神州数码(000034.SZ)/计算 机 证券研究报告/公司点评 2024 年 09 月 01 日 神州数码：24H1 增速超预期，海思分销+AI 服务器驱动增长 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------|-------------------------------------------------------|--------------|---------|---------|---------|---------| | 评级：买入（维持） [Table_Industry] \n市场价格：24.59 元 | [ 公 Ta 司 ble 盈 _F 利 in 预 anc 测 e1 及 ] \n 指标 | 估值 \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 115,880 | 119,624 | 128,104 | 137,508 | 149,239 | | 分析师：孙行臻 | ...

证券代码：000034 证券简称：神州数码 神州数码集团股份有限公司投资者关系活动记录表 编号：20240903 | --- | --- | --- | --- | --- | --- | |-------------------------|----------------------------------------------|----------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|- ...

公司报告 | 半年报点评 数云融合成效显著，服务器受益国产算力景气度提升 神州数码（000034） 证券研究报告 2024 年 09 月 04 日 投资评级 行业 计算机/IT 服务Ⅱ 6 个月评级 买入（维持评级） 当前价格 25.81元 目标价格 元 1、Q2 单季度营收增长再加速，归母净利润同比增长超 22% 24H1：24 年上半年公司实现营收 625.62 亿元，同比增长 12.52%；实现归 母净利润 5.09 亿元，同比增长 17.52%；扣非后归母净利润 4.55 亿元，同 比增长 6.14%。其中，归母净利润扣除深圳市神州数码国际创新中心（IIC） 负向影响后，同比增长 37.2%。 24Q2：单 Q2 季度公司实现营收 332.91 亿元，同比增长 16.87%，环比增长 13.73%；实现归母净利润 2.74 亿元，同比增长 22.35%；扣非后归母净利润 2.52 亿元，同比增长 32.20%。 2、AI+数云融合战略成效显著，数云服务及软件营收同比增长 62.7% 分业务看， 2024 年上半年，公司"AI 驱动的数云融合战略"取得了显著 的成效。面向直接客户、以 MSP（云管理服务 ...

[ T able_StockInfo] 2024 年 09 月 01 日 证券研究报告• 2024 年半年报点评 买入 （维持） 当前价：24.59 元 神州数码（000034）计算机 目标价：——元（6 个月） 三大业务提质升级，业绩快速增长 [Table_Summary 事件：公司发布] 2024年半年度报告，实现营业收入625.6亿元，同比增长12.5%； 实现归母净利润 5.1亿元，同比增长 17.5%；扣非归母净利润为 4.5亿元，同比 增长 6.1%。 Q2加速成长，真实利润超预期。单季度看，公司 Q2实现收入 33.3亿元，同比 增长 16.9%；实现归母净利润 2.7 亿元，同比增长 22.4%；实现扣非后归母净 利润 2.5亿元，同比增长 32.2%，收入利润增速相较 Q1均有明显加速。毛利和 费用端看，2024H1 公司综合毛利率为 4.5%，同比提升 0.75pp，销售、管理、 研发费用率分别为 1.6%（-0.03pp）、0.3%（+0.03pp）、0.3%（+0.02pp），基 本保持稳定。公司上半年财务费用为 0.8%，同比增长 0.46pp，主要因为持有的 深圳市神州数码国际创新 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance in IT distribution, self-branded products, and cloud services, with a valuation lower than the industry average [4][7] Core Views - The company's 2024H1 performance slightly exceeded expectations, with revenue growing by 12.5% YoY and net profit attributable to shareholders increasing by 17.5% YoY (37.2% YoY excluding the impact of IIC) [2] - IT distribution business remains stable, with revenue reaching 59.83 billion yuan, a 9.8% YoY increase, and gross margin improving by 0.3% [2] - Self-branded products and cloud services grew significantly, driven by the AI and domestic innovation (Xinchuang) trends, with revenue increases of 45.5% and 62.7% YoY, respectively [2] - The company's AI server business, particularly the Shenzhou Kuntai AI server, achieved a 273.3% YoY revenue growth, indicating strong potential for future growth [2] Financial Performance and Forecasts - The company's 2024-2026 net profit attributable to shareholders is forecasted to be 1.416 billion yuan, 1.730 billion yuan, and 2.114 billion yuan, respectively, with corresponding P/E ratios of 11.6x, 9.5x, and 7.8x [4][5] - Revenue is expected to grow steadily, with 2024-2026 revenue forecasts of 127.003 billion yuan, 134.447 billion yuan, and 142.620 billion yuan, representing YoY growth rates of 6.17%, 5.86%, and 6.08%, respectively [5] - Gross margin is projected to improve slightly, from 3.92% in 2022 to 4.86% in 2026, driven by the growth of high-margin self-branded and cloud services [5][10] Business Highlights - The company successfully introduced domestic semiconductor brands like Huawei HiSilicon, leveraging its leading position in IT distribution to capitalize on the domestic computing power trend [2][4] - The cloud services and software business achieved a 62.67% YoY revenue growth and a 6.82% YoY increase in gross margin, supported by the company's strategic focus on generative AI and data asset management [2] - The company's AI server business is expected to benefit from the acceleration of Xinchuang tenders, with significant revenue growth potential [2][4] Industry Comparison - The company's valuation is lower than the industry average, with 2024-2026 P/E ratios of 11.6x, 9.5x, and 7.8x, compared to the industry average of 26.0x, 22.2x, and 19.3x [4][7] - Key competitors include Aisidi (002416.SZ), Shenzhen Huaqiang (000062.SZ), and Inspur Information (000977.SZ), with the company showing stronger growth potential in self-branded and cloud services [4][7]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company reported a revenue of 62.56 billion yuan for the first half of 2024, representing a year-over-year increase of 12.5%, and a net profit attributable to shareholders of 5.1 billion yuan, up 17.5% year-over-year [4]. - The self-branded product business showed strong growth, with revenue reaching 2.66 billion yuan, a 45.5% increase year-over-year, and the gross margin improved by 1.7 percentage points [4]. - The company has established a strong customer base in key industries, including major telecommunications operators and banks [4]. - The IT distribution and value-added services segment also saw revenue growth of 9.8% year-over-year, with microelectronics distribution revenue increasing by 39.7% [4]. - The company is focusing on research and development, with R&D expenses rising by 25% year-over-year [5]. Financial Summary - For the first half of 2024, the company achieved total revenue of 62.56 billion yuan, with a year-over-year growth rate of 12.5% [6]. - The net profit attributable to shareholders for the same period was 5.1 billion yuan, reflecting a year-over-year increase of 17.5% [6]. - The company expects revenues of 124.61 billion yuan, 131.54 billion yuan, and 139.63 billion yuan for the years 2024, 2025, and 2026, respectively [5][6]. - The projected net profits for the same years are 14.0 billion yuan, 16.1 billion yuan, and 19.7 billion yuan [5][6].

公 司 研 究 神州数码（000034.SZ） 2024 年 09 月 02 日 投资评级：买入（维持） 日期 2024/8/30 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 元 ) | 24.59 | | 一年最高最低 ( 元 ) | 36.96/20.15 | | 总市值 ( 亿元 ) | 164.65 | | 流通市值 ( 亿元 ) | 135.37 | | 总股本 ( 亿股 ) | 6.70 | | 流通股本 ( 亿股 ) | 5.51 | | 近 3 个月换手率 (%) | 255.34 | 股价走势图 神州数码 沪深300 -48% -36% -24% -12% 0% 12% 24% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《战略业务重点突破，积极开拓国际 化与汽车市场—公司信息更新报告》 -2024.4.28 《信创业务高速增长，开启"国产算 力+智算"新布局—公司信息更新报 告》-2024.3.31 《业绩大超预期，鲲鹏及昇腾大单密 集落地 — 公 司 信 息 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's distribution business remains solid, with strong growth in its proprietary brand business [3] - The company reported a revenue of 62.562 billion yuan in the first half of 2024, a year-on-year increase of 12.52%, and a net profit attributable to shareholders of 509 million yuan, up 17.52% year-on-year [2][3] - The company is actively expanding its AI and cloud services, with significant revenue growth in these areas [3] Summary by Sections Revenue and Profit Forecast - Total revenue forecast for 2024E is 125.973 billion yuan, with a year-on-year growth of 5.31% [2] - Net profit attributable to shareholders is forecasted to be 1.471 billion yuan in 2024E, representing a year-on-year increase of 25.57% [2] Business Performance - The IT distribution and value-added services business achieved revenue of 59.83 billion yuan in the first half of 2024, a year-on-year increase of 9.8% [3] - The microelectronics business, focusing on general-purpose and AI-specific chips, generated revenue of 9.76 billion yuan, up 39.7% year-on-year [3] - The proprietary brand product business saw revenue of 2.66 billion yuan, a year-on-year increase of 45.5% [3] AI and Cloud Services - The cloud services and software business, centered on MSP and ISV, achieved revenue of 1.44 billion yuan, a year-on-year increase of 62.7% [3] - The company launched the "Shenzhou Wenshu AI Native Empowerment Platform" in the first half of 2024 [3] Financial Metrics - The latest diluted EPS is forecasted to be 2.20 yuan per share in 2024E, with a P/E ratio of 10.95 [2] - The gross profit margin for the distribution business improved to 3.5%, up 0.3 percentage points year-on-year [3]

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7]. Core Views - The company experienced steady growth in the first half of 2024, with accelerated performance in the second quarter compared to the first quarter [5][7]. - The company achieved operating revenue of 62.562 billion yuan, a year-on-year increase of 12.52%, and a net profit attributable to shareholders of 509 million yuan, up 17.52% year-on-year [5][7]. - The growth in revenue was driven by the IT distribution and value-added services, which generated 59.832 billion yuan, a 9.84% increase, and the proprietary brand products, which saw a 45.54% increase to 2.659 billion yuan [5][7]. - The company’s gross profit margin improved to 4.45%, an increase of 0.75 percentage points year-on-year, with significant improvements in the gross margins of its main business segments [5][7]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 62.562 billion yuan, a 12.52% increase year-on-year, and a net profit of 5.09 billion yuan, up 17.52% year-on-year [5][7]. - The second quarter saw revenues of 33.291 billion yuan, a 16.87% increase year-on-year, and a net profit of 2.74 billion yuan, a 22.35% increase year-on-year [5][7]. Business Segments - The IT distribution and value-added services segment generated 59.832 billion yuan, a 9.84% increase year-on-year, while the proprietary brand products segment achieved 2.659 billion yuan, a 45.54% increase [5][7]. - The cloud services and software business reported revenue of 1.44 billion yuan, a 62.67% increase year-on-year [5][7]. Profitability and R&D - The company’s gross profit margin improved to 4.45%, with the IT distribution and value-added services margin at 3.5%, proprietary brand products at 10.5%, and cloud services at 19.1% [5][7]. - R&D expenditures totaled 1.9 billion yuan, with 1.7 billion yuan being expensed and 0.2 billion yuan capitalized, reflecting the company's commitment to innovation [7]. Future Outlook - The company is expected to benefit from the trends of enterprise cloud adoption and digital transformation, as well as the growth in the AI and digital innovation sectors [7]. - The adjusted profit forecasts for 2024-2026 are 1.409 billion yuan, 1.732 billion yuan, and 2.135 billion yuan respectively, with corresponding EPS of 2.10 yuan, 2.59 yuan, and 3.19 yuan [7].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][6] Core Insights - The company achieved significant growth in Q2 2024, driven by AI and its proprietary brand, with a revenue of 332.91 billion yuan, representing a year-on-year increase of 16.87% [2] - The company's self-owned brand products saw a robust revenue growth of 45.5% in H1 2024, reaching 2.66 billion yuan [3] - The company is expanding its presence in the Xinchuang (信创) industry, with revenue from this segment growing by 73.3% to 2.19 billion yuan in H1 2024 [3] Financial Performance Summary - In H1 2024, the company reported total revenue of 625.62 billion yuan, a year-on-year increase of 12.52%, and a net profit attributable to shareholders of 5.09 billion yuan, up 17.52% [1][2] - The gross profit margin for self-owned brand products improved to 10.5%, an increase of 1.7 percentage points [3] - The company's R&D expenditure reached 190 million yuan, a 25% increase year-on-year, focusing on AI applications and server performance [2][4] Market Position and Strategy - The company has successfully established a three-product line in the Xinchuang industry, covering servers, network products, and security products [3] - The company won a 10.53% share in the procurement bid for China Mobile's new intelligent computing center, amounting to approximately 2 billion yuan [3] - The IT distribution and value-added services segment maintained a growth trend, with revenue of 598.3 billion yuan in H1 2024, a year-on-year increase of 9.8% [4] Earnings Forecast - The company is projected to achieve revenues of 1,295.82 billion yuan, 1,397.73 billion yuan, and 1,498.02 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 14.37 billion yuan, 17.30 billion yuan, and 20.34 billion yuan [4][5][6]