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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance relative to the market [6]. Core Insights - The company reported a revenue of 91.57 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 8.81%. The net profit attributable to shareholders was 0.894 billion yuan, up 5.04% year-over-year [4][5]. - The company's self-branded product business showed strong growth, with revenue reaching 3.87 billion yuan, a year-over-year increase of 32%. The AI server business saw a remarkable growth of 226% year-over-year [5]. - The company plans to repurchase shares worth 200 to 400 million yuan, which is about 1.39% of its total share capital, reflecting confidence in future growth [6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 4.49%, an increase of 0.56 percentage points year-over-year. The gross margin for Q3 alone was 4.58%, up 0.19 percentage points year-over-year [5]. - Operating cash flow for the first three quarters was 2.167 billion yuan, a significant increase of 283.9% year-over-year, primarily driven by net profit growth and extended payment terms [6]. - The company forecasts revenues of 124.61 billion yuan, 131.54 billion yuan, and 139.63 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 1.403 billion yuan, 1.606 billion yuan, and 1.967 billion yuan for the same years [8].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company is experiencing rapid improvement in profitability and strategic business development, particularly in the areas of digital cloud integration and domestic innovation [1] - The forecasted net profit for the company from 2024 to 2026 is projected to be 1.403 billion, 1.699 billion, and 2.135 billion yuan respectively, with corresponding EPS of 2.10, 2.54, and 3.19 yuan per share [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 91.571 billion yuan, a year-on-year increase of 8.81%, and a net profit attributable to shareholders of 0.894 billion yuan, up 5.04% year-on-year [2] - The gross profit margin for the first three quarters was 4.49%, an increase of 0.55 percentage points year-on-year, with gross profit rising by 24% [2] - The company's self-branded product business saw strong growth, with revenue reaching 3.87 billion yuan, a year-on-year increase of 32%, and gross profit margin improving by 1.7 percentage points [3] - The digital cloud services and software business reported revenue of 2.07 billion yuan, a year-on-year increase of 47%, with gross profit margin rising by 6.3 percentage points [4] Financial Forecasts - The company's projected operating revenue for 2024 is 129.394 billion yuan, with a year-on-year growth of 8.2% [5] - The expected net profit for 2024 is 1.403 billion yuan, reflecting a year-on-year growth of 19.8% [5] - The gross profit margin is expected to remain stable at 4.0% in 2024, with a gradual increase to 4.5% by 2026 [5]

| | | 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。 公司近期就交通银行股份有限公司福建省分行与子公司神州数码（福州）科 技有限公司的授信业务签署了《保证合同》，担保金额人民币 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三年。 二、被担保人基本情况 1、被担保人的基本情况 | 公司名称 | 资产总计 | 短期借款 | 流动负债合计 | 负债合计 | 净资产 | 营业收入 | 利润总额 | 净利润 | 或有事项 | 资产负 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 涉及金额 | 债率 | | 神州数码（福州） 科技有限公司 | 518,260.77 | 20,018.89 | 502,296.23 | 503,354.59 | 14,906.18 | 1,306,070.99 | 4,418.00 | ...

神州数码股价创出历史新高，截至11:21，该股上涨9.75%，股价报36.60元，成交量4317.26万股，成交 金额14.66亿元，换手率7.81%，该股最新A股总市值达245.07亿元，该股A股流通市值202.31亿元。 证券时报•数据宝统计显示，神州数码所属的计算机行业，目前整体涨幅为2.77%，行业内，目前股价上 涨的有270只，涨停的有凌志软件、亚信安全等10只。 股价下跌的有79只，跌幅居前的有天润科技、立方控股、汉鑫科技等，跌幅分别为7.00%、6.99%、 6.82%。 两融数据显示，该股最新（10月30日）两融余额为12.49亿元，其中，融资余额为12.46亿元，近10日增 加1.14亿元，环比增长10.10%。 公司发布的三季报数据显示，前三季度公司共实现营业收入915.71亿元，同比增长8.81%，实现净利润 8.94亿元，同比增长5.04%，基本每股收益为1.3814元，加权平均净资产收益率9.99%。 （数据宝）注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 智能盯盘股价异动、新高、历史新高、创新高、股价、大涨、上涨 ...

证券代码：000034 证券简称：神州数码 公告编号：2024-130 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 关于以集中竞价交易方式回购公司股份方案 暨取得金融机构股票回购专项贷款的公告 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。 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）。 基于对公司未来发展前景的信心和内在价值的高度认可，增强公众投资者对公司 的信心，切实保护全体股东的合法权益，树立公司良好的资本市场形象，同时，为进 一步建立、健全公司长效激励机制，充分调动公司高级管理人员、核心骨干及优秀员 工的积极性，有效地将股东利益、公司利益和员工个人利益紧密结合在一起，共同促 进公司的长远发展。经综合考虑公司发展战略、经营情况、财务状况等因素，公司计 划以自有资金及股票回购 ...

具体内容详见公司同日刊登于《证券时报》、《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）的《2024 年第三季度报告》。 | | | 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 第十一届董事会第八次会议决议公告 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、董事会会议召开情况 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 议通知于 2024 年 10 月 24 日以电子邮件方式向全体董事发出，会议于 2024 年 10 月 29 日在公司会议室以现场和视讯相结合的方式召开。会议由董事长郭为先 生主持。会议应当出席的董事 8 名，实际出席会议的董事 8 名。公司部分高级管 理人员列席了本次会议。本次会议的召开和表决程序符合《公司法》和《公司章 程》等有关规定。 二、 董事会会议审议情况 （一）审议通过《关于<2024 年第三季度报告>的议案》 公司第十一届董事会第八次会议决议。 特此公告。 神州数码集团股份有限公司董事会 表决结果：表决票 8 票，8 票赞成，0 票反对，0 票弃权。 （二）审 ...

Financial Performance - The company's revenue for Q3 2024 was ¥29,009,042,875.86, representing a 1.60% increase year-over-year[1]. - Net profit attributable to shareholders decreased by 7.93% to ¥384,191,855.44 in Q3 2024[1]. - The net profit excluding non-recurring gains and losses was ¥406,020,532.81, down 2.07% compared to the same period last year[1]. - Basic earnings per share decreased by 13.17% to ¥0.5532, while diluted earnings per share fell by 12.80% to ¥0.5512[1]. - Total operating revenue for the period reached ¥91.57 billion, an increase of 8.5% compared to ¥84.16 billion in the previous period[20]. - Net profit attributable to shareholders of the parent company was ¥893.54 million, up from ¥850.67 million, reflecting a growth of 5.0%[21]. - The total comprehensive income for the period was ¥999.58 million, compared to ¥880.86 million, reflecting a growth of 13.4%[21]. - The company reported a decrease in investment income, reporting a loss of ¥46.19 million compared to a loss of ¥64.14 million in the previous period, showing an improvement[20]. Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date increased significantly by 283.94% to ¥2,166,857,170.00[1]. - Cash inflow from financing activities was CNY 18.06 billion, compared to CNY 12.03 billion in the previous period, reflecting a growth of approximately 50.1%[23]. - Net cash flow from operating activities reached CNY 2.17 billion, significantly higher than CNY 564.38 million in the prior period, marking a growth of over 284%[23]. - The ending balance of cash and cash equivalents was CNY 4.67 billion, an increase from CNY 2.61 billion at the end of the previous period[23]. - Total cash outflow for operating activities was CNY 102.70 billion, compared to CNY 94.54 billion in the previous period, indicating an increase of about 8.7%[23]. - Cash paid to employees rose to CNY 1.36 billion from CNY 1.17 billion, reflecting an increase of approximately 15.8%[23]. - Cash paid for taxes increased to CNY 851.83 million from CNY 680.73 million, representing a rise of about 25%[23]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥44,969,354,641.15, a slight increase of 0.19% from the end of the previous year[1]. - The company's equity attributable to shareholders rose by 9.02% to ¥9,328,838,207.38 compared to the end of the previous year[1]. - The company's total assets amounted to ¥44.97 billion, slightly up from ¥44.88 billion at the beginning of the period[19]. - Total liabilities decreased to RMB 34,916,010,991.56 from RMB 35,624,223,529.49, showing a reduction of approximately 2%[18]. - The company's equity increased to RMB 10,053,343,649.59 from RMB 9,259,484,166.92, marking an increase of about 8.6%[18]. - The company reported a decrease in short-term borrowings to RMB 10,323,497,693.90 from RMB 11,013,014,142.19, a decline of approximately 6.3%[18]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 80,772[7]. - The largest shareholder, Guo Wei, holds 23.12% of the shares, totaling 154,777,803 shares[7]. - The second-largest shareholder, China Sigma Co., Ltd., holds 7.14% of the shares, totaling 47,793,415 shares[7]. - The company has a repurchase account holding 4,302,700 shares, representing 0.64% of the total shares[10]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the first ten shareholders accounting for a substantial percentage of the total equity[8]. Financing Activities - The company plans to issue convertible bonds with a total fundraising amount not exceeding 1,338,999,000 CNY[12]. - The company received approval from the Shenzhen Stock Exchange for the issuance of convertible bonds, confirming compliance with issuance and listing conditions[12]. - The company has engaged in strategic financing activities, including the issuance of convertible bonds to enhance its capital structure[11]. - The company received approval from the China Securities Regulatory Commission for the issuance of convertible bonds totaling RMB 1,338.9990 million, with a face value of RMB 100 per bond[13]. - The initial conversion price for the convertible bonds was set at RMB 32.51 per share, adjusted to RMB 32.07 per share after the annual equity distribution[14]. Operational Highlights - The company won a bid for a project with China Mobile, with a bid amount of RMB 19,116,746,188.47, representing a market share of 10.53%[15]. - Research and development expenses for the period were ¥249.88 million, compared to ¥210.14 million in the previous period, indicating an 18.8% increase[20]. Financial Expenses - The company reported a significant increase in financial expenses by 142.88% to ¥687,634,874.55 due to increased interest-bearing liabilities[5]. - The financial expenses for the period were ¥687.63 million, significantly higher than ¥283.12 million in the previous period, indicating an increase of 142.7%[20]. Other Information - The company experienced a 631.55% increase in asset impairment losses, totaling -¥244,242,300.58, mainly due to inventory write-downs[6]. - The report for the third quarter was not audited[24].

| 证券简称：神州数码 公告编号：2024-127 | | --- | | 证券代码：000034 | 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 关于公司股份回购实施完成的公告 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。 神州数码集团股份有限公司（以下简称"公司"）第十一届董事会第二次会议 于 2024 年 6 月 27 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通过深圳证券交易所股票交易系统以集中竞价交易方式 回购公司发行的人民币普通股（A 股）股票，股份回购的实施期限自董事会审议通 过本次回购股份议案之日起 12 个月内，回购总金额不低于人民币 1 亿元（含）且不 超过人民币 2 亿元（含），回购股份价格不超过人民币 40 元/股（含）。具体内容 详见公司在《证券时报》、《上海证券报》和巨潮资讯网（www.cninfo.com.cn）上 披露的相关公告。 截至公告日，公司本次回购股份计划已实施完毕。根据《上市公司股份回购规 则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 ...

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。 | | | 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 二、被担保人基本情况 1、被担保人的基本情况 | 公司名称 | 资产总计 | 短期借款 | 流动负债合计 | 负债合计 | 净资产 | 营业收入 | 利润总额 | 净利润 | 或有事项 | 资产负 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 涉及金额 | 债率 | | 上海神州数码有 限公司 | 187,067.14 | 80,276.71 | 146,258.84 | 147,016.13 | 40,051.01 | 274,811.06 | 3,438.30 | 2,670.65 | 0.00 | 78.59% | 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 上海神州数码有 限公司 2000 年 4 月 24 日 上海市长宁区福 泉路 111 ...