Core Viewpoint - In 2024, Digital China achieved a revenue of 128.166 billion yuan and a net profit of 7.53 billion yuan, with significant growth in its cloud services and software business, as well as its proprietary product lines [1] Group 1: Financial Performance - The company's cloud services and software business generated a revenue of 2.965 billion yuan, representing a year-on-year growth of 18.75% with a gross margin of 20.32%, an increase of 4.70 percentage points [1] - The proprietary product business achieved a revenue of 4.581 billion yuan, growing by 20.25% year-on-year, with a gross margin of 11.49%, up by 2.65 percentage points [1] - Research and development investment reached 409 million yuan, marking an 8.67% increase year-on-year, enhancing the performance of AI applications and servers [1] Group 2: AI Applications and Innovations - The company launched the "Shenzhou Wenshu AI Native Empowerment Platform" in 2024, facilitating agile deployment of AI applications for enterprise users [1] - In the mechanical manufacturing sector, the AI application improved repair accuracy from 52% to 94% and reduced repair time from 3-5 days to 0.5 days [2] - The AI technology has shown potential in various industries, with signed contracts from leading clients in healthcare, retail, aviation, e-commerce, and industrial internet [2] Group 3: Market Position and Future Outlook - The company is leveraging AI applications and servers to enhance its revenue structure and open up new growth opportunities [3] - The AI server business is gaining traction, with products like the Shenzhou Kuntai general server and AI servers making inroads in finance, telecommunications, and public sectors [2]

Core Viewpoint - The announcement details the conversion and redemption status of the company's convertible bonds, "Shenma Convertible Bonds," highlighting the adjustments in conversion price and the company's plans for early redemption due to specific market conditions [1][3][12]. Convertible Bond Details - The company issued 13,389,990 convertible bonds at a price of RMB 100 each, raising a total of RMB 1,338,999,000, with a net amount of RMB 1,327,703,700 after expenses [1]. - The initial conversion price was set at RMB 32.51 per share, which was adjusted to RMB 32.07 due to the company's annual equity distribution plan, effective from May 6, 2024 [2][3]. - The conversion period for the bonds is from June 27, 2024, to December 20, 2029 [3]. Redemption and Conversion Status - As of March 27, 2025, the bonds have triggered the conditional redemption clause, as the stock price exceeded 130% of the conversion price for 15 trading days [3]. - The company plans to fully redeem the bonds on March 27, 2025, marking the last day for conversion [3]. - In the first quarter of 2025, the company saw a reduction of 13,365,686 bonds, amounting to RMB 1,336,568,600, with a total conversion of 41,674,169 shares [5]. Share Capital Changes - As of March 31, 2025, the remaining quantity of "Shenma Convertible Bonds" is 22,688, with a remaining value of RMB 2,268,800 [5].

| 证券代码：000034 | 证券简称：神州数码 | 公告编号：2025-076 | | --- | --- | --- | | 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 关于回购股份事项的进展公告 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"）第十一届董事会第八次会议于 2024 年 10 月 29 日审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 公司拟使用自有资金及股票回购专项贷款资金，以集中竞价交易方式回购公司股份， 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 股份价格不超过人民币 43 元/股（含）。公司于 2024 年 11 月 9 日披露了《关于以集 中竞价交易方式回购公司股份的报告书》，于 2024 年 12 月 3 日、2025 年 1 月 3 日、 2025 年 1 月 27 日、2025 年 3 月 4 日披露了《关于回购股份事项的进展公告》，于 2025 年 1 月 16 日披露了《关于首次回购公司 ...

| 证券代码：000034 | 证券简称：神州数码 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：127100 | 债券简称：神码转债 | | 特别提示： 1、 股票代码：000034；股票简称：神州数码 2、 债券代码：127100；债券简称：神码转债 3、 转股价格：32.07 元/股 4、 转股期限：2024 年 6 月 27 日至 2029 年 12 月 20 日；因触发有条件赎回 条款，截至 2025 年 3 月 27 日收市，"神码转债"已停止转股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，神州数码集团股份有限公司(以 下简称"公司")现将 2025 年第一季度可转换公司债券转股及公司股份变动情况 公告如下: 一、 可转换公司债券基本情况 神州数码集团股份有限公司 关于2025年第一季度可转换公司债券转股情况的公告 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。 2025 年 2 月 10 日至 2025 年 2 月 28 日，公司 ...

海外市场持续开拓，新增字节深度合作。神州数码以泰国子公司GoPomelo为出海支撑点，软硬件产品 与解决方案逐步向海外推广，并且为中国企业的出海提供软硬件一体化、多场景的数字化服务。公司在 2024 年成功拓展了与字节跳动在海外的深度合作。全年海外营收占比由2023 年的10.84%提升至 12.16%，收入同比增长20.24%。 盈利预测及投资建议：神州数码高价值战略业务对收入及毛利的拉动持续显现，出海开拓新增长。预计 2025~2027 年公司总营收分别为1383.96/1463.57/1543.78 亿元，对应增速7.98%/5.75%/5.48%；归母净利 润16.40/20.81/23.14 亿元，同比增长117.88%/26.87%/11.22%。对应EPS 为2.31/2.93/3.25 元。神州数码当 前价格对应2025-2027 年PE 为18/14/13 倍，维持"推荐"评级。 自有品牌合肥生产基地投产，解决方案推动关键行业客户突破。目前，神州鲲泰已拥有厦门及合肥两个 生产基地，产能进一步保障。公司基于昇腾基础硬件打造了KunTai M300-P01 开发板及软硬一体化的昇 腾开发环境，可 ...

2025年04月01日 计算机 神州数码(000034.SZ) 公司营收实现平稳增长，自有品牌业务项目充裕 推荐 ( 维持) 股价:41.12元 公 司 报 告 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年度报告。2024年，公司实现营业收入1281.66亿元，同比增 长7.14%；实现归母净利润7.53亿元，同比下降35.77%；实现扣非归母净利 润10.15亿元，同比下降19.68%。公司发布利润分配预案：以披露日前最新总 股本711,260,675股扣除回购专用账户5,389,400股后的705,871,275股为基 数，向全体股东每10股派发现金红利2.67元（含税），送红股0股（含税）， 不以公积金转增股本。 平安观点： 券 研究助理 王佳一 一般证券从业资格编号 S1060123070023 WANGJ ...

近期神州数码（000034）发布2024年年报，证券之星财报模型分析如下： 现金流与负债 经营活动产生的现金流量净额从2023年的-0.23元增至2024年的3.74元，增幅高达1754.32%，显示出公司 在现金流管理上的显著改善。然而，筹资活动产生的现金流量净额下降了177.63%，主要是由于偿还债 务支付的现金增加。有息负债从171.77亿元降至164亿元，减少了4.52%。 应收账款与资产状况 截至报告期末，公司应收账款为120.66亿元，同比增长6.86%，占最新年报归母净利润的比例高达 1603.09%，显示出较大的应收账款压力。投资性房地产公允价值下降8.71%，短期借款减少5.73%，合 同负债减少23.32%。 主营业务构成 营收与利润 神州数码在2024年的营业总收入达到1281.66亿元，较2023年的1196.24亿元同比增长7.14%。然而，归 母净利润却从2023年的11.72亿元降至7.53亿元，同比下降35.77%。扣非净利润也从12.63亿元降至10.15 亿元，降幅为19.68%。这表明尽管公司在营收方面有所增长，但在盈利能力上出现了明显下滑。 单季度表现 从单季度数据来看 ...

| | | 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 一、担保情况概述 公司近期就联想凌拓科技有限公司与子公司神州数码（中国）有限公司的贸 易事项签署了《第三方公司保证书》，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两年。 公司近期就联想（北京）有限公司、联想（北京）信息技术有限公司与子公 司神州数码（中国）有限公司的贸易事项签署了《第三方公司保证书》，担保金 额人民币 3.2 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 起两年。 公司近期就联想（北京）有限公司、联想（北京）电子科技有限公司、联想 开天信息技术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《第三 方公司保证书》，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两年。 公司近期就联想（北京）电子科技有限公司与子公司神州数码（深圳）有限 公司、神州数码（福州）科技有限公司、上海神州数码有限公司的贸易事项签署 了《第三方公司保证书》，担保金额人民币 6 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两年。 ...

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the CSI All Retail Index reported at 6216.02 points [1] - The CSI All Retail Index has declined by 7.06% over the past month, 2.45% over the past three months, and 3.13% year-to-date [2] - The CSI All Retail Index is composed of various industry classifications, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2 - The top ten weighted stocks in the CSI All Retail Index are: Shenzhou Digital (18.78%), Kidswant (15.07%), Jiangsu Guotai (14.06%), Aishide (13.02%), Tianyin Holdings (12.61%), Doctor Glasses (9.08%), Yimin Group (5.87%), Huazhi Wine (3.95%), Aiyingshi (3.18%), and Sanfu Outdoor (2.64%) [2] - The market share of the CSI All Retail Index holdings is predominantly from the Shenzhen Stock Exchange at 90.96%, while the Shanghai Stock Exchange accounts for 9.04% [2] - The CSI All Retail Index is exclusively composed of retail companies, with a 100% allocation to the retail sector [2]

Core Insights - The company reported a revenue of 128.17 billion yuan for the fiscal year 2024, marking a year-on-year growth of 7.14% [2][3] - The net profit attributable to shareholders was 7.53 billion yuan, reflecting a significant decline of 35.77% compared to the previous year [3] - The company faced negative impacts on net profit due to financial costs from asset occupation and asset impairment related to the real estate market [2] Financial Performance - Revenue breakdown: - Cloud services and software business generated 2.965 billion yuan, up 18.75% year-on-year [4] - Proprietary brand products achieved 4.581 billion yuan, a growth of 20.25% [4] - IT distribution and value-added services reached 124.451 billion yuan, increasing by 6.84% [4] - Adjusted net profit excluding non-recurring items was 1.015 billion yuan, down 19.68% from the previous year [3] - Operating cash flow improved significantly to 2.505 billion yuan, a 1,754.34% increase [3] Profitability Metrics - Gross margin for proprietary brand products was 11.49%, up by 2.65 percentage points [4] - Gross margin for IT distribution and value-added services was 3.39% [4] - Basic earnings per share decreased by 35.03% to 1.1653 yuan [3] Research and Development - The company invested 409 million yuan in R&D, representing an 8.67% increase year-on-year [4] - Focus on building R&D teams and managing R&D processes to maintain leadership in cloud services and proprietary products [4] Asset and Equity Position - Total assets at the end of 2024 were 453.74 billion yuan, a 1.09% increase from the previous year [3] - Net assets attributable to shareholders rose to 92.45 billion yuan, an 8.04% increase [3]