王竑弢先生、秦蓬先生和张蔚女士符合《中华人民共和国公司法》等法律、法规 及《紫光股份有限公司章程》中有关高级管理人员任职资格的规定，任职资格合法。 我们一致同意聘任王竑弢先生为公司总裁；聘任秦蓬先生和张蔚女士为公司副总裁， 其中秦蓬先生兼任公司财务总监；聘任张蔚女士为公司董事会秘书；并提交公司第九 届董事会第一次会议审议。 独立董事： 徐经长 周绍朋 徐猛 2024 年 5 月 28 日 紫光股份有限公司（以下简称"公司"）2024 年第五次独立董事专门会议，于 2024 年 5 月 28 日在紫光大楼四层会议室召开。会议由独立董事徐经长先生主持，会 议应到独立董事 3 名实到 3 名。本次会议的召集、召开和表决程序符合《中华人民 共和国公司法》《上市公司独立董事管理办法》和《紫光股份有限公司章程》的有关 规定。 本着认真、负责的态度，基于独立、审慎、客观的立场，经审阅公司提交的相关 资料，全体独立董事对拟提交公司第九届董事会第一次会议审议的《关于聘任公司总 裁的议案》《关于聘任公司副总裁的议案》《关于聘任公司董事会秘书的议案》进行 了审核并发表审核意见。 经审阅王竑弢先生、秦蓬先生和张蔚女士的个人履历等相关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][20]. Core Views - The acquisition of 30% equity in New H3C Group is expected to significantly enhance the net profit attributable to the parent company, with projections of 2.103 billion yuan in 2023 and 3.411 billion yuan from New H3C [4][7]. - The company's core competitiveness is anticipated to improve further, benefiting from the global AI development, as New H3C is a leading player in the domestic ICT sector [4][14]. - The company's earnings per share (EPS) is expected to increase, with a shareholder return plan that guarantees a cash distribution of no less than 10% of the annual distributable profits [15]. Summary by Sections Acquisition Details - The company announced on May 24 that it adjusted its acquisition of New H3C from 49% to 30%, with a transaction price of approximately 1.517 billion yuan [3][6]. - The completion date for the acquisition is expected no later than August 31, 2024, with a grace period until October 21, 2024 [3][6]. Financial Projections - The company maintains its profit forecast, expecting net profits of 2.3 billion, 2.7 billion, and 3.0 billion yuan for 2024-2026, respectively [15]. - The current stock price corresponds to a PE ratio of 28, 24, and 21 for the years 2024-2026 [15]. Market Position - New H3C holds significant market shares in various ICT segments, including 32.9% in Ethernet switches and 27.4% in enterprise WLAN, maintaining a leading position in the market [8][9]. - The government is increasingly supporting AI development, which is expected to drive demand for computing power and enhance the company's strategic positioning in the digital economy [14][12].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The acquisition of a 30% minority stake in Xinhua San is expected to enhance profits significantly. The transaction is valued at approximately $2.143 billion (RMB 15.18 billion) [3]. - The company is focusing on increasing its stake in Xinhua San from 51% to 81%, which will optimize its overall business layout and significantly increase earnings per share [3][4]. - The company plans to strengthen its cash dividend policy, committing to distribute at least 10% of the annual distributable profits in cash, barring special circumstances [3]. Summary by Sections Event - The company announced a major asset purchase plan to acquire a 30% stake in Xinhua San, adjusting from a previous plan to acquire 49%. The total transaction price is set at $2.143 billion [3]. - The company has terminated its plan for a private placement to raise up to RMB 12 billion for this acquisition [3]. Financial Forecast - Revenue projections for 2024-2026 are maintained at RMB 831.0 billion, RMB 901.5 billion, and RMB 987.0 billion respectively. Net profit estimates have been adjusted to RMB 26.8 billion, RMB 38.6 billion, and RMB 45.3 billion for the same period [4]. - Earnings per share are forecasted to be RMB 0.94, RMB 1.35, and RMB 1.58 for 2024, 2025, and 2026 respectively [4]. Strategic Initiatives - The company is investing in AI and cloud-native digital platforms, implementing an "AI in ALL" strategy to support the comprehensive application of AI technology [3]. - The acquisition of Xinhua San is expected to leverage ICT synergies, enhancing the company's profitability and accelerating technological innovation [3]. Shareholder Returns - A three-year shareholder return plan (2024-2026) has been announced, focusing on cash and stock dividends [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.18 CNY per share based on a 40x PE ratio for 2024 [4][20]. Core Views - The company plans to acquire a 30% stake in New H3C for 2.14 billion USD, which will increase its indirect ownership to 81% and significantly enhance its profitability and business synergy [2][8]. - New H3C is a major profit contributor, with the acquisition expected to add approximately 1.02 billion CNY to the company's net profit [2][9]. - The market has not fully recognized New H3C's competitive advantages in AI computing and infrastructure, which are expected to strengthen post-acquisition [2][13]. Financial Summary - Revenue for 2023 is reported at 77.31 billion CNY, with a projected growth rate of 4.4% [3][24]. - The company's net profit for 2023 is 2.10 billion CNY, with an expected increase to 2.30 billion CNY in 2024 [3][24]. - Earnings per share (EPS) are forecasted to be 0.80, 0.90, and 1.04 CNY for 2024, 2025, and 2026 respectively [3][20]. Acquisition Details - The acquisition will be financed through self-owned funds and bank loans, with a loan application of up to 10 billion CNY planned [8][9]. - The valuation for New H3C's 100% equity is assessed at 51.683 billion CNY, translating to a PE ratio of 15.15 for the acquisition [9][10]. Market Position - New H3C holds a strong market position in network equipment, maintaining significant market shares in various segments, including Ethernet switches and enterprise WLAN [14][15]. - The company is also competitive in the AI server market, with a notable share in GPU servers [16][17]. Future Outlook - The report anticipates a positive growth trajectory for the company, driven by the acquisition and the increasing demand for AI computing solutions [2][20].

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The acquisition of a minority stake in New H3C is expected to enhance the parent company's net profit, with the purchase ratio adjusted from 49% to 30% and the payment amount reduced from $3.5 billion to $2.143 billion [3][4] - New H3C holds a leading position in the domestic ICT infrastructure market, ranking first in several categories such as enterprise WLAN and IT unified operation software [2] - The acquisition is anticipated to strengthen market position and improve profitability without diluting equity [4] Financial Projections - Revenue projections for 2024-2026 are estimated at 85.433 billion, 93.211 billion, and 100.606 billion yuan, with year-on-year growth rates of 10.51%, 9.10%, and 7.93% respectively [5] - The parent company's net profit is projected to be 2.564 billion, 3.014 billion, and 3.628 billion yuan for the same period, with growth rates of 21.92%, 17.56%, and 20.37% respectively [5] - Earnings per share (EPS) are expected to be 0.90, 1.05, and 1.27 yuan for 2024, 2025, and 2026, respectively, indicating a 3-year CAGR of 19.94% [5] Valuation - The target price for the company is set at 27.79 yuan, based on a 31x PE ratio for 2024 [5]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company plans to acquire 30% of H3C's equity through its wholly-owned subsidiary, Unisplendour International, using cash and bank loans, with a transaction value of approximately RMB 15.18 billion [3] - The acquisition is expected to enhance profits and reduce valuation levels without diluting equity [3] - The company retains the option to purchase the remaining 19% of H3C's equity under specific conditions [4] - H3C, as a leading ICT company, is expected to significantly boost profits post-acquisition, with projected revenue growth of 10%, 18%, and 19% for 2024-2026, respectively [4] - The company is actively participating in the AIGC wave, with a comprehensive solution covering data governance, model training, and application deployment [6] Financial Performance - In 2023, the company reported revenue of RMB 77.308 billion, a 4.39% YoY increase, and a net profit of RMB 2.103 billion, a 2.54% YoY decrease [6] - For 2024-2026, the company forecasts revenue of RMB 86.484 billion, RMB 98.077 billion, and RMB 111.459 billion, with net profits of RMB 2.512 billion, RMB 2.979 billion, and RMB 3.523 billion, respectively [5][7] - The gross margin is expected to improve slightly from 19.6% in 2023 to 20.2% in 2026 [5] Business Segments - IT services contributed RMB 51.5 billion in revenue in 2023, with a gross margin of 25.6%, while IT distribution revenue was RMB 29.1 billion, with a gross margin of 6.4% [6] - H3C's domestic enterprise business generated RMB 39.868 billion in revenue, with a 1.86% YoY increase, while its international business grew by 19.70% YoY to RMB 2.202 billion [6] Market Position - The company holds significant market shares in various ICT infrastructure markets, including 32.9% in Ethernet switches, 34.2% in enterprise network switches, and 19.7% in GPU servers [6] - The company is ranked second in several key markets, including UTM firewalls and hyper-converged infrastructure [6] Valuation and Forecast - The report provides a 2024 PE range of 30-35x, with a fair value range of RMB 26.35-30.74 per share [7] - The company's EPS is projected to grow from RMB 0.74 in 2023 to RMB 1.23 in 2026 [5][7]

1、公司在本次交易中严格按照《上市公司重大资产重组管理办法》《上市公 司信息披露管理办法》等法律、法规及规范性法律文件的要求，遵守《公司章程》 及内部管理制度的规定，就本次交易采取了充分必要的保护措施，制定了严格有 效的保密制度。 2、公司高度重视内幕信息管理，严格控制内幕信息知情人范围，及时记录 商议筹划、论证咨询等阶段的内幕信息知情人及筹划过程。 3、公司严格按照深圳证券交易所要求制作内幕信息知情人登记表和交易进 程备忘录，并及时报送深圳证券交易所。 4、公司多次督导、提示内幕信息知情人严格遵守保密制度，履行保密义务， 在内幕信息依法披露前，不得公开或泄露内幕信息，不得利用内幕信息买卖公司 股票。 紫光股份有限公司 董事会关于本次交易采取的保密措施及保密制度的说明 紫光股份有限公司（以下简称"公司"）拟由全资子公司紫光国际信息技术 有限公司以支付现金的方式购买新华三集团有限公司少数股东股权（以下简称 "本次交易"）。 公司采取了严格的保密措施及保密制度，保证本次交易未对外泄露。公司董 事会就在本次交易中所采取的保密措施及保密制度说明如下： 综上，公司已根据相关法律、法规及规范性文件的规定，制定了严格且有效 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－025 紫光股份有限公司 关于收购新华三集团有限公司少数股东股权事项调整的 提示性公告 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。 特别提示： 1、2023 年 5 月 26 日，经紫光股份有限公司（以下简称"公司"）第八届董 事会第二十八次会议审议通过，公司拟通过全资子公司紫光国际信息技术有限公 司（以下简称"紫光国际"）收购 H3C Holdings Limited（以下简称"HPE 开曼"） 和 Izar Holding Co（统称"HPE 实体"、"交易对方"）合计持有的新华三集团 有限公司（以下简称"新华三"）49%股权，同时拟向特定对象发行股票募集资 金不超过 120 亿元用于收购新华三 49%股权。 （1）紫光国际将放弃剩余新华三 19%股权的优先购买权，HPE 开曼有权将 所持全部新华三 19%股权一次性出售给满足特定条件的第三方。 （2）紫光国际授予 HPE 开曼就剩余新华三 19%股权的一项出售期权，HPE 开曼可在新华三 30%股权交易交割完成后的第 16 个月首日起、但 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－028 为满足本次交易的资金需求，紫光国际拟向银行申请不超过 100 亿元人民币或 等值的美元借款，用于支付本次交易的交易对价；公司和紫光国际拟为上述借款提供 担保，担保方式包括但不限于股权质押、信用保证、融资性保函、银行账户质押等方 式，担保范围为借款本金、利息、罚息、违约金、手续费、为实现债权而支出的费用 等。 同时，公司董事会提请股东大会授权公司管理层根据本次交易需要，在不超过 100 亿元人民币或等值美元的借款额度及担保范围内，决定具体合作银行、借款金额、 借款期限、借款利率、借款币种、每笔担保的具体内容等事项；并提请股东大会授权 公司管理层签署相关协议及法律文件和办理相关的各项事宜。 上述担保事项已经公司第八届董事会第三十八次会议审议通过，尚需经公司股 东大会审议通过后方可执行。 紫光股份有限公司 关于子公司申请银行借款及担保情况的公告 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。 一、申请银行借款及担保情况概述 紫光股份有限公司（以下简称"公司"）全资子公司紫光国际信息技术有限公司 ...

紫光股份有限公司 董事会关于本次交易前十二个月内购买、出售资产情况的说明 根据《上市公司重大资产重组管理办法》第十四条的有关规定："上市公司 在十二个月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算 相应数额。已按照本办法的规定编制并披露重大资产重组报告书的资产交易行为， 无须纳入累计计算的范围。中国证监会对本办法第十三条第一款规定的重大资产 重组的累计期限和范围另有规定的，从其规定。交易标的资产属于同一交易方所 有或者控制，或者属于相同或者相近的业务范围，或者中国证监会认定的其他情 形下，可以认定为同一或者相关资产"。 本次交易前十二个月内，公司不存在《上市公司重大资产重组管理办法》规 定的需纳入累计计算范围的购买、出售资产交易。 特此说明。 紫光股份有限公司 董 事 会 紫光股份有限公司（以下简称"公司"）拟由全资子公司紫光国际信息技术 有限公司以支付现金的方式购买新华三集团有限公司少数股东股权（以下简称 "本次交易"）。 2024 年 5 月 24 日 ...