024, a 14 49% YoY increase [4] - The company launched new products including FlashNexus all-flash storage and upgraded ParaStor distributed storage, achieving significant performance improvements [4] - SugonRI 2 0 industrial solution features self-developed SugonC++ programming language and a rich industrial knowledge base [5] Industry and Market Position - Sugon is a leading ICT infrastructure solutions provider in China, with a strong focus on computing power services [7] - The company is accelerating the integration of high-performance computing, intelligent computing, and general-purpose computing to meet diverse application needs [6] - Sugon is building a new ecosystem of "domestic computing power + domestic software" through enhanced industrial collaboration [6] Future Outlook - The company is expected to achieve net profits of RMB 2 181 billion, RMB 2 656 billion, and RMB 3 290 billion in 2024, 2025, and 2026 respectively [7] - EPS is forecasted to be RMB 1 49, RMB 1 82, and RMB 2 25 for 2024-2026, with corresponding P/E ratios of 41 1x, 33 7x, and 27 2x [7] - Gross margin is projected to increase from 29 3% in 2024 to 31 9% in 2026, while net margin is expected to grow from 14 0% to 15 4% over the same period [10]

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Insights - The company reported Q3 2024 results that met market expectations, with a revenue of 8.04 billion yuan for the first three quarters, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 770 million yuan, up 2.6% year-on-year [4]. - The gross margin showed a steady increase, reaching 28.20% in Q3 2024, which is an improvement of 2.71 percentage points compared to the same period last year, indicating enhanced order quality and industry chain collaboration [4]. - The company's strategic investments in various high-quality assets across the computing power industry chain are expected to drive sustained growth, covering upstream chip production to downstream cloud service providers [4]. - The next-generation product, the Haiguang DCU, is progressing well and is designed to meet the high demand for AIGC, achieving compatibility with major AI models and positioning the company at a leading level domestically [5]. - The establishment of a "National Integrated Computing Power Service Platform" is enhancing the company's influence and operational capabilities in various cities [5]. - The company is projected to achieve net profits of 2.26 billion, 2.66 billion, and 3.12 billion yuan for the years 2024 to 2026, benefiting from its core infrastructure and AI computing power [5]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 8.04 billion yuan, with a year-on-year growth rate of 3.7% [7]. - The net profit attributable to shareholders for the same period was 770 million yuan, reflecting a year-on-year increase of 2.6% [7]. - The projected revenues for 2024, 2025, and 2026 are 16.82 billion, 18.97 billion, and 21.94 billion yuan respectively, with corresponding net profits of 2.26 billion, 2.66 billion, and 3.12 billion yuan [7][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has demonstrated steady performance in the first three quarters of 2024, with revenue reaching 8.041 billion yuan, a year-on-year increase of 3.65%, and a net profit attributable to shareholders of 770 million yuan, up 2.57% year-on-year [2][5] - The company is expected to benefit from its transformation towards upstream server operations, enhancing its competitive edge in high-value business segments [2][3] - The company’s R&D investment has increased by 14.49% year-on-year, focusing on high-end computing, storage, and data center products, which is expected to strengthen its core competitiveness [2][3] Financial Performance Summary - For Q3 2024, the company reported revenue of 2.329 billion yuan, a decrease of 1.19% year-on-year, while the net profit attributable to shareholders was 206 million yuan, an increase of 0.41% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 26.81%, an increase of 0.93 percentage points year-on-year, while the net profit margin was 10.01%, a slight decrease of 0.15 percentage points year-on-year [2][5] - The company’s investment income rose significantly by 82.03% year-on-year to 412 million yuan, primarily due to increased net profits from joint ventures [2][5] Earnings Forecast - The company’s revenue is projected to reach 14.784 billion yuan in 2024, with a growth rate of 3%, and net profit attributable to shareholders is expected to be 1.997 billion yuan, reflecting a growth rate of 9% [5][6] - Earnings per share (EPS) are forecasted to be 1.36 yuan in 2024, with a price-to-earnings (P/E) ratio of 39.75 [5][6][8]

Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company is a leader in domestic intelligent computing, with stable growth in performance and an increasingly complete high-end computing ecosystem. The net profit forecasts for 2024-2026 are set at 2.1 billion, 2.6 billion, and 3.25 billion yuan, respectively, with corresponding EPS of 1.44, 1.78, and 2.22 yuan per share. The current stock price corresponds to a PE ratio of 37.8, 30.5, and 24.4 times for 2024-2026 [3][4]. Financial Performance Summary - In the first three quarters of 2024, the company achieved operating revenue of 8.041 billion yuan, a year-on-year increase of 3.65%. The net profit attributable to the parent company was 770 million yuan, up 2.57% year-on-year, while the net profit excluding non-recurring items was 445 million yuan, an increase of 8.66% year-on-year. In Q3 alone, the operating revenue was 2.329 billion yuan, down 1.19% year-on-year, with a net profit of 206 million yuan, up 0.41% year-on-year [4]. - The gross profit margin for the first three quarters was 26.81%, an increase of 0.93 percentage points year-on-year, while the Q3 gross margin was 28.20%, up 2.71 percentage points year-on-year. The company's expense ratios for sales, management, and R&D were 6.45%, 3.03%, and 12.22%, respectively, all showing year-on-year increases [4]. Strategic Opportunities - The company is seizing opportunities in domestic production, developing high-end computing products such as immersion liquid-cooled blade servers and AI workstations. It is also accelerating the introduction of domestic core components and enhancing system stability through optimal configurations [5]. - The company is participating in the construction of intelligent computing centers across various regions, providing comprehensive solutions that include planning consultation, system design, engineering construction, operation and maintenance services, and energy consumption management [5]. Financial Projections - The projected operating revenues for 2024-2026 are 15.259 billion, 17.770 billion, and 20.244 billion yuan, with year-on-year growth rates of 6.3%, 16.5%, and 13.9%, respectively. The net profit forecasts for the same period are 2.1 billion, 2.601 billion, and 3.25 billion yuan, with corresponding year-on-year growth rates of 14.4%, 23.9%, and 24.9% [6]. - The gross margin is expected to improve from 26.7% in 2024 to 27.7% in 2026, while the net margin is projected to increase from 13.8% to 16.1% over the same period [6]. Market Position - The company has a total market capitalization of 79.353 billion yuan, with a current stock price of 54.23 yuan. The stock has seen a 196.79% turnover rate over the past three months [8].

Financial Performance - Revenue for the third quarter was RMB 2,329,395,409.96, a decrease of 1.19% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 206,363,079.34, an increase of 0.41% year-over-year[2] - Operating revenue for the first three quarters of 2024 was 8,041,454,505.76, up from 7,758,143,949.52 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was 804,973,389.01, compared to 788,277,066.00 in 2023[18] - Net profit attributable to parent company shareholders reached RMB 769,521,744.76, compared to RMB 750,275,354.57 in the previous period[19] - Minority shareholders' net profit was RMB 35,451,644.25, down from RMB 38,001,711.43[19] - Total comprehensive income amounted to RMB 797,071,345.63, slightly higher than RMB 788,795,346.54[20] - Basic earnings per share (EPS) stood at RMB 0.528, up from RMB 0.514[20] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 32,616,373,439.60, an increase of 3.17% compared to the end of the previous year[3] - Equity attributable to shareholders as of the end of the third quarter was RMB 19,182,721,572.18, an increase of 2.86% compared to the end of the previous year[3] - Total assets increased to 32,616,373,439.60 from 31,615,458,539.32[14] - Total liabilities for the first three quarters of 2024 were 12,586,106,642.19, slightly up from 12,134,670,654.24 in 2023[15] - Total equity attributable to the parent company increased to 19,182,721,572.18 from 18,649,894,203.46[15] - Fixed assets increased to 2,411,725,526.23 from 2,290,936,748.91[14] - Intangible assets decreased to 4,217,701,925.57 from 4,317,093,077.56[14] - Long-term equity investments increased to 7,460,613,232.94 from 6,909,213,796.46[14] Cash Flow - Cash flow from operating activities for the first three quarters was negative RMB 1,276,797,532.03[2] - Cash received from sales of goods and services totaled RMB 7,980,395,867.17, compared to RMB 7,701,794,945.10[21] - Total cash inflows from operating activities reached RMB 12,300,518,909.14, up from RMB 8,443,776,433.33[21] - Cash paid for goods and services was RMB 6,768,361,305.15, compared to RMB 4,848,531,237.85[21] - Net cash flow from operating activities was negative RMB 1,276,797,532.03, down from positive RMB 841,821,632.67[22] - Net cash flow from investing activities was negative RMB 832,934,349.53, compared to negative RMB 1,612,292,837.13[22] - Ending cash and cash equivalents balance was RMB 3,324,184,779.22, down from RMB 5,261,875,471.23[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 244,085[10] - Beijing Zhongke Suan Yuan Asset Management Co., Ltd. holds 239,388,281 shares, accounting for 16.36% of the total shares[10] - Beijing Sike Zhi Holdings Co., Ltd. holds 55,586,600 shares, accounting for 3.80% of the total shares[10] - Li Jun holds 42,136,093 shares, accounting for 2.88% of the total shares[10] - ICBC Credit Suisse Asset Management Co., Ltd. - Huatai-PineBridge CSI 300 ETF holds 28,262,875 shares, accounting for 1.93% of the total shares[10] - Hong Kong Securities Clearing Company Ltd. holds 25,976,201 shares, accounting for 1.78% of the total shares[10] - CCB Principal Asset Management Co., Ltd. - E Fund CSI 300 ETF holds 18,685,312 shares, accounting for 1.28% of the total shares[10] - Gui Lian Ge holds 16,784,578 shares, accounting for 1.15% of the total shares[10] - ICBC Credit Suisse Asset Management Co., Ltd. - ChinaAMC CSI 300 ETF holds 11,807,094 shares, accounting for 0.81% of the total shares[10] - Bank of China Investment Management Co., Ltd. - Harvest CSI 300 ETF holds 11,571,990 shares, accounting for 0.79% of the total shares[10] Earnings and Returns - Basic earnings per share for the third quarter were RMB 0.141, with a diluted earnings per share of RMB 0.141, an increase of 0.71% year-over-year[2] - Weighted average return on equity for the third quarter was 1.08%, a decrease of 0.10 percentage points year-over-year[3] Non-Recurring Items and Subsidies - Non-recurring gains and losses for the third quarter amounted to RMB 127,668,846.10[5] - Government subsidies received during the first three quarters amounted to RMB 317,363,546.16[4] Borrowings and Investments - Short-term borrowings decreased by 100% due to repayment of bank loans[7]

证券代码：603019 证券简称：中科曙光 公告编号：2024-047 曙光信息产业股份有限公司 第五届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 （一）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司 章程的规定。 （五）本次会议由董事长主持，公司监事及高级管理人员列席会议。 二、董事会会议审议情况 1. 审议通过《关于公司 2024 年第三季度报告的议案》 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票 同时制定《董事会战略与可持续发展（ESG）委员会工作细则》。 具体内容详见上海证券交易所网站（http://www.sse.com.cn/）披露的相关公告。 特此公告。 曙光信息产业股份有限公司董事会 本议案已经公司董事会审计委员会暨独立董事专门会议审议通过。 具体内容详见上海证券交易所网站（http://www.sse.com.cn/）披露的相关公告。 2. 审议通过《关于董事会战略委员会调整为董事会战略与可持续发展（ESG）委 员会的议案 ...

证券代码：603019 证券简称：中科曙光 公告编号：2024-048 曙光信息产业股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开第五届董事会第十四次会议，审议通过了《关于董事会战略委员会调整为董事 会战略与可持续发展（ESG）委员会的议案》，为提升公司环境、社会及公司治 理（ESG）管理水平，增强公司可持续发展能力，并结合当前行业发展趋势及公 司实际情况，经公司董事会慎重研究，将原董事会下设专门委员会"董事会战略 委员会"调整为"董事会战略与可持续发展（ESG）委员会"，并将原《战略委 员会工作细则》调整为《战略与可持续发展（ESG）委员会工作细则》，在原有 职权基础上增加相应可持续发展管理职权等内容，修订部分条款。本次调整仅就 该委员会名称和职权进行调整，其组成及成员职位、任期等不变，此次调整旨在 将 ESG 理念融入公司战略规划与决策过程，推动公司向更加绿色、低碳、可持续 的方向发展。 特此公告。 曙光信息产业股份有限公司董事会 2024 年 10 月 29 日 曙光信息产业股份有限公司 关于董事会战略委员会调整为董事会战略与可持续 发展（ESG）委员会的公告 本公司董事会及 ...

曙光信息产业股份有限公司 2024 年第二次临时股东大会 会议材料 二〇二四年十一月十一日 目 录 | 1. | 2024 | 年第二次临时股东大会会议议程 1 | | --- | --- | --- | | 2. | 2024 | 年第二次临时股东大会会议须知 2 | | 3. | 议案一 | 关于补选公司非职工代表监事的议案 3 | 曙光信息产业股份有限公司 2024 年第二次临时股东大会会议议程 一、主持人宣布会议开始并报告会议出席情况。 二、审议以下议案： | 序号 | 议案名称 | | --- | --- | | 1 | 关于补选公司非职工代表监事的议案 | 1、公司董事、监事及高级管理人员接受股东就以上议案相关问题的提问。 2、推举现场会议计票人、监票人。 3、出席现场会议股东（或股东代表）对会议议案投票表决。 4、统计现场投票结果。 三、现场会议结束，等待网络投票结果。 现场会议时间：2024 年 11 月 11 日 14 点 00 分 网络投票时间：2024 年 11 月 11 日 9:15-9:25，9:30-11:30，13:00-15:00 现场会议地点：北京市海淀区中关村软件园 36 ...

曙光信息产业股份有限公司 董事会战略与可持续发展（ESG）委员会工作细则 第一章 总则 第一条 为适应曙光信息产业股份有限公司（以下简称"公司"）战略发展 需要，提高公司发展规划水平，健全投资决策程序，加强决策科学性，提高重大 投资决策的效益和决策的质量，完善公司治理结构，提升公司环境、社会责任及 公司治理（以下简称"ESG"）绩效，根据《中华人民共和国公司法》、《上市 公司治理准则》、《公司章程》及其他有关规定，公司设立董事会战略与可持续 发展（ESG）委员会，并制定本工作细则。 第二条 董事会战略与可持续发展（ESG）委员会是公司董事会设立的专门工 作机构，主要负责对公司长期发展战略和重大投资决策、可持续发展和ESG（环 境、社会及公司治理）进行研究并提出建议。 第二章 人员组成 第三条 战略与可持续发展（ESG）委员会成员由四名董事组成。 第四条 战略与可持续发展（ESG）委员会委员由董事长、二分之一以上独立 董事或者全体董事的三分之一提名，并由董事会选举产生。 第五条 战略与可持续发展（ESG）委员会设主任委员（召集人）一名，由公 司董事长担任。 究并提出建议； （三） 对公司章程规定须经董事会批准的 ...

曙光信息产业股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日召 开第五届监事会第九次会议，审议通过了《关于补选公司非职工代表监事》的议 案，同意提名闫丙旗先生（个人简历见附件）为公司第五届监事会非职工代表监 事候选人，任期自股东大会审议通过之日起至第五届监事会届满之日止。 特此公告。 曙光信息产业股份有限公司监事会 2024 年 10 月 22 日 1 证券代码：603019 证券简称：中科曙光 公告编号：2024-044 附件：非职工代表监事候选人简历 曙光信息产业股份有限公司 闫丙旗，男，中国国籍，出生于 1968 年，中国注册会计师和中国注册评估 师资格，历任岳华会计师事务所和中瑞岳华会计师事务所高级合伙人，现任中审 众环会计师事务所高级合伙人。 关于补选公司非职工代表监事的公告 本公司监事会及全体监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个别及连带责任。 截至目前，闫丙旗未持有公司股份，与公司董事、监事、高级管理人员、实 际控制人、持股 5%以上的股东不存在关联关系，不存在受到中国证监会及其他 有关部门的处罚和证券交易所惩 ...