证券研究报告 | 半年报点评 gszqdatemark 2024 08 23 年 月 日 中科曙光（603019.SH） 半年报业绩符合预期，中科系算力核心加速生态化布局 事件：2024 年 8 月 22 日，公司发布 2024 年半年报，报告期内实现营业总收入 57.12 亿元，同比+5.77%；归属于上市公司股东净利润 5.63 亿元，同比+3.38%；归属于上 市公司股东的扣除非经常性损益的净利润 3.66 亿元，同比+20%。业绩符合市场预期。 Q2 单季扣非净利润超预期，计算生态化布局贡献长期增长动力。1）2024 年 8 月 22 日，公司发布 2024 年半年报，报告期内实现营收 57.12 亿元，同比+5.77%；实现归 母净利 5.63 亿元，同比+3.38%；实现扣非后归母净利 3.66 亿元，同比+20%，超出 前期业绩快报区间。单 Q2 实现营业收入 32.33 亿元，同比+4.21%；实现归母净利 4.21 亿元，同比+1.64%；实现扣非后归母净利 3.10 亿元，同比+20.76%。2）公司积极向 计算生态业务延伸布局，完成"芯—端—云—算"的全产业链布局。公司与参控股公 司全方 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company is positioned to benefit from the trends in domestic innovation and intelligent computing, being a leader in the computing industry with a fully autonomous technology stack. The report anticipates steady growth in performance and profitability, with projected net profits for 2024-2026 at 22.57 billion, 27.50 billion, and 31.91 billion yuan respectively [2][4]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 5.712 billion yuan, a year-on-year increase of 5.77%. The net profit attributable to shareholders was 563 million yuan, up 3.38% year-on-year, while the net profit excluding non-recurring items rose by 20% to 366 million yuan [2]. - The gross margin for the first half of 2024 was 26.25%, an increase of 0.21 percentage points year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were 6.04%, 2.63%, and 10.94% respectively, reflecting slight increases compared to the same period last year [2]. Business Segments - In the first half of 2024, the IT equipment segment generated revenue of 5.126 billion yuan, a growth of 3.98% year-on-year. The software development, system integration, and technical services related to high-end computers achieved revenue of 584 million yuan, marking a 24.77% increase [2]. - Investment income reached 223 million yuan, a year-on-year increase of 37.25%, primarily due to the rise in net profits from joint ventures [2]. R&D and Innovation - The company emphasizes high-quality R&D investments, significantly increasing the proportion of core patents among newly granted patents. It has developed high-end computing products such as immersion liquid-cooled blade servers and AI workstations, and launched a self-developed centralized storage system, FlashNexus, to meet high-performance storage needs [2]. - The company is involved in the construction of intelligent computing centers across various regions, providing solutions for planning, system design, engineering construction, operation, and energy consumption management, thereby enhancing the commercial operation capabilities of these centers [2]. Valuation Metrics - The report provides a valuation outlook with projected earnings per share (EPS) of 1.25 yuan for 2023, increasing to 2.18 yuan by 2026. The price-to-earnings (P/E) ratio is expected to decrease from 29 in 2023 to 16.7 in 2026, indicating an improving valuation as earnings grow [2][5].

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company reported a 5.77% year-on-year increase in revenue for H1 2024, reaching 5.712 billion yuan, and a 3.38% increase in net profit attributable to shareholders, totaling 563 million yuan [5] - Operating cash flow declined to -934 million yuan due to increased raw material purchases compared to the previous year [5] - The company's diversified investments in various sectors, including chips and cloud computing, are expected to drive future growth [5] - The development of the Haiguang DCU chip is progressing well, catering to the high demand for AI-generated content [5] - The establishment of a national integrated computing service platform is enhancing the company's influence in the market [5] - Long-term benefits are anticipated from the company's position in core infrastructure and AI computing [5] Financial Summary - For H1 2024, the company achieved a revenue of 5.712 billion yuan, with a year-on-year growth of 5.77% [5] - The net profit attributable to shareholders for H1 2024 was 563 million yuan, reflecting a 3.38% increase [5] - The company forecasts net profits of 2.26 billion yuan, 2.66 billion yuan, and 3.12 billion yuan for 2024, 2025, and 2026 respectively [5] - The projected revenue for 2024 is 16.818 billion yuan, with a year-on-year growth rate of 17.2% [7] - The gross margin is expected to improve slightly from 26.2% in H1 2024 to 27.6% by 2026 [7]

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 5,712,059,095.80, representing a 5.77% increase compared to CNY 5,400,697,692.86 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2024 was CNY 563,158,665.42, up 3.38% from CNY 544,747,215.16 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 20.00%, amounting to CNY 366,345,850.84 compared to CNY 305,281,669.60 in the same period last year[18]. - The basic earnings per share for the first half of 2024 were CNY 0.386, a 3.21% increase from CNY 0.374 in the same period last year[19]. - The diluted earnings per share for the first half of 2024 were CNY 0.385, up 3.49% from CNY 0.372 in the previous year[19]. - The company reported a 37.25% increase in investment income, amounting to CNY 223,373,518.43, up from CNY 162,754,870.07 in the previous year[50]. - The total profit for the first half of 2024 was ¥745,662,923.68, compared to ¥730,894,904.78 in the same period last year, indicating a growth of 2.9%[135]. Assets and Liabilities - The company's total assets as of June 30, 2024, were CNY 32,092,196,584.15, reflecting a 1.51% increase from CNY 31,615,458,539.32 at the end of the previous year[18]. - The net assets attributable to shareholders at the end of the reporting period were CNY 18,995,096,413.52, which is a 1.85% increase from CNY 18,649,894,203.46 at the end of the previous year[18]. - The company's total assets at the end of the reporting period were significantly impacted, with a notable increase in other non-current assets by 66.90% to CNY 3,613,915,031.89[53]. - The company's long-term borrowings decreased by 18.54% to CNY 1,038,782,380.87 compared to the previous period[54]. - The total liabilities increased to CNY 8,458,421,343.52 from CNY 8,282,167,217.73, reflecting a rise of 2.13%[129]. - The company's total equity remains stable, with no significant changes reported in the equity structure during the period[116]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was negative at CNY -934,037,270.84, compared to a positive CNY 1,005,492,315.24 in the same period last year, indicating a significant change in cash flow dynamics[18][20]. - Cash inflow from operating activities for the first half of 2024 was CNY 7,607,644,195.50, an increase of 50.4% compared to CNY 5,072,653,594.09 in the same period of 2023[138]. - Total cash outflow from operating activities increased to CNY 8,541,681,466.34, up from CNY 4,067,161,278.85 year-over-year[139]. - The ending cash and cash equivalents balance for the first half of 2024 was CNY 4,727,546,559.13, down from CNY 5,616,231,100.83 at the end of the first half of 2023[140]. Research and Development - The company has invested a cumulative total of 5.52 billion yuan in research and development from 2022 to the end of the reporting period[41]. - The company's R&D expenses increased by 6.93% to CNY 624,926,641.01, compared to CNY 584,422,689.08 in the same period last year[50]. - The company’s significant capitalized R&D projects exceed 50 million RMB for the current period, indicating a strong focus on innovation[167]. Market and Product Development - The company highlighted the accelerating application of artificial intelligence technologies, driven by strong algorithms, high computing power, and big data[25]. - The company launched the first liquid-cooled storage product in the industry, achieving a PUE value below 1.2[33]. - The company’s distributed all-flash storage system, ParaStor, has a single-node bandwidth of 130GB/s and can achieve 3.02 million IOPS[33]. - The company’s new centralized all-flash storage, FlashNexus, is set to reach 1 million IOPS and support up to 256 controller expansions in 2024[33]. - The company is focusing on the development of AI technology software stack DAS platform to enhance AI optimization capabilities[47]. - The company plans to continue its focus on new product development and market expansion strategies in the upcoming quarters[116]. Environmental and Compliance - The company has implemented measures to reduce carbon emissions, including the application of liquid cooling technology, which significantly lowers overall energy consumption in data centers[85]. - The company has established a dedicated environmental management organization and has obtained ISO14001 certification for its environmental management system[82]. - The company has actively engaged in employee training to raise awareness of environmental issues and promote sustainable practices among staff[85]. - The company has signed a procurement contract worth 1.21 billion yuan with Zhongke Sanqing and other affiliated enterprises, which is currently in execution[95]. - The company has established a special group to enhance education on risk management and compliance following the administrative penalty against its chairman[91]. Shareholder Information - The total number of shareholders was 246,868[106]. - The total number of shares outstanding is 1,463,578,974, with 99.66% being unrestricted shares[101]. - The largest shareholder, Beijing Zhongke Suanyuan Asset Management Co., Ltd., holds 239,388,281 shares, representing 16.36% of total shares[108]. - The company unlocked 4,082,100 restricted shares from the 2021 stock incentive plan, which will be tradable starting June 26, 2024[103]. - The profit distribution to shareholders amounted to CNY 248,492,631.91, indicating a focus on returning value to investors[153]. Risks and Challenges - The company has faced technology risks due to the fast-paced nature of computer technology and the need for continuous innovation[71]. - The company faces supply chain risks due to reliance on foreign advanced components, particularly after restrictions from the U.S. Department of Commerce in October 2022[72]. - Insufficient policy support for digital economy and artificial intelligence may slow down industry development and impact the company's R&D investment and innovation capabilities[73].

曙光信息产业股份有限公司 章 程 （2024 年 8 月修订） | | 第一章 总则 - 3 - | | | --- | --- | --- | | | 第二章 经营宗旨和范围 - 4 - | | | 第三章 | 股份 - 4 - | | | 第一节 | 股份发行 - | 4 - | | 第二节 | 股份增减和回购 - | 5 - | | 第三节 | 股份转让 - | 6 - | | 第四章 | 股东和股东大会 - 7 - | | | 第一节 | 股东 - | 7 - | | 第二节 | 股东大会的一般规定 - | 9 - | | 第三节 | 股东大会的召集 - | 13 - | | 第四节 | 股东大会的提案与通知 - | 15 - | | 第五节 | 股东大会的召开 - | 17 - | | 第六节 | 股东大会的表决和决议 - | 20 - | | 第五章 | 董事会 - 23 - | | | 第一节 | 董事 - | 23 - | | 第二节 | 董事会 - | 26 - | | 第六章 | 总裁及其他高级管理人员 - 31 - | | | 第七章 | 监事会 - 33 - | | | 第一节 | 监 ...

曙光信息产业股份有限公司 第一章 总则 第一条 为进一步完善曙光信息产业股份有限公司（以下简称"公司"）法 人治理结构，强化对内部董事、监事及高级管理人员的约束和监督机制，保护 中小股东及债权人的利益，促进公司的规范运作，根据《中华人民共和国公司 法》《中华人民共和国证券法》及《曙光信息产业股份有限公司章程》等有关 规定，特制定本制度。 第二条 董事、监事和高级管理人员所持公司股份，是指登记在其名下的所 有公司股份。董事、监事和高级管理人员拥有多个证券账户的，应当合并计算。 董事、监事和高级管理人员从事融资融券交易的，还包括记载在其信用账户内 的公司股份。 第二章 申报与披露 第三条 董事、监事和高级管理人员应在下列时点或期间内委托公司证券法 务部通过上海证券交易所网站及时申报或更新其个人、配偶、父母、子女及为 其持有股票的账户所有人身份信息（包括但不限于姓名、职务、身份证号、证 券账户、离任职时间等）： （一）新任董事、监事在股东大会（或职工代表大会）通过其任职事项、 新任高级管理人员在董事会通过其任职事项后2个交易日内； （二）现任董事、监事和高级管理人员在其已申报的个人信息发生变化后 的2个交易日内； ...

证券代码：603019 证券简称：中科曙光 公告编号：2024-032 曙光信息产业股份有限公司 第五届监事会第八次会议决议公告 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法律责任。 一、监事会会议召开情况 （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。 （二）本次会议通知和材料已提前发出。 （三）本次会议于 2024 年 8 月 21 日在公司会议室以现场结合通讯会议方式召开。 （四）本次会议应出席监事 3 人，实际出席监事 3 人。 （五）本次会议由监事会主席主持。 二、监事会会议审议情况 1. 审议通过《关于公司 2024 年半年度报告及摘要的议案》 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票 公司监事会按照《公司法》和公司章程的规定，经认真审阅公司 2024 年半年度 报告全文及摘要，出具审核意见如下： 1）公司 2024 年半年度报告的编制和审议程序符合法律、法规、《公司章程》和 公司内部管理制度的各项规定； 具体内容详见上海证券交易所网站（http://www.sse. ...

证券代码：603019 证券简称：中科曙光 公告编号：2024-031 曙光信息产业股份有限公司 第五届董事会第十一次会议决议公告 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 年半年度报告及摘要的议案》 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票 公司 2024 年半年度报告根据相关法律法规及《公司章程》等内部规章制度的规 定编制和审议，内容与格式符合相关规定，公允地反映了公司 2024 年半年度的 财务状况和经营成果等事项。 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。 本次限制性股票注销事项符合《2021 年限制性股票激励计划（草案）》以及《上 市公司股权激励管理办法》 ...

第一条 为规范曙光信息产业股份有限公司（以下简称"公司"）选聘（含 续聘、改聘，下同）会计师事务所相关行为，提高财务信息质量，切实维护股 东利益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证 券交易所股票上市规则》《国有企业、上市公司选聘会计师事务所管理办法》 等法律法规、规范性文件及《曙光信息产业股份有限公司公司章程》（以下简 称"《公司章程》"）的规定，结合公司实际情况，制定本制度。 曙光信息产业股份有限公司 会计师事务所选聘制度 第一章 总 则 第二条 公司选聘对财务会计报告发表审计意见、出具审计报告的会计师事 务所，需遵照本制度的规定。选聘除财务会计报告审计之外的其他法定审计业 务的会计师事务所，公司管理层视重要性程度可参照本制度执行。 第二章 职责分工 第三条 公司聘用或解聘会计师事务所，应当由董事会审计委员会（以下简 称"审计委员会"）审核同意后，提交董事会审议，并由股东大会决定。 第四条 审计委员会负责选聘会计师事务所工作，并监督其审计工作开展情 况。审计委员会应当切实履行下列职责： （一）按照董事会的授权制定选聘会计师事务所的政策、流程及相关内部 控制制度； （二）提议启动选聘 ...