证券研究报告 | 2024年05月06日 紫光股份（000938.SZ） 买入 加大海外业务拓展，部署 AI 行业赋能战略 核心观点 公司研究·财报点评 2023年公司实现营收773.1亿元，同比增长4.4%，归母净利润为21.0亿元， 通信·通信设备 同比下降2.54%；扣非净利润为16.8亿元，同比下降4.8%。2024年一季度 证券分析师：马成龙 证券分析师：袁文翀 公司实现营收170.1亿元，同比增长2.9%；归母净利润为4.1亿元，同比 021-60933150 021-60375411 machenglong@guosen.com.cn yuanwenchong@guosen.com.cn 减少5.8%。 S0980518100002 S0980523110003 ICT 基础设施与服务业务快速增长，海外业务规模持续扩大。2023年公司 基础数据 ICT 基础设施与服务业务、IT 产品分销与供应链服务和其他业务收入同比 投资评级 买入(维持) 合理估值 分别+10.2%/-9.8%/-23.7%；占收比分别为66.6%/37.7%/0.2%。公司聚焦核 收盘价 20.95元 总市值/流通市值 59 ...

证券研究报告 | 2024年05月06日 紫光股份（000938.SZ） 买入 加大海外业务拓展，部署 AI 行业赋能战略 核心观点 公司研究·财报点评 2023年公司实现营收773.1亿元，同比增长4.4%，归母净利润为21.0亿元， 通信·通信设备 同比下降2.54%；扣非净利润为16.8亿元，同比下降4.8%。2024年一季度 证券分析师：马成龙 证券分析师：袁文翀 公司实现营收170.1亿元，同比增长2.9%；归母净利润为4.1亿元，同比 021-60933150 021-60375411 machenglong@guosen.com.cn yuanwenchong@guosen.com.cn 减少5.8%。 S0980518100002 S0980523110003 ICT 基础设施与服务业务快速增长，海外业务规模持续扩大。2023年公司 基础数据 ICT 基础设施与服务业务、IT 产品分销与供应链服务和其他业务收入同比 投资评级 买入(维持) 合理估值 分别+10.2%/-9.8%/-23.7%；占收比分别为66.6%/37.7%/0.2%。公司聚焦核 收盘价 20.95元 总市值/流通市值 59 ...

证券研究报告|公司点评报告 [Tabl2e0_2D4a年te]0 5月03日 [ITabCleT_Titl龙e] 头厂商，持续推进 AIGC 全栈业务 [紫Tab光le_T股itle2份] (000938) [ 评T 级ab ：le _DataInfo] 买入 股票代码： 000938 上次评级： 买入 52 周最高价/最低价： 38.78/14.22 目标价格： 总市值(亿) 599.19 最新收盘价： 20.95 自由流通市值(亿) 599.19 自由流通股数(百万) 2,860.08 [事Ta件bl：e_ Summary] 公司发布2023 年报，2023 年实现营业收入773.08亿元，同比增长4.39%；归母净利润达到21.03 亿元，同比 下滑 2.54%；公司控股子公司新华三实现营业收入519.39 亿元，同比增长4.27%，实现净利润34.11 亿元，同 比下滑8.6%。 公司发布 2024 年一季报，2024Q1 公司实现营业收入 170.06 亿元，同比增长 2.89%；归母净利润 4.14 亿元； 公司控股子公司新华三实现营业收入121.32 亿元，同比增长14%；归母净利润 7.54 ...

[Table_Page] 年报点评|计算机 证券研究报告 [紫Table_光Title] 股份（000938.SZ） [公Tab司le_I评nves级t] 买入 当前价格 20.95元 营收结构变化影响利润率，外部环境影响营收 合理价值 32.18元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-05-01  公司发布23年年报及24年一季报。23年，公司营收773.1亿元，同 相[Ta对ble市_Pi场cQu表ote现] 比增长4.4%；归母净利润21.0亿元，同比减少2.5%；24Q1公司营 收170.1亿元，同比增长2.9%；归母净利润4.1亿元，同比减少5.8%。 27%  营收增速放缓。根据公司财报，2023 年和2024年第一季度，公司营 12% 收增速分别为4.4%、2.9%。我们认为，公司营收增速放缓或与下游企 -3% 05/23 07/23 09/23 11/23 01/24 03/24 业客户对于服务器、交换机更新换代的周期有关。 -19%  毛利率和归母净利率同比下滑。根据公司财报，2023年，公司毛利率 -34% 19.60%，较 22 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2]. Core Views - The company achieved a revenue of 77.308 billion yuan in 2023, a year-on-year increase of 4.39%, while the net profit attributable to shareholders was 2.103 billion yuan, a decrease of 2.54% [1][2]. - The company's ICT infrastructure and services business generated revenue of 51.506 billion yuan, growing by 10.15% year-on-year, accounting for 66.63% of total revenue [1]. - The company is expected to see significant growth in net profit from 2.578 billion yuan in 2024 to 3.653 billion yuan in 2026, with corresponding PE multiples decreasing from 23x to 16x [2][3]. Financial Performance - In Q1 2024, the company reported revenue of 17.006 billion yuan, up 2.89% year-on-year, with a net profit of 414 million yuan, down 5.76% [1]. - The overall gross margin for 2023 was 19.60%, a decline of 1.04 percentage points, while the gross margin for the ICT infrastructure and services business was 25.58%, down 2.15 percentage points [2]. - The company’s operating expenses were well-controlled, with sales, management, and R&D expense ratios of 5.55%, 1.80%, and 7.30% respectively in 2023 [2]. Strategic Initiatives - The company is deepening its "AI for ALL" strategy, enhancing its full-stack business layout across cloud, network, security, computing, storage, and endpoints [2]. - The company has maintained leading market shares in various product categories, including 32.9% in Ethernet switches and 27.4% in enterprise WLAN [2]. - New innovative products and solutions were launched, including the AI computing platform and next-generation AI storage solutions [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 88.017 billion yuan, 98.439 billion yuan, and 109.089 billion yuan respectively, with growth rates of 13.9%, 11.8%, and 10.8% [3][6]. - The net profit attributable to shareholders is expected to grow significantly, with projections of 2.578 billion yuan in 2024 and 3.653 billion yuan in 2026, reflecting a growth rate of 22.6% and 18.6% respectively [3][6].

2024年05月01日 公司研究●证券研究报告 紫光股份（ ） 公司快报 000938.SZ 计算机 | 通用计算机设备Ⅲ 市场承压业绩平稳，国际业务+AI 成新增长点 投资评级 买入-B(维持) 股价(2024-04-30) 20.95元 投资要点： 事件：2024年4月30日，公司发布2023年年度报告和2024年一季度报告。2023 交易数据 年，公司实现营业收入773.08亿元，同比增长4.39%，实现归母净利润21.03亿 总市值（百万元） 59,918.67 元，同比下降2.54%。2024年第一季度公司实现营业收入170.06亿元，同比增长 流通市值（百万元） 59,918.67 2.89%，实现归母净利润4.14亿元，同比下降5.76%。 总股本（百万股） 2,860.08 流通股本（百万股） 2,860.08 事件分析： 12个月价格区间 35.40/15.49 营收稳步增长，研发力度持续加大。公司作为全球新一代云计算基础设施建设和行 一年股价表现 业智慧应用服务的领先者，提供智能化的网络、计算、存储、云计算、安全和智能 终端等全栈 ICT 基础设施及服务。2023年，公司实现营业收入7 ...

证券代码：000938 证券简称：紫光股份 紫光股份有限公司投资者关系活动记录表 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 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 百年保险 冯轶舟、许娟娟；城天九 周晓玲；盛曦投资 许杰； 人员姓名 博道基金 蔡成吉；博裕资本 余高；财通证券 郭琦；财通资产 邓芳程；德邦证券 朱珠；东北证券 吴源恒、冯先涛；方正证券 景柄维；富国基金 王佳晨；工银理财 胡雨辰；光大证券 刘勇； 邦政资产 熊政；熵简基金 饶小飞；广发证券 李婉云、周源； 广发资产 刘子骋；睿融基金 许高飞；国海证券 钟依浓；国金 证券 李忠宇、孟灿；国联证券 黄楷；国融基金 陈晓晨；国君 国际 俞春梅；国泰君安证券 黎明聪、伍巍、陈剑鑫、陈豪杰； 国投证券 路璐；国信证券 袁文翀、杜杨；国元证券 耿军军、 郝润祺；海富通 张颖；海南善择 冯志刚；海通证券 余伟民、 杨彤昕、于一铭、魏宗；玖龙资产 徐斌；禾永投资 顾义河；恒 泰证券 孙宗禹；弘毅远方 包戈然；红塔证券 俞海海；宏利基 金 高松；鸿运基金 高波；源乘基金 苏柳竹 ...

Investment Rating - The investment rating for the company is "Recommended" (maintained) [2][6] Core Viewpoints - The company achieved stable revenue growth in 2023, with total revenue of 77.308 billion yuan, a year-on-year increase of 4.39%. However, the net profit attributable to shareholders decreased by 2.54% to 2.103 billion yuan [2][3] - The company's subsidiary, H3C, performed well in both operator and international business segments, contributing significantly to revenue growth [3][6] - The company is actively seizing opportunities in the AIGC (Artificial Intelligence Generated Content) sector, launching several key products and solutions [6] Summary by Sections Financial Performance - In 2023, the company reported revenue of 77.308 billion yuan, up 4.39% year-on-year, with a net profit of 2.103 billion yuan, down 2.54% [2][3] - For Q1 2024, revenue was 17.006 billion yuan, a 2.89% increase year-on-year, while net profit was 414 million yuan, down 5.76% [2][3] - The gross margin for 2023 was 19.60%, a decrease of 1.04 percentage points from the previous year [3] Business Segments - H3C's revenue reached 51.939 billion yuan in 2023, a 4.27% increase, with domestic operator business growing by 11.75% to 9.869 billion yuan and international business growing by 19.70% to 2.202 billion yuan [3][6] - The company is focusing on enhancing its product and solution development, with R&D investment of 5.643 billion yuan in 2023, representing 7.30% of revenue [3][6] Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 2.475 billion yuan, 3.004 billion yuan, and 3.658 billion yuan respectively, with corresponding EPS of 0.87 yuan, 1.05 yuan, and 1.28 yuan [6][9] - Revenue projections for the next three years are 86.151 billion yuan in 2024, 96.784 billion yuan in 2025, and 109.660 billion yuan in 2026, reflecting a growth trajectory [4][9]

Financial Performance - The company's operating revenue for 2023 was ¥77.31 billion, an increase of 4.39% compared to ¥74.06 billion in 2022[12]. - The net profit attributable to shareholders for 2023 was ¥2.10 billion, a decrease of 2.54% from ¥2.16 billion in 2022[12]. - The net profit after deducting non-recurring gains and losses for 2023 was ¥1.67 billion, down 4.80% from ¥1.76 billion in 2022[12]. - The total revenue for 2023 reached ¥77.31 billion, representing a 4.39% increase from ¥74.06 billion in 2022[69]. - Revenue from ICT infrastructure and services accounted for ¥51.51 billion, which is 66.63% of total revenue, showing a 10.15% growth compared to ¥46.76 billion in 2022[69]. - The company's net profit attributable to shareholders was 2,103,017,289.02 CNY for the fiscal year 2023, with undistributed profits amounting to 12,987,705,801.49 CNY[152]. - The total revenue for the company was reported to have a misstatement of less than 1%[157]. - The gross margin for the information technology sector was 19.60%, a decrease of 1.04% year-on-year[70]. Shareholder Returns - The company plans to distribute a cash dividend of 1.40 RMB per 10 shares to all shareholders, based on a total share capital of 2,860,079,874 shares[1]. - A cash dividend of 1.40 CNY per 10 shares (including tax) will be distributed, totaling 400,411,182.36 CNY, which represents 100% of the distributable profits[152]. - The total share capital for the dividend distribution is 2,860,079,874 shares, with no stock dividends or capital reserve transfers planned for 2023[152]. - The company did not distribute cash dividends for the 2022 fiscal year, with the remaining undistributed profits carried forward to future years[149]. Market Position and Shareholding - The company maintains a market share of 32.9% in China's Ethernet switch market, 30.9% in enterprise routers, and 27.4% in enterprise WLAN, ranking second and first respectively[23]. - In 2023, the company achieved a market share of 15.8% in China's X86 server market and 19.7% in GPU servers, both ranking second[23]. - Major shareholders include Tibet Ziguang Communication Technology Co., Ltd. holding 28.00% and Ziguang Group Co., Ltd. holding 13.45%[199]. - During the reporting period, Ziguang Group Co., Ltd. saw a decrease of 2,480,667 shares, while Tibet Ziguang Communication Technology Co., Ltd. increased its holdings by 800,870,734 shares[199]. Research and Development - R&D investment reached 5.299 billion yuan in 2022 and 5.643 billion yuan in 2023, with R&D personnel accounting for 40% of total employees[27]. - The number of R&D personnel increased to 7,693 in 2023, a growth of 5.73% compared to 2022[83]. - R&D investment amounted to ¥5,643,444,840.42 in 2023, representing a 6.50% increase from ¥5,298,851,200.81 in 2022[84]. - The proportion of R&D investment to operating revenue was 7.30% in 2023, up from 7.16% in 2022, reflecting a 0.14% increase[84]. Innovation and Technology - The company launched the "AIGC Open Strategy" and introduced the "LinSeer" private domain large model, achieving key breakthroughs in the AIGC field[34]. - The company is a pioneer in deterministic network technology, having built the world's first deterministic network with internationally advanced indicators[32]. - The company actively promotes IPv6 technology, achieving multiple certifications for its high-end router products, becoming the first globally to pass the "IPv6+ Ready 2.0 & SRv6 Ready" tests[40]. - The company has released the world's first 51.2T 800G CPO silicon photonic data center switch, enhancing GPU computing efficiency by 25%[38]. Corporate Governance - The governance structure of the company complies with relevant regulations, ensuring transparency and accountability in operations[116]. - The board of directors consists of 7 members, including 3 independent directors, adhering to cumulative voting systems as per regulations[117]. - The supervisory board is composed of 3 members, including 1 employee representative, ensuring compliance with legal requirements[118]. - The company maintains a clear separation from its controlling shareholders, ensuring independent decision-making and operational integrity[118]. Financial Management - The total amount of related party transactions with Unisoc Holdings Co., Ltd. reached CNY 121,712.43 million, accounting for 1.58% of similar transactions[175]. - The company has established several new subsidiaries, including Zhengzhou Shunyao Trading Co., Ltd. and Huasan Communication Saudi Arabia Co., Ltd., with a 100% ownership stake in each[168]. - The company has a total of 30 million USD in joint liability guarantees for Unisoc Supply Chain Management Co., Ltd. as of April 25, 2020, with a guarantee period of two years from the debt performance deadline[185]. - The company has no overdue or unrecoverable principal in its entrusted financial management[190]. Strategic Focus - The company plans to focus on market opportunities brought by AIGC in 2024, enhancing its cloud-network-security-computing-storage strategy[103]. - The company aims to lead the innovation in new generation cloud computing infrastructure and smart applications[102]. - The company is committed to enhancing its product offerings by embedding AI and intelligent features across its entire product line to meet the demands of the AIGC era[104]. - The company is focused on digital rural development, implementing projects like "Digital Qintang" to enhance rural governance and economic growth[163].

股票简称：紫光股份 股票代码：000938 公告编号：2024－020 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提前向投 资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 15 日 15:00 之前访问 http://ir.p5w.net/zj/，或扫描下方二维码，进入问题征集专题页面。公司将在 2023 年度业绩说明会上，对投资者普遍关注的问题进行回答。欢迎广大投资者积极参与。 特此公告。 （问题征集专题页面二维码） 紫光股份有限公司 紫光股份有限公司 关于举行 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 紫光股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发布《2023 年年度 报告》及摘要，为便于广大投资者进一步了解公司的经营情况，公司将于 2024 年 5 月 16 日（星期四）下午 15:00—17:00，在全景网举行 2023 年度网上业绩说明会。本次年 度业绩说明会将采用网络远程的方式举行，投资者可登录全景网"投资者关系互动平台 ...