[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 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 17.01 billion, an increase of 2.89% compared to CNY 16.53 billion in the same period last year[4]. - Net profit attributable to shareholders decreased by 5.76% to CNY 413.68 million from CNY 438.96 million year-on-year[4]. - Basic earnings per share decreased by 5.76% to CNY 0.145 from CNY 0.153 in the same period last year[4]. - Net profit for Q1 2024 was ¥698,960,004.33, a decrease of 9.86% from ¥775,289,368.99 in Q1 2023[26]. - The company reported a total comprehensive income of CNY 699.61 million, down from CNY 768.39 million year-over-year[30]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -1.94 billion, a decline of 103.36% compared to CNY -952.93 million in the previous year[11]. - Cash and cash equivalents at the end of the period were CNY 12.99 billion, a decrease from CNY 11.53 billion year-over-year[30]. - Cash inflow from financing activities was CNY 3.70 billion, slightly up from CNY 3.63 billion in the previous period[30]. - Cash outflow for investing activities was CNY 667.87 million, significantly lower than CNY 2.79 billion in the same period last year[30]. - The company received CNY 2.57 billion in borrowings, down from CNY 3.23 billion in the previous year[30]. Assets and Liabilities - The total assets at the end of Q1 2024 were CNY 84.61 billion, down 3.05% from CNY 87.26 billion at the end of the previous year[5]. - Current liabilities totaled ¥36,479,258,229.78, down from ¥39,330,534,955.28, representing a decrease of 7.06%[22]. - The company's total assets decreased to ¥84,605,412,779.72 from ¥87,264,490,585.74, indicating a decline of 3.81%[23]. - The company reported a decrease in accounts payable to ¥10,619,388,735.11 from ¥12,062,694,627.13, a decline of 11.93%[22]. - The total amount of other receivables decreased from ¥729,092,724.84 to ¥558,446,000.45, a decline of approximately 23.4%[20]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 253,390[13]. - The largest shareholder, Tibet Unicom Communication Technology Co., Ltd., holds 28.00% of shares, totaling 800,870,734 shares[13]. - The number of shares held by the top 10 shareholders includes 384,639,789 shares from the bankrupt property of Unicom Group, accounting for 13.45%[13]. - The company has not disclosed any information regarding the relationships or concerted actions among the top shareholders[14]. Operational Highlights - The company's subsidiary, H3C Group, achieved revenue of CNY 12.13 billion, a year-on-year growth of 14%[5]. - The company is focusing on enhancing its "Intelligent Computing Strategy" to support AIGC industry application demands[5]. - Research and development expenses for Q1 2024 amounted to ¥1,243,582,000.09, compared to ¥1,397,071,718.47 in Q1 2023, showing a reduction of 11.01%[26]. - The company has not reported any new strategies or product developments in the current quarter[19]. - There is no indication of any mergers or acquisitions in the recent financial disclosures[19]. Financial Ratios - The weighted average return on equity was 1.21%, down from 1.37% year-on-year[4]. - The company reported a significant increase in financial expenses by 628.49% to CNY 75.59 million due to increased exchange losses and interest expenses[10]. - Investment income rose by 573.87% to CNY 19.98 million, primarily from gains on derivative financial instruments[10].

关于"质量回报双提升"行动方案的公告 股票简称：紫光股份 股票代码：000938 公告编号：2024－009 紫光股份有限公司 公司严格按照《公司法》《证券法》《上市公司治理准则》和《深圳证券交易所 上市公司自律监管指引第1号——主板上市公司规范运作》等法律法规的要求，建立 健全法人治理结构和完善内部控制体系。公司股东大会、董事会、监事会与管理层权 责清晰、运行有效，形成了体系化、规范化运作的决策与经营管理架构。 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。 为践行"以投资者为本"的上市公司发展理念、推动提升公司质量和投资价值， 维护紫光股份有限公司（以下简称"公司"）全体股东利益，增强投资者信心，促进 公司可持续高质量发展，公司制定了"质量回报双提升"行动方案，具体举措如下： 一、夯实主业优势，赋能行业数字化转型升级 作为新一代信息通信领域领军企业，公司深度布局"云—网—算—存—端"全产 业链，面向政府、运营商、互联网、金融、教育、医疗、农业、交通、能源、制造等 众多行业用户，提供网络设备、服务器、存储产品、网络安全产品及服务、云计算与 云服务、智能终端等 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－008 一、股票交易异常波动的情况介绍 紫光股份有限公司（以下简称"公司"）股票（股票简称：紫光股份，股票 代码：000938）2024 年 2 月 29 日、2024 年 3 月 1 日、2024 年 3 月 4 日连续三 个交易日收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》 的相关规定，属于股票交易异常波动的情况。 二、公司关注、核实情况说明 针对公司股票交易异常波动，公司对有关事项进行了核实，并函询了公司控 股股东和间接控股股东，现将有关核实情况说明如下： 1、2023 年 1 月 4 日公司披露了《重大事项进展公告》，H3C Holdings Limited 和 Izar Holding Co 将向公司全资子公司紫光国际信息技术有限公司出售合计持 有的新华三集团有限公司 49%股权。2023 年 10 月 10 日，公司召开 2023 年第二 次临时股东大会审议通过了《关于公司向特定对象发行股票方案的议案》《关于 公司向特定对象发行股票预案的议案》和《关于提请股东大会审议〈卖出期权行 权股份购买协议〉的议案》等相关议 ...