证券代码：603019 证券简称：中科曙光 公告编号：2024-050 曙光信息产业股份有限公司 关于召开2024年第三季度业绩说明会的公告 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： 五、联系人及咨询办法 曙光信息产业股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 在上海证券交易所网站（www.sse.com.cn）披露了 2024 年第三季度报告。为便 于广大投资者更加全面深入地了解公司经营业绩情况，公司定于 2024 年 11 月 15 日（星期五）15:00-16:30 在"价值在线"（www.ir-online.cn）举办公司 2024 年第三季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建 议。 二、说明会召开的时间、地点和方式 会议召开时间：2024 年 11 月 15 日（星期五）15:00-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议召开时间：2024 年 11 月 15 日（星期五）15: ...

2024 年第二次临时股东大会的 法律意见书 植德京(会)字[2024]0142 号 二〇二四年十一月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于曙光信息产业股份有限公司 北京植德律师事务所 关于曙光信息产业股份有限公司 2024 年第二次临时股东大会的 法律意见书 植德京（会）字[2024]0142 号 致：曙光信息产业股份有限公司 北京植德律师事务所（以下简称"本所"）接受曙光信息产业股份有限公司 （以下简称"公司"）的委托，指派律师出席并见证公司 2024 年第二次临时股东 大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民 ...

Key Points Industry Overview 1. **Global Cloud Computing Market Capital Expenditure**: The global cloud computing market is expected to reach $400 billion in fiscal year 2024, with the next quarter seeing an investment of $150 billion. It is projected to exceed $600 billion in fiscal year 2025. [doc id='2'] 2. **Google Cloud's Performance**: Google Cloud stands out in this sector with a year-over-year growth rate of 35%, the highest among all cloud services. [doc id='2'] 3. **Amazon's Capital Expenditure**: Amazon's capital expenditure reached $200.13 billion in the third quarter, a year-over-year increase of 88%. [doc id='2'] 4. **Chinese Internet Giants' Capital Expenditure**: Alibaba, Baidu, and Tencent have shown rapid growth trends, with Alibaba's capital expenditure reaching 226 billion yuan in the first half, a year-over-year increase of more than 100%. [doc id='2'] 5. **Impact of US Export Controls**: The US Department of Commerce's additional export control regulations, effective April 4, 2024, aim to make it more difficult for China to obtain AI chips and related manufacturing tools, impacting companies like NVIDIA and AMD. [doc id='2'] Company Overview 1. **Zhongke Shuguang's Core Assets**: Zhongke Shuguang owns multiple core assets, including Haiguang Information, Zhongke Shuguang, and Shuguang Shudian. [doc id='3'] 2. **Market Value of Zhongke Shuguang and Its Core Assets**: As of November 9, Haiguang Information's market value exceeded 300 billion yuan, Zhongke Shuguang's market value was 35 billion yuan, China Trust's market value was 35 billion yuan, and Shuguang Shudian's market value was 14.5 billion yuan. Zhongke Shuguang holds 27.96% of Haiguang Information, 15.7% of Zhongke Yutai, and 62.07% of Shuguang Shudian, with a total scale exceeding 1 trillion yuan. [doc id='3'] 3. **Valuation of Zhongke Shuguang**: With an expected net profit of 20 billion yuan in 2024, Zhongke Shuguang's total valuation could reach 600 billion yuan, significantly higher than the current market valuation. [doc id='3']

Investment Rating - The report maintains a "Buy" rating for Sugon (603019 SH) [1] Core Views - Sugon achieved steady growth in revenue and net profit in Q3 2024 with total revenue of 8 041 billion yuan up 3 65% YoY and net profit attributable to shareholders of 770 million yuan up 2 57% YoY [1] - The company increased R&D investment by 14 49% YoY in the first three quarters of 2024 focusing on long-term R&D achievements [1] - Sugon is expected to benefit from the domestic substitution wave in the computing industry with its comprehensive product portfolio covering high-end computers storage security and data center products [1] - The company has invested in multiple high-quality assets forming a full industry chain layout from chips to cloud computing and is expected to strengthen its industry leadership through business synergies [1] Financial Performance - In Q3 2024 Sugon's revenue was 2 329 billion yuan down 1 19% YoY while net profit attributable to shareholders was 206 million yuan up 0 41% YoY [1] - The company's revenue for 2024E is forecasted to be 16 190 billion yuan with a YoY growth of 12 8% and net profit attributable to shareholders is expected to reach 2 159 billion yuan up 17 6% YoY [2] - Sugon's EPS for 2024E is projected to be 1 48 yuan with a P/E ratio of 36 8x [2] Industry and Competitive Position - The domestic computing industry is accelerating driven by AI and localization trends with Sugon positioned as a leading player in the domestic computing power sector [1] - Sugon's valuation is higher than peers such as Inspur Information (000977 SZ) and Unisplendour (000938 SZ) reflecting its leading position in the industry [2] Future Outlook - The report forecasts Sugon's net profit attributable to shareholders for 2024-2026 to be 2 159 billion yuan 2 616 billion yuan and 3 166 billion yuan respectively with EPS of 1 48 yuan 1 79 yuan and 2 16 yuan [2] - The company's ROE is expected to increase from 10 4% in 2024E to 12 1% in 2026E indicating improving profitability [5]

Investment Rating - The report assigns a "Buy" rating to the company for the first time, indicating a positive outlook on its future performance [1][3] Core Views - The company's revenue for the first three quarters of 2024 reached 8.041 billion yuan, a year-on-year increase of 3.65%, with net profit attributable to shareholders of 770 million yuan, up 2.57% year-on-year [1] - The company's gross margin remained stable, with a Q3 gross margin of 28.20%, an increase of 2.71 percentage points year-on-year and 2.42 percentage points quarter-on-quarter [1] - The company's investment in Haishen Information (holding 27.96%) contributed significantly, with Haishen's revenue reaching 6.137 billion yuan in the first three quarters, a year-on-year increase of 55.64%, and net profit attributable to shareholders of 1.526 billion yuan, up 69.22% year-on-year [1] - The company's liquid cooling server business, through its subsidiary Shuguang Shuchuang (indirectly holding 62.07%), is expected to benefit from the growing demand for AI-driven high-performance computing, with the domestic liquid cooling server market projected to grow at a CAGR of 47.6% from 2023 to 2028 [1][7] Industry Analysis - The server industry in 2024 is influenced by structural demand changes, with overseas markets and Huawei partners showing strong growth, while domestic internet companies are increasing capital expenditures, driving demand for white-label servers [1] - The domestic AI chip supply has not fully met market demand, but with the improvement in performance and capacity release of domestic chips, AI server demand is expected to rebound rapidly by 2025 [1] - The report highlights that the company's gross margin performance in Q3 was significantly better than its peers, reflecting the differentiation in its product and layout strategy [1] Financial Projections - The report forecasts the company's EPS for 2024-2026 to be 1.34 yuan, 1.69 yuan, and 2.13 yuan, respectively, with corresponding P/E ratios of 56.26x, 44.76x, and 35.47x based on the closing price of 75.60 yuan on November 7, 2024 [3] - Revenue is expected to grow from 15.382 billion yuan in 2024 to 20.435 billion yuan in 2026, with net profit increasing from 1.966 billion yuan in 2024 to 3.119 billion yuan in 2026 [4] - The company's gross margin is projected to remain stable, with a slight increase from 26.88% in 2024 to 26.29% in 2026, while net margin is expected to improve from 12.78% in 2024 to 15.26% in 2026 [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [3][10][19]. Core Insights - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 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][3]. - Investment income saw significant growth, reaching 412 million yuan, a year-on-year increase of 82.03%, primarily driven by the profitability of associated companies [2][3]. - The gross margin improved to 26.81%, an increase of 0.94 percentage points year-on-year, attributed to a higher proportion of self-developed products [3]. Financial Performance Summary - Revenue and Profitability: - For the first three quarters, revenue was 8.041 billion yuan, with a net profit of 770 million yuan [2]. - The third quarter alone saw revenue of 2.329 billion yuan, a decrease of 1.19% year-on-year, but net profit increased by 0.41% to 206 million yuan [2]. - Future Profit Projections: - Expected net profits for 2024, 2025, and 2026 are projected at 2.301 billion yuan, 2.833 billion yuan, and 3.395 billion yuan, respectively, with corresponding EPS of 1.57, 1.94, and 2.32 yuan [3][5]. - Valuation Metrics: - The current stock price corresponds to PE ratios of 38.44, 31.23, and 26.06 for the years 2024, 2025, and 2026, respectively [3][5].

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].