[资T料ab来l源e_：RWepinodr，t信Cl达o证si券n研g]发中心预测; 股价为 2024 年 3 月 29 日收盘价 市净率 P/B（倍） 5.40 4.96 4.50 4.11 3.70 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|--------|--------|-------|--------------------|------------------|-----------------------|-------|---------|-------|--------------------|----------------| | 资产负债表 \n会计年度 | 2022A | 2023A | 2024E | 单位 : \n 2025E | 百万元 \n 2026E | 利润表 \n 会计年度 | 2022A | \n2023A | 2024E | 单位 : \n 2025E | 百万元 \n2026E | | 流动资产 | 2,975 ...

证券研究报告 2024 年 03 月 31 日 公 司 报 告│ 公 司 年 报 点 评 泛微网络(603039) AI 办公产品持续推进，信创适配范围扩展 事件： 泛微网络发布 2023 年年度报告，2023 年公司实现营收 23.93 亿元，同比 增长 2.65%；归母净利润 1.79 亿元，同比下降 19.99%；扣非归母净利润 1.48 亿元，同比增长 20.21%；毛利率为 93.94%，同比上升 0.71pct。单季 度来看，第四季度公司实现营收 9.96 亿元，同比增长 0.87%；归母净利润 1.67亿元，同比增长67.76%；扣非归母净利润1.61亿元，同比增长114.44%， 毛利率为 94.07%，同比下降 1.07pct。 ➢ e.cology 营收稳定，完善营销服务体系 主营业务中，e.office 营收 0.21 亿元，同比下降 14.17%；e.cology 营收 为 9.19 亿元，同比增长 1.36%；技术服务营收 13.33 亿元，同比增长 9.67%； 第三方产品营收 1.21 亿元，同比增长 33.33%。公司以"增百城、绽新品、 拓海外"为战略目标，进一步完善各市场区 ...

Financial Performance - The net profit attributable to shareholders for 2023 is RMB 178,682,564.54, while the parent company achieved a net profit of RMB 186,474,516.82[6]. - The total distributable profit for 2023, after accounting for previous undistributed profits and cash dividends, amounts to RMB 1,212,262,548.03[6]. - The proposed cash dividend is RMB 1.50 per 10 shares, resulting in a total cash dividend distribution of RMB 39,090,460.95 based on the total share capital of 260,603,073 shares[6]. - The company's operating revenue for 2023 was CNY 2,393,192,535.19, representing a 2.65% increase compared to CNY 2,331,483,695.41 in 2022[25]. - The net profit attributable to shareholders for 2023 was CNY 178,682,564.54, a decrease of 19.99% from CNY 223,336,614.78 in 2022[25]. - The basic earnings per share for 2023 was CNY 0.69, down 19.77% from CNY 0.86 in 2022[27]. - The total assets at the end of 2023 were CNY 3,903,597,354.40, reflecting a 10.16% increase from CNY 3,543,495,756.66 at the end of 2022[25]. - The company's net assets attributable to shareholders increased by 8.81% to CNY 2,079,487,083.62 at the end of 2023, compared to CNY 1,911,057,632.21 at the end of 2022[25]. - The cash flow from operating activities for 2023 was CNY 240,576,450.18, which is a 3.17% increase from CNY 233,175,254.38 in 2022[25]. - The weighted average return on equity for 2023 was 8.67%, a decrease of 3.11 percentage points from 11.78% in 2022[27]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The board of directors has ensured the authenticity, accuracy, and completeness of the annual report[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures for providing guarantees to external parties[8]. - The company has implemented measures to ensure the independence of its operations from its controlling shareholders[162]. - The company has not reported any significant changes in competition or business operations that would affect its independence[162]. - The company has established a comprehensive governance structure, adhering to legal and regulatory requirements to protect shareholder rights[156]. - The board of directors consists of nine members, including three independent directors, ensuring compliance with governance standards[157]. - The supervisory board is responsible for overseeing the company's financial status and ensuring compliance by management[158]. - The company has implemented an independent director system to safeguard the interests of minority shareholders[159]. Risk Management - The report includes a risk statement regarding forward-looking statements, indicating potential uncertainties[7]. - The company has described the risks it faces in the management discussion and analysis section of the report[9]. - The company recognizes the risk of increased competition in the collaborative management and mobile office software market as it expands[152]. - The company is focused on talent retention and development to mitigate risks associated with human resources, ensuring service quality and continuity[152]. Product Development and Innovation - The company plans to continue expanding its market presence and invest in new product development to drive future growth[25]. - The company launched the "Little e" intelligent middleware platform, which operates 24/7 and is based on a large language model, enhancing organizational efficiency through structured data processing[35]. - The new generation digital operation platform E10 was optimized, adding over 1,500 new features and supporting both private and public cloud environments[37]. - The low-code platform e-builder was enhanced, with over 200 new visual components added, improving the efficiency of building business scenarios[38]. - The company has introduced a low-code development platform E-builder, enabling clients to build digital applications independently, and optimized document management and meeting management modules using large model and trusted digital technology[41]. - The company has developed a customer service management solution that includes automated customer service processes and knowledge management to improve service efficiency[98]. - The company has enhanced its procurement management solution, creating a comprehensive digital procurement system that supports mobile access and internal-external collaboration[89]. - The company has deepened its contract management solution, enabling full-cycle management of various contract types and integrating digital identity verification and electronic signatures[90]. - The company is investing heavily in R&D, with a budget increase of 30% for new technology development in 2024[173]. Market Strategy and Expansion - The company has initiated a global partner recruitment plan to expand its overseas market presence, establishing localized service teams in 7 countries including Australia and the UAE[44]. - The company plans to enhance its product line and technology development, focusing on iterative upgrades and launching new smart office product versions in 2024[149]. - The company aims to expand its marketing service network by establishing new service points in new regions and enhancing local marketing services[150]. - The company will continue to promote its brand through user experience events in nearly 100 cities, targeting both first-tier and many second- and third-tier cities[149]. - The company plans to adjust the employee stock ownership plan price in June 2023[185]. - The company plans to enhance its technical innovation system and product design to meet industry-specific customer needs, ensuring its advanced position in the market[152]. Governance and Management - The company has maintained a steady and healthy development trend, achieving its planned economic targets for 2023[80]. - The company held its annual general meeting on April 10, 2023, where several key proposals were approved, including the 2022 annual report and the profit distribution plan[165]. - The company has a diverse board with independent directors holding no shares, reflecting a governance structure focused on oversight[170]. - The management team includes individuals with extensive experience in various sectors, enhancing strategic decision-making capabilities[170]. - The company has maintained transparency in its remuneration practices, ensuring alignment with performance outcomes[177]. - The company has implemented a competitive annual salary structure for its directors and senior management based on performance evaluations[177]. - The company has faced regulatory scrutiny, including multiple warning letters issued to its executives[180]. Employee and Workforce - As of the end of the reporting period, the total number of employees in the parent company and major subsidiaries was 1,672, with 799 in the parent company and 873 in subsidiaries[195]. - The employee composition includes 732 sales personnel, 880 technical staff, 16 financial staff, and 44 administrative staff[195]. - The company has a comprehensive salary policy that includes basic salary, performance salary, and annual performance bonuses linked to individual and company performance[197]. - The company emphasizes training programs aimed at enhancing managerial capabilities and product knowledge to better meet customer needs[198]. Future Outlook - The company provided an optimistic outlook for Q4 2023, projecting revenue growth of 10% to 12%[173]. - New product launches are expected to contribute an additional 200 million in revenue in the next quarter[173]. - Market expansion plans include entering two new international markets by mid-2024, targeting a 5% market share in each[173]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 500 million allocated for potential deals[173].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company reported a revenue of 2.39 billion RMB in 2023, reflecting a year-on-year growth of 2.6%. The net profit attributable to shareholders after deducting non-recurring items was 150 million RMB, showing a significant increase of 20.2% [7] - The company aims to expand its market presence with strategies focused on increasing service teams and enhancing product applications, while also targeting overseas markets [10] - Future revenue projections for 2024 to 2026 are estimated at 2.59 billion, 2.82 billion, and 3.06 billion RMB, respectively, with growth rates of 8.4%, 8.6%, and 8.7% [11] Financial Summary - Revenue (in million RMB): - 2022: 2,331 - 2023: 2,393 - 2024E: 2,594 - 2025E: 2,817 - 2026E: 3,062 - Net Profit (in million RMB): - 2022: 223 - 2023: 179 - 2024E: 189 - 2025E: 199 - 2026E: 212 - Earnings Per Share (in RMB): - 2022: 0.857 - 2023: 0.686 - 2024E: 0.725 - 2025E: 0.765 - 2026E: 0.812 - Price-to-Earnings (P/E) Ratio: - 2022: 58.83 - 2023: 68.40 - 2024E: 53.78 - 2025E: 50.97 - 2026E: 48.02 [5][11]

泛微网络科股份有限公司 2023年度董事会审计委员会履职情况报告 根据《公司法》、《证券法》、《上市公司治理准则》、《上海证券交易所 股票上市规则》、《上海证券交易所上市公司自律监管指引第1号——规范运作》 和《公司章程》等相关规定，作为公司审计委员会成员，现就2023年度工作情况 向董事会作如下报告： 一、审计委员会基本情况 公司于 2020 年 7 月 20 日召开第四届董事会第一次会议确定公司第四届董事 会审计委员会成员为独立董事赵国红先生、独立董事洪亮先生和董事李致峰先生， 由独立董事赵国红先生担任召集人。 报告期内，审计委员会召开6次会议，具体情况如下： 1、2023年3月17日，第四届董事会审计委员会第十一次会议审议通过《2022 年度审计报告》、《2022年年度报告及摘要》、《2022年度泛微网络董事会审计 委员会履职情况报告》、《2022年度内部控制评价报告》、《2022年度内部控制 审计报告》、《关于继续聘请天健会计师事务所（特殊普通合伙）为公司审计机 构的议案》、《2022年度募集资金存放与实际使用情况的专项报告》、《关于确 认2022年度日常关联交易执行情况及2023年日常关联交易预计的 ...

第五届监事会第七次会议决议公告 本公司监事会及全体监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。 证券代码：603039 证券简称：泛微网络 公告编号：2024-012 泛微网络科技股份有限公司 泛微网络科技股份有限公司第五届监事会第七次会议于 2024 年 3 月 27 日召 开。会议应到监事三名，实到三名，符合《公司法》和《公司章程》的规定。会 议由刘筱玲主持，会议经表决形成决议如下： 1、以 3 票同意，0 票反对，0 票弃权，审议通过了《关于<2023 年度监事会 工作报告>的议案》，该议案需提交股东大会审议。 2、以 3 票同意，0 票反对，0 票弃权，审议通过了《关于<2023 年度审计报 告>的议案》，该议案需提交股东大会审议。 3、以 3 票同意，0 票反对，0 票弃权，审议通过了《关于<2023 年年度报告 及摘要>的议案》，该议案尚需提交股东大会审议。 监事会在审阅公司 2023 年年度报告及其摘要后，认为公司 2023 年年度报告 及其摘要符合相关规定，并能充分反映公司报告期内的财务状况和经营成果，所 披露的信息真实、准确 ...

关于泛微网络科技股份有限公司 2、 附表 委托单位：泛微网络科技股份有限公司 审计单位：天健会计师事务所（特殊普通合伙） 联系电话：021-52662600-6109 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 第 2 页 共 10 页 第 3 页 共 10 页 第 4 页 共 10 页 第 6 页 共 10 页 关于泛微网络科技股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况表 非经营性资金占 用 资金占用方 名称 占用方与上市 公司的关联关 系 上市公司 核算的会 计科目 2023 年 期初占用 资金余额 2023 年度 占用累计 发生金额 (不含利 息) 2023 年度 占用资金 的利息 (如有) 2023 年度 偿还累计 发生金额 2023 年 期末占用 资金余额 占用形成原因 占用性质 现控股股东、实 际控制人及其附 属企业 非经营性占用 小计 / / / / / 前控股股东、实 际控制人及其附 属企业 非经营性占用 小计 / / / / / 其他关联方及其 附属企业 非经营性占用 小计 / / / / / 总计 / / / / / 其 ...

证券代码：603039 证券简称：泛微网络 公告编号：2024-019 泛微网络科技股份有限公司 根据公司《2023 年员工持股计划管理办法》规定，本次员工持股计划存续期 届满或提前终止时，相关权益由管理委员会收回，收回价格为该份额所对应标的 股票的原始出资金额，管理委员会有权决策相关权益的处置方式。若届时本计划 项下标的股票存在无法全部售出的情形，具体处置办法由管理委员会确定。 公司终止实施 2023 年员工持股计划不存在损害公司及全体股东利益的情形， 一、持有人会议召开情况 泛微网络科技股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日以现 场和通讯相结合的方式召开了 2023 年员工持股计划（以下简称"本员工持股计 划"）第二次持有人会议（以下简称"持有人会议"或"会议"）。会议应出席 持有人 237 名，实际出席持有人 124 名，代表公司本员工持股计划份额 12,064.49 万份，占公司本员工持股计划总份额 15,825.64 万份的 76.23%。会议由公司员 工持股计划管理委员会主任周军锋先生召集主持，本次会议的召集、召开及表决 程序符合相关法律法规、规范性文件及本员工持股计划 ...

泛微网络科技股份有限公司 2023 年度独立董事述职报告 作为泛微网络科技股份有限公司（以下简称"公司"）的独立董事，2023 年度，我根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、《公 司章程》、《关于加强社会公众股股东权益保护的若干规定》和公司《独立董事 工作制度》等规章制度的规定，独立履行独立董事职责，维护公司股东尤其是中 小股东的合法权益。 一、独立董事基本情况 2020 年 7 月 15 日，公司召开 2020 年第一次临时股东大会确定公司第四届 董事会独立董事为凌旭峰先生、洪亮先生、赵国红先生；2023 年 7 月 26 日，董 事会换届选举，公司召开 2023 年第二次临时股东大会，确定公司第五届董事会 由 9 名董事组成，其中独立董事 3 人，为周静女士、程家茂先生、方洪先生。 （一）个人工作履历、专业背景以及兼职情况 赵国红，1977 年出生，中国国籍，无境外永久居留权，硕士研究生学历， 注册会计师，毕业于安徽财贸学院会计学专业，曾任上海宏力半导体制造有限公 司会计经理，库柏电气中国投资有限公司财务分析经理，巴斯夫中国有限公司亚 太区财务经理，中微半导体设备（上海）有限公司财务 ...

| | | | 一 | 、内控报告………………………………………………………第 | | 1 | — | 2 | 页 | | --- | --- | --- | --- | --- | --- | --- | | 二 | 、附件……………………………………………………………第 | | 3 | — | 6 | 页 | | | (一)本所营业执照复印件……………………………………… | | 第 | | 3 页 | | | | (二) 本所会计师执业证书复印件…………………………… | | 第 | | 4 页 | | | | (三) 签字注册会计师执业证书复印件………………… | 第 | 5 | — | 6 | 页 | 内部控制审计报告 天健审〔2024〕6-120 号 泛微网络科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了泛微网络科技股份有限公司（以下简称泛微网络公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效 ...