Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a total revenue of 91.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 8.81%. The net profit attributable to shareholders reached 890 million yuan, with a year-on-year increase of 5.04% [5][6]. - The strategic business segments are experiencing accelerated growth, particularly in cloud services and software, which saw a revenue increase of 47% year-on-year, reaching 2.07 billion yuan. The self-owned brand product business also grew by 32% to 3.87 billion yuan, driven by demand in finance, government, and telecommunications sectors [5][6]. - The company is advancing its AI-driven cloud integration strategy and has made significant progress in overseas business expansion, continuously exploring new growth opportunities [6]. Financial Performance - The gross margin for cloud services and software increased by 6.3 percentage points, with gross profit reaching 370 million yuan, a substantial growth of 126% year-on-year. The total profit for this segment rose by 32% to 76 million yuan [6]. - The self-owned brand product business also saw a gross margin increase of 1.7 percentage points, with gross profit of 430 million yuan, reflecting a year-on-year growth of 57% [6]. - The IT distribution and value-added services segment achieved a revenue of 879 billion yuan, maintaining both revenue and profit growth, supported by a recovery in the Asia-Pacific market for AI and PC consumption [6]. Future Projections - The company is expected to achieve net profits of 1.38 billion yuan, 1.63 billion yuan, and 1.91 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 17, 14, and 12 times [6].

Investment Rating - The investment rating for the company is "Buy" [1][4][10] Core Views - The report highlights significant improvement in operational quality and a gradual optimization trend in revenue structure, driven by the company's focus on AI-driven cloud services [1][4] - The company achieved a revenue of 91.571 billion yuan in the first three quarters of 2024, representing an increase of 8.81%, with a net profit attributable to shareholders of 0.894 billion yuan, up by 5.04% [1][4] - The report anticipates continued growth in revenue and net profit for the years 2024 to 2026, with projected revenues of 126.751 billion yuan, 133.412 billion yuan, and 140.680 billion yuan respectively [4][6] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 29.009 billion yuan, a 1.60% increase, while net profit decreased by 7.93% to 3.84 billion yuan [1] - The overall gross profit margin improved by 0.55 percentage points, with gross profit amounting to 21.7 billion yuan, reflecting a 24% increase [1] - Operating cash flow showed a significant increase of 283.94%, reaching 2.17 billion yuan [1] Business Segments - The revenue from cloud services and software business reached 2.07 billion yuan, growing by 47%, with a stable gross margin increase of 6.3 percentage points [1] - The proprietary brand product revenue was 3.87 billion yuan, up by 32%, with the "Xinchuang" business growing by 56% [1] - The company’s microelectronics business revenue ranked third among component distributors in mainland China [1][4] Market Opportunities - The report notes strong demand in the domestic computing market, with the company winning significant contracts in the telecommunications sector [3][4] - The company has been recognized as a leading partner in the "Kunpeng" and "Ascend" server markets, indicating a strong position in the industry [3][4] Future Outlook - The company is expected to benefit from the steady advancement of industry innovation and the increasing demand for intelligent computing, leading to sustained rapid growth in its proprietary brand business [4][6] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.10 yuan, 2.39 yuan, and 3.02 yuan respectively, with corresponding price-to-earnings (PE) ratios of 17X, 15X, and 12X [4][6]

债券代码：127100 债券简称：神码转债 证券代码：000034 证券简称：神州数码 公告编号：2024-134 神州数码集团股份有限公司 关于以集中竞价交易方式回购公司股份的报告书 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 重要提示： 1、神州数码集团股份有限公司（以下简称"公司"）拟以集中竞价交易方式回 购公司股份（以下简称"本次回购"），回购股份拟用于后续员工持股计划及/或股 权激励计划。本次回购拟使用的资金总额为不低于人民币 2 亿元（含）且不超过人民 币 4 亿元（含），回购股份的价格不超过人民币 43 元/股（含）。 2、本次回购的实施期限自公司董事会审议通过回购股份方案之日起 12 个月内。 3、根据回购金额上限、回购价格上限测算，预计可回购股份数量约为 930.23 万 股，约占公司总股本的 1.39%。具体回购股份的数量以回购期满时实际回购的股份数 量为准。 4、本次回购的资金来源为公司自有资金及股票回购专项贷款资金。 5、风险提示：本次回购存在回购股份所需资金未能筹措到位，导致回购方案无 法实施的风险；本次回购存在公司股票价格持续超出 ...

一、担保情况概述 公司近期就华夏银行股份有限公司厦门分行与子公司神州鲲泰（厦门）信息 技术有限公司的授信业务签署了《最高额保证合同》，担保金额人民币 1 亿元， 提供连带责任保证担保，保证期间为债务履行期限届满之日起三年。 公司近期就华夏银行股份有限公司广州分行与子公司广州神州数码信息科 技有限公司的授信业务签署了《最高额保证合同》，担保金额人民币 1.5 亿元， 提供连带责任保证担保，保证期间为债务履行期限届满之日起三年。 公司近期就深圳市正东通讯科技有限公司与子公司北京神州数码有限公司 的贸易事项签署了《担保合同》，担保金额为人民币 2000 万元，提供连带责任 保证担保，保证期间为债务履行期限届满之日起六个月。 二、被担保人基本情况 | | | 债券代码：127100 债券简称：神码转债 神州数码集团股份有限公司 关于为子公司担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 神州数码集团股份有限公司（以下简称"公司"）2024 年 3 月 27 日召开的 第十届董事会第四十次会议、2024 年 4 月 22 日召开的 2023 年年度股东大会 ...

关于回购股份事项前十名股东和前十名无限售条件股东 | 证券代码：000034 | 证券简称：神州数码 | 公告编号：2024-133 | | --- | --- | --- | | 债券代码：127100 | 债券简称：神码转债 | | 神州数码集团股份有限公司 持股信息的公告 序号 股东名称 持股数量 （股） 占无限售流通 股份比例（%） 1 中国希格玛有限公司 47,793,415 8.65 2 郭为 38,694,451 7.00 3 深圳市宝安建设投资集团有限公司 26,261,759 4.75 4 神州数码集团股份有限公司－2024 年员工持股计划 16,002,125 2.90 5 明世伙伴私募基金管理（珠海）有限 公司－明世伙伴优选 10 号私募证券 投资基金 8,231,480 1.49 6 王晓岩 7,935,440 1.44 7 香港中央结算有限公司 7,575,622 1.37 8 神州数码集团股份有限公司－2022 6,122,500 1.11 二、 公司前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量 | 占无限售流通 | | --- | --- | --- | - ...

| | | 债券代码：127100 债券简称：神码转债 神州数码集团股份有限公司 关于增加募集资金专户并签署三方监管协议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意神州数码集团股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕2536 号）， 神州数码集团股份有限公司（以下简称"公司"）于 2023 年 12 月 21 日向不特 定对象发行了1,338.9990万张可转换公司债券，发行价格为每张人民币100元， 募集资金总额为人民币 133,899.90 万元，扣除各项发行费用后，实际募集资金 净额为 132,770.37 万元，上述款项已于 2023 年 12 月 27 日全部到位。信永中和 会计师事务所（特殊普通合伙）对公司本次募集资金到位情况进行了验证，并于 2023 年 12 月 27 日出具了《验资报告》（XYZH/2023BJAA1B0324）。 二、本次增加募集资金专项账户情况 公司第十一届董事会第五次会议审议通过了《关于部分募投项目增加实施主 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [10]. Core Insights - The company has achieved significant revenue growth in its self-owned brand segment, securing major contracts with leading clients, particularly in the telecommunications and banking sectors [4]. - For the first three quarters of 2024, the company reported a revenue of 91.57 billion yuan, representing an 8.81% year-on-year increase, and a net profit attributable to shareholders of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The company is positioned as a core partner in the "Kunpeng + Ascend" ecosystem, benefiting from the ongoing push for domestic computing power and innovation [4]. Summary by Sections Financial Performance - The company’s three main business segments have shown robust growth: 1. Cloud services and software revenue reached 2.07 billion yuan, up 47% year-on-year, with a gross margin increase of 6.3 percentage points [3]. 2. Self-owned brand product revenue totaled 3.87 billion yuan, a 32% increase year-on-year, with a gross margin rise of 1.7 percentage points. Notably, the Xinchuang business generated 3.2 billion yuan, up 56%, and AI server revenue surged by 226% to 700 million yuan [3]. 3. IT distribution and value-added services revenue grew steadily, with a gross profit of 3.2 billion yuan, an 11% increase year-on-year [3]. Market Developments - The company has recently won significant contracts, including a major server procurement project with China Telecom, capturing 11% and 10% of the respective bidding packages [4]. - The self-owned brand, Shenzhou Kuntai, has gained high recognition from industry leaders, with expectations for continued revenue growth driven by the increasing demand for AI computing power and the ongoing promotion of domestic innovation [4]. Future Projections - Revenue forecasts for the company are optimistic, with expected revenues of 125.94 billion yuan, 132.82 billion yuan, and 140.37 billion yuan for 2024, 2025, and 2026 respectively. Net profits are projected to be 1.405 billion yuan, 1.692 billion yuan, and 1.942 billion yuan for the same years [4][6].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company has shown steady growth in the first three quarters of 2024, with a revenue of 91.57 billion yuan, representing an 8.81% year-on-year increase, and a net profit of 0.894 billion yuan, up 5.04% year-on-year [3][4] - Strategic business segments, particularly in cloud services and AI-driven initiatives, are expanding rapidly, with significant revenue growth in these areas [4][5][8] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 91.57 billion yuan, an increase of 8.81% year-on-year, and a net profit of 0.894 billion yuan, reflecting a 5.04% growth [3][4] - The gross profit margin improved to 4.49%, up 0.55 percentage points from the previous year, with gross profit increasing by 24% [4] - Operating cash flow saw a significant increase, reaching 2.17 billion yuan [4] Business Segments - The IT distribution and value-added services segment generated 87.9 billion yuan, benefiting from a recovery in the Asia-Pacific market for AI and PC demand [4] - The cloud services and software business reported a revenue of 2.07 billion yuan, a remarkable 47% increase year-on-year, with gross profit margin rising by 6.3 percentage points [5] - The self-branded product segment achieved a revenue of 3.87 billion yuan, up 32% year-on-year, with significant contributions from the AI server business, which grew by 226% [7] Future Outlook - The company is expected to continue benefiting from the trends of enterprise cloud adoption and digital transformation, as well as the growth in the AI and digital innovation sectors [8] - Profit forecasts for 2024-2026 have been adjusted, with expected net profits of 1.401 billion yuan, 1.692 billion yuan, and 2.049 billion yuan respectively [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 91.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9%. The net profit attributable to shareholders was 0.894 billion yuan, up 5% year-on-year, which aligns with market expectations [1] - Interest expenses impacted apparent profits, but adjusted profit growth met market expectations. In Q3 2024, the company achieved a revenue of 29 billion yuan, a year-on-year increase of 1.6%. The net profit attributable to shareholders decreased by 7.93% year-on-year, primarily due to interest expenses of approximately 60 million yuan related to the Shenzhen building [1][2] - The company's self-branded product revenue grew significantly, with a 32% increase to 3.87 billion yuan. The revenue from the Xinchuang business reached 3.2 billion yuan, up 56%, while AI server revenue surged by 226% to 700 million yuan [2] - The company plans to repurchase shares worth 200-400 million yuan, reflecting confidence in its long-term development [2] Summary by Sections Financial Performance - For 2024, the company forecasts total revenue of 125.973 billion yuan, with a year-on-year growth of 5.31%. The net profit attributable to shareholders is projected to be 1.471 billion yuan, a 25.57% increase [1][3] - The company’s earnings per share (EPS) is expected to reach 2.20 yuan in 2024, with a price-to-earnings (P/E) ratio of 15.82 based on the current price [1][3] Revenue Breakdown - The IT distribution and value-added services revenue reached 879 billion yuan, maintaining both revenue and profit growth, with a gross profit margin improvement leading to a gross profit of 3.2 billion yuan, up 11% year-on-year [2] - The cloud services and software business generated 2.07 billion yuan in revenue, reflecting a 47% year-on-year growth, with a gross profit margin increase of 6.3 percentage points [2] Shareholder Returns - The company intends to use its own funds and a special loan for the share repurchase, which is expected to cover about 1.39% of the total share capital [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][6]. Core Views - The company has shown stable revenue growth in the first three quarters of 2024, with total operating revenue reaching 91.571 billion yuan, an increase of 8.81% year-on-year, and a net profit attributable to shareholders of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The growth is primarily driven by the trends in "Xinchuang" (domestic innovation) and AI, with significant increases in revenue from cloud services and proprietary brand businesses, which grew by 47% and 32% respectively [4][3]. - The overall gross margin of the company improved by 0.6% year-on-year, with gross profit increasing by 24% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total operating revenue of 91.571 billion yuan, a year-on-year increase of 8.81%, and a net profit of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The gross margin for the overall business increased by 0.6% year-on-year, with gross profit rising by 24% [3]. - The revenue from cloud services and software business saw a significant increase, with a gross margin improvement of 6.3% and gross profit growth of 126% [4]. - The proprietary brand business benefited from breakthroughs in sectors such as finance, government, and telecommunications, with revenue from Xinchuang business growing by 56% and AI server business revenue increasing by 226% [4]. Market Data - As of October 30, 2024, the current stock price is 33.35 yuan, with a market capitalization of approximately 22.33 billion yuan [4][8]. - The company’s earnings per share (EPS) for 2024 is projected to be 2.11 yuan, with corresponding price-to-earnings (P/E) ratios of 15.8, 12.9, and 10.6 for the years 2024, 2025, and 2026 respectively [5][11].