Group 1: Financial Performance and Shareholder Value - The company repurchased 784,041 shares in January 2024, totaling 29,996,466.63 CNY (excluding transaction fees) [1] - The company has committed to enhancing shareholder value through share buybacks and market value management [1] Group 2: Research and Development Investments - The company invested 2.444 billion CNY in R&D during the reporting period, focusing on high-end computing and core technology development [2] - Continuous investment in core technology is aimed at enhancing competitiveness in the high-end computing sector [3] Group 3: Market Position and Industry Trends - The company is expanding its computing ecosystem, completing a full industry chain layout from "chip-end-cloud-computing" [2] - Domestic server manufacturers are increasingly competitive, with a notable trend towards replacing foreign brands due to technological advancements [3] Group 4: AI and Computing Services - The company has established a nationwide integrated computing service platform to meet the growing demand for computing power driven by AI advancements [2] - The company began laying the groundwork for AI computing services in 2019, creating a network of heterogeneous computing resources [4] Group 5: Cooling Technology Innovations - The company’s immersion phase change cooling technology is leading in efficiency and commercial deployment [2] - The new integrated air-liquid cooling data center solution enhances cooling efficiency and reduces operational costs [4]

证券研究报告·公司点评报告·计算机设备 中科曙光（603019） 2023 年年报和 2024 年一季报点评：国产化 2024 年 04月 29日 与 AI 叠加，算力领军高增可期 证券分析师 王紫敬 买入（维持） 执业证书：S0600521080005 021-60199781 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E wangzj@dwzq.com.cn 证券分析师 王世杰 营业总收入（百万元） 13,008 14,353 16,499 18,809 21,254 执业证书：S0600523080004 同比（%） 15.44 10.34 14.95 14.00 13.00 wangshijie@dwzq.com.cn 归母净利润（百万元） 1,544 1,836 2,188 2,575 2,981 同比（%） 31.27 18.88 19.20 17.66 15.78 股价走势 EPS-最新摊薄（元/股） 1.06 1.25 1.50 1.76 2.04 中科曙光 沪深300 P/E（现价&最新摊薄） 45.27 38.08 31.95 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Viewpoints - The company is positioned as a leader in AI foundational ecosystem construction, with a solid foothold in computing power [1] - In 2023, the company achieved operating revenue of 14.353 billion yuan, a year-on-year increase of 10.34%, and a net profit attributable to shareholders of 1.836 billion yuan, up 18.88% year-on-year [1] - The company is actively embracing the AI market, launching software products such as DAS and AI model repository, and is expected to experience rapid growth in the AI trend [1] Financial Performance Summary - For 2023, the company reported operating revenue of 14.353 billion yuan, with a growth rate of 10.34% [2] - The net profit attributable to shareholders for 2023 was 1.836 billion yuan, reflecting an 18.88% increase [2] - The company forecasts operating revenue of 16.556 billion yuan for 2024, with a growth rate of 15.4% [2] - The projected net profit attributable to shareholders for 2024 is 2.316 billion yuan, indicating a growth rate of 26.1% [2] - The earnings per share (EPS) for 2024 is expected to be 1.58 yuan, with a price-to-earnings (PE) ratio of 29 [2] Business Strategy and Market Position - The company is focusing on a three-pronged approach to build a software and hardware ecosystem for AI, including the DAS software stack, an AI model repository, and a nationwide integrated computing power service platform [1] - The company leads the liquid cooling data center solution market with an average market share of 58.8% from 2021 to the first half of 2023 [1] - The company has successfully deployed the first integrated liquid cooling data center in the industry at South China University of Technology [1]

计算机/计算机设备 公 司 研 中科曙光（603019.SH） 业绩基本符合预期，盈利能力持续提升 究 2024年04月27日 ——公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn liuxiaoyao@kysec.cn 日期 2024/4/26 证 书编号：S0790520080001 证书编号：S0790520090001 当前股价(元) 46.59  国内智算领军，维持“买入”评级 公 一年最高最低(元) 61.20/28.72 我们维持公司 2024-2026 年归母净利润预测为 22.94、29.36、36.62 亿元，对应 司 信 总市值(亿元) 681.88 EPS 为1.57、2.01、2.50元/股，当前股价对应2024-2026 年PE 为 29.8、23.3、 息 流通市值(亿元) 677.67 18.7倍，考虑公司国产高端计算生态日益完善，维持“买入”评级。 更 新 总股本(亿股) 14.64  业绩基本符合预期，盈利能力持续提升 报 流通股本(亿股) 14.55 （1）公司发布2024年一季报，Q1实现营业收入 ...

曙光信息产业股份有限公司 2023 年度股东大会 会议材料 二〇二四年五月十日 目 录 | 1. | 2023 | 年度股东大会会议议程 | | 1 | | | --- | --- | --- | --- | --- | --- | | 2. | 2023 | 年度股东大会会议须知 | | 3 | | | 3. | 议案一 | 关于公司 | 2023 | 年度报告全文及其摘要的议案 | 4 | | 4. | 议案二 | 关于公司 | 2023 年度利润分配方案的议案 | | 5 | | 5. | 议案三 | 关于公司 | 2024 | 年度申请银行综合授信额度的议案 | 7 | | 6. | 议案四 | 关于公司 | 2024 | 年度日常关联交易预计的议案 | 11 | | 7. | 议案五 | 关于公司 | 2023 年度财务决算与 | 2024 年度财务预算报告的议案 .. | 12 | | 8. | 议案六 | 关于公司 | 2024 年度续聘审计机构的议案 | | 22 | | 9. | 议案七 | 关于公司 | 2023 | 年度董事会工作报告的议案 | 23 | | 10. | 议案八 | 关于 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,478,641,535.71, representing a year-on-year increase of 7.86%[3] - The net profit attributable to shareholders for the same period was CNY 142,577,605.46, reflecting an increase of 8.86% compared to the previous year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 56,619,262.75, which is a 16.00% increase year-on-year[3] - Total operating revenue for Q1 2024 reached ¥2,478,641,535.71, an increase of 7.85% compared to ¥2,297,997,842.11 in Q1 2023[23] - Net profit for Q1 2024 was ¥131,396,523.44, a decrease of 13.96% from ¥152,904,810.69 in Q1 2023[24] - The company reported a total comprehensive income of ¥129,655,202.36 for Q1 2024, down from ¥151,913,745.48 in Q1 2023[24] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to CNY 31,894,702,480.93, up 0.88% from the end of the previous year[4] - As of March 31, 2024, the company's total assets amounted to RMB 31,894,702,480.93, an increase from RMB 31,615,458,539.32 as of December 31, 2023, reflecting a growth of approximately 0.88%[19] - The total liabilities as of Q1 2024 were ¥12,278,054,780.98, slightly up from ¥12,134,670,654.24 in Q1 2023[20] - The total current liabilities decreased from RMB 3,000,000,000 to RMB 2,800,000,000, reflecting a reduction of about 6.67%[19] Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 493,551,141.49, indicating a significant change in cash management[3] - Cash flow from operating activities in Q1 2024 was ¥3,659,402,093.13, significantly higher than ¥2,156,786,021.22 in Q1 2023, marking an increase of 69.56%[26] - The net cash flow from operating activities was -$493.55 million, compared to -$225.87 million in the previous year, indicating a significant increase in cash outflow[27] - Total cash outflow from operating activities reached $4.15 billion, up from $2.38 billion year-over-year[27] - Cash flow from investing activities showed a net outflow of -$190.88 million, compared to -$341.23 million in the same quarter last year, reflecting improved investment management[27] - Cash flow from financing activities resulted in a net outflow of -$91.03 million, contrasting with a net inflow of $76.20 million in the previous year[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 260,058[10] - The top shareholder, Beijing Zhongke Suanyuan Asset Management Co., Ltd., holds 239,388,281 shares, accounting for 16.36% of the total shares[11] - The company has not reported any changes in the top 10 shareholders or their shareholding percentages compared to the previous period[15] Operational Metrics - The company's cash and cash equivalents decreased to RMB 6,424,303,358.75 from RMB 7,193,336,282.69, representing a decline of about 10.67%[18] - Accounts receivable increased to RMB 2,957,022,042.41 from RMB 2,528,982,167.67, marking a rise of approximately 16.91%[18] - Inventory decreased to RMB 3,158,774,217.99 from RMB 3,430,001,372.21, indicating a reduction of about 7.91%[18] - The company reported a significant increase in contract liabilities to RMB 790,300,716.93 from RMB 567,246,668.56, which is an increase of approximately 39.38%[19] Investment and R&D - Research and development expenses for Q1 2024 totaled ¥363,343,338.86, up from ¥294,469,281.78 in Q1 2023, indicating a growth of 23.39%[23] - The company's long-term equity investments increased to RMB 6,991,176,132.61 from RMB 6,909,213,796.46, showing an increase of approximately 1.18%[19] - The company has initiated a new strategy for market expansion through the development of new technologies and products, although specific details were not disclosed in the report[16] Cost Management - Total operating costs for Q1 2024 were ¥2,402,999,984.41, up from ¥2,218,317,309.54 in Q1 2023, reflecting a year-over-year increase of 8.25%[23] - The cash paid for employee compensation was $744.39 million, compared to $552.71 million in the previous year, indicating a rise in labor costs[27] - The cash paid for taxes was $301.28 million, up from $259.36 million year-over-year, reflecting increased tax obligations[27]

证券研究报告 计算机 报告日期：2024年04月 22日 业绩稳增长，有望持续受益于算力建设 ——中科曙光（603019.SH）2023 年报点评报告 华龙证券研究所 事件： 公司于2024年 4月17日发布2023年年报，2023年实现营业收 投资评级：增持（首次覆盖） 入143.53亿元，同比增长10.34%；归属于上市公司股东的净利润18.36 最近一年走势 亿元，同比增长 18.88%；归属于上市公司股东的扣除非经常性损益 的净利润12.78亿元，同比增长10.98%。 观点：  保持核心技术研发投入，高端计算机竞争力逐步提升。公司自上 市以来，持续大规模投入高端计算核心技术研发，报告期内，公 司研发投入达24.44亿元，基于国产处理器的高端计算机、IO 模 块、内置主动管控固件的募投项目顺利完成，面向金融等行业的 产品已在多家客户落地，我们认为公司高端计算机技术优势有望 市场数据 逐步累积，品牌影响力有望持续提升。 2024年04月19日  存储、液冷技术优势凸显，有望受益于智算建设浪潮。人工智能 当前价格（元） 44.67 浪潮催生大规模智算需求，多地正在加快建设智算中心和加大智 52周价格区 ...

证券代码：603019 证券简称：中科曙光 公告编号：2024-018 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： 一、说明会类型 会议召开时间：2024 年 4 月 30 日（星期二）15:30-16:30 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 曙光信息产业股份有限公司（以下简称"公司"）已于 2024 年 4 月 18 日披 露了 2023 年年度报告并将于 2024 年 4 月 26 日披露 2024 年第一季度报告，具 体内容详见上海证券交易所网站（www.sse.com.cn）。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 4 月 30 日（星期二）15:30- 16:30 在"价值在线"（www.ir-online.cn）举办公司 2023 年度暨 2024 年第一 季度业绩暨现金分红说明会，与投资者进行沟通和交流，广泛听取投资者的意见 和建议。 三、参加人员 会议召开时间：2024 年 4 月 30 日（星期二） ...

上 市 公 司 计算机 2024 年04月 21 日 中科曙光 (603019) 公 司 研 究 ——AI 算力需求拉动，盈利能力有望稳步提升 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  公司发布23年年报。据公司年报，23年全年公司实现收入143.53亿元，yoy +10.3%； 实现归母净利润18.36亿元，yoy +18.9%；实现扣非归母净利润12.78亿元，yoy +11.0%。 证 市场数据： 2024年04月19日 23Q4 单季度实现收入 65.95 亿元，yoy +17.3%，实现归母净利润 10.86 亿元， 券 收盘价（元） 44.67 研 一年内最高/最低（元） 61.2/28.72 yoy+21.9%。业绩整体符合预期。 究 市净率 3.5 报 息率（分红/股价） 0.18  IT设备毛利率提升，是主要成长动力。据公司公告，2023年公司IT设备实现营收127.80 告 流通A股市值（百万元） 64974 亿元，同比+11.6%，毛利率提升至21.9%，较去年同期+2.2pct；软件开发、系统集成及 上证指数/深证成指 3065.26/9279.4 ...

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].