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]

隐证券 计算机/IT 服务Ⅱ 公 司 研 究 紫光股份（000938.SZ） 2024 年 11 月 1 日 持续受益于智算需求释放，加速海外市场拓展 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/31 | | 当前股价 ( 元 ) | 26.25 | | 一年最高最低 ( 元 ) | 27.40/14.22 | | 总市值 ( 亿元 ) | 750.77 | | 流通市值 ( 亿元 ) | 750.77 | | 总股本 ( 亿股 ) | 28.60 | | 流通股本 ( 亿股 ) | 28.60 | | 近 3 个月换手率 (%) | 134.73 | 股价走势图 -32% -16% 0% 16% 32% 48% 2023-10 2024-02 2024-06 紫光股份 沪深300 数据来源：聚源 相关研究报告 《"云网安算存端"AI 全链条布局的 ICT 龙 头 — 公 司 首 次 覆 盖 报 告 》 -2024.10.17 | --- | --- | |----- ...

紫光股份（000938.SZ）2024 年三季报点评 Q3 业绩稳健增长，"算力×联接"深化智算创新 2024 年 11 月 01 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 10 月 31 日，公司发布 2024 年三季报，2024 年前三季度公司实现 营业收入 588.39 亿元，同比增长 6.56%；实现归母净利润 15.82 亿元，同比增长 2.65%； 实现扣非归母净利润 13.88 亿元，同比增长 6.91%。单季度来看，Q3 实现营业收入 208.89 亿元，同比增长 8.97%，环比下降 0.27%；归母净利润 5.81 亿元，同比增长 12.06%， 环比下降 0.92%，实现扣非归母净利润 4.95 亿元，同比增长 9.00%，环比下降 10.13%。 ➢ 公司业绩稳健增长，新华三前三季度收入同比增长 7.2%。核心子公司新华三前三季 度实现营业收入 402.66 亿元，同比增长 7.18%，分业务看：1）国内政企业务收入 316.83 亿元；2）国内运营商业务收入 66.93 亿元；3）国际业务收入 18.90 亿元，其中 H3C 海 外自主渠道业务营 ...

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]