证券代码：603019 证券简称：中科曙光 公告编号：2024-037 曙光信息产业股份有限公司 关于参加"2024 年度天津辖区上市公司半年报业绩 说明会暨投资者网上集体接待日"活动的公告 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个别及连带责任。 重要内容提示： ●会议类型：2024 年度天津辖区上市公司半年报业绩说明会暨投资者网上 集体接待日 ●会议时间：2024 年 9 月 3 日（周二）下午 15:00-16:30 ●会议地点：全景路演（http://rs.p5w.net） ●会议方式：网络在线交流 一、会议主题 曙光信息产业股份有限公司（以下简称"公司"）为便于广大投资者更深入 全面地了解公司情况，定于 2024 年 9 月 3 日（周二）下午 15:00-16:30 期间参 加"2024 年度天津辖区上市公司半年报业绩说明会暨投资者网上集体接待日"。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （http://rs.p5w.net）参与本次互动交流。 二、会议召开时间及地点 会议时间：2024 年 9 ...

2024年08月26日 计算机 公 司 报 告 证 券 研 究 报 告 中科曙光(603019.SH) 上半年业绩实现稳健增长，计算产业布局持续深化 推荐 ( 维持) 事项： 股价:35.68元 主要数据 | --- | --- | |-------------------|----------------------------| | 行业 | 计算机 | | 公司网址 | www.sugon.com | | 大股东/持股 | 北京中科算源资产管理有限公 | | | 司/16.36% | | 实际控制人 | 中国科学院计算技术研究所 | | 总股本(百万股) | 1,463 | | 流通A股(百万股) | 1,459 | | 流通B/H股(百万股) | | | 总市值(亿元) | 522 | | 流通A股市值(亿元) | 520 | | 每股净资产(元) | 12.98 | | 资产负债率(%) | 38.2 | 行情走势图 证券分析师 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWE ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue of 5.712 billion yuan for the first half of 2024, representing a year-on-year growth of 5.77%. The net profit attributable to shareholders was 563 million yuan, up 3.38% year-on-year, while the non-recurring net profit was 366 million yuan, showing a significant increase of 20.00% [2][7] - The hardware segment showed stable growth, while software development and system integration experienced rapid growth. The IT equipment business generated 5.126 billion yuan, a 3.98% increase year-on-year, and the software development and system integration business reached 584 million yuan, growing by 24.77% [7] - The company continues to invest in R&D, with expenses reaching 625 million yuan in the first half of 2024, a 6.93% increase year-on-year. This investment supports the development of high-end computing products and enhances market competitiveness [7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 26.25%, an increase of 0.21 percentage points year-on-year. In Q2 2024, the revenue was 3.233 billion yuan, with a net profit of 421 million yuan, reflecting a 1.64% year-on-year growth [2][7] - The company forecasts revenues of 17.067 billion yuan, 20.088 billion yuan, and 23.362 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 18.91%, 17.70%, and 16.30% [7][8] - The earnings per share (EPS) are projected to be 1.56 yuan, 1.88 yuan, and 2.25 yuan for the years 2024, 2025, and 2026, with a three-year compound annual growth rate (CAGR) of 21.53% [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company is positioned as a leader in domestic intelligent computing, with a comprehensive AI computing ecosystem being developed. Despite external environmental changes, the company has adjusted its net profit forecasts for 2024-2026 to 2.1 billion, 2.601 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 25.3, 20.5, and 16.4 times for 2024-2026 [3]. Financial Performance Summary - In 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 the parent company was 563 million yuan, up 3.38% year-on-year, while the net profit after deducting non-recurring gains and losses was 366 million yuan, reflecting a growth of 20.0% [4]. - The company's gross profit 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, showing increases of 0.56, 0.03, and 0.12 percentage points year-on-year [4]. - The net cash flow from operating activities for the first half of 2024 was -934 million yuan, a decline attributed to reduced cash outflows for purchasing goods due to inventory consumption from the previous year [4]. Product and Market Strategy - The company is focusing on domestic opportunities by developing high-end computing products such as immersion liquid-cooled blade servers and AI workstations. It aims to enhance system stability by accelerating the introduction of domestic core components and exploring optimal networking practices [5]. - The company is actively 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].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][3]. Core Views - The company achieved steady revenue growth, with a total revenue of 5.712 billion yuan for the first half of 2024, representing 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 after deducting non-recurring gains and losses increased by 20% to 366 million yuan [2][3]. - The company is in a phase of continuous investment in computing power, with significant support for domestic computing power initiatives. The government has introduced various policies to promote the development of domestic computing power, and the company’s storage and computing products have gained recognition across multiple industries [3][4]. - The company is expected to benefit from the ongoing construction of computing power infrastructure and has a positive long-term development outlook, with projected net profits of 2.302 billion, 2.834 billion, and 3.398 billion yuan for 2024, 2025, and 2026, respectively [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 5.712 billion yuan, a 5.77% increase year-on-year, and a net profit of 563 million yuan, a 3.38% increase year-on-year. The net profit after deducting non-recurring items was 366 million yuan, reflecting a 20% increase [2][3]. - The gross margin for the first half of 2024 was 26.25%, slightly up from 26.04% in the same period last year, indicating stable profitability [2][3]. Computing Power Development - The company is actively involved in the construction of computing power infrastructure, with strong government support for domestic computing initiatives. Various local governments have introduced policies to promote the use of domestic chips in computing centers [3][4]. - The company has participated in the construction and operation of computing power service platforms in cities like Beijing, Chongqing, and Qingdao, contributing to the national integrated computing power network [3][4]. Profit Forecast - The company’s net profit forecasts for 2024, 2025, and 2026 are 2.302 billion, 2.834 billion, and 3.398 billion yuan, respectively, with corresponding earnings per share (EPS) of 1.57, 1.94, and 2.32 yuan [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 53 yuan, compared to the current price of 36.51 yuan [1]. Core Views - The company has a complete ecosystem for high-end computing products, showing stable growth in net profit excluding non-recurring items, with a 20% increase in the first half of 2024 [1]. - The company is expected to benefit from the ongoing domestic substitution policies and the AI wave, with a projected net profit of 22.38 billion yuan for 2024, growing to 31.90 billion yuan by 2026 [1][2]. - The company is actively building a "National Integrated Computing Power Service Platform" to accelerate AI hardware and software collaboration [1]. Financial Performance Summary - In the first half of 2024, the company achieved operating revenue of 5.712 billion yuan, a year-on-year increase of 5.77%, and a net profit of 563 million yuan, up 3.38% [1]. - The gross profit margin for the first half of 2024 was 26.25%, an increase of 0.21 percentage points year-on-year, while the net profit margin was 9.93%, a decrease of 0.98 percentage points [1]. - The company’s sales in Q2 2024 reached 3.233 billion yuan, with a year-on-year growth of 4.21% and a net profit of 310 million yuan, reflecting a 20.76% increase [1]. Future Projections - The company’s total revenue is projected to grow from 14.353 billion yuan in 2023 to 22.095 billion yuan by 2026, with a compound annual growth rate of approximately 15.8% [2]. - The net profit is expected to increase from 1.836 billion yuan in 2023 to 3.190 billion yuan in 2026, with a growth rate of 18.1% [2]. - Earnings per share are forecasted to rise from 1.25 yuan in 2023 to 2.18 yuan in 2026, indicating a strong upward trend in profitability [2].

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].