Investment Rating - The report assigns a "Buy-B" rating for the company, marking the first coverage of the stock [2][3]. Core Insights - The company has maintained a stable performance in its operations, with significant growth expected in the AI and ICT sectors, particularly benefiting from the domestic intelligent computing network construction [3][20]. - The company is positioned as a leader in the government and enterprise sectors, with ongoing expansion in operator and international business [3][20]. Summary by Sections Company Market Performance - As of December 3, 2024, the closing price is 25.00 CNY, with a total share capital of 2.86 billion shares and a circulating market value of 71.50 billion CNY [2]. Financial Data - As of September 30, 2024, the company reports a net asset per share of 5.79 CNY and undistributed profits per share of 3.72 CNY [2]. - The projected net profits for 2024-2026 are 2.40 billion CNY, 2.87 billion CNY, and 3.49 billion CNY, respectively, with year-on-year growth rates of 14.1%, 19.4%, and 21.8% [2][3]. Business Performance - For the first three quarters of 2024, the company achieved a revenue of 58.84 billion CNY, a year-on-year increase of 6.56%, and a net profit of 1.58 billion CNY, up 2.65% [3][20]. - The company’s revenue for Q3 2024 was 20.89 billion CNY, reflecting an 8.97% year-on-year growth, with a net profit of 581 million CNY, up 12.06% [3][20]. Growth Logic - The company is benefiting from the rapid deployment of intelligent computing centers and supercomputing centers, with a strong demand from the internet and government sectors [3][20]. - The company has successfully expanded its operator business, winning multiple major equipment procurement projects from leading telecom operators [3][20]. Profit Forecast and Investment Recommendations - The company is expected to see a revenue increase from 83.06 billion CNY in 2024 to 104.83 billion CNY in 2026, with corresponding growth rates of 7.4%, 12.0%, and 12.7% [3][71]. - The earnings per share (EPS) are projected to be 0.84 CNY, 1.00 CNY, and 1.22 CNY for 2024, 2025, and 2026, respectively [2][71].

Investment Rating - The report maintains an "Overweight" rating for the company [3][6]. Core Views - The company achieved a revenue of 58.839 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 6.56%. The net profit attributable to shareholders was 1.582 billion yuan, up 2.65% year-on-year [3]. - The company is accelerating its overseas market expansion, with a third-quarter revenue of 20.889 billion yuan, a year-on-year increase of 8.97%, and a net profit of 581 million yuan, growing 12.06% year-on-year [3]. - The subsidiary, H3C, reported a revenue of 40.266 billion yuan in the first three quarters, marking a 7.18% increase year-on-year, driven by increased investments from internet companies and a quick recovery in demand from certain industry clients [3]. - The company has completed the acquisition of 30% of H3C's shares, raising its ownership to 81%, and is focusing on ICT infrastructure product upgrades and AI business strategies [5]. Financial Summary - For the fiscal year 2024, the company is projected to generate a revenue of 84.076 billion yuan, reflecting an 8.8% year-on-year growth [2]. - The net profit attributable to shareholders is expected to reach 2.313 billion yuan in 2024, a 10.0% increase compared to the previous year [2]. - The gross profit margin is forecasted to remain stable at 19.6% for 2024, with a gradual increase to 20.3% by 2026 [2]. - The return on equity (ROE) is anticipated to improve from 6.5% in 2024 to 8.4% in 2026 [2]. Cash Flow and Cost Management - The company reported a net cash flow from operating activities of 2.400 billion yuan in the first three quarters of 2024, a significant improvement from a negative cash flow of 4.391 billion yuan in the same period last year [4]. - Cost control measures have been effective, with sales, management, and R&D expense ratios showing a decrease compared to the previous year [4].

股票简称：紫光股份 股票代码：000938 公告编号：2024－064 紫光股份有限公司 关于持股 5%以上股东减持股份预披露公告 紫光集团有限公司管理人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： 持有紫光股份有限公司 384,639,789 股（占公司总股本的比例为 13.45%）的股东紫 光集团有限公司破产企业财产处置专用账户（以下简称"紫光专用账户"）计划在本 公告披露之日起 15 个交易日后的 3 个月内通过集中竞价方式减持公司股份不超过 2,850 万股（约占公司总股本的 0.9965%）。 紫光股份有限公司（以下简称"公司"）于近日接到紫光集团有限公司管理人 （以下简称"管理人"）《关于紫光集团有限公司破产企业财产处置专用账户减持紫 光股份有限公司股份计划的告知函》，现将相关情况公告如下： 一、本次减持计划股东基本情况 1、股东名称：紫光集团有限公司破产企业财产处置专用账户。 2、股东持股情况：截至本公告披露日，紫光专用账户持有公司股份 384,639,789 股， 占公司总股本 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 紫光股份(000938.SZ) 三季度业绩向好，持续升级ICT基础设施布局 推荐 ( 维持) 事项： 股价:27.22元 | --- | --- | |------------------------------------|----------------------------------| | 行业 | 计算机 | | 公司网址 | www.thunis.com | | 大股东 / 持股 | 西藏紫光通信科技有限公司 /28.00% | | 实际控制人 | | | 总股本 ( 百万股 ) | 2,860 | | 流通 A 股 ( 百万股 ) | 2,860 | | 流通 B/H 股 ( 百万股 ) | | | | | | 总市值 ( 亿元 ) A ( ) | 779 779 | | 流通 股市值 亿元 | | | 每股净资产 ( 元 ) 资产负债率 (%) | 4.72 80.5 | | 行情走势图 | | 证券分析师 | --- | --- | |----------|----------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company has shown stable revenue and profit growth in the first three quarters, with a revenue of 588.39 billion and a net profit of 15.82 billion, reflecting year-over-year increases of 6.56% and 2.65% respectively [4][5] - The acquisition of a 30% stake in a subsidiary is expected to enhance the company's core competitiveness and business synergy, with the transaction completed in September 2024 [7][8] - The company is focusing on ICT infrastructure product upgrades and deepening industry customer engagement, particularly in the AI sector [6][7] Summary by Sections Investment Rating - Current price is 24.68 yuan, with a market cap of 70,586.78 million [1] Financial Performance - For Q3, the company achieved a revenue of 208.89 billion (YOY +8.97%) and a net profit of 5.81 billion (YOY +12.06%) [5] - The gross margin for Q3 was 14.97%, down 4.14 percentage points year-over-year [5][6] Revenue and Profit Forecast - Projected revenues for 2024, 2025, and 2026 are 824.17 billion, 918.01 billion, and 1,018.94 billion respectively, with expected growth rates of 6.61%, 11.39%, and 10.99% [8][9] - Projected net profits for the same years are 23.39 billion, 28.69 billion, and 35.68 billion, with growth rates of 11.24%, 22.63%, and 24.38% [8][9] Key Business Developments - The company has been actively pursuing digital transformation strategies and has secured multiple significant projects in domestic and international markets [6][7] - The acquisition of the stake in the subsidiary is expected to significantly enhance profitability and competitive positioning [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [1][10]. Core Views - The company is expected to benefit from product upgrade demands driven by AI and has opportunities for market expansion overseas [3]. - The completion of the acquisition of a 30% stake in New H3C is anticipated to enhance the company's earnings by approximately 1.02 billion yuan annually [1]. - The company reported a revenue of 588.39 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 6.56% [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 138.38 billion yuan, a year-on-year increase of 10.01% [1]. - The net profit attributable to the parent company for the first three quarters was 15.82 billion yuan, up 2.65% year-on-year [1]. - The gross profit margin for Q3 was reported at 14.97%, a decrease of 4.14 percentage points compared to the same period last year [1]. - The company’s EPS for 2024 is projected to be 0.87 yuan, with expected growth to 1.01 yuan in 2025 and 1.22 yuan in 2026 [3]. Market and Business Outlook - The overseas business segment is expected to see significant growth following the easing of restrictions from previous agreements, particularly in the H3C brand and service revenue, which grew by 69.26% year-on-year [1]. - The report highlights that the domestic AI chip performance and production are expected to improve, leading to a rapid release of computing power demand in 2025 [1]. - The company’s inventory levels have increased significantly, with a 48.05 billion yuan rise, which may lead to accounting provisions for inventory losses [2]. Industry Context - The report notes that the overall computing power market in China is experiencing structural demand influences, with leading domestic companies showing varied growth rates [2]. - The report indicates that capital expenditures from domestic internet companies are on the rise, which may positively impact the company’s performance [2].

Investment Rating - Maintains a "Buy" rating [5][6] Core Views - Q3 2024 performance slightly exceeded expectations, with a 12.1% YoY increase in net profit attributable to the parent company [1] - Revenue for the first three quarters of 2024 reached 58.84 billion yuan, a 6.6% YoY increase, with net profit attributable to the parent company at 1.58 billion yuan, up 2.7% YoY [1] - Gross profit margin for Q3 2024 was 14.97%, down 4.14 percentage points YoY, while net profit margin was 1.43%, down 3.30 percentage points YoY [2] - The company's subsidiary, H3C, achieved revenue of 40.266 billion yuan in the first nine months of 2024, a 7.18% YoY increase, with international business revenue growing 69.26% YoY [2] - The acquisition of 30% equity in H3C was successfully completed, increasing the company's stake in H3C from 51% to 81% [3] - The company continues to deepen its "AI in ALL" strategy, launching new AI computing products and solutions, including the G7 series servers and H3C UniStor Polaris series storage [3] - The company expanded its global presence, registering subsidiaries in South Korea, Uzbekistan, Chile, and Poland, and increasing its overseas representative offices to 19 [4] Financial Performance - Revenue for Q3 2024 was 20.89 billion yuan, a 9.0% YoY increase, with net profit attributable to the parent company at 580 million yuan, up 12.1% YoY [2] - Gross profit margin for the first three quarters of 2024 was 17.59%, down 2.31 percentage points YoY, while net profit margin was 3.44%, down 1.47 percentage points YoY [1] - The company's subsidiary, H3C, achieved domestic government and enterprise business revenue of 31.683 billion yuan, domestic operator business revenue of 6.693 billion yuan, and international business revenue of 1.89 billion yuan in the first nine months of 2024 [2] Strategic Developments - The company completed the acquisition of 30% equity in H3C, further integrating H3C's business resources and advancing the "AI in ALL" strategy [3] - The company launched new AI computing products, including the G7 series servers and H3C UniStor Polaris series storage, enhancing AI training and inference efficiency [3] - The company expanded its global business, registering subsidiaries in South Korea, Uzbekistan, Chile, and Poland, and increasing its overseas representative offices to 19 [4] Future Outlook - The company is expected to achieve net profit attributable to the parent company of 2.2 billion yuan, 3.02 billion yuan, and 3.47 billion yuan in 2024, 2025, and 2026, respectively, with corresponding PE multiples of 32, 23, and 20 [5] - The company's revenue is forecasted to grow by 9.14%, 9.50%, and 10.24% in 2024, 2025, and 2026, respectively [8]

Summary of the Conference Call Company and Industry Overview - **Company**: Unisplendour Corporation Limited (紫光股份) - **Industry**: Digital Technology and Telecommunications Key Points and Arguments 1. **Financial Performance**: - For the first three quarters of 2024, the company achieved a revenue of 588.39 billion CNY, a year-on-year increase of 6.56% [3] - The scale economy profit reached 15.82 billion CNY, up 2.65% year-on-year [3] - In Q3 alone, the revenue was 208.89 billion CNY, growing by 8.97% [3] - The core subsidiary, H3C, reported a revenue of 402.66 billion CNY, a 7.18% increase [3] 2. **Market Dynamics**: - The domestic economy is experiencing moderate growth, with supportive policies from financial regulators expected to boost confidence [2] - The digital technology sector is seeing increased support for innovation and development, particularly in areas like digitalization and green technology [2][3] 3. **Product and Solution Development**: - The company is focusing on enhancing product competitiveness and solutions, particularly in computing and networking technologies [3][4] - New products include advancements in AR technology and the launch of next-generation servers, which significantly improve efficiency [5] 4. **International Expansion**: - The company is accelerating its international market presence, with operations in 19 overseas subsidiaries and 45 spare parts centers globally [7] - Significant projects have been completed in regions like Southeast Asia and East Asia, including smart campus solutions in Japan [8] 5. **Acquisition Impact**: - The acquisition of a 35% stake in H3C has increased the company's ownership to 81%, enhancing decision-making efficiency and resource allocation for R&D [9] 6. **Gross Margin Trends**: - There has been a slight decline in gross margins, attributed to product mix changes and industry dynamics, particularly in the internet sector where growth is strong but margins are lower [11][12] - The IT business structure has shifted, with an increase in lower-margin internet sales impacting overall profitability [12][13] 7. **Inventory and Contract Liabilities**: - Inventory levels increased by 4.8 billion CNY compared to the beginning of the year, primarily due to rapid growth in internet business [14] - Contract liabilities have also risen, reflecting increased demand from key clients [10] 8. **GPU Market Insights**: - The demand for domestic GPUs has surged, with significant orders from various sectors including government and automotive industries [16] - There are no immediate signs of price increases in the GPU market, but competition is expected to intensify [17] 9. **Networking Equipment Demand**: - The demand for networking equipment, particularly 400G and 800G switches, remains strong, with expectations for continued growth in these segments [20][21] - The company has launched a 1.6T switch, marking a significant technological advancement [35] 10. **Future Outlook**: - The company maintains a positive outlook for the upcoming quarters, with expectations of continued growth in both domestic and international markets [38] - The focus will remain on enhancing product offerings and expanding market share in key sectors [3][4] Other Important but Overlooked Content - The company is actively working on optimizing its organizational structure to improve operational efficiency and reduce management costs [3] - There is a strategic emphasis on integrating AI capabilities into existing products, which is expected to drive future growth [29][30] - The company is also exploring opportunities in emerging industries such as smart manufacturing and electric power [6]

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]