Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has a comprehensive product matrix and synergistic advantages, positioning it to benefit from the increasing demand for computing power [3][4]. - The development of artificial intelligence is driving a surge in computing power demand, with significant advancements in large model research and commercialization [4]. - The company is expected to achieve revenue growth of 18.91%, 17.70%, and 16.30% for the years 2024, 2025, and 2026, respectively, with net profit growth of 24.19%, 20.57%, and 19.89% during the same period [5]. Financial Performance Summary - In 2023, the company achieved revenue of 143.53 billion yuan, a year-on-year increase of 10.34%, and a net profit of 18.36 billion yuan, up 18.88% [2][6]. - The gross profit margin for 2023 was 26.26%, remaining stable compared to the previous year [2]. - The fourth quarter of 2023 saw revenue of 65.95 billion yuan, a 17.31% increase year-on-year, and a net profit of 10.86 billion yuan, up 21.89% [2]. Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 170.67 billion yuan, 200.88 billion yuan, and 233.62 billion yuan, respectively [5]. - Expected net profits for the same years are 22.80 billion yuan, 27.49 billion yuan, and 32.96 billion yuan [5]. - The earnings per share (EPS) are forecasted to be 1.56 yuan, 1.88 yuan, and 2.25 yuan for 2024, 2025, and 2026, respectively [5]. Valuation Metrics - The report assigns a target price of 56.08 yuan based on a 36x price-to-earnings (P/E) ratio for 2024 [5]. - The current price of the stock is 44.67 yuan [6].

关于公司董事收到立案告知书的公告 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个别及连带责任。 曙光信息产业股份有限公司（以下简称"公司"）于 2024 年 4 月 12 日披露 了《关于董事亲属短线交易及致歉的公告》（公告编号：2024-006）。公司董事 长李国杰先生于 2024 年 4 月 19 日收到《中国证券监督管理委员会立案告知书》 （编号：证监立案字 0012024004 号），因其涉嫌短线交易中科曙光股票，根据 《中华人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，决定对 其立案。 本次事项系对李国杰先生个人的调查，不会对公司董事会运作及公司日常经 营活动产生重大影响，李国杰先生将积极配合中国证监会的调查工作。 证券代码：603019 证券简称：中科曙光 公告编号：2024-017 曙光信息产业股份有限公司 特此公告。 曙光信息产业股份有限公司董事会 2024 年 4 月 20 日 公司将持续关注上述事项的进展情况，并严格按照有关法律、法规的规定履 行信息披露义务。公司所有信息均以在指定信息披露媒体《中国证券 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][10]. Core Views - The company's performance in 2023 met expectations, with total revenue reaching 14.353 billion yuan, a year-on-year increase of 10.34%, and net profit attributable to shareholders of 1.836 billion yuan, up 18.88% [2][3]. - The company is expected to benefit from the ongoing construction of computing power infrastructure and the domestic substitution trend in the computing industry [4][10]. Summary by Sections Financial Performance - In Q4 2023, the company achieved total revenue of 6.595 billion yuan, a year-on-year growth of 17.31%, and net profit of 1.086 billion yuan, up 21.89% [2][3]. - The company’s R&D investment reached 2.444 billion yuan, reflecting its commitment to enhancing technological advantages and product capabilities [3][4]. Market Opportunities - The company is positioned to capitalize on the high demand for computing power driven by the development of large model technologies and applications [4][10]. - The liquid cooling data center solutions are gaining traction, with the market expected to grow at a compound annual growth rate of 54.7% from 2022 to 2027 [4][10]. Future Projections - The company’s net profit is projected to be 2.302 billion yuan in 2024, 2.834 billion yuan in 2025, and 3.398 billion yuan in 2026, with corresponding EPS of 1.57, 1.94, and 2.32 yuan [10][11]. - The current stock price corresponds to PE ratios of 29.73, 24.14, and 20.14 for 2024, 2025, and 2026, respectively [10][11].

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7] Core Views - The company has achieved steady growth in performance, with 2023 revenue reaching 14.353 billion yuan, a year-on-year increase of 10.34%, and a net profit of 1.836 billion yuan, up 18.88% year-on-year [4][5] - The company is expected to benefit from the release of computing power demand driven by the growth of artificial intelligence and liquid cooling technology [7] - The company has a strong focus on research and development, with R&D expenses increasing by 19.07% in 2023, indicating a commitment to enhancing its core competitiveness in high-end computing [5][7] Summary by Sections Financial Performance - In 2023, the company reported operating income of 14.353 billion yuan and a net profit of 1.836 billion yuan, with respective year-on-year growth rates of 10.34% and 18.88% [4][5] - The company’s gross margin remained stable at 26.26%, while the net profit margin improved to 12.79%, an increase of 0.92 percentage points from the previous year [5] - The forecast for 2024-2026 projects net profits of 2.303 billion yuan, 2.908 billion yuan, and 3.743 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 1.99 yuan, and 2.56 yuan [7][9] Business Segments - The IT equipment business generated revenue of 12.780 billion yuan, while software development and services contributed 1.567 billion yuan, reflecting growth rates of 11.63% and 0.75%, respectively [5] - The company’s high-end computing products are increasingly adopted across various sectors, including telecommunications, finance, energy, and education [7] Market Trends - The demand for computing power is expected to rise significantly due to advancements in artificial intelligence, with government initiatives aiming for a substantial increase in computing capacity by 2025 [7] - The liquid cooling server market in China is projected to grow at a compound annual growth rate of 54.7% from 2022 to 2027, with the company positioned as a leader in this segment [7] Valuation Metrics - The company’s P/E ratio is projected to decrease from 35.6 in 2023 to 17.5 by 2026, indicating an attractive valuation as earnings grow [6][10] - The forecasted ROE is expected to improve from 9.8% in 2023 to 14.3% by 2026, reflecting enhanced profitability [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is a leader in domestic intelligent computing, and the rating is maintained due to the increasingly complete domestic high-end computing ecosystem [5] - The company's net profit forecasts for 2024-2025 have been adjusted downwards to 2.294 billion and 2.936 billion respectively, with a new forecast for 2026 at 3.662 billion [5] - The current stock price corresponds to a PE ratio of 29.8, 23.3, and 18.7 for 2024-2026 [5] Financial Performance - The company reported a revenue of 14.353 billion yuan for 2023, a year-on-year increase of 10.34% [6] - The net profit attributable to the parent company was 1.836 billion yuan, up 18.88% year-on-year [6] - The operating cash flow increased significantly to 3.510 billion yuan, a growth of 212.02% year-on-year [6] Strategic Developments - The demand for intelligent computing has surged due to the accelerated development of AIGC, and the company is enhancing its intelligent computing center solutions [7] - The company is building a "national integrated computing power service platform" to connect various computing infrastructure resources [7] - The subsidiary, Shuguang Intelligent Computing, is actively participating in industry standards and technological innovation [7] Financial Projections - Revenue projections for 2024-2026 are 16.674 billion, 19.275 billion, and 21.937 billion yuan respectively, with year-on-year growth rates of 16.2%, 15.6%, and 13.8% [8] - The net profit projections for the same period are 2.294 billion, 2.936 billion, and 3.662 billion yuan, with corresponding year-on-year growth rates of 24.9%, 28.0%, and 24.7% [8] - The company's gross margin is expected to improve from 26.3% in 2023 to 28.2% by 2026 [8]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's 2023 annual results met expectations, with total revenue reaching 14.353 billion yuan, a year-on-year increase of 10.34%, and net profit attributable to shareholders of 1.836 billion yuan, up 18.88% year-on-year [1] - The company's IT equipment segment achieved revenue of 12.78 billion yuan, a year-on-year increase of 11.63%, with a gross margin of 21.88% [1] - The company is driving growth through full-stack technology independence and AI transformation, supporting major AI models like "Zidong Tai Chu" and "Wu Dao 2.0" [1] - The company holds multiple high-quality assets, including Haiguang Information, Sugon Cloud, and Zhongke Xingtu, which have strong growth potential and are expected to drive high growth in the coming years [2] Financial Performance - The company's revenue for 2023 was 14.353 billion yuan, with a net profit attributable to shareholders of 1.836 billion yuan [1] - Revenue from IT equipment was 12.78 billion yuan, while software development, system integration, and technical services contributed 1.567 billion yuan [1] - Sales, management, and R&D expenses were 751 million yuan, 294 million yuan, and 1.316 billion yuan, respectively, with R&D expenses increasing by 19.07% year-on-year [1] - The company's EPS for 2023 was 1.25 yuan, with a P/E ratio of 38.3x and a P/B ratio of 3.8x [3][4] Industry and Market Context - The AI revolution has led to a surge in computing power demand, with China's total computing power expected to exceed 300 EFLOPS by 2025, with intelligent computing power accounting for 35% [1] - The company is a key player in the national supercomputing internet construction, providing high-performance computing resources for AI industrialization [1] - The company is well-positioned to benefit from government and enterprise initiatives to accelerate the development of intelligent computing centers [1] Future Projections - The company's revenue is projected to reach 16.01 billion yuan in 2024, 17.702 billion yuan in 2025, and 19.488 billion yuan in 2026 [2] - Net profit attributable to shareholders is expected to grow to 2.189 billion yuan in 2024, 2.579 billion yuan in 2025, and 3.015 billion yuan in 2026 [2] - The company's EPS is forecasted to increase to 1.50 yuan in 2024, 1.76 yuan in 2025, and 2.06 yuan in 2026 [3] Financial Ratios and Metrics - The company's gross margin for 2023 was 28.7%, with a net margin of 12.8% [10] - ROE for 2023 was 9.6%, expected to increase to 10.7% in 2024 and 11.7% by 2026 [3][10] - The company's asset-liability ratio was 38.4% in 2023, with a current ratio of 3.0 and a quick ratio of 2.0 [10]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company achieved a total revenue of 14.35 billion yuan in 2023, representing a year-on-year growth of 10.34%. The net profit attributable to shareholders was 1.84 billion yuan, with a year-on-year increase of 18.88% [1][2]. - The company has doubled its operating cash flow, reaching 3.51 billion yuan, indicating a stable financial condition and operational status [1]. - The company is focusing on enhancing its core technologies and expanding into computing ecosystem businesses, launching products and solutions in storage, cybersecurity, big data, and cloud computing [1]. - The company is positioned as a leader in the domestic computing industry, benefiting from the acceleration of the domestic computing and innovation process, which is expected to drive continued revenue growth [1]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 16.38 billion yuan, 19.23 billion yuan, and 22.58 billion yuan, respectively, with growth rates of 14.12%, 17.40%, and 17.41% [2][3]. - The net profit attributable to shareholders is expected to reach 2.22 billion yuan in 2024, 2.67 billion yuan in 2025, and 3.23 billion yuan in 2026, with profit growth rates of 20.75%, 20.59%, and 20.88% [2][3]. - The company's diluted EPS is projected to be 1.51 yuan in 2024, 1.83 yuan in 2025, and 2.21 yuan in 2026, with corresponding PE ratios of 31.68, 26.27, and 21.73 [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1][6][8] Core Views - The company achieved a revenue of 14.353 billion yuan in 2023, representing a year-on-year growth of 10.34%, and a net profit attributable to shareholders of 1.836 billion yuan, up 18.88% year-on-year [2][3] - The company has completed its business transformation towards becoming a provider of upstream server solutions, with the top five customers accounting for 85.02% of total revenue in 2023, a historical high [3][4] - The company is focusing on enhancing its research and development capabilities, with R&D investment reaching 2.444 billion yuan in 2023, and is actively participating in the construction of digital infrastructure [4][6] Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 6.595 billion yuan, a year-on-year increase of 17.31%, and a net profit of 1.086 billion yuan, up 21.89% year-on-year [2][3] - The company's gross profit margin for 2023 was 26.26%, remaining stable compared to the previous year [3][4] - The operating cash flow for 2023 was 3.510 billion yuan, showing a significant increase of 212.02% year-on-year [2] Market Position and Strategy - The company is positioned as a leader in the domestic intelligent computing market, expected to benefit from the rapid growth of the smart computing market in China [5][6] - The company has invested in several quality assets across the computing ecosystem, enhancing synergies with its core business [6][8] - The report anticipates continued growth in net profit for 2024-2026, with projections of 2.302 billion yuan, 2.869 billion yuan, and 3.528 billion yuan respectively [7][8] Valuation Metrics - The current stock price is 46.75 yuan, with projected P/E ratios of 30, 24, and 19 for 2024, 2025, and 2026 respectively [6][8] - The report highlights a stable return on equity (ROE) forecasted to increase from 10% in 2023 to 14% by 2026 [7][8]

曙光信息产业股份有限公司 关于 2023 年度募集资金存放与实际使用情况的 专项报告 一、募集资金基本情况 （一）非公开发行 A 股股票 根据公司2020年第一次临时股东大会决议，并经中国证券监督管理委员会证 监许可 [2020]1863号文核准，本公司由主承销商中信证券股份有限公司（以下 简称"中信证券"）采用非公开发行方式发行人民币普通股(A股)股票148,678,071 股，发行价格为32.15元/股，募集资金总额4,779,999,982.65元，扣除各项发行 费用28,781,771.76元（不含税）后，实际募集资金净额4,751,218,210.89元。 上述募集资金到账情况已经立信会计师事务所（特殊普通合伙）审验，并出具《验 资报告》（信会师报字[2020]第ZG11873号）。 注 1：销户转出金额 14,035,118.35 元，为账户剩余利息收入。 注 2：尚未使用的募集资金金额-16,133,635.97 元，为累计使用募集资金金额大于募集资金净额的部分，资 金来源是募集资金账户利息收入扣除手续费支出后的余额。 项目 金额（元） 募集资金净额 4,751,218,210.89 减：累计使 ...

关于曙光信息产业股份有限公司 非经营性资金占用及其他关联资金往来 情况的专项报告 信会师报字[2024]第 ZG16669 号 | | 目录 | | 页次 | | --- | --- | --- | --- | | | | | | | 专项报告 | | | 1-2 | | 汇总表 | | | — | i r = 1 -- 立信会计师事务所(特殊普通合伙) BDO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS 关于曙光信息产业股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZG16669 号 曙光信息产业股份有限公司全体股东: 我们审计了曙光信息产业股份有限公司(以下简称"贵公司 ")2023 年度的财务报表, 包括 2023 年 12 月 31 日的合并及母公司资产负债 表、2023 年度合并及母公司利润表、合并及母公司现金流量表、合 并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 4 月 16 日出具了报告号为信会师报字[2024]第 ZG16666 号的无保留意 见审计报告。 您可使用手机"扫一扫 ...