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 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－060 紫光股份有限公司 2024 年第三次临时股东大会决议公告 2、 本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1、召开时间： 现场会议召开日期和时间：2024 年 10 月 14 日（星期一）下午 14 时 30 分 网络投票时间：2024 年 10 月 14 日。其中，通过深圳证券交易所交易系统进行投 票的具体时间为：2024 年 10 月 14 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00 期间的任意时间；通过互联网投票系统进行网络投票的起止时间为 2024 年 10 月 14 日 9:15-15:00 期间的任意时间。 2、召开地点：北京市海淀区紫光大楼一层 118 会议室 3、召开方式：现场投票表决与网络投票相结合的方式 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、 本次股东大会未出现否决提案的情形。 其中，出席会议的中小股东表决情况如下： 同意 71,282,681 股，占出席会议的中小股东及股东代 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－059 紫光股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、召开会议的基本情况 1、股东大会届次：公司 2024 年第三次临时股东大会 2、股东大会的召集人：公司第九届董事会（关于召开 2024 年第三次临时股东大 会的议案已经公司第九届董事会第五次会议审议通过） 3、本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的有关规定。 4、会议召开日期和时间： （1）现场会议召开日期和时间：2024 年 10 月 14 日（星期一）下午 14 时 30 分 （2）网络投票时间：网络投票系统包括深圳证券交易所交易系统和互联网投票 系统（http://wltp.cninfo.com.cn）。通过深圳证券交易所交易系统进行投票的具体 时间为：2024 年 10 月 14 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00 期间 的任意时间；通过互联网投票系统进行网络投票的起止时间为 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－058 紫光股份有限公司 3、公司拟为紫光云向上海浦东发展银行股份有限公司天津分行申请的不超过 3 年期人民币 1 亿元授信额度提供连带责任保证，保证期间为每笔债权合同债务履行 期届满之日起至该债权合同约定的债务履行期届满之日后三年止，担保范围为主债 权本金、利息、罚息及复利、违约金、损害赔偿金、手续费及其他为签订或履行本合 同而发生的费用、以及债权人实现担保权利和债权所产生的费用和根据主合同经债 权人要求债务人需补足的保证金。 上述担保事项已经公司第九届董事会第五次会议审议通过，尚需经公司 2024 年 第三次临时股东大会审议通过后方可执行。 二、被担保人基本情况 特别风险提示：公司存在对资产负债率超过 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 紫光云技术有限公司（以下简称"紫光云"）系紫光股份有限公司（以下简称"公 司"）下属从事云服务的控股子公司，为保证子公司业务顺利开展，公司拟为紫光云 申请的授信额度提供如下担保 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－057 紫光股份有限公司 第九届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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"）第九届董事会第五次会议，于 2024 年 9 月 23 日以书面方式发出通知，于 2024 年 9 月 27 日在紫光大楼四层会议室召开。会 议由董事长于英涛先生主持，会议应到董事 7 名实到 7 名，符合《紫光股份有限公 司章程》的规定，3 名监事列席了会议。 经审议、逐项表决，会议做出如下决议： 一、通过关于为子公司申请银行授信额度提供担保的议案 紫光云技术有限公司（以下简称"紫光云"）系公司下属从事云服务的控股子公 司，为保证子公司业务顺利开展，同意公司为紫光云向银行申请的授信额度提供如下 担保： 1、同意公司为紫光云向招商银行股份有限公司天津分行申请的 1 年期人民币 2 亿元授信额度提供连带责任保证，保证期间为自担保书生效之日起至相关授信协议 项下每笔贷款或其他融资或招商银行股份有限公司天津分行受让的应收账款债权的 到期日或每笔垫款的垫款日另加三年 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has a comprehensive layout in the ICT industry, covering cloud computing, network equipment, security products, computing power devices, storage devices, and smart terminals, benefiting from the AIGC wave [5][6]. - Since acquiring 51% of New H3C in 2016, the company's revenue has grown from 27.71 billion to 77.31 billion, with a CAGR of 15.79%, and net profit has increased from 0.815 billion to 2.103 billion, with a CAGR of 14.51% [5][18]. - The recent acquisition of an additional 30% stake in New H3C is expected to significantly enhance the company's profitability and core competitiveness [14][26]. - The demand for AI data center construction is expected to rise, and the company is well-positioned to benefit from this trend [5][6]. Summary by Sections Company Overview - The company is a leader in ICT hardware and services, providing advanced equipment and comprehensive IT solutions [10]. - It operates through four main subsidiaries: New H3C, Unisplendour Digital, Unisplendour Software, and Unisplendour Cloud [12]. Financial Analysis - The company has shown steady revenue and profit growth since the acquisition of New H3C, with a revenue of 37.95 billion in H1 2024, a year-on-year increase of 5.29%, and a net profit of 1 billion, a slight decline of 2.13% [5][18]. - The gross margin for H1 2024 was 19.03%, down 1.29 percentage points year-on-year, primarily due to a higher proportion of lower-margin server product revenue [20]. Future Outlook - The company is expected to achieve revenues of 82.42 billion, 91.80 billion, and 101.89 billion from 2024 to 2026, with corresponding net profits of 2.339 billion, 2.869 billion, and 3.568 billion [6][18]. - The completion of the New H3C acquisition is anticipated to further enhance the company's value and performance in the coming quarters [6][14].

股票简称：紫光股份 股票代码：000938 公告编号：2024－056 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》，同意公司为全资子公司北京紫光数 字科技有限公司自公司 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 12 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）及于 2024 年 5 月 29 日披露的《2023 年度股 东大会决议公告》（公告编号：2024-031）。 二、担保进展情况 近日，公司与上海浦东发展银行股份有限公司天津分行（以下简称"上海浦东发 展银行"）签署了《保证 ...