公司快报 证券研究报告 通用计算机设备 投资评级 买入-A 维持评级 6 个月目标价 10.42 元 股价 (2024-09-06) 7.97 元 交易数据 总市值(百万元) 25,709.62 流通市值(百万元) 25,079.94 总股本(百万股) 3,225.80 流通股本(百万股) 3,146.79 12 个月价格区间 7.52/12.39 元 2024 年 09 月 09 日 中国长城(000066.SZ) 业绩逐季修复，携飞腾打造自主计算产业国家队 事件概述： 1）近日，中国长城发布《2024 年半年度报告》。上半年，公司实现营 业收入 60.76 亿元，同比增长 21.23%；归母净利润-4.22 亿元，同比 改善 33.37%，亏损进一步收窄。 2）9 月 6 日，中国长城发布《关于银行授信额度调剂的公告》，为保 证公司及下属公司经营业务的持续稳定发展和日常结算业务、基建项 目及专项科研项目等资金需求，公司整体合计申请银行综合授信额度 约合人民币 244.50 亿元，其中母公司申请银行综合授信额度人民币 140 亿元，下属公司申请银行综合授信额度人民币 104.50 亿元。 业绩逐季修复，强化 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in H1 2024 showed recovery, with revenue from Feiteng increasing by 23% YoY [1] - The company's H1 2024 revenue reached approximately 6.08 billion yuan, with a net loss of 296 million yuan [2] - The company's H1 2024 operating income was about 6.08 billion yuan, a YoY increase of 21.23%, and the net profit attributable to the parent company improved by 33.37% [3] - The company's gross profit margin in H1 2024 was 17.18%, a YoY decrease of 4.66 percentage points, but the net profit margin improved, indicating effective cost control [4] - The company is expected to benefit from the deep development of the domestic IT industry, with projected revenues of 15.55 billion yuan, 18.79 billion yuan, and 21.65 billion yuan for 2024-2026, and net profits of 102 million yuan, 329 million yuan, and 550 million yuan, respectively [6] Business Segments Computing Industry - Revenue in H1 2024 was 4.70 billion yuan, a YoY increase of 37.04%, with a gross margin of 14.41%, a YoY decrease of 3.04 percentage points [2] - The company has made breakthroughs in financial, insurance, and transportation sectors, and has established partnerships with several well-known foreign brands [2] - The company has a leading position in the domestic AI server power supply market [2] System Equipment - Revenue in H1 2024 was 985 million yuan, a YoY decrease of 18.02%, with a gross margin of 22.33%, a YoY decrease of 7.67 percentage points [2] - Traditional business orders declined due to policy changes, but new business orders in marine informatization and special computing increased significantly [2] Feiteng - Revenue in H1 2024 was 608 million yuan, a YoY increase of 23%, with a net loss of 296 million yuan [2] - Feiteng has developed over 10 high-performance CPUs since 2014, with cumulative applications exceeding 8.5 million units [2] - Feiteng is accelerating the development of intelligent computing processors, aiming to create a "CPU+XPU" combination [2] Financial Performance - H1 2024 operating income was 6.08 billion yuan, a YoY increase of 21.23%, with a net profit attributable to the parent company of -422 million yuan, a YoY improvement of 33.37% [3] - Q2 2024 operating income was 3.41 billion yuan, a YoY increase of 21.30%, with a net profit attributable to the parent company of -172 million yuan, a YoY improvement of 47.56% [3] - The company's sales expense ratio, management expense ratio, and R&D expense ratio in H1 2024 were 3.60%, 7.00%, and 9.05%, respectively, showing significant reductions [4] Market Data - The company's current stock price is 8.04 yuan, with a 52-week price range of 7.25-12.65 yuan [4] - The company's total market capitalization is 25.94 billion yuan, with a circulating market capitalization of 25.30 billion yuan [4] - The company's average daily trading volume in the past month was 129.86 million yuan, with a turnover rate of 0.65% [2] Industry Outlook - The domestic IT industry is entering a deep development phase, with significant growth potential in the domestic server market [6] - Feiteng's ecosystem has over 6,500 partners, supporting more than 4,900 Feiteng platform devices and over 66,000 software adaptations [6] - Feiteng's products, including the S5000C, E2000, and D3000 CPUs, have been selected for the national IT security testing list, indicating strong market potential [6] Financial Projections - The company's revenue is projected to be 15.55 billion yuan, 18.79 billion yuan, and 21.65 billion yuan for 2024-2026, with net profits of 102 million yuan, 329 million yuan, and 550 million yuan, respectively [6] - The company's EPS is projected to be 0.03 yuan, 0.10 yuan, and 0.17 yuan for 2024-2026, with P/E ratios of 255.36, 78.77, and 47.15, respectively [7]

中国长城（000066.SZ）2024 年半年报点评 二季度业绩持续改善，国产算力龙头业务加速回暖 2024 年 09 月 03 日 ➢ 事件概述：公司 2024 年 8 月 30 日发布 2024 年半年度报告，2024 年上半 年，公司实现营业总收入 60.76 亿元，同比增长 21.23%；归母净利润亏损 4.22 亿元，上年同期亏损 6.33 亿元；扣非净利润亏损 4.24 亿元，上年同期亏损 7.21 亿元。 ➢ Q2 收入稳健增长，单季度归母净利润明显减亏。根据公司半年报，上半年 公司持续聚焦主责主业，持续推进改革举措，着力加强经营管理，持续实施降本 控费增效，保持科技创新投入强度，营业收入实现稳步增长，归母净利润同比改 善，发展质量进一步提升。从 2024Q2 看，公司收入同比增速达到 21%，归母 净利润明显减亏，回暖态势明显。 ➢ 技术能力持续提升，多点发力打造国产化坚固"长城"。1）在计算产业即 国产化领域，发布了基于飞腾 5000C 和国产 GPU 卡的 4U8 卡 AI 服务器，并与 麒麟智算操作系统进行了适配；自主研发集群管理软件鹰眼 2.0 系统，可以纳管 3000 台服务器。在系 ...

Financial Performance - Revenue for the reporting period was RMB 6,075,827,545.30, a year-on-year increase of 21.23%[13] - Net profit attributable to shareholders of the listed company was RMB -421,517,389.43, compared to RMB -632,654,048.20 in the same period last year[13] - Operating cash flow was RMB -1,374,324,766.64, a significant decrease compared to RMB -614,052,553.64 in the same period last year[13] - Basic earnings per share were RMB -0.131, compared to RMB -0.196 in the same period last year[13] - Weighted average return on equity improved to -2.81%, up by 1.92 percentage points compared to -4.73% in the same period last year[13] - Revenue for the first half of 2024 reached approximately 6.08 billion yuan, a year-on-year increase of 21.23%[24] - Net profit attributable to shareholders was approximately -422 million yuan, showing a 33.37% improvement year-on-year[24] - Revenue from the computing industry grew by 37.04% year-on-year, reaching 4.70 billion yuan, accounting for 77.29% of total revenue[29][30] - Revenue from the system equipment sector decreased by 18.02% year-on-year to 984.93 million yuan, accounting for 16.21% of total revenue[29][30] - Domestic revenue accounted for 61.11% of total revenue, a decrease of 15.77% year-on-year[29] - Revenue from the North American market increased by 44.29% year-on-year to 291.85 million yuan[30] - Revenue from the European market surged by 112.06% year-on-year to 163.73 million yuan[30] - R&D investment decreased by 20.06% year-on-year to 549.70 million yuan[28] - Operating cash flow was -1.37 billion yuan, primarily due to increased procurement payments and inventory costs[28] - Investment cash flow increased by 20.55% year-on-year to 907.89 million yuan[28] - Revenue for the first half of 2024 was RMB 6,075,827,545.30, an increase of 21.2% compared to the same period last year[134] - Operating costs increased to RMB 5,032,112,721.65, up 28.5% year-over-year[134] - R&D expenses decreased to RMB 549,702,372.33, down 20.1% compared to the previous year[134] - Net loss for the period was RMB 391,258,281.75, an improvement from the net loss of RMB 593,832,308.18 in the same period last year[134] - Loss attributable to shareholders of the parent company was RMB 421,517,389.43, compared to RMB 632,654,048.20 in the previous year[134] - Basic earnings per share improved to -0.131 from -0.196 in the same period last year[134] - Other comprehensive income after tax was RMB 18,059,343.27, up from RMB 14,111,074.64 in the previous year[134] - Foreign currency translation differences contributed RMB 5,180,935.68 to other comprehensive income[134] - Total comprehensive loss was RMB 373,198,938.48, compared to RMB 579,721,233.54 in the same period last year[134] - Minority shareholders' share of comprehensive income was RMB 31,951,479.70, down from RMB 41,478,757.82 in the previous year[134] - Revenue for the first half of 2024 increased to RMB 1,102,149,045.13, up from RMB 869,637,271.02 in the same period last year, representing a 26.7% growth[135] - Operating costs rose to RMB 936,038,883.92, compared to RMB 764,045,752.39 in the previous year, an increase of 22.5%[135] - Net loss for the first half of 2024 was RMB 132,437,683.91, an improvement from the net loss of RMB 200,058,225.86 in the same period last year[135] - R&D expenses decreased to RMB 68,356,407.36, down from RMB 92,041,422.68 in the same period last year, a reduction of 25.7%[135] Cash Flow - Cash flow from operating activities was negative at RMB -1,374,324,766.64, compared to RMB -614,052,553.64 in the previous year[136] - Cash flow from investing activities was positive at RMB 907,886,449.27, up from RMB 753,135,638.01 in the same period last year[136] - Cash flow from financing activities was positive at RMB 185,319,203.95, compared to a negative RMB -121,402,994.12 in the previous year[136] - Total cash and cash equivalents at the end of the period were RMB 3,785,718,857.70, down from RMB 4,294,764,008.01 at the end of the previous period[136] - Sales revenue from goods and services received in cash increased to RMB 7,012,083,581.25, up from RMB 5,454,515,287.66 in the previous year[136] - Tax refunds received increased significantly to RMB 165,861,923.23, compared to RMB 63,117,730.73 in the same period last year[136] - Sales revenue from goods and services increased to RMB 1,459,459,449.95, up 54.1% compared to the previous period's RMB 946,792,445.92[137] - Operating cash flow showed a net outflow of RMB -166,540,580.84, an improvement from the previous period's net outflow of RMB -391,405,130.71[137] - Investment cash inflow totaled RMB 2,576,699,711.05, slightly down from the previous period's RMB 2,677,168,555.69[137] - Net cash flow from investment activities was RMB 93,692,589.46, significantly lower than the previous period's RMB 568,294,003.07[137] - Financing cash inflow was RMB 3,838,000,000.00, a decrease from the previous period's RMB 5,607,800,000.00[137] - Net cash flow from financing activities was RMB 70,003,930.73, compared to a net outflow of RMB -421,997,409.84 in the previous period[137] Assets and Liabilities - Total assets at the end of the reporting period were RMB 34,176,711,672.44, a slight increase of 0.13% compared to the end of the previous year[13] - Equity attributable to shareholders of the listed company decreased by 3.47% to RMB 12,242,286,288.93 compared to the end of the previous year[13] - Monetary funds decreased by 0.62% to 4,105,657,370.97 yuan, accounting for 12.01% of total assets[33] - Inventory increased by 5.39% to 7,989,705,881.69 yuan, accounting for 23.38% of total assets[33] - Short-term borrowings increased by 3.68% to 2,760,362,475.63 yuan, accounting for 8.08% of total assets[33] - Long-term borrowings decreased by 2.83% to 6,886,211,326.35 yuan, accounting for 20.15% of total assets[33] - Overseas assets include China Greatwall Computer (Hong Kong) Holdings Co., Ltd. with total assets of 241.92 million yuan and net assets of 131.07 million yuan, contributing 0.97% to the company's net assets[34] - Trading financial assets decreased by -15,338,430.71 yuan in fair value changes, with a final balance of 707,899,748.01 yuan[35] - Restricted assets at the end of the reporting period amounted to 431,561,709.93 yuan, including 319,938,513.27 yuan in monetary funds for guarantees and deposits[37] - Total assets increased slightly to RMB 341.77 billion as of June 30, 2024, compared to RMB 341.32 billion at the end of 2023[129] - Cash and cash equivalents decreased to RMB 4.11 billion as of June 30, 2024, from RMB 4.31 billion at the end of 2023[129] - Accounts receivable increased to RMB 5.79 billion as of June 30, 2024, up from RMB 5.25 billion at the end of 2023[129] - Inventory rose significantly to RMB 7.99 billion as of June 30, 2024, compared to RMB 6.14 billion at the end of 2023[129] - Total current liabilities increased to RMB 118.83 billion as of June 30, 2024, from RMB 105.05 billion at the end of 2023[130] - Short-term borrowings nearly doubled to RMB 2.76 billion as of June 30, 2024, compared to RMB 1.50 billion at the end of 2023[130] - Long-term debt decreased to RMB 6.89 billion as of June 30, 2024, from RMB 7.84 billion at the end of 2023[130] - Total equity decreased to RMB 134.64 billion as of June 30, 2024, from RMB 138.77 billion at the end of 2023[130] - Retained earnings declined to RMB 34.62 billion as of June 30, 2024, from RMB 38.84 billion at the end of 2023[130] - Minority interests increased to RMB 12.22 billion as of June 30, 2024, compared to RMB 11.95 billion at the end of 2023[130] - Total assets increased to RMB 20.85 billion as of June 30, 2024, compared to RMB 20.44 billion at the end of 2023[131] - Current assets rose to RMB 7.77 billion, up from RMB 7.36 billion at the end of 2023[131] - Inventory increased significantly to RMB 2.42 billion, up from RMB 1.58 billion at the end of 2023[131] - Short-term borrowings surged to RMB 1.74 billion, nearly double the RMB 900.61 million at the end of 2023[132] - Total liabilities grew to RMB 11.98 billion, compared to RMB 11.42 billion at the end of 2023[132] - Shareholders' equity decreased to RMB 8.86 billion from RMB 9.03 billion at the end of 2023[132] - Long-term investments remained stable at RMB 6.99 billion, slightly down from RMB 7.09 billion at the end of 2023[131] - Accounts receivable decreased to RMB 639.35 million from RMB 843.04 million at the end of 2023[131] - Prepayments dropped to RMB 225.35 million from RMB 654.12 million at the end of 2023[131] - Development expenditure increased to RMB 120.13 million, up from RMB 92.10 million at the end of 2023[131] Business Operations - The company's main businesses in 2024 include computing industry and system equipment, focusing on national strategic needs and core competitiveness[18] - In the computing industry, the company has formed the most comprehensive and strongest domestic independent security product line, achieving fully independent design and manufacturing[19] - The company's system equipment business focuses on communication, special computing, and marine informationization, with products covering communication systems, satellite/北斗 navigation equipment, and cluster communication equipment[20] - The company has optimized its business structure, focusing on computing industry and system equipment, and has formed a development pattern of industrial service empowerment[21] - The company has established a comprehensive marketing network, with a direct sales system covering key regions and industries, and a distribution system covering 100% of domestic counties[22] - The company has released a 4U8 card AI server based on Feiteng 5000C and domestic GPU cards, and has developed the Eagle Eye 2.0 cluster management software capable of managing 3000 servers[22] - The company has developed a dual-path domestic architecture server, supporting the latest DDR5 and PCIe5.0 technologies, with hardware design and high-speed interconnect design reaching industry standards[22] - The company has introduced high-end and key core technical talents, building a scientific and technological talent innovation platform system covering 5 national innovation platforms and 12 provincial innovation platforms[22] - The company has obtained more than 1700 patents, with 1 part-time academician, 5 experts enjoying special government allowances from the State Council, and 50 doctors[22] - The company is focusing on AI technology development, strategic partnerships with GPU manufacturers, and rapid market entry for core AI products[63] - Efforts to mitigate human resource risks include expanding talent acquisition channels, fostering internal R&D, and enhancing collaboration with universities[63] - Investment risk management includes strict adherence to decision-making procedures, enhanced project evaluation, and improved post-investment management[63] - The company is addressing "two funds" risk by decomposing targets, enhancing accounts receivable collection, and accelerating the clearance of stagnant materials[63] - Quality management improvements include adopting advanced quality control methods, conducting specialized quality audits, and enhancing supplier quality standards[65] - The company's main business activities include computer software, hardware, and network systems[147] Investments and Projects - Non-current asset disposal gains and losses amounted to -935,890.79, while government subsidies related to normal business operations totaled 40,367,931.42[16] - Zhongyuan Electronics acquired 15% equity of CEC Finance, increasing its total equity holding to 20.7112%[40] - The Shiyan Base Phase III Cybersecurity and Informatization Industry Project has a total investment of RMB 752 million, with a cumulative investment of RMB 696.67 million as of the reporting period[41][43] - The company holds 11.77 million shares of Orient Securities, accounting for 0.16% of its equity[45] - The company holds 1.9969 million shares of Xiangcai Securities, accounting for 0.07% of its equity[45] - The company raised RMB 3.987 billion through a private placement in 2022, with a net amount of RMB 3.975 billion[48][49] - As of the reporting period, the company has used RMB 1.58568 billion of the raised funds, with RMB 2.38981 billion still unused[48] - The company's securities investment portfolio had a total initial investment cost of RMB 339.9 million, with a current book value of RMB 1.078 billion[44] - The company's securities investment portfolio incurred a fair value loss of RMB 15.82 million during the reporting period[44] - The company's securities investment portfolio generated a total loss of RMB 13.74 million during the reporting period[44] - The company's securities investment portfolio includes investments in Orient Securities, Bank of Communications, Xiamen Xiangyu, Zotye Auto, and Xiangcai Securities[44] - Key chip R&D project has not started yet with a committed investment of 30,000 thousand yuan[50] - Autonomous security whole machine design simulation laboratory and special computer R&D center construction project has reached 69.03% of the adjusted investment with 13,805.82 thousand yuan invested[50] - Domestic intelligent production line construction project has reached 27.12% of the adjusted investment with 35,255.25 thousand yuan invested, but realized a loss of -5,717.04 thousand yuan[50] - Domestic key region Xinchuang cloud demonstration project has not started yet with a committed investment of 70,000 thousand yuan[50] - New energy vehicle three-electric control and charging pile product R&D production and test environment construction project has not started yet with a committed investment of 20,000 thousand yuan[50] - Special equipment new energy and application construction project has reached 69.37% of the adjusted investment with 20,811.74 thousand yuan invested, but realized a loss of -644.24 thousand yuan[50] - Marine underwater information system project has reached 79.58% of the adjusted investment with 7,957.9 thousand yuan invested[50] - Three-in-one medium and long wave mobile communication system simulation laboratory construction, design, and product development project has reached 65.94% of the adjusted investment with 13,188.2 thousand yuan invested[51] - Supplementary working capital project has reached 100% of the adjusted investment with 67,549.09 thousand yuan invested[57] - Total committed investment projects amount to 397,549.09 thousand yuan with 158,568 thousand yuan invested, realizing a total loss of -6,361.28 thousand yuan[57] - The company approved the use of up to RMB 1.8 billion in idle raised funds to temporarily supplement working capital for a period not exceeding 12 months[116] - The company plans to invest up to RMB 1.5 billion in the construction of the Taiyuan base for its subsidiary, Great Wall Power Technology Co., Ltd., covering infrastructure, capacity building, and land acquisition[117] - The company has approved the issuance of no more than RMB 2 billion in technology innovation corporate bonds, with a term of no more than 5 years[117] - The company has participated in the National Major Science and Technology Infrastructure Project for the Submarine Science Observation Network, with a funding commitment of no more than RMB 280 million[117] Shareholder and Equity Information - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] - The company held three major shareholder meetings in 2024, with participation rates ranging from 43.03% to 43.44%, focusing on board elections, financial reports, and strategic agreements[67] - The company's second phase stock option incentive plan granted 105.19 million stock options to 817 incentive targets, accounting for approximately 3.59% of the company's total shares at the time of the plan announcement[75] - An additional 26.34 million stock options were reserved for 489 incentive targets, representing about 0.90% of the company's total shares at the time of the plan announcement[75] - The initial grant exercise price was set at

证券代码：000066 证券简称：中国长城 中国长城科技集团股份有限公司 投资者关系活动记录表 编号：2024-003 □特定对象调研 □分析师会议 □媒体采访  业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 参与单位名称及 线上参与公司2024年半年度业绩情况说明会的投资者 人员姓名 时间 2024年7月10日15:00-16:00 地点 价值在线（www.ir-online.cn）网络互动 上市公司接待人 财务总监（总会计师）宋金娣女士，董事会秘书王习发先生 员姓名 公司于2024年7月10日举办 2024年半年度网上业绩情况 说明会，就投资者关心的问题进行沟通交流。相关信息如下： 1.您好，股价跌跌不休。已经跌了4年了，公司为什么就没 有有效的解决方案。跌的时候比板块多，涨得时候远远落后于板 块。转融通天天有，年年有。公司就没有什么办法去解决这个问 题吗？二级市场，你们公司对二级市场的散户太残忍了。真的， 以后还怎么从二级市场融资。 答:尊敬的投资者，您好。二级市场股价的波动受市场、行 ...

证券代码：000066 证券简称：中国长城 公告编号：2024-049 中国长城科技集团股份有限公司 2024年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1．业绩预告期间：2024 年 1 月 1 日至 2024 年 6 月 30 日。 2．预计的经营业绩：亏损 3．业绩预告情况表： | --- | --- | --- | |-----------------------------------|-----------------------------------------|-------------------| | 项目 | 本报告期 | 上年同期 | | 归属于上市公司股 | 亏损：约 35,000 万元— 49,000 万元 | 亏损： 万元 | | 东的净利润 | 比上年同期减亏： 22.55% — 44.68% | 63,265 | | 归属于上市公司股 东的扣除非经常性 | 亏损：约 37,000 万元— 53,000 万元 | 亏损： 万元 | | 损益后的净利润 | 比上年同期减亏： 26.44 ...

本次电话会议仅服于星夜证券客户会议音频及文字记录的内容版权为星夜证券所有内容必须经星夜证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权星夜证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息 涉及外部嘉宾发言的商业证券不保障其发言内容的准确性与完整性商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 好 尊敬的各位投资的朋友各位领导大家上午好非常感谢大家参加我们新业证券2024年中期策略会那本场交流活动呢是中国长城的线上专场交流我是本次会议的主持人新业证券的计算机手机展嘉琳 那么今天我们很荣幸邀请到了中国长城的董事会秘书王总在线上跟大家就整个行业的一个发展趋势及公司的经营情况那么做一次交流首先的话我们还是先有请王总对当前整个产业的一些最新情况还有我们公司当前的一些经营成果先给大家做一个分享后面我们再进行互动混打 好那下面我们有请王总好的江总好各位投资人大家上午好我是中国长城总理王喜发感谢大家参加中国长城的专场大家知道因为中国长城这个主业吧反正是两块一个是这个我们叫质算也好 ...

Investment Rating - The report gives a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance [4] Core Views - The company's revenue in 2023 was 13.42 billion yuan, a decrease of 4.33% year-over-year, with a net loss of 977 million yuan compared to a profit of 120 million yuan in the previous year [1] - In Q1 2024, the company's revenue showed recovery, increasing by 21.13% year-over-year to 2.663 billion yuan, with a net loss of 250 million yuan, an improvement from a loss of 305 million yuan in the same period last year [4] - The company's gross margin in 2023 was 21.62%, down by 3.60 percentage points year-over-year, while operating cash flow improved significantly to 437 million yuan from a negative 402 million yuan in 2022 [1] - The company's computing industry business generated 8.286 billion yuan in revenue in 2023, a decrease of 3.85% year-over-year, while its system equipment business revenue was 4.3 billion yuan, down by 5.07% [1] - Feiteng, a subsidiary, achieved revenue of over 1.9 billion yuan in 2023, an 18% year-over-year increase, with cumulative chip sales reaching 7.5 million units [2] Financial Projections - The company's revenue is projected to grow to 16.005 billion yuan in 2024, 18.973 billion yuan in 2025, and 22.465 billion yuan in 2026, with year-over-year growth rates of 19.3%, 18.5%, and 18.4% respectively [3] - Net profit attributable to shareholders is expected to turn positive in 2024 at 124 million yuan, increasing to 243 million yuan in 2025 and 419 million yuan in 2026 [3] - Gross margin is forecasted to improve to 23.0% in 2024, slightly declining to 22.8% in 2025 and 22.6% in 2026 [3] - ROE is projected to recover to 1.0% in 2024, 1.9% in 2025, and 3.1% in 2026, up from -7.7% in 2023 [3] Industry and Business Highlights - Feiteng, a key subsidiary, has developed over 1,400 new hardware solutions and adapted more than 20,000 software products, with a cumulative total of 47,000 software adaptations [2] - The company's computing and system equipment businesses, despite revenue declines in 2023, are expected to recover in 2024, supported by the growth of Feiteng and overall industry recovery [1][2]

2024 年 05 月 10 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 营收同比 ，发布首台 服务器 2024Q1 +21% AI 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn ——中国长城（ ） 年年报点评与 000066 2023 2024 年一季报点评 事件 : 最近一年走势 2024年4月30日，公司发布2023年年报与2024年一季报：2023年， 公司实现营收134.2亿元，同比-4.33%；归母净利润-9.77亿元，2022 年同期盈利 1.20 亿元；2024Q1，公司实现营收 26.63 亿元，同比 +21.13%；归母净利润-2.5亿元，2022年同期-3.05亿元，实现减亏。 投资要点 :  2024Q1营收同比+21%，利润端实现减亏 2023年，公司销售/管理/研发费用率分别为4.79%/6.59%/10.15%， 相对沪深300表现 2024/05/09 同比+1.04/-0.13/+0.73pct，销售费用增长主要系子公司扩大市场、人工 表现 1M 3M 12M 成本增长，以及与收入相关的售后服务费同比 ...

2024年05月09日 公 司点评 公 买入 / 维持 司 中国长城(000066) 研 究 目标价: 昨收盘:9.46 业绩恢复增长，静待行业信创市场成长 事件：公司发布2023年年报，收入134.20亿元，同比减少4.33%； ◼ 走势比较 归母净利润-9.77亿元，同比减少895.98%。 公司发布 2024 年一季报，收入 26.63 亿元，同比增加 21.13%； 40% 太 24% 归母净利润-2.50亿元，同比增加18.15%。 平 8% 洋 证 (2( 48 %% ))9/5/32 12/7/32 2/01/32 41/21/32 52/2/42 8/5/42 少3.业 85务 %;保 系持 统平 装稳 备。 收2 入023 43年 .0， 0公 亿司 元计 ，算 同产 比业 减收 少入 5.8 02 7. %8 。6 公亿 司元 整，同 体毛比减 利 券 率为21.62%，相对于去年同期下降了3.59个百分点。 (40%) 股 中国长城 沪深300 加强技术研发能力。2023年，公司研发费用率为10.15%，相对于 份 去年同期提升了 0.73 个百分点。公司成功推出新一代高性能自主服 有 ...