| | | 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 55 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 595 亿元，预计提供担保总额不超过等 额 650 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company achieved a revenue of 62.56 billion yuan in the first half of 2024, representing a year-on-year growth of 12.5%. The net profit attributable to shareholders was 510 million yuan, up 17.5% year-on-year. Excluding the negative impact from the Shenzhen Digital International Innovation Center, the net profit grew by 37.2% year-on-year [3] - The company is well-positioned in the IT distribution sector and is capitalizing on new opportunities in "cloud + innovation" with its "Digital Cloud Integration" solutions and competitive hardware products [3] - The forecast for net profit attributable to the parent company for 2024-2026 is 1.41 billion, 1.74 billion, and 2.12 billion yuan, respectively [3] Summary by Sections Financial Performance - Revenue (million yuan): 115,880 in 2022, projected to be 119,624 in 2023, 128,104 in 2024, 137,508 in 2025, and 149,239 in 2026 [2] - Net profit (million yuan): 1,004 in 2022, projected to be 1,172 in 2023, 1,410 in 2024, 1,739 in 2025, and 2,120 in 2026 [2] - Gross margin for the first half of 2024 was 4.45%, an increase of 0.75 percentage points year-on-year [3] Business Segments - IT Distribution and Value-Added Services: Revenue of 598.3 billion yuan, up 9.8% year-on-year, with a gross margin of 3.5% [3] - Proprietary Brand: Revenue of 26.6 billion yuan, up 45.5% year-on-year, with a gross margin of 10.5% [3] - Cloud Services and Software: Revenue of 14.4 billion yuan, up 62.7% year-on-year, with a gross margin of 19.1% [3] Market Position - The company maintains a leading position in the distribution of general and AI chips, with significant contributions from Huawei's HiSilicon [3] - The company won a major contract worth approximately 2 billion yuan from China Mobile for its AI server products [3] Valuation Metrics - P/E ratio is projected to decrease from 16.4 in 2022 to 7.8 in 2026 [2] - P/B ratio is projected to decrease from 2.2 in 2022 to 1.2 in 2026 [2]

Financial Performance - In the first half of 2024, the company achieved operating revenue of 62.56 billion RMB, a year-on-year increase of 13% [1] - EBITDA reached 11.2 billion RMB, up 36% year-on-year [1] - Net profit attributable to shareholders was 5.1 billion RMB, reflecting an 18% increase [1] - Earnings per share stood at 0.79 RMB, a growth of 37% [1] Business Segments - The cloud service and software business generated revenue of 14.4 billion RMB, marking a 62.7% increase with a gross margin of 19.1%, up 6.8 percentage points [2] - The proprietary brand product business saw revenue of 26.6 billion RMB, a 45.5% increase, with a gross margin of 10.5%, up 1.7 percentage points [2] - IT distribution and value-added services maintained growth with revenue of 59.83 billion RMB, a 9.8% increase and a gross margin of 3.5%, up 0.3 percentage points [2] Strategic Development - The company attributes its steady growth to three main factors: accelerated development of generative AI capabilities, increased domestic technology penetration, and strong risk management [2] - The company has been recognized for its digital transformation efforts, ranking 186th in the Fortune China 500 for the eighth consecutive year [2] - Continuous investment in R&D is emphasized to enhance innovation capabilities, particularly in AI and cloud technologies [2] Market Expansion - The company has established a joint innovation center with Deloitte China to provide complex digital solutions [2] - The automotive sector is a key focus, with significant contracts awarded, including a 2 billion RMB project with China Mobile [3] - The company is expanding its overseas business through partnerships with foreign government agencies and enterprises, aiming for future breakthroughs [3] Future Outlook - The company plans to enhance its proprietary brand product capabilities and expand its market presence in key industries [3] - Continued investment in AI computing products is expected, with a focus on meeting diverse customer needs [5] - The company aims to strengthen its position as a preferred partner for AI large model applications in key industries [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][14]. Core Insights - The company achieved significant revenue growth in Q2, with a year-on-year increase of over 22% in net profit, driven by the success of its AI-driven cloud integration strategy [1][2]. - The company's self-branded products saw a robust revenue increase of 45.5%, with its AI server business benefiting from the high demand for domestic computing power [3][4]. - The financial forecast has been adjusted downwards due to the stable nature of the IT distribution business and the negative impact from the Shenzhen Digital International Innovation Center [4]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 625.62 billion yuan, a year-on-year increase of 12.52%, and a net profit of 5.09 billion yuan, up 17.52% [1]. - For Q2 2024, revenue reached 332.91 billion yuan, reflecting a year-on-year growth of 16.87% and a quarter-on-quarter increase of 13.73% [1]. - The AI-driven cloud services and software business generated 14.4 billion yuan in revenue, marking a 62.7% year-on-year increase [2]. - The self-branded product revenue was 26.6 billion yuan, with a gross margin of 10.5%, and the AI server revenue surged to 5.6 billion yuan, a remarkable growth of 273.3% [3]. Financial Forecast and Valuation Analysis - The revised revenue projections for 2024-2026 are 1268.97 billion yuan, 1351.07 billion yuan, and 1440.78 billion yuan, respectively [4]. - The expected net profit for the same period is projected at 14.01 billion yuan, 16.72 billion yuan, and 20.13 billion yuan [4]. - Key financial metrics include an EPS of 2.09 yuan for 2024, with a P/E ratio of 12.33 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 62.56 billion yuan for the first half of 2024, representing a year-on-year growth of 12.5% - The net profit attributable to shareholders reached 510 million yuan, up 17.5% year-on-year, while the non-recurring net profit was 450 million yuan, reflecting a 6.1% increase [2] - In Q2, the company accelerated its growth with a revenue of 3.33 billion yuan, a 16.9% increase year-on-year, and a net profit of 270 million yuan, up 22.4% year-on-year [2] - The company’s gross margin improved to 4.5%, an increase of 0.75 percentage points year-on-year, while financial expenses rose to 0.8%, up 0.46 percentage points year-on-year [2] Summary by Sections Business Performance - The IT distribution and value-added services segment generated revenue of 598.3 billion yuan, a 9.8% increase year-on-year, with a gross margin of 3.5% [2] - The cloud services and software business saw a significant revenue increase of 62.7%, reaching 1.44 billion yuan, with a total profit of 32.65 million yuan [2] - The self-branded business achieved revenue of 2.66 billion yuan, a 45.5% increase year-on-year, with a gross margin of 10.5% [2] Financial Forecast - The company is projected to have earnings per share (EPS) of 2.08 yuan, 2.48 yuan, and 2.93 yuan for the years 2024, 2025, and 2026 respectively [2][3] - The expected revenue for 2024 is 126.18 billion yuan, with a growth rate of 5.48% [3] - The net profit attributable to shareholders is forecasted to be 1.39 billion yuan in 2024, reflecting an 18.9% growth [3]

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].