股票简称：紫光股份 股票代码：000938 公告编号：2024－069 紫光股份有限公司 关于为子公司申请厂商授信额度提供担保的公告 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。 特别风险提示：公司存在对资产负债率超 70%的子公司提供担保的情况，公司 及子公司担保余额已超过公司 2023 年末审计后的归属于母公司所有者权益的 50%， 敬请广大投资者注意投资风险。 一、担保情况概述 广州紫光华信电子科技有限公司（以下简称"紫光华信"）系紫光股份有限公司 （以下简称"公司"）全资子公司紫光数码（苏州）集团有限公司（以下简称"紫光 数码"）下属主要从事 ICT 分销业务的全资子公司。为支持子公司业务开展，公司拟 为紫光华信向戴尔（中国）有限公司申请的厂商授信额度提供不超过人民币 2,000 万 元的连带责任保证，保证期间为相应债务履行期限届满之日起两年（以较晚者为准）。 紫光数码为上述担保提供全额连带责任反担保。 紫光华信成立于 2003 年 6 月 24 日，注册资本：人民币 1,000 万元，住所：广州 市天河区天河路 625 号 2301 房（部位:自编 ...

公司近一年市场表现 投资要点： | --- | --- | |----------------------------|--------| | | | | 市场数据： 2024 年 12 月 3 | 日 | | 收盘价（元）： | 25.00 | | 总股本（亿股）： | 28.60 | | 流通股本（亿股）： | 28.60 | | 流通市值（亿元）： | 715.02 | | --- | --- | |-----------------------------------------|-----------| | | | | 基础数据： 2024 年 9 月 30 日 | | | 每股净资产（元）： 每股资本公积（元）： | 5.79 0.01 | | 每股未分配利润（元）： | 3.72 | | 资料来源：最闻 | | 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 盈利预测、估值分析和投资建议：预计公司 2024-26 年净利润 23.99/28.65/34.89 亿元，同比增长 14.1%/19.4%/21.8%，对应 2024-26 年 EPS 为 0.84 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - The company reported a revenue of 58.839 billion yuan for 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, while the net profit excluding non-recurring items reached 1.388 billion yuan, growing by 6.91% [6][9]. - The company's subsidiary, H3C, showed strong performance with a revenue of 40.266 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.18%. The international business revenue from H3C products and services reached 685 million yuan, marking a significant growth of 69.26% [6][7]. - The company completed the acquisition of a 30% stake in H3C, increasing its ownership from 51% to 81%, which is expected to enhance operational synergies and profitability [7][9]. - The company is focusing on developing competitive products in the "computing power x connectivity" domain, launching innovative solutions such as a 1.6T port rate intelligent switch and environmentally friendly liquid cooling solutions [8][9]. Financial Performance and Forecast - For Q3 2024, the company achieved a net profit of 581 million yuan, reflecting a year-on-year increase of 12.1%. The successful acquisition of H3C contributed positively to the profit growth [7][9]. - The forecast for net profit attributable to shareholders for 2024-2026 is projected to be 2.209 billion yuan, 2.536 billion yuan, and 3.027 billion yuan, with corresponding year-on-year growth rates of 5%, 15%, and 19% respectively [9].

| --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 市场数据日期 | 2024-11-11 | | 收盘价（元） | 30.59 | | 总股本（百万股） | 2860.08 | | 流通股本（百万股） | 2860.08 | | 净资产（百万元） | 13511.12 | | 总资产（百万元） | 85079.1 | | 每股净资产 ( 元 ) | 4.72 | | --- | --- | --- | --- | --- | |--------------------------------------------------|-------|-----------------------------------------------|-------|-------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | 77308 84076 93409 101988 | | ...

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

| --- | --- | |-------------------------------|----------------------| | | | | 2024 年 11 月 03 日 | | | 评级 | 买入 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 24.68 | | 52 周价格区间（元） | 14.71-26.55 | | 总市值（百万） | 70586.78 | | 流通市值（百万） | 70586.78 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | | | | 涨跌幅比较 -33% -13% 7% 27% 47% 2023/11 2024/02 2024/05 2024/08 紫光股份 IT服务Ⅱ | --- | --- | |----------|-------| | | | | | | | | | | % | 1M | | 紫光股份 | 2.24 | | IT 服务Ⅱ | 11.97 | 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 黄奕景 研究助理 hu ...

分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 计算机设备 新华三股权交割完成，AI 和海外需求值 得期待 ——紫光股份(000938)公司点评报告 | --- | --- | --- | --- | |-----------------------------------------|--------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]