Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - In Q1 2024, the company achieved a revenue of 2.663 billion yuan, representing a year-on-year increase of 21.13%, while the net profit attributable to shareholders was a loss of 250 million yuan, an improvement from a loss of 305 million yuan in the same period of 2022 [2][3] - The company is focusing on optimizing its business structure and enhancing its capabilities, participating in significant projects and achieving notable market share growth in various sectors [5][6] Summary by Relevant Sections Financial Performance - In 2023, the company reported total revenue of 13.42 billion yuan, a decrease of 4.33% year-on-year, and a net profit loss of 977 million yuan compared to a profit of 120 million yuan in 2022 [2][3] - The company's Q1 2024 revenue of 2.663 billion yuan reflects a 21.13% increase year-on-year, with a reduced net loss of 250 million yuan [2][3] - The company’s sales, management, and R&D expense ratios for 2023 were 4.79%, 6.59%, and 10.15%, respectively, with changes in these ratios indicating adjustments in operational costs [3] Business Segments - The computing industry segment accounted for 62% of revenue in 2023, generating 8.286 billion yuan, down 3.85% year-on-year, with a gross margin of 16.34% [1][4] - The system equipment segment, which made up 32% of revenue, reported 4.3 billion yuan in revenue, a decline of 5.07% year-on-year, with a gross margin of 27.72% [4][5] - The company launched its first AI server and received orders for 20 units from a key client, indicating a strategic shift towards AI technology [1][4] Future Projections - Revenue projections for 2024-2026 are 15.549 billion yuan, 18.788 billion yuan, and 21.654 billion yuan, respectively, with expected net profits of 109 million yuan, 314 million yuan, and 517 million yuan [6][7] - The report anticipates a significant increase in earnings per share (EPS) from -0.30 yuan in 2023 to 0.16 yuan by 2026, reflecting a recovery in profitability [7][8]

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 ...

证券代码：000066 证券简称：中国长城 公告编号：2024-036 一、回购进展情况 截至 2024 年 4 月 30 日，公司已回购数量为 3,999,946 股，占公司目前总 股本的 0.1240%，最高成交价格为 9.96 元/股，最低成交价格为 8.17 元/股，成 交总金额为 35,759,520.50 元（不含交易费用）。前述回购进展符合相关法律法 规及公司既定回购股份方案的要求。 二、其他说明 中国长城科技集团股份有限公司 关于股份回购进展情况的公告 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。 中国长城科技集团股份有限公司（以下简称"公司"）于 2023 年 12 月 1 日召开第七届董事会第一百次会议，审议通过了《关于以集中竞价交易方式回购 公司股份的议案》，同意公司使用自有资金以集中竞价交易方式回购部分已发行 A 股股份，用于实施股权激励。本次回购资金总额不超过 3 亿元，回购价格不高 于 13.02 元/股，回购数量不低于 1,600 万股，不超过 2,300 万股，占公司目前 总股本的 0.50%-0.71%。回购股份期限为自董事 ...

证券代码：000066 证券简称：中国长城 公告编号：2024-037 监事会 二 O 二四年五月八日 附：简历 刘汉文女士，中国国籍，毕业于江西财经大学国际学院国际会计、法学，本 科学历，大学双学士学位。现任本公司审计部副总经理（主持工作）。曾任本公 司审计部副总经理、审计经理，湖南长城金融设备有限公司（现长城信息股份有 限公司）党建工作部高级审计经理，碧桂园控股有限公司风控审计监察中心高级 审计主管（负责财经审计室）。 刘汉文女士与本公司实际控制人不存在关联关系，与公司其他董事、监事、 高管不存在关联关系；未持有本公司股份；未受过中国证监会及其他有关部门的 处罚和证券交易所纪律处分；没有涉嫌犯罪被司法机关立案侦查或涉嫌违法违规 被中国证监会立案稽查；经公司在最高人民法院网站失信被执行人目录查询，刘 中国长城科技集团股份有限公司 关于选举职工代表监事的公告 本公司及监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。 中国长城科技集团股份有限公司于2024年5月7日接到公司工会委员会《关 于刘汉文女士当选为公司第八届监事会职工监事的函告》，选举刘汉文女士（简 历附后）为公 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 9.78 yuan [2]. Core Insights - The company achieved a revenue of 13.42 billion yuan in 2023, with a net profit attributable to shareholders of -0.977 billion yuan. In Q1 2024, revenue reached 2.663 billion yuan, reflecting a year-on-year growth of 21.13% [1]. - The company is focusing on multiple product lines to enhance core competitiveness, including servers, personal terminal products, industrial control machines, printing equipment, and system equipment [1]. - The company is actively expanding into industry and international markets, establishing leadership groups for international and financial markets, and setting up overseas offices in regions like North America, the EU, Africa, and Southeast Asia [1]. - Despite short-term performance pressure due to market fluctuations, the company aims to strengthen its core business and improve profitability, with a projected recovery in performance [1]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 16.818 billion yuan, 20.224 billion yuan, and 24.339 billion yuan, respectively, with growth rates of 25.3%, 20.3%, and 20.4% [2][5]. - The net profit attributable to shareholders is expected to recover to 0.185 billion yuan in 2024, 0.309 billion yuan in 2025, and 0.459 billion yuan in 2026, with growth rates of 118.9%, 67.3%, and 48.2% respectively [2][5]. - The report forecasts a PE ratio of 171x for 2024, 102x for 2025, and 69x for 2026 [2][5].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 10 billion RMB in 2023, representing a growth of 15% compared to the previous year[7]. - The company's revenue for 2023 was ¥13,420,233,900.29, a decrease of 4.33% compared to ¥14,027,336,139.07 in 2022[14]. - The net profit attributable to shareholders for 2023 was -¥977,252,427.62, compared to a profit of ¥120,280,878.14 in 2022[14]. - The basic earnings per share for 2023 was -¥0.303, down from ¥0.038 in 2022[14]. - The total assets at the end of 2023 were ¥34,131,823,790.93, an increase of 0.76% from ¥33,871,519,457.55 in 2022[14]. - The net assets attributable to shareholders decreased by 7.21% to ¥12,682,285,531.11 in 2023 from ¥13,666,552,661.22 in 2022[14]. - The company reported a net cash flow from operating activities of ¥437,124,077.82 in 2023, a significant improvement from -¥401,639,226.91 in 2022[14]. - The company incurred non-recurring losses of ¥203,217,013.51 in 2023, compared to ¥108,993,857.36 in 2022[19]. - Total revenue for 2023 was ¥13,420,233,900.29, a decrease of 4.33% compared to ¥14,027,336,139.07 in 2022[31]. Market Expansion and Strategy - The company has set a revenue guidance for 2024, projecting a growth rate of 10% to 12%[7]. - New product launches are expected to contribute an additional 1 billion RMB in revenue in the upcoming fiscal year[7]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[7]. - The company plans to continue its market expansion and product development strategies in the upcoming year[14]. - The company aims to enhance its core competitiveness and focus on the computing industry and system equipment as its two main business areas[22]. - The company is focusing on key core technology breakthroughs in servers, computing chips, and computing networks to support national strategic needs[24]. - The company plans to enhance its market competitiveness through the development of intelligent branch solutions and new product innovations[46]. - The company aims to optimize its industrial layout in the system equipment business, focusing on communication, special computing, and marine information technology sectors[80]. Research and Development - Research and development investments increased by 30%, focusing on innovative technologies in cybersecurity[7]. - The company has enhanced its technical research and development capabilities, achieving over 85% fault detection rate in hardware and a 20% improvement in testing efficiency[26]. - The company launched 11 new products based on the PengTeng technology route in the terminal product sector, with 5 additional products successfully developed and launched[42]. - A total of 191 new invention patents were filed in 2023, showcasing the company's focus on innovation[43]. - The company’s R&D investment amounted to ¥1,542,827,657.51 in 2023, representing a 2.77% increase from ¥1,501,305,559.47 in 2022[47]. - R&D expenditure accounted for 11.50% of operating revenue in 2023, up from 10.70% in 2022, marking a 0.80% increase[47]. Operational Efficiency - The company has strengthened its operational management, achieving cost reduction and efficiency improvements through specialized management initiatives[25]. - The company aims to reduce operational costs by 10% through improved supply chain management[101]. - The company has optimized its business structure in response to policy adjustments, focusing on major national projects and strategic initiatives[29]. - The company has formed a supply chain organization to enhance modern supply chain management capabilities, improving delivery and reducing inventory[25]. Talent and Human Resources - The company introduced 12 high-end talents in 2023, including 10 top experts in the computing industry, and recruited 329 high-potential graduates[26]. - The company plans to strengthen its talent strategy, emphasizing the importance of human resources in driving technological innovation and high-quality development[78]. - The company has implemented various training programs, including the "Evergreen Plan" and "Star Talent Plan," to enhance employee skills and support long-term development[123]. Governance and Compliance - The company maintains a complete and independent governance structure, complying with relevant regulations and ensuring no significant discrepancies with the requirements set by the China Securities Regulatory Commission[85]. - The company has established an independent financial department with a separate accounting system and bank accounts, ensuring independent tax compliance[86]. - The company has not faced any administrative penalties related to insider trading or information leakage during the reporting period[85]. - The company is committed to maintaining transparency and accountability in its operations, as reflected in the recent appointments and elections within the board[95]. Environmental Responsibility - The company has successfully renewed its pollution discharge permit, valid for five years, as of November 2023[141]. - The company has been recognized in the 2023 National "Green Factory" and "Green Supply Chain Management Enterprise" lists due to its commitment to green development[145]. - The company has established a comprehensive environmental management system to oversee wastewater treatment, air quality monitoring, and hazardous waste management[144]. Financial Management - The company has established various credit facilities and loans with multiple banks, indicating a strong financial backing for future operations and expansions[30-70]. - The company has approved a share repurchase plan with a total amount not exceeding 300 million RMB, with a repurchase price not exceeding 13.02 RMB per share, aiming to buy back between 16 million and 23 million shares within 12 months[178]. - The company has secured a total of RMB 5 billion in short-term loans from China Electronics Finance Co., Ltd. on January 5, 2023, with a one-year term[173]. Shareholder Relations - The company held its first temporary shareholders' meeting on January 13, 2023, with a participation rate of 40.785%[88]. - The annual shareholders' meeting on May 23, 2023, had a participation rate of 43.705% and approved the 2022 financial report and profit distribution plan[88]. - The total number of common shareholders at the end of the reporting period was 202,445, an increase from 192,827 at the end of the previous month[186].

Financial Performance - The company's revenue for Q1 2024 was CNY 2,663,126,153.32, representing a 21.13% increase compared to CNY 2,198,572,939.49 in the same period last year[4] - The net profit attributable to shareholders was a loss of CNY 249,815,522.35, an improvement from a loss of CNY 305,225,491.02 in the previous year[4] - The company reported a significant decrease in management expenses by 45.31% to CNY 117,617,050.69 from CNY 215,061,509.14 in the previous year[8] - The company reported a 95.82% decrease in minority shareholders' profit to CNY 299,815.52 from CNY 7,172,089.46 in the previous year[8] - The company reported a decrease in undistributed profits to ¥3,633,795,707.98 from ¥3,883,611,230.33, a drop of 6.4%[19] - Total operating revenue for the period reached ¥2,663,126,153.32, an increase of 20.99% compared to ¥2,198,572,939.49 in the previous period[21] - Net profit for the period was a loss of ¥249,515,706.83, an improvement from a loss of ¥298,053,401.56 in the previous period[21] - Total comprehensive income for the period was a loss of ¥242,792,370.79, compared to a loss of ¥300,300,752.32 in the previous period[22] Cash Flow - The net cash flow from operating activities was negative CNY 1,095,762,482.36, compared to negative CNY 292,802,510.21 in the same period last year[4] - Cash inflow from operating activities totaled ¥3,393,806,773.85, an increase of 13.14% from ¥2,999,026,135.62 in the previous period[23] - The net cash flow from investment activities was 821,398,292.07 CNY, compared to 933,295,907.73 CNY previously, showing a decrease[24] - Cash inflow from financing activities totaled 3,491,240,392.38 CNY, down from 5,403,292,246.87 CNY year-over-year[24] - The net cash flow from financing activities was 92,445,371.54 CNY, a recovery from -547,672,244.26 CNY in the previous period[24] - The total cash and cash equivalents at the end of the period were 3,882,397,464.59 CNY, down from 4,357,830,557.09 CNY[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 34,092,370,141.94, a slight decrease of 0.12% from CNY 34,131,823,790.93 at the end of the previous year[4] - The equity attributable to shareholders decreased by 2.95% to CNY 12,308,288,311.32 from CNY 12,682,285,531.11 at the end of the previous year[4] - Total liabilities increased to ¥20,586,723,313.45 from ¥20,254,395,269.20, an increase of 1.6%[19] - Current liabilities decreased to ¥10,336,499,950.20 from ¥10,504,853,051.84, a reduction of 1.6%[19] - Long-term borrowings increased to ¥8,284,097,630.56 from ¥7,844,931,630.55, reflecting a growth of 5.6%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 192,827[9] - The largest shareholder, China Electronics Corporation, holds 39.35% of the shares, totaling 1,269,203,475 shares[9] - The second-largest shareholder, Industrial Investment Fund Co., Ltd., holds 1.78% of the shares, totaling 57,306,590 shares[9] - The third-largest shareholder, Hong Kong Central Clearing Limited, holds 1.63% of the shares, totaling 52,640,428 shares[9] - The total number of shares held by the top ten shareholders with unrestricted shares is 1,215,478,547[11] - The top ten shareholders do not have any pledged or frozen shares[9] - The company has no preferred shareholders as per the report[12] - There are no known relationships or concerted actions among the top shareholders, except for the connection between China Electronics Corporation and its subsidiary[11] Corporate Actions - The company has approved a share repurchase plan with a total amount not exceeding RMB 300 million, targeting a repurchase price of no more than RMB 13.02 per share, with a minimum of 16 million shares and a maximum of 23 million shares to be repurchased[15] - The company has utilized RMB 1.8 billion of idle raised funds to temporarily supplement working capital, with a duration not exceeding 12 months[15] - The company plans to increase its registered capital by RMB 599 million, raising it from RMB 1.901 billion to RMB 2.5 billion, with no additional contributions required from shareholders[15] - The company has signed multiple loan agreements totaling RMB 18 billion for working capital, with various terms ranging from one to three years[15][16] - The company has completed the repurchase of 3,999,946 shares, accounting for 0.124% of the total share capital, with a total transaction amount of RMB 35.76 million[15] - The company has proposed a shareholder return plan for 2024-2026, which has been approved by the shareholders' meeting[15] - The company has nominated candidates for the eighth board of directors and the eighth supervisory board, pending approval at the upcoming shareholders' meeting[15] - The company has adjusted its stock issuance plan, maintaining consistency with the original plan except for the change in the subscribing entity[15] - The company has canceled 20,383,199 stock options from the second phase of its equity incentive plan that were not exercised by the end of the first exercise period[15] Other Information - The company did not recognize any non-recurring gains or losses that would affect the financial results for the reporting period[6] - The company did not undergo an audit for the first quarter report[25] - The company will implement new accounting standards starting in 2024, but this does not apply to the current report[24]

证券代码：000066 证券简称：中国长城 公告编号：2024-021 中国长城科技集团股份有限公司 第七届监事会第四十六次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中国长城科技集团股份有限公司（以下简称"公司"）第七届监事会第四十 六次会议通知于 2024 年 4 月 10 日以电子邮件方式发出，会议于 2024 年 4 月 19 日在深圳中电长城大厦会议室召开，应参加会议监事三名，实际参加会议监 事三名，符合《公司法》和《公司章程》的有关规定。会议由监事会主席刘晨晖 先生主持，审议通过了关于第二期股权激励计划首次授予第一个行权期自主行权 完毕相关事项的议案。 本监事会经审议后认为：本次注销事项符合有关法律法规及《中国长城科技 集团股份有限公司股票期权激励计划（草案修订稿）》的相关规定，不影响公司 的持续经营，也不会损害公司及全体股东利益，我们同意公司对第二期股票期权 激励计划第一个行权期未行权的股票期权予以注销。 该议案表决情况：同意 3 票，反对 0 票，弃权 0 票，表决通过。 特此公告 中国长城科技集团股份有限公司 监事会 二〇二 ...

证券代码：000066 证券简称：中国长城 公告编号：2024-020 中国长城科技集团股份有限公司 第七届董事会第一百零七次会议决议公告 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。 2024 年 4 月 19 日，中国长城科技集团股份有限公司（以下简称"公司"） 董事会收到了董事长谢庆林先生的书面辞职报告。因工作变动原因，谢庆林先生 辞去公司董事长、董事及董事会战略委员会主任委员职务，其辞职后将不再担任 公司任何职务。根据《公司法》和《公司章程》的规定，谢庆林先生的辞职未导 致公司董事会成员低于法定人数，其辞职不会影响公司董事会的正常运行，辞职 报告自送达公司董事会之日起生效。截至公告日，谢庆林先生未持有公司股份。 谢庆林先生在公司担任董事长及有关职务期间，始终恪尽职守，勤勉尽责， 为公司深化改革、创新发展、规范治理等方面做出了重要贡献，公司及董事会对 谢庆林先生任职期间的工作表示衷心感谢！ 同日，公司在深圳中电长城大厦会议室以现场加视频方式召开第七届董事会 第一百零七次会议，应参加会议董事八名，亲自出席会议董事八名；全体监事列 席了会议，符合《公司法》 ...

证券代码：000066 证券简称：中国长城 公告编号：2024-022 中国长城科技集团股份有限公司 关于第二期股权激励计划首次授予第一个行权期 自主行权完毕相关事项的公告 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。 中国长城科技集团股份有限公司（以下简称"公司"或"中国长城"）于 2024 年 4 月 19 日召开第七届董事会第一百零七次会议审议通过了关于第二期股权激 励计划首次授予第一个行权期自主行权完毕相关事项的议案，现将有关事项说明 如下： 一、公司第二期股票期权激励计划概述 1．2020 年 9 月，公司董事会薪酬与考核委员会拟订了《中国长城科技集团 股份有限公司第二期股票期权激励计划（草案）》（以下简称"《第二期激励计划 （草案）》"）等相关文件，并提交公司第七届董事会第四十六次会议审议。 2．2020 年 9 月 30 日，公司第七届董事会第四十六次会议、第七届监事会 第十七次会议召开，审议通过了《中国长城科技集团股份有限公司第二期股票期 权激励计划（草案）及其摘要》《中国长城科技集团股份有限公司第二期股票期 权激励计划管理办法》《中国长城科 ...