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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to continuously benefit from the release of intelligent computing demand and accelerate its expansion into overseas markets [1][5] - The company has launched the "ALL for AI" strategy, actively laying out computing power infrastructure and AI models, which is anticipated to yield ongoing benefits from domestic intelligent computing demand [5] - The company reported steady growth in Q3 2024, with revenue reaching 208.89 billion yuan, a year-on-year increase of 8.97%, and net profit attributable to shareholders of 5.81 billion yuan, up 12.06% year-on-year [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 588.39 billion yuan, a year-on-year increase of 6.56%, and a net profit attributable to shareholders of 15.82 billion yuan, up 2.65% [4] - The subsidiary, New H3C, reported revenue of 402.66 billion yuan for the first three quarters, a year-on-year increase of 7.18% [4] - The company expects net profits attributable to shareholders for 2024-2026 to be 23.18 billion, 30.89 billion, and 36.80 billion yuan respectively, with corresponding P/E ratios of 32.4, 24.3, and 20.4 times [4] Strategic Developments - The company successfully completed the acquisition of a 30% stake in New H3C, increasing its ownership to 81%, which is expected to enhance profitability and market position [6] - The international business revenue for New H3C reached 1.89 billion yuan, with a year-on-year growth of 69.26% [6] - The company has registered subsidiaries in multiple countries and established 45 overseas spare parts centers, expanding its global reach [6]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company achieved steady growth in Q3 2024, with a revenue of 208.89 billion yuan, representing an 8.97% year-on-year increase, while the net profit reached 5.81 billion yuan, up 12.06% year-on-year [1][3]. - The core subsidiary, Xinhua San, reported a revenue of 402.66 billion yuan for the first three quarters, reflecting a 7.18% year-on-year growth, driven by strong performance in domestic enterprise and international business [2]. - The company is focusing on deepening intelligent computing innovations through its "Computing Power x Connectivity" strategy, launching new products that enhance AI training and inference efficiency [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 588.39 billion yuan, a 6.56% increase year-on-year, and a net profit attributable to shareholders of 15.82 billion yuan, up 2.65% year-on-year [1]. - The gross margin for Q3 2024 was 14.97%, a decrease of 4.14 percentage points year-on-year, attributed to changes in product structure [3]. - The company expects net profits for 2024-2026 to be 22 billion yuan, 29 billion yuan, and 36 billion yuan respectively, with corresponding PE multiples of 35, 26, and 21 times [5][6].

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 | --- | --- | |----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－063 紫光股份有限公司 关于为子公司提供担保的进展公告 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。 一、担保情况概述 紫光股份有限公司（以下简称"公司"）2024 年 4 月 29 日召开的第八届董事会 第三十七次会议及 2024 年 5 月 28 日召开的 2023 年度股东大会审议通过了《关于为 子公司申请银行综合授信额度提供担保的议案》，同意公司全资子公司紫光数码（苏 州）集团有限公司（以下简称"苏州紫光数码"）为紫光电子商务有限公司（以下简 称"紫光电子商务"）、紫光晓通科技有限公司（以下简称"紫光晓通"）等五家子公 司自公司 2023 年度股东大会审议通过之日起 12 个月内申请的银行综合授信额度提 供总额不超过人民币 9.7 亿元的担保（以下简称"本次额度"）。具体内容详见公司于 2024 年 4 月 30 日在巨潮资讯网等披露的《第八届董事会第三十七次会议决议公告》 （公告编号：2024-012）、《关于为子公司申请银行综合授信额度提供担保的公告》（公 告编号：2024-015 ...

关于 2024 年前三季度计提资产减值准备的公告 股票简称：紫光股份 股票代码：000938 公告编号：2024—062 紫光股份有限公司 根据《企业会计准则》及公司会计政策的相关规定，紫光股份有限公司（以下简 称"公司"）对合并报表范围内截至 2024 年 9 月 30 日的应收账款、其他应收款、存 货、合同资产等资产进行了全面清查，对应收款项回收的可能性、各类存货的可变现 净值、各类资产减值的可能性等进行了充分的评估和分析，认为部分资产存在一定的 减值迹象，公司对存在减值迹象的资产计提了资产减值准备，2024 年 1—9 月累计计 提金额为人民币 723,277,381.49 元，具体情况如下： | 项目 | 2024 年 1—9 月 发生额（元） | 计提资产减值说明 | | --- | --- | --- | | 坏账损失 | 125,216,075.12 | 公司按照预期损失模型对应收账款、其他应收款、长 期应收款、应收票据等进行了坏账准备计提 | | 合同资产减值损失 | 39,183,600.47 | 公司按照预期损失模型计提了合同资产减值准备 | | 存货跌价损失 | 554,946,470. ...

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]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading player in the domestic cloud computing infrastructure and industry smart application services, with comprehensive digital infrastructure capabilities [5]. - The company is expected to benefit from the growing demand for AI servers and high-speed switches driven by the development of generative AI and large model technologies [5]. - Revenue projections for 2024-2026 are estimated at 834.72 billion, 915.74 billion, and 1,012.13 billion yuan respectively, with net profits expected to be 23.18 billion, 30.89 billion, and 36.80 billion yuan [5]. Financial Overview - The current stock price is 23.09 yuan, with a market capitalization of 660.39 billion yuan [2]. - The company has shown stable revenue growth, with total revenue increasing from 540.99 billion yuan in 2019 to 773.08 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 9.33% [19]. - The net profit for 2023 was 21.03 billion yuan, with a slight decrease in 2024's first half to 10.00 billion yuan [19]. Business Developments - The company acquired an additional 30% stake in Xinhua San, increasing its total ownership to 81%, which is expected to enhance profitability and market position [6][17]. - The company has established 17 overseas branches and is expanding its self-owned brand internationally, with significant growth in its international business [6][23]. Market Position - The company holds a strong market position in various ICT product segments, with a 15.8% share in the domestic X86 server market and a 19.7% share in the GPU server market [7][32]. - The company’s ICT infrastructure and services accounted for 66.63% of total revenue in 2023, reflecting a steady increase in this segment [19][21]. Strategic Initiatives - The company has launched the "ALL in AI" and "ALL for AI" strategies to enhance its AI infrastructure and services [7]. - The company is focusing on digital transformation and intelligent development, with a comprehensive layout in ICT business [14].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading player in the domestic cloud computing infrastructure and industry smart application services, with comprehensive digital infrastructure capabilities [5][14]. - The acquisition of the remaining 30% stake in Xinhua San enhances the company's profitability and market position, facilitating overseas expansion [6][17]. - The demand for AI servers and high-speed data center switches is expected to surge, driven by the growth of AIGC and AI technologies [7][35]. - The company has a robust market position in various ICT product segments, maintaining a strong second position in the domestic server market [7][32]. Financial Summary - The company's revenue is projected to grow from 83.47 billion yuan in 2024 to 101.21 billion yuan in 2026, with a corresponding net profit increase from 2.32 billion yuan to 3.68 billion yuan [4][5]. - The company's revenue from ICT infrastructure and services has been steadily increasing, accounting for 66.63% of total revenue in 2023 [19][21]. - The overall gross margin has remained stable around 20%, with a slight decrease in net margin to 4.55% in the first half of 2024 [25][27]. Business Analysis - The company has a comprehensive "cloud-network-security-computing-storage-end" layout, which supports multiple growth trajectories in AI computing and overseas markets [31]. - The core subsidiaries include Xinhua San, Ziguang Cloud, Ziguang Digital, and Ziguang Software, contributing significantly to the company's revenue [31][32]. - The company has established 17 overseas branches, with international revenue gradually recovering post-pandemic [23][24]. Market Position - The company holds a significant market share in various ICT segments, including 15.8% in the domestic X86 server market and 32.9% in the Ethernet switch market [7][32]. - The acquisition of Xinhua San is expected to further enhance the company's market position and profitability in cloud computing and server sectors [6][17].

北京市重光律师事务所 关于紫光股份有限公司 2024 年第三次临时股东大会 法律意见书 致：紫光股份有限公司 北京市重光律师事务所（以下简称"本所"）接受公司的委托，指派李静律师和刘伟 东律师（以下简称"本所律师"）出席会议，并依据《中华人民共和国证券法》（以下简 称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管 理委员会《上市公司股东大会规则》（以下简称"《股东大会规则》"）和《紫光股份有限 公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师依法对公司 2024 年第三次临时股东大会召集、召开程序是否合法及是否 符合《公司章程》、召集人资格及出席会议人员资格的合法有效性和股东大会表决程序、 表决结果的合法有效性予以见证并发表法律意见，本所律师同意将本法律意见书作为公 司 2024 年第三次临时股东大会的必备文件公告，本所律师确认法律意见书中不存在虚 假、严重误导性陈述及重大遗漏，否则愿意承担相应的法律责任。 公司本次股东大会采取现场投票与网络投票相结合的方式。现场会议于 2024 年 10 月 14 日下午 14 时 30 分在北京市海淀区紫光大楼一层 ...