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 ...

公司声明 股票代码：000938 股票简称：紫光股份 上市地点：深圳证券交易所 紫光股份有限公司 重大资产购买实施情况报告书 独立财务顾问 二零二四年九月 本公司及全体董事、监事、高级管理人员保证本报告书内容的真实、准确、 完整，并对本报告书的虚假记载、误导性陈述或者重大遗漏负相应的法律责任。 本公司负责人、主管会计工作的负责人和会计机构负责人保证本报告书中财 务会计资料真实、完整。 本次交易的交易对方已出具承诺函，承诺为本次交易所提供的信息真实、准 确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 本次交易有关监管部门对本次交易事项所作的任何决定或意见，均不代表其 对本公司股票的价值或投资者收益的实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 本次交易完成后，公司经营与收益的变化由公司负责；因本次交易引致的投 资风险，由投资者自行负责。 投资者若对本报告书存在任何疑问，应咨询自己的股票经纪人、律师、专业 会计师、或其他专业顾问。 1 | | | | 释 | 义 3 | | --- | --- | | 第一节 | 本次交易概况 4 | | | 一、本次交易方案概述 4 | | | 二、标的资产 ...

关于重大资产购买之标的资产完成过户的公告 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。 股票简称：紫光股份 股票代码：000938 公告编号：2024—055 紫光股份有限公司 2024 年 5 月 24 日，紫光股份有限公司（以下简称"公司"）召开第八届董 事会第三十八次会议，审议通过了《关于<紫光股份有限公司重大资产购买预案> 及其摘要的议案》等相关议案，同意公司拟由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"）以支付现金的方式向 H3C Holdings Limited（以下 简称"HPE 开曼"）购买所持有的新华三集团有限公司（以下简称"新华三"）29% 股权，以支付现金的方式向 Izar Holding Co（与 HPE 开曼合称"交易对方"）购 买所持有的新华三 1%股权，合计购买新华三 30%股权（以下简称"标的资产"） （以下简称"本次交易"）。同日，紫光国际与交易对方签署了《经修订和重述 的卖出期权行权股份购买协议》。2024 年 6 月 7 日，公司召开第九届董事会第 二次会议，审议通过了《关于<紫光股份有限公司重大资产购买 ...

北京植德律师事务所 北京植德律师事务所 Merits & Tree Law Offices 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 关于紫光股份有限公司 重大资产购买之实施情况的 法律意见书 植德（证）字[2024]026-3号 二〇二四年九月 www.meritsandtree.com | 目 录 | 1 | | --- | --- | | 一、本次交易方案概述 | 3 | | 二、本次交易的批准和授权 | 3 | | 三、本次交易的实施情况 | 5 | | 四、本次交易的实际情况与此前披露的信息是否存在差异 | 6 | | 五、董事、监事、高级管理人员及其他相关人员的调整情况 | 6 | | 六、上市公司资金占用及关联担保情况 | 7 | | 七、本次 ...

中信建投证券股份有限公司 关于 紫光股份有限公司 重大资产购买实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二四年九月 独立财务顾问声明 中信建投证券股份有限公司接受紫光股份有限公司董事会的委托，担任本次 紫光股份有限公司重大资产购买之独立财务顾问。 根据《公司法》《证券法》《重组管理办法》《公开发行证券的公司信息披露 内容与格式准则第 26 号——上市公司重大资产重组》等法律法规的相关规定， 按照证券行业公认的业务规范，本着诚实守信、勤勉尽责的精神，遵循独立、客 观、公正的原则，在认真审阅相关资料并充分了解本次交易行为的基础上，本独 立财务顾问出具了本核查意见。 1、本核查意见所依据的文件、材料由本次交易相关各方提供，本次交易相 关各方已承诺所提供文件和材料真实、准确和完整，不存在虚假记载、误导性陈 述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本独立财务顾问已按照规定履行尽职调查义务，有充分理由确信所发表 的专业意见与上市公司披露的文件内容不存在实质性差异。 3、本核查意见不构成对上市公司的任何投资建议或意见，对投资者根据本 核查意见作出的任何投资决策可能产生的风险，本独立财务 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company achieved a revenue of 37.95 billion yuan in H1 2024, representing a year-on-year growth of 5.29%. The net profit attributable to shareholders was 1 billion yuan, a decrease of 2.13% year-on-year. The non-recurring net profit was 894 million yuan, an increase of 5.78% year-on-year [3]. - The company completed the acquisition of a 30% stake in its subsidiary, Xinhua San, which is expected to enhance profitability and strengthen core competitiveness [3]. - The company is actively expanding its overseas channels and has established 17 representative offices globally, covering regions such as Europe, Asia, Africa, and Latin America [3]. Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 77.308 billion yuan, with a year-on-year growth of 4.4%. The projected revenues for 2024, 2025, and 2026 are 87.206 billion yuan, 97.228 billion yuan, and 106.204 billion yuan, respectively, with growth rates of 12.8%, 11.5%, and 9.2% [2]. - The net profit attributable to shareholders for 2023 was 2.103 billion yuan, with projections of 2.336 billion yuan, 2.833 billion yuan, and 3.256 billion yuan for the following years, reflecting growth rates of -2.5%, 11.1%, 21.3%, and 14.9% [2]. - The gross margin is expected to improve from 19.6% in 2023 to 20.7% by 2026, while the return on equity (ROE) is projected to increase from 6.2% to 7.9% over the same period [2]. Strategic Developments - The company is focusing on the intelligent computing market and has launched several new products and solutions, including the Lingxi Intelligent Computing Solution and the G7 series modular heterogeneous computing servers [3]. - The acquisition of Xinhua San is anticipated to bolster the company's earnings per share and enhance its competitive edge in the market [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights a significant increase in Q2 performance, with a year-on-year revenue growth of 5.29% to 37.951 billion yuan and a net profit of 1 billion yuan, showing a slight decline of 2.13% [6][7] - The acquisition of the remaining 30% stake in Xinhua San has been completed, increasing the company's ownership from 51% to 81%, which is expected to enhance Xinhua San's growth potential and profitability [7] - Revenue projections for 2024-2026 are estimated at 86.484 billion yuan, 98.077 billion yuan, and 111.459 billion yuan respectively, with net profits expected to reach 2.526 billion yuan, 3.622 billion yuan, and 4.349 billion yuan [7][8] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 37.951 billion yuan, with a Q2 revenue of 20.945 billion yuan, reflecting a quarter-on-quarter increase of 23.16% [6] - The gross profit margin for Q2 was 18.28%, down 1.47 percentage points from the previous year [6] - The company’s inventory increased by 53.75% year-on-year to 30.473 billion yuan, indicating rapid growth in stock levels [6] Business Segments - The ICT infrastructure and services segment generated 26.154 billion yuan in revenue, up 5.43% year-on-year, with a gross margin of 24.37% [6][10] - The IT product distribution and supply chain services segment saw a revenue of 13.616 billion yuan, with a year-on-year growth of 6.26% [10] Valuation and Forecast - The report provides a valuation range for 2024 based on a PE ratio of 30-35 times, suggesting a fair value range of 26.50 yuan to 30.91 yuan per share [7][8] - The projected EPS for 2024, 2025, and 2026 are 0.88 yuan, 1.27 yuan, and 1.52 yuan respectively [8][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The completion of the acquisition of a 30% stake in H3C Holdings Limited marks a new development phase for the company, enhancing its decision-making efficiency and operational flexibility [11] - The acquisition is expected to significantly increase the company's net profit attributable to shareholders, with the corresponding profit from the 30% stake in H3C amounting to 546 million yuan, representing 54.60% of the company's net profit for the same period [11] - The company anticipates revenue growth from 2024 to 2026, with projected revenues of 83.61 billion yuan, 91.83 billion yuan, and 99.67 billion yuan, respectively, reflecting year-on-year growth rates of 8.16%, 9.82%, and 8.54% [11] Summary by Sections Financial Data - The total share capital is 2,860.08 million shares, with a market capitalization of 53,826.70 million yuan [7] - The company's net asset per share is 12.09 yuan, and the debt-to-asset ratio stands at 53.74% [7] - The company's revenue for the first half of 2024 reached 26.428 billion yuan, a year-on-year increase of 5.75%, with a net profit of 1.820 billion yuan [11] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 2.301 billion yuan, 3.914 billion yuan, and 4.513 billion yuan, respectively, with corresponding growth rates of 9.41%, 70.09%, and 15.31% [11] - The earnings per share (EPS) are projected to be 0.80 yuan, 1.37 yuan, and 1.58 yuan for the years 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 28.98% [11] - The company is positioned as a leader in the new generation of cloud computing infrastructure and industry smart application services, expected to gather new growth momentum through product innovation and international cooperation [11]