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].

| 证券代码：000034 | 证券简称：神州数码 | 公告编号：2024-041 | | --- | --- | --- | | 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 关于股东减持比例超过 1%暨减持股份的预披露公告 中国希格玛有限公司及一致行动人王晓岩保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有公司股份 47,889,415 股（占公司总股本比例 7.3273%）的股东中国希 格玛有限公司，及其一致行动人，持有公司股份 7,935,440 股（占公司总股本比 例 1.2142%）的股东王晓岩，计划在本公告披露之日起 15 个交易日后的 3 个月 内以集中竞价方式减持本公司股份合计不超过 6,535,793 股（即合计不超过公司 总股本比例 1%）。 如无特殊说明，本公告中的股份占比均为剔除已回购股份后的比例。 一、股东减持比例超过 1%的情况 神州数码集团股份有限公司（以下简称"公司"）股东中国希格玛有限公司 及其一致行动人王晓岩近期权益变 ...

神州数码集团股份有限公司 独立董事 2023 年度述职报告（尹世明） 作为神州数码集团股份有限公司（以下简称"公司"）的独立董事，本人根据 《公司法》、《上市公司治理准则》、《上市公司独立董事管理办法》、《公司章 程》及有关法律、法规的规定，在 2023 年度的工作中审慎、勤勉地行使了所赋予 的权利，积极出席 2023 年度的相关会议，并按规定对公司相关事项发表了客观、 公正的独立意见，切实维护了公司和股东尤其是中小股东的利益。现将 2023 年度 履行独立董事职责情况报告如下： 一、 独立董事的基本情况 本人尹世明，1974 年出生，毕业于华中科技大学，获硕士学位。曾任思爱普（中 国）有限公司副总裁、全球销售总裁助理、大中华高级副总裁等职务，苹果电脑贸 易（上海）有限公司大中华区企业部总经理和生态负责人，百度在线网络技术（北 京）有限公司集团副总裁。现任上海微盟企业发展有限公司首席运营官。2021 年 5 月至今，任神州数码集团股份有限公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立性 要求，不存在影响独立性的情况。 二、 独立董事年度履职概况 （一）出席董事会及股东大会的 ...

关于本报告 关于本报告 本报告是神州数码集团股份有限公司（简称"神州数码"、"公司"、"我们"）发 布的第三份社会责任报告，本着客观、规范、透明和全面的原则，披露了神州 数码社会责任的实践和绩效。期待您能够通过本报告更了解神州数码，与神州 数码携手用数字化的力量践行社会责任。 时间范围 2023 年 1 月 1 日至 12 月 31 日，部分内容及数据不限于当年。 组织范围 本报告以神州数码集团股份有限公司为主体，涵盖子公司、分公司。 编制依据 报告编制参考《上市公司自律监管指引第 1 号——主板上市公司规范运作指 引》、全球报告倡仪组织《可持续发展报告标准》（GRI Standards）等文件的相 关要求，并结合公司的实际情况编写而成。 数据说明 本报告引用的全部信息数据均来自于公司正式文件与财务报告等。神州数码保 证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏。 报告获取 本报告刊登在巨潮资讯网（www.cninfo.com.cn）。 如果您想进一步了解公司的社会责任理念、战略及相关实践活动，请登录神州 数码网站（www.digitalchina.com）及公司官方微信公众号"神州数码集团"。 董事 ...

神州数码集团股份有限公司 独立董事提名人声明与承诺 提名人 郭为 现就提名 彭龙先生 为神州数码集团股份有限公司第 十一 届董事会独立董事候选人发表公开声明。被提名人已书面同意作为神州数码集 团股份有限公司第 十一 届董事会独立董事候选人。本次提名是在充分了解被 提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良 记录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门 规章、规范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独 立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过神州数码集团股份有限公司第十届董事会提名委员 会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其 他可能影响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不 得担任公司董事的情形。 是 □ 否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和深圳证券 交易所业务规则规定的独立董事任职资格和条件。 是 □ 否 如否，请详细说明：__ ...

神州数码集团股份有限公司 独立董事 2023 年度述职报告（熊辉） 作为神州数码集团股份有限公司（以下简称"公司"）的独立董事，本人根据 《公司法》、《上市公司治理准则》、《上市公司独立董事管理办法》、《公司章 程》及有关法律、法规的规定，在 2023 年度的工作中审慎、勤勉地行使了所赋予 的权利，积极出席 2023 年度的相关会议，并按规定对公司相关事项发表了客观、 公正的独立意见，切实维护了公司和股东尤其是中小股东的利益。现将 2023 年度 履行独立董事职责情况报告如下： 一、 独立董事的基本情况 本人熊辉，1972 年出生，毕业于美国明尼苏达大学双城分校计算机科学专业， 获博士学位。曾任美国罗格斯新泽西州立大学杰出教授、百度在线网络技术(北京) 有限公司百度研究院副院长、北京北纬通信科技股份有限公司独立董事，现任香港 科技大学（广州）协理副校长、讲座教授及人工智能学域主任，福建创识科技股份 有限公司独立董事。2022 年 5 月至今，任神州数码集团股份有限公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立性 要求，不存在影响独立性的情况。 二、 独立董事年度履职概况 （ ...