Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's revenue for the first three quarters reached 58.839 billion yuan, a year-on-year increase of 6.56%, with net profit attributable to the parent company at 1.582 billion yuan, up 2.65% year-on-year [4] - In Q3 2024, the company's revenue was 20.889 billion yuan, a year-on-year increase of 8.97%, with net profit attributable to the parent company at 581 million yuan, up 12.06% year-on-year [4] - The company completed the acquisition of an additional 30% stake in H3C, increasing its ownership from 51% to 81% [5] - The demand for data center switches from internet and enterprise customers has significantly increased, with 400G switches being the mainstream product and 800G switches starting small-scale shipments [5] Financial Performance - The company's gross margin for the first three quarters was 17.59%, a year-on-year decrease of 2.31 percentage points, while the net margin was 2.69%, down 0.10 percentage points year-on-year [4] - In Q3 2024, the gross margin was 14.97%, a year-on-year decrease of 4.14 percentage points, and the net margin was 2.78%, up 0.08 percentage points year-on-year [4] - The company's inventory at the end of Q3 was 32.74 billion yuan, a year-on-year increase of 41.54%, mainly due to increased procurement and stockpiling needs for IT products [5] Business Segments - H3C's revenue for the first three quarters was 40.266 billion yuan, a year-on-year increase of 7.18%, with domestic government and enterprise business revenue at 31.683 billion yuan, up 12% year-on-year [5] - The ICT infrastructure and services segment is expected to grow by 11.19% in 2024, reaching 57.268 billion yuan, with a gross margin of 23.00% [9] - The IT product distribution and supply chain services segment is expected to grow by 1.00% in 2024, reaching 29.424 billion yuan, with a gross margin of 6.00% [9] Financial Forecasts - The company's revenue is expected to reach 83.348 billion yuan in 2024, 95.859 billion yuan in 2025, and 108.222 billion yuan in 2026 [6] - Net profit attributable to the parent company is forecasted to be 2.347 billion yuan in 2024, 2.836 billion yuan in 2025, and 3.306 billion yuan in 2026 [6] - The EPS is expected to be 0.82 yuan in 2024, 0.99 yuan in 2025, and 1.16 yuan in 2026 [6] Valuation - The report gives a PE range of 30-35 times for 2025, corresponding to a reasonable value range of 29.75 yuan to 34.71 yuan [6] - The company's P/E ratio is expected to be 31.99 in 2024, 26.47 in 2025, and 22.71 in 2026 [10] Industry Comparison - The average PE ratio for comparable companies is 41 times for 2023, 34 times for 2024, and 30 times for 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Viewpoints - The company achieved steady growth in Q3 2024, with revenue reaching 58.839 billion yuan, a year-on-year increase of 6.56%, and net profit attributable to shareholders of 1.582 billion yuan, up 2.65% year-on-year [2] - In Q3 2024, the company's revenue was 20.889 billion yuan, a year-on-year increase of 8.97%, and net profit attributable to shareholders was 581 million yuan, up 12.06% year-on-year [2] - The company's subsidiary, H3C, saw a 69.26% year-on-year increase in overseas self-operated channel revenue, reaching 685 million yuan [2] - The company completed the acquisition of a 30% minority stake in its subsidiary, H3C, increasing its ownership to 81%, which is expected to drive new growth momentum [2] Financial Performance - The company's gross profit margin for the first three quarters of 2024 was 17.59%, down 2.31 percentage points year-on-year, while the net profit margin was 3.44%, down 1.47 percentage points year-on-year [3] - In Q3 2024, the gross profit margin was 14.97%, down 4.14 percentage points year-on-year, and the net profit margin was 1.43%, down 3.30 percentage points year-on-year [3] - The company's expense ratios remained stable, with sales/management/R&D expense ratios at 5.06%/1.22%/6.42% for the first three quarters of 2024, down 0.68/0.01/1.16 percentage points year-on-year [3] Strategic Development - The company is deepening its "AI-in-ALL" technology strategy, focusing on "computing power × connectivity" [6] - The company launched the G7 series modular heterogeneous computing servers and the AOFly computing platform 3.0, supporting large-scale GPU clusters and heterogeneous computing resource scheduling [6] - The company introduced the industry's first CXL-O optical interconnect solution and a 1.6T intelligent computing switch, enhancing network capabilities for heterogeneous computing [6] - The company's "Turing Town" project has entered a new stage of value realization, with the operation of the Turing Town computing power platform and the Turing Pilot Innovation Development Base [6] Profit Forecast and Valuation - The company is expected to achieve revenues of 85.151 billion yuan, 94.357 billion yuan, and 104.865 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to shareholders of 2.420 billion yuan, 2.867 billion yuan, and 3.459 billion yuan [7] - The EPS for 2024, 2025, and 2026 is forecasted to be 0.85 yuan, 1.00 yuan, and 1.21 yuan per share, respectively, with corresponding P/E ratios of 29X, 25X, and 20X [7] - The company's ROE is expected to increase from 6% in 2023 to 13%, 14%, and 15% in 2024, 2025, and 2026, respectively [8]

隐证券 计算机/IT 服务Ⅱ 公 司 研 究 紫光股份（000938.SZ） 2024 年 11 月 1 日 持续受益于智算需求释放，加速海外市场拓展 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 26.25 | | 一年最高最低 ( 元 ) | 27.40/14.22 | | 总市值 ( 亿元 ) | 750.77 | | 流通市值 ( 亿元 ) | 750.77 | | 总股本 ( 亿股 ) | 28.60 | | 流通股本 ( 亿股 ) | 28.60 | | 近 3 个月换手率 (%) | 134.73 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-10 2024-02 2024-06 紫光股份 沪深300 数据来源：聚源 相关研究报告 《"云网安算存端"AI 全链条布局的 ICT 龙 头 — 公 司 首 次 覆 盖 报 告 》 -2024.10.17 | --- | --- | |----- ...

紫光股份（000938.SZ）2024 年三季报点评 Q3 业绩稳健增长，"算力×联接"深化智算创新 2024 年 11 月 01 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 10 月 31 日，公司发布 2024 年三季报，2024 年前三季度公司实现 营业收入 588.39 亿元，同比增长 6.56%；实现归母净利润 15.82 亿元，同比增长 2.65%； 实现扣非归母净利润 13.88 亿元，同比增长 6.91%。单季度来看，Q3 实现营业收入 208.89 亿元，同比增长 8.97%，环比下降 0.27%；归母净利润 5.81 亿元，同比增长 12.06%， 环比下降 0.92%，实现扣非归母净利润 4.95 亿元，同比增长 9.00%，环比下降 10.13%。 ➢ 公司业绩稳健增长，新华三前三季度收入同比增长 7.2%。核心子公司新华三前三季 度实现营业收入 402.66 亿元，同比增长 7.18%，分业务看：1）国内政企业务收入 316.83 亿元；2）国内运营商业务收入 66.93 亿元；3）国际业务收入 18.90 亿元，其中 H3C 海 外自主渠道业务营 ...

紫光股份有限公司投资者关系活动记录表 证券代码：000938 证券简称：紫光股份 | --- | --- | --- | |----------------|----------------|--------------| | | | | | 投资者关系活动 | √ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | 紫光股份有限公司 1 | --- | --- | |----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Revenue and Profit - Revenue for Q3 2024 reached RMB 20.89 billion, an increase of 8.97% year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was RMB 581.26 million, up 12.06% year-over-year[2] - Total revenue for the first nine months of 2024 was RMB 588.39 billion, a 6.56% increase year-over-year[4] - Net profit attributable to shareholders for the first nine months of 2024 was RMB 1.58 billion, up 2.65% year-over-year[4] - Total revenue for the current period reached RMB 58.84 billion, compared to RMB 55.21 billion in the same period last year[19] - Net profit for the current period was RMB 2.02 billion, down from RMB 2.71 billion in the same period last year[20] - Operating profit for the current period was RMB 2.16 billion, compared to RMB 2.82 billion in the same period last year[20] H3C Group Performance - H3C Group, a subsidiary, achieved revenue of RMB 402.66 billion in the first nine months of 2024, a 7.18% increase year-over-year[4] - International business revenue for H3C brand products and services reached RMB 685 million, a 69.26% increase year-over-year[4] - The company's subsidiary, Unisplendour International Information Technology Co., Ltd., completed the acquisition of 30% equity in H3C Holdings Limited and Izar Holding Co for $2,142,834,885, increasing its stake in H3C from 51% to 81%[13][14] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 85.08 billion, a decrease of 2.50% compared to the end of the previous year[3] - Equity attributable to shareholders as of September 30, 2024, was RMB 13.51 billion, a decrease of 60.20% compared to the end of the previous year[3] - Total assets at the end of the period stood at RMB 85.08 billion, slightly down from RMB 87.26 billion in the previous period[18] - Total liabilities increased to RMB 68.53 billion from RMB 47.22 billion in the previous period[17] - Long-term borrowings rose significantly to RMB 12.78 billion from RMB 5.09 billion in the previous period[17] - Equity attributable to the parent company's shareholders decreased to RMB 13.51 billion from RMB 33.95 billion in the previous period[18] - Contract liabilities decreased to RMB 10.80 billion from RMB 12.04 billion in the previous period[17] Cash Flow and Financial Position - Cash and cash equivalents decreased by 49.44% to RMB 7.44 billion as of September 30, 2024, primarily due to the acquisition of a 30% stake in H3C Group[7] - Long-term loans increased by 151.29% to RMB 12.78 billion as of September 30, 2024, mainly due to financing for the acquisition of a 30% stake in H3C Group[7] - Net cash flow from operating activities increased by 45.34% to -2,400,118,168.77 due to increased sales collections by H3C[8] - The company's monetary funds decreased to RMB 7,437,091,509.80 as of September 30, 2024, compared to RMB 14,710,814,862.20 at the beginning of the period[15] - Inventory increased significantly to RMB 32,739,731,681.75 as of September 30, 2024, up from RMB 27,934,500,460.28 at the beginning of the period[16] - Short-term borrowings rose to RMB 7,679,901,639.80 as of September 30, 2024, compared to RMB 6,282,709,107.40 at the beginning of the period[16] - Cash received from sales of goods and services was 70,362,019,653.62 yuan, up from 65,297,171,706.13 yuan in the previous period[21] - Total cash inflows from operating activities were 72,404,431,685.25 yuan, compared to 67,062,971,053.06 yuan in the previous period[21] - Net cash flow from operating activities was -2,400,118,168.77 yuan, an improvement from -4,391,082,054.12 yuan in the previous period[21] - Net cash flow from investing activities was 18,837,440.29 yuan, down from 891,117,339.04 yuan in the previous period[22] - Net cash flow from financing activities was -5,015,260,937.84 yuan, compared to 6,147,927,687.36 yuan in the previous period[22] - Net increase in cash and cash equivalents was -7,425,451,383.66 yuan, compared to 2,669,680,927.30 yuan in the previous period[22] - Ending cash and cash equivalents balance was 7,093,953,955.73 yuan, down from 13,052,335,187.81 yuan in the previous period[22] Equity and Reserves - Long-term employee benefits payable decreased by 90.11% to 19,877,817.50 due to reclassification of H3C's medium and long-term incentive plan[8] - Other non-current liabilities increased by 20027.39% to 9,121,980,510.41 due to accounting treatment of H3C's 19% equity option forward arrangement[8] - Capital reserve decreased by 99.91% to 15,683,120.56 due to acquisition of H3C's 30% equity and treatment of 19% equity option forward arrangement[8] - Surplus reserve decreased by 100.00% to 0 due to acquisition of H3C's 30% equity and treatment of 19% equity option forward arrangement[8] - Total equity attributable to parent company decreased by 60.20% to 13,511,121,900.49 due to acquisition of H3C's 30% equity and treatment of 19% equity option forward arrangement[8] - Minority interests decreased by 50.13% to 3,040,085,836.87 due to acquisition of H3C's 30% equity[8] Expenses and Income - Financial expenses decreased by 51.25% to 281,813,805.49 due to reduced exchange losses and increased interest expenses[8] - Other income decreased by 49.05% to 504,506,149.57 due to reduced government subsidies for H3C and Unisplendour Computer Technology[8] - Investment income decreased by 54.03% to 43,257,569.01 due to reduced gains from disposal of derivative financial instruments by H3C[8] - R&D expenses for the current period amounted to RMB 3.77 billion, a decrease from RMB 4.19 billion in the same period last year[19] Earnings Per Share - Basic earnings per share for the quarter were 0.5530, compared to 0.5387 in the previous period[21] - Diluted earnings per share for the quarter were 0.5530, compared to 0.5387 in the previous period[21]

公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司首次覆盖报告 紫光股份（000938.SZ） 2024 年 10 月 17 日 股价走势图 投资评级：买入（首次） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/17 | | 当前股价 ( 元 ) | 23.09 | | 一年最高最低 ( 元 ) | 27.40/14.22 | | 总市值 ( 亿元 ) | 660.39 | | 流通市值 ( 亿元 ) | 660.39 | | 总股本 ( 亿股 ) | 28.60 | | 流通股本 ( 亿股 ) | 28.60 | | 近 3 个月换手率 (%) | 128.55 | -48% -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 2024-10 紫光股份 沪深300 数据来源：聚源 请务必参阅正文后面的信息披露和法律声明 1 / 22 隐证券 | --- | --- | --- | --- | --- | --- | |-----------------------| ...

公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司首次覆盖报告 紫光股份（000938.SZ） 2024 年 10 月 17 日 股价走势图 投资评级：买入（首次） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/17 | | 当前股价 ( 元 ) | 23.09 | | 一年最高最低 ( 元 ) | 27.40/14.22 | | 总市值 ( 亿元 ) | 660.39 | | 流通市值 ( 亿元 ) | 660.39 | | 总股本 ( 亿股 ) | 28.60 | | 流通股本 ( 亿股 ) | 28.60 | | 近 3 个月换手率 (%) | 128.55 | -48% -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 2024-10 紫光股份 沪深300 数据来源：聚源 请务必参阅正文后面的信息披露和法律声明 1 / 22 隐证券 | --- | --- | --- | --- | --- | --- | |-----------------------| ...

证券研究报告 公司深度 紫光股份(000938.SZ) 计算机 ｜ IT 服务Ⅱ "云-网-安-算-存-端"全产业链布局，充分受益 AIGC | --- | --- | |-------------------------------|----------------------| | | | | 2024 年 09 月 24 日 | | | 评级 | 买入 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 19.52 | | 52 周价格区间（元） | 14.71-25.50 | | 总市值（百万） | 55828.76 | | 流通市值（百万） | 55828.76 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | 涨跌幅比较 -42% -22% -2% 18% 2023/09 2023/12 2024/03 2024/06 2024/09 紫光股份 IT服务Ⅱ | --- | --- | --- | --- | |------------|-------|--------|--------| | % | 1M | 3M | 12M | | ...

公 司 研 究 证券研究报告 ＃industryId＃ IT 服务 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-09-13 | | 收盘价（元） | 18.42 | | 总股本（百万股） | 2860.08 | | 流通股本（百万股） | 2860.08 | | 净资产（百万元） | 34575.43 | | 总资产（百万元） | 88804.13 | | 每股净资产 ( 元 ) | 12.09 | | --- | --- | --- | --- | --- | |----------------------------------------------|-----------------|--------------------------|-------|-------| | ＄ 会计年度 zycwzb| 主要财务指标＄ | | 2023 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 77308 87 ...