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公司报告 | 年报点评报告 神州数码（000034） 证券研究报告 2024年04月 04日 投资评级 云与自主品牌双高增，重申 AI 信创下份额提升 行业 计算机/IT服务Ⅱ 6个月评级 买入（维持评级） 当前价格 28.38元 1、云计算及数字化转型+自主品牌业务双高增，占比持续提升： 目标价格 元 ➢ 全年看：2023年公司实现收入1,196.24亿元，同比增长3.23%；实现 基本数据 归母净利润11.72亿元，同比增长16.66%；扣非归母净利润12.63亿 元，同比增长37.22%。公司23年毛利率3.99%，保持稳定。 A股总股本(百万股) 669.58 流通A股股本(百万股) 550.15 ➢ 单 Q4看：2023年Q4单季度看，2023Q4公司实现收入354.69亿元， A股总市值(百万元) 19,002.72 同比增长13.03%；归母净利润3.21亿元，同比减少0.71%；扣非归母 流通A股市值(百万元) 15,613.38 净利润4.21亿元，同比增长60.94%。 每股净资产(元) 12.68 ➢ 分业务看：2023年公司云计算及数字化转型业务实现营业收入69.31 资产负债率(%) ...

| | | 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 1、被担保人的基本情况 | 公司名称 | | 成立时间 | 注册地点 | 法定代表人 | 注册资本 | 主营业务 | 关联关系 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 研究、开发、生产计算机硬件系统及配套产品、网络产品、多媒体产品、电子信息 | | | 上海神州 | 2000 | 年 4 | 上海市长宁 | | 23105.115 | 产品；通讯咨询，自产产品的技术服务和自研成果的技术转让，销售自产产品；以 | 全资子公 | | 数码有限 | | | 区福泉路 111 | 李岩 | | | | | 公司 | 月 24 | 日 | 号 | | 万元人民币 | 电子类产品为主的加工，代理计算机硬件、软件（电子出版物除外）及相关产品。 | 司 | | | | | | | | 【依法须经批准的项目，经相关部门批准后方可开展经营活动】 | | | 广州神州 | | | 广州高新技 | | | | | | | | | 术产 ...

神州数码（000034.SZ）2023年报点评 数云融合成效显著，AI 提升长期增长动能 2024年04月01日 ➢ 事件概述：2024年3月29日公司发布2023年度报告，2023年公司实现 推荐 维持评级 营业收入 1196.24 亿元，同比增长 3.23%；归母净利润 11.72 亿元，同比增长 当前价格： 29.52元 16.66%；扣非归母净利润12.63亿元，同比增长37.22%。 ➢ 软硬件战略布局生成式AI，云数算一体化打造全新增长点。1）软件端：发 布“神州问学”AI 平台产品。神州问学由公司的人工智能产品 Jarvis 正式升级 [Table_Author] 而成，已经对接了数十家主流大模型，协助企业投产和运营自己的大模型应用， 成功帮助医药、零售等行业客户落地生成式 AI 应用场景；携手十余家产业生态 合作伙伴共同开启“生成式AI问学共创计划”。2）硬件端：持续推进AI服务 器的研发、推广。完成多款新一代 AI 服务器的研发、生产及交付，推出神州鲲 泰问学一体机等新品，并首度获得华为“鲲鹏+昇腾”双领先认证；神州数码深 圳人工智能计算中心项目也已正式启动。 分析师 吕伟 ➢ 高毛利数云融 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 1196.24 billion yuan in 2023, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 11.72 billion yuan, up 16.66% year-on-year. The Q4 2023 revenue was 354.7 billion yuan, reflecting a 13.03% year-on-year growth, while the net profit for the quarter was 3.21 billion yuan, down 0.71% year-on-year. Overall, the performance met market expectations [2]. - The cloud services and proprietary brand businesses showed significant growth, with cloud service revenue reaching 69.31 billion yuan, up 38% year-on-year, and proprietary brand revenue (including Huawei servers and network equipment) at 38.29 billion yuan, up 49% year-on-year. However, IT distribution revenue declined by 15% year-on-year due to low corporate IT investment willingness in the current macro environment [2]. - The company achieved a non-GAAP net profit of 12.63 billion yuan, a year-on-year increase of 37.22%. The report noted a non-recurring loss of 91.7 million yuan, primarily due to fair value changes in investment properties, resulting in a loss of 120 million yuan [2]. - The company met the conditions for stock option incentives in 2023, with a net profit of 12.2 billion yuan after adding back stock payment expenses [2]. - An employee stock ownership plan for 2024 was announced, allowing for a maximum of 16 million shares, approximately 2.39% of the total share capital, with a purchase price of 28.93 yuan per share [2]. Financial Summary - The overall gross margin for 2023 was 3.99%, and the net margin was 1.01%, both the highest in the last three years. The proprietary brand business achieved a gross margin of 10.45% [3]. - The net operating cycle was 48.29 days, with inventory turnover days at 39.03 and accounts receivable turnover days at 30.13. Inventory turnover improved compared to 2022, indicating strong operational efficiency, although accounts receivable management needs enhancement due to a 21.66 billion yuan increase in operating receivables [3]. - The revenue forecasts for 2024-2026 are adjusted to 1246.1 billion yuan, 1315.4 billion yuan, and 1396.3 billion yuan, respectively, with net profit forecasts of 14.0 billion yuan, 16.1 billion yuan, and 19.7 billion yuan. The current market capitalization corresponds to PE multiples of 14x, 12x, and 10x for 2024-2026, maintaining a target valuation of 17.5x PE for 2024 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2023 performance met expectations, with revenue of 1196.24 billion yuan, a year-on-year increase of 3.23%, and a net profit attributable to shareholders of 11.72 billion yuan, up 16.66% year-on-year [5][6] - The company is focusing on a three-pronged strategy of "Digital Cloud + Intelligent Computing + Generative AI" to enhance its core competitiveness [5][6] - The company has seen significant growth in its strategic business segments, particularly in cloud computing and digital transformation, which generated revenue of 69.31 billion yuan, a year-on-year increase of 37.98% [4][6] Summary by Sections Financial Performance - In 2023, the company achieved a net profit of 11.72 billion yuan, with a non-recurring net profit of 12.63 billion yuan, reflecting a 37.22% year-on-year growth [6][10] - The fourth quarter of 2023 saw revenue of 354.69 billion yuan, a 13.03% increase year-on-year, while net profit slightly decreased by 0.71% [6][10] Strategic Business Development - The company's self-branded business, Shenzhou Kuntai, reported revenue of 3.829 billion yuan, up 48.95% year-on-year, and its Xinchuang business exceeded 3.4 billion yuan, growing 71% year-on-year [3][4] - The company has launched new AI server products and achieved significant certifications, expanding its market presence [3][4] Market Position and Future Outlook - The company is well-positioned to benefit from the ongoing digital economy and AI developments, with a focus on enhancing its distribution strategy and optimizing its sales network [9][10] - The report projects future net profits of 14.37 billion yuan, 17.32 billion yuan, and 20.38 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.15, 2.59, and 3.04 yuan per share [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is experiencing rapid growth in its Xinchuang (信创) business, which is expected to drive its new layout of "domestic computing power + intelligent computing" [3][4] - The company's 2023 annual report shows a revenue of 1196.24 billion yuan, a year-on-year increase of 3.23%, with significant growth in cloud computing and digital transformation [4] - The net profit attributable to shareholders for 2023 was 11.72 billion yuan, reflecting a year-on-year growth of 16.66% [4] Financial Performance Summary - The company has adjusted its net profit forecasts for 2024-2025 to 14.03 billion yuan and 16.99 billion yuan, respectively, with a new forecast for 2026 at 21.35 billion yuan [3] - Earnings per share (EPS) are projected to be 2.09, 2.54, and 3.19 yuan for 2024, 2025, and 2026, respectively [3] - The current stock price corresponds to price-to-earnings (PE) ratios of 14.1, 11.6, and 9.3 for the respective years [3] Business Development - The company is focusing on the "Kunpeng + Ascend" ecosystem, having developed and delivered several new AI server products, including the Shenzhou Kuntai brand server series [5] - The company has successfully entered the telecom procurement project and achieved full coverage of operator industry clients, receiving high recognition in sectors such as finance, digital government, education, and energy [5] - The launch of the generative AI product "Shenzhou Wenxue" marks a strategic upgrade, with successful applications in various industries [6]

Core Viewpoint - Shenzhou Digital's 2023 annual performance shows a revenue of 119.62 billion yuan, a year-on-year increase of 3.23%, and a net profit of 1.26 billion yuan, up 37.22%, driven by its "Digital Cloud Integration" strategy and significant growth in cloud computing and digital transformation services [1][2]. Revenue Composition - The cloud and digital transformation business achieved a revenue of 6.93 billion yuan, growing by 37.98%, with the "Digital Cloud Integration" business seeing a substantial increase of 68.25% [1]. - The proprietary brand business generated 3.83 billion yuan, marking a 48.95% increase, with the Xinchuang revenue exceeding 3.4 billion yuan, up 71% [1]. AI Development and Strategy - The rapid advancement of AI large model technology has prompted companies to focus on cost reduction and business growth, with Gartner predicting that over 80% of enterprises will utilize generative AI by 2026 [1]. - Shenzhou Digital has embraced generative AI, launching the "Shenzhou Wenxue" platform to address challenges in model deployment, including computing power and knowledge processing [1][2]. Product Innovations - The "Shenzhou Wenxue" platform integrates industry know-how into models, ensuring knowledge privatization and enhancing interaction between citizens and government systems [1]. - The Shenzhou Kuntai Wenxue integrated machine, introduced at the Huawei China Partner Conference, supports training and fine-tuning of large models with up to 200 billion parameters [2]. Future Directions - Shenzhou Digital plans to focus on AI computing power and the development of an AI application engineering platform to facilitate the deployment of multiple private domain large models [3]. - The company aims to maintain growth in its Xinchuang strategy, enhance AI computing capabilities, and explore traditional distribution businesses while pursuing overseas collaborations [3].

| | | 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"）2023 年 3 月 29 日召开的 第十届董事会第二十八次会议、2023 年 4 月 26 日召开的 2022 年年度股东大会 审议通过了《关于预计担保额度的议案》，同意公司和控股子公司向业务相关方 （包括但不限于银行、金融机构及供应商等）申请授信或其他履约义务，同意为 下属控股子公司提供担保或控股子公司之间提供担保。其中，为资产负债率低于 70%的控股子公司提供担保的额度不超过人民币 40 亿元，为资产负债率 70%以上 的控股子公司提供担保的额度不超过人民币 560 亿元，预计提供担保总额不超过 等额 600 亿元人民币，担保方式为保证担保、抵押担保、质押担保等，且任一时 点的担保余额不超过股东大会审议通过的额度。同时，在此担保额度范围内，公 司合并报表范围内控股子公司之间提供的担保，按照控股子公司的审议程序决定， 控股子公司在其履行审议程序后，及时通知公司 ...

Financial Performance - The company's net profit excluding non-recurring items exceeded 1.2 billion RMB, representing a year-on-year growth of 37%[3]. - Digital China Group reported a revenue of 10.5 billion RMB for the fiscal year 2023, representing a year-over-year increase of 15%[11]. - The company achieved a net profit of 1.2 billion RMB, which is a 20% increase compared to the previous year[11]. - The company's operating revenue for 2023 was ¥119,623,887,693.45, an increase of 3.23% compared to ¥115,880,020,611.90 in 2022[17]. - The net profit attributable to shareholders for 2023 was ¥1,171,783,006.53, representing a 16.66% increase from ¥1,004,405,512.88 in 2022[17]. - The company reported a significant decrease in net cash flow from operating activities, with a net outflow of ¥151,394,077.98 in 2023 compared to a net inflow of ¥836,465,651.19 in 2022, a decline of 118.10%[17]. - The company achieved a revenue of 119.62 billion CNY in 2023, representing a year-on-year growth of 3.23%[28]. - The self-owned brand business reported a revenue of 3.83 billion CNY, growing by 48.95% year-on-year[28]. - The company reported a total revenue of 30,000 million for the fiscal year 2023, reflecting a significant increase compared to the previous year[183]. - The company reported a net profit margin of 30% for the fiscal year, reflecting strong operational efficiency[194]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in regional revenue by 2025[11]. - The company is investing 500 million RMB in new product development, focusing on cloud computing and AI technologies[11]. - Digital China plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next two years[111]. - The company is focusing on expanding its market presence, particularly in Beijing and Shenzhen, where significant revenue increases have been observed[190]. - The company is actively expanding its market presence, with new contracts signed in multiple cities, including Hefei and Guangzhou, indicating a strategic focus on regional growth[192]. Research and Development - The company has been exploring low-code and no-code solutions since 2003, focusing on providing practical aPaaS and bPaaS solutions tailored to various industries[4]. - The company is investing 10% of its revenue into R&D for new technologies, aiming to enhance product offerings and market competitiveness[184]. - Research and development investments increased by 30%, totaling 150 million RMB, focusing on AI and cloud technologies[111]. - The number of R&D personnel increased to 1,195 in 2023, a 51.07% rise from 791 in 2022, with R&D personnel now accounting for 19.36% of the total workforce[61]. - The company is investing heavily in R&D, allocating 5% of total revenue towards the development of new technologies and solutions[196]. Acquisitions and Partnerships - The company has completed two strategic acquisitions in the IT services sector, expected to contribute an additional 1 billion RMB in annual revenue[11]. - The company completed a strategic acquisition of a local tech firm for 300 million RMB to enhance its service offerings[111]. - The company has completed two strategic acquisitions in the past year, enhancing its market position and expected to generate synergies worth 3,000 million[196]. - A new partnership with a leading telecom provider is expected to drive user growth by 15% in the upcoming year[111]. - A new partnership with a leading tech firm is anticipated to enhance product offerings and increase market share by 12% over the next two years[196]. Financial Management and Governance - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5%[111]. - The company has established an independent financial management department, ensuring independent financial decision-making and tax compliance[103]. - The company has maintained a clear separation from its controlling shareholder in terms of assets, personnel, and financial management, ensuring operational independence[103]. - The company has implemented a robust internal audit system, with an audit committee overseeing both internal and external audits[100]. - The company has committed to fulfilling its obligations regarding related party transactions in a fair manner, ensuring no harm to minority shareholders[162]. Sustainability and Corporate Responsibility - The management team emphasized a commitment to sustainability, aiming for a 40% reduction in carbon emissions by 2025[111]. - The management emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025, which aligns with global market trends[196]. - The company has maintained a commitment to social responsibility and environmental protection throughout its operations[152]. - The company has zero retired employees requiring financial support, indicating a focus on current workforce management[127]. User Engagement and Growth - User data showed a growth of 25% in active users across its digital services platform, reaching 5 million users by the end of 2023[11]. - User data showed an increase in active users by 25%, reaching 5 million users by the end of 2023[115]. - User data indicates a consistent growth trend, with a notable increase in user engagement metrics across various platforms[187]. Cash Flow and Investments - Operating cash inflow for 2023 was CNY 138.38 billion, a year-on-year increase of 4.02% compared to CNY 133.03 billion in 2022[63]. - The total investment amount for the reporting period was CNY 685.10 million, a significant increase of 162.16% compared to CNY 261.33 million in the previous year[69]. - The company has a total of 130,000 million CNY in guarantees for related parties, with no actual guarantee amounts incurred during the reporting period[181]. Shareholder Engagement and Compensation - The company reported a cash dividend of 4.46 CNY per 10 shares, totaling 291,496,392.33 CNY, which represents 100% of the distributable profit[133]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 3,716.81 million[118]. - The chairman and CEO, Guo Wei, received a pre-tax compensation of 601.23 million, while the president, Wang Bingfeng, received 249.43 million[117]. Risk Management - The company is focusing on optimizing its supply chain management to mitigate risks related to material shortages and price fluctuations[90]. - The company has established risk control measures for derivative investments, including market, liquidity, credit, operational, and legal risks[74]. - The company is actively managing its debt portfolio to ensure liquidity and financial stability[186].