Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is constructing a complete domestic computing power ecosystem, continuously enhancing its profitability [4] - In the AI computing era, the company is deepening its full-stack intelligent computing capabilities [4] - The company is positioned to benefit significantly from the growth in AI computing power, domestic innovation, and liquid cooling technology [4] Summary by Sections 1. Building a Complete Domestic Computing Power Ecosystem - The company has grown into a leading domestic high-performance computing enterprise, achieving a complete layout of the computing power industry chain from chips to cloud services [10] - The company's profitability has shown resilience, with a sales gross margin of 29.16% in 2024, an increase of 2.90 percentage points year-on-year, and a net profit margin of 15.16%, up 2.08 percentage points year-on-year [22][24] 2. AI Computing Era, Deepening Full-Stack Intelligent Computing Capabilities - The intelligent computing industry is rapidly developing under dual drives of industry and policy, with the company actively laying out the AI computing power industry chain [4] - The company has launched the DeepSeek-R1 model, which significantly enhances AI model inference capabilities and lowers usage barriers [30] - The company is enhancing its AI service offerings, including the release of the DeepAI intelligent engine and the establishment of a national integrated computing power service platform [4] 3. Liquid Cooling Technology Welcomes Development Opportunities - The global demand for computing power is rapidly increasing, leading to a rise in chip power consumption and data center power density, making liquid cooling a preferred solution [4] - The company's subsidiary, Shuguang Shuchuang, is a leader in domestic liquid cooling technology, with its third-generation C8000 immersion liquid cooling solution achieving a power density of over 750 kW [4] - The company has secured international projects, laying a foundation for future growth in overseas markets [4] 4. Investment Strategy - The report suggests maintaining a "Buy" rating, as the company is well-positioned to benefit from the AI infrastructure boom and the development of liquid cooling technology [4] - The expected earnings per share (EPS) for 2025-2027 are projected to be 1.57, 1.88, and 2.26 yuan, with corresponding price-to-earnings (PE) ratios of 42, 35, and 29 times [4]

Group 1 - The Shanghai Composite Index opened lower but rose throughout the day, with the Shanghai Small and Medium Cap Index increasing by 0.08% to 4325.51 points and a trading volume of 170.192 billion yuan [1] - Over the past month, the Shanghai Small and Medium Cap Index has decreased by 0.82%, down 1.57% over the last three months, but has increased by 0.42% year-to-date [1] - The index categorizes listed companies in the Shanghai market into different sizes based on market capitalization and trading volume, reflecting the overall performance of various scales of listed companies [1] Group 2 - The top ten weighted stocks in the Shanghai Small and Medium Cap Index include Guotai Junan (1.96%), Jiangsu Bank (1.45%), Pudong Development Bank (1.28%), Minsheng Bank (1.04%), Zhongke Shuguang (1.0%), Shanghai Bank (0.98%), Fuyao Glass (0.96%), Huatai Securities (0.94%), Beijing Bank (0.94%), and Lanke Technology (0.89%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Group 3 - In terms of industry composition, the financial sector accounts for 23.27%, industrial sector for 21.91%, information technology for 14.94%, materials for 12.17%, consumer discretionary for 7.14%, healthcare for 6.55%, utilities for 4.25%, consumer staples for 3.41%, energy for 2.97%, telecommunications for 2.45%, and real estate for 0.95% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, typically not exceeding 10% of the sample [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of sample companies or corporate actions like mergers and acquisitions [2]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [2][4] Core Views - The company is actively extending its layout in the computing ecosystem by launching products and solutions in storage, cybersecurity, big data, and cloud computing, achieving a full industry chain layout [2] - The company has invested in several quality assets, forming comprehensive coverage of the computing power industry chain, from upstream chips and server hardware to downstream cloud service providers [2] - With the expansion of capital expenditure by downstream customers and continuous optimization of products for generative AI scenarios, the company is expected to enhance its competitive advantage and accelerate the commercialization of new-generation products [2] Financial Performance Summary - In 2024, the company achieved operating revenue of 13.148 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 1.911 billion yuan, a year-on-year increase of 4% [1][4] - For Q4 2024, the company reported operating revenue of 5.106 billion yuan, a year-on-year decrease of 23%, and a net profit attributable to shareholders of 1.142 billion yuan, a year-on-year increase of 5% [1][4] - The direct sales model generated revenue of 12.191 billion yuan, down 12% year-on-year, with a gross margin of 29.60%, up 0.93 percentage points from 2023 [1] - The distribution model generated revenue of 910 million yuan, down 16% year-on-year, with a gross margin of 22.25%, up 0.07 percentage points from 2023 [1] - The company effectively controlled accounts receivable, which amounted to 2.268 billion yuan at the end of 2024, a year-on-year decrease of 10% [1] Future Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.805 billion yuan, 3.489 billion yuan, and 3.996 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 46.8%, 24.4%, and 14.5% [2][3]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] - The company is focusing on high-value-added products and services, which has led to an increase in gross margin to 29.16%, up by 2.90 percentage points from the previous year [3][4] Financial Performance - In Q4 2024, the company reported a revenue of 51.06 billion yuan, a year-on-year decrease of 22.57%, but the net profit attributable to shareholders was 11.42 billion yuan, a year-on-year increase of 5.16% [2][3] - The company's IT equipment business generated revenue of 117.06 billion yuan in 2024, down 8.40% year-on-year, while software development and system integration services brought in 13.95 billion yuan, down 10.94% [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 due to strategic transformation and management optimization [3] Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.53, 1.81, and 2.04 respectively, with corresponding PE ratios of 46.52, 39.23, and 34.78 [6][7] - Revenue projections for 2025, 2026, and 2027 are 146.46 billion yuan, 164.99 billion yuan, and 182.99 billion yuan, respectively, indicating a recovery and growth trajectory [7][10]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company's profitability has significantly improved, and its AI ecosystem layout is accelerating [1][4] - In 2024, the company achieved a revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 19.11 billion yuan, a year-on-year increase of 4.10% [2][3] Financial Performance Summary - In 2024, the company's IT equipment business generated revenue of 117.06 billion yuan, down 8.40% year-on-year, while software development, system integration, and technical services generated 13.95 billion yuan, down 10.94% year-on-year [3] - The company's gross margin increased to 29.16%, up 2.90 percentage points from the previous year, due to a strategic shift towards high-value-added products and services [3] - The net profit margin improved from 13.08% in 2023 to 15.16% in 2024 [3] Future Earnings Estimates - The company is expected to achieve EPS of 1.53, 1.81, and 2.04 for the years 2025, 2026, and 2027, respectively [6] - Corresponding P/E ratios for these years are projected to be 46.52, 39.23, and 34.78 [6] AI Ecosystem Development - The company has accelerated its AI ecosystem layout with the launch of products like DeepAI and DeepSeek, enhancing its competitive position in the domestic computing power market [4][5]

| 1. | 2024 | 年度股东大会会议议程 | 1 | | --- | --- | --- | --- | | 2. | 2024 | 年度股东大会会议须知 | 3 | | 3. | 议案一 | 关于公司 2024 年度报告全文及其摘要的议案 | 4 | | 4. | 议案二 | 关于公司 2024 年度利润分配方案的议案 | 5 | | 5. | 议案三 | 关于公司 2025 年度申请银行综合授信额度的议案 | 6 | | 6. | 议案四 | 关于公司 2025 年度日常关联交易预计的议案 | 11 | | 7. | 议案五 | 关于公司 2025 年度聘任审计机构的议案 | 14 | | 8. | 议案六 | 关于公司 2024 年度董事会工作报告的议案 | 15 | | 9. | 议案七 | 关于公司 2024 年度监事会工作报告的议案 | 27 | | 10. | 议案八 | 关于回购注销部分限制性股票的议案 | 31 | | 11. | 议案九 | 关于修订公司章程的议案 | 33 | | 12. | 议案十 | 关于修订《股东大会议事规则》的议案 | 39 | 目 录 曙光信息产业股份有 ...

证券代码：603019 证券简称：中科曙光 公告编号：2025-025 曙光信息产业股份有限公司 关于召开2024年度业绩暨现金分红说明会的公告 一、说明会类型 曙光信息产业股份有限公司（以下简称"公司"）已于 2025 年 3 月 5 日在 上海证券交易所网站（www.sse.com.cn）披露了《2024 年度报告》及《2024 年 度利润分配方案》等公告。为便于广大投资者更加全面深入地了解公司的经营业 绩、分红方案等情况，公司定于 2025 年 3 月 18 日（星期二）15:30-16:30 在"价 值在线"（www.ir-online.cn）举办 2024 年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。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 03 月 18 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 会议召开时间：2025 年 3 月 18 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 ...

证券代码：603019 证券简称：中科曙光 公告编号：2025-026 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 曙光信息产业股份有限公司董事会 曙光信息产业股份有限公司 关于股东大会开设网络投票提示服务的公告 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2025年3月5日披露关于 召开2024年度股东大会的通知，拟于2025年3月31日14:00以现场投票和网络投票 相结合的方式召开2024年度股东大会，详见公司《中科曙光关于召开2024年度股 东大会的通知》（公告编号：2025-024）。 为更好的服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案 情况等信息 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company demonstrates resilient profitability while accelerating the construction of a domestic computing power ecosystem [1][3] - Despite a short-term revenue decline due to international circumstances and intensified industry competition, the company's overall profitability has improved through product repositioning and strategic marketing adjustments [3] - The company has launched the DeepSeek hyper-converged integrated machine, which is expected to see rapid growth in 2025, catering to high-security clients such as state-owned enterprises and financial institutions [3] Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 131.48 billion yuan, a year-on-year decrease of 8.40%, while net profit attributable to shareholders was 19.11 billion yuan, an increase of 4.1% [3][4] - The company achieved a gross margin of 29.16% for the full year 2024, up by 2.9 percentage points year-on-year, with IT equipment gross margin at 27.34%, an increase of 5.48 percentage points [3] - The projected net profit for 2025 is estimated at 22.65 billion yuan, reflecting a growth rate of 18.52% [4][6] Business Strategy and Outlook - The company is leveraging its technological and product advantages to extend its layout into the computing ecosystem, launching products in storage, cybersecurity, big data, and cloud computing [3] - Investments in high-quality assets such as Haiguang Information and Dawn Data Creation are expected to enhance synergy with the company's core business [3] - The company anticipates stable growth in performance driven by its full industry chain collaboration advantages [3][4]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company demonstrates resilient profitability while accelerating the construction of a domestic computing power ecosystem [1][3]. - Despite a short-term revenue decline due to international circumstances and intensified industry competition, the company's overall profitability has improved through product repositioning and strategic marketing adjustments [3]. - The company has launched the DeepSeek hyper-converged integrated machine, which is expected to see rapid growth in 2025, catering to high-security clients such as state-owned enterprises and financial institutions [3]. Financial Performance Summary - For the fiscal year 2024, the company reported a revenue of 13.148 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 1.911 billion yuan, an increase of 4.10% [3][4]. - The gross profit margin for 2024 was 29.16%, up by 2.9 percentage points year-on-year, with a quarterly gross margin of 32.86% in Q4 2024, reflecting a 6.15 percentage point increase from the previous year [3]. - The company forecasts net profits of 2.265 billion yuan, 2.720 billion yuan, and 3.276 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of 18.52%, 20.06%, and 20.48% [3][4][6]. Financial Metrics Forecast - Projected revenue growth rates for 2025, 2026, and 2027 are 8.01%, 10.30%, and 13.82%, respectively [4][6]. - The estimated diluted EPS for 2025, 2026, and 2027 are 1.55 yuan, 1.86 yuan, and 2.24 yuan, with corresponding P/E ratios of 46.56, 38.78, and 32.19 [4][6]. - The company is expected to maintain a gross margin of 30.67% in 2025, increasing to 32.03% by 2027 [4][6].