股票简称：紫光股份 股票代码：000938 公告编号：2024－054 紫光股份有限公司 2024 年 9 月 5 日 董 事 会 关于重大资产购买之标的资产完成交割的公告 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"）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"）与 H3C Holdings Limited 及 Izar Holding Co（以下合称"交 易对方"）于 2024 年 5 月 24 日签署了《经修订和重述的卖出期权行权股份购买协议》 （以下简称"《股份购买协议》"），紫光国际以支付现金的方式向 H3C Holdings Limited 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 购买所持有的新华三 1%股权，合计以 2,142,834,885.00 美元购买新华三 30%股权（以下简称"标的资产"）（以下简称"本次交易"）。本次 交易相关事项已经公司第八届董事会第三十八次会议、第八届监事会第十八次会议、 第九届董事会第 ...

Investment Rating - The report maintains a "Buy" rating and lowers the target price to 28.70 CNY [3][5][16]. Core Views - The company's semi-annual report shows stable growth, with innovative product models and continuous improvement in gross margins for core businesses. The rapid growth of overseas business is expected to drive performance beyond expectations [3][12]. - The company achieved a revenue of 37.95 billion CNY in the first half of 2024, a year-on-year increase of 5.29%, and a net profit attributable to shareholders of 1.00 billion CNY, with a year-on-year decrease of 2.13% due to a significant reduction in government subsidies [3][4]. - The core subsidiary, Xinhua San, reported a revenue of 26.43 billion CNY, a year-on-year increase of 5.75%, and a net profit of 1.82 billion CNY, reflecting strong operational performance [3][4]. Financial Summary - Revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 85.36 billion CNY (2024), 93.97 billion CNY (2025), 103.71 billion CNY (2026) [13][14]. - Net profit attributable to shareholders: 2.49 billion CNY (2024), 2.93 billion CNY (2025), 3.37 billion CNY (2026) [13][14]. - EPS: 0.87 CNY (2024), 1.02 CNY (2025), 1.18 CNY (2026) [13][14]. Market Position and Growth Drivers - The company maintains leading market shares in various segments, including 34.8% in Ethernet switches and 36.5% in enterprise network switches in China [3][12]. - The overseas business is expanding rapidly, with significant growth in self-owned brand sales across 17 regions, contributing to a new growth engine for the company [3][12]. Valuation - The report employs both PE and PS valuation methods, concluding a reasonable market value of 82.07 billion CNY, corresponding to a target price of 28.70 CNY based on a PE of 33 times for 2024 [16][18].

股票简称：紫光股份 股票代码：000938 公告编号：2024－053 紫光股份有限公司 3、召开方式：现场投票表决与网络投票相结合的方式 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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。 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 9 月 2 日（星期一）下午 14 时 30 分 网络投票时间：2024 年 9 月 2 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 9 月 2 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 9 月 2 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 4、召集人：公司第九届董事会 5、主持人：董事长于英涛 6、 会议的召开符合有关法律、行政法规、部门规章、规范性 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 26.17 CNY, representing a 30x dynamic P/E ratio for 2024 [5][10]. Core Views - The company reported a revenue of 37.951 billion CNY in the first half of 2024, a year-on-year increase of 5.29%, while the net profit attributable to shareholders was 1 billion CNY, a decrease of 2.13% [2]. - The company is actively progressing in a major asset acquisition, intending to purchase a total of 30% equity in New H3C Group, which is expected to enhance its operational capabilities [2][8]. - The company is focusing on enhancing its full-stack capabilities in computing power and connectivity to meet the demands of AIGC applications, launching innovative solutions in various technology areas [4][7]. Financial Performance - The company achieved a revenue of 26.428 billion CNY from its subsidiary New H3C in the first half of 2024, marking a 5.75% increase year-on-year, with an operating profit of 1.996 billion CNY, up 12.91% [3]. - The company has optimized its organizational structure and improved operational efficiency, resulting in a 12.99% decrease in period expenses year-on-year [3]. - The company is expected to benefit from the growth in information technology infrastructure demand driven by AIGC and a recovery in downstream demand, with projected revenues of 87.045 billion CNY, 98.322 billion CNY, and 111.482 billion CNY for 2024, 2025, and 2026 respectively [9][10]. Market Position - The company holds leading market shares in various segments, including 34.8% in Ethernet switches, 36.5% in enterprise network switches, and 41.6% in campus switches in China [3]. - The company has been involved in over 190 smart city projects and has served more than 10,000 enterprises in their digital transformation efforts, including over 300 Fortune 500 companies [3]. Strategic Initiatives - The company is implementing a "1+N" large model strategy to deepen AIGC technology innovation and enhance its application capabilities [7]. - The launch of the Aofei computing power platform 3.0 aims to support heterogeneous computing resource management, enhancing operational efficiency in AI data asset management [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [2][8]. Core Views - The company is leveraging opportunities in AIGC (Artificial Intelligence Generated Content) to drive steady revenue growth, with a focus on enhancing its product offerings across various sectors including networking, computing, security, storage, and cloud services [3][4]. - In the first half of 2024, the company reported revenue of 37.951 billion yuan, a year-on-year increase of 5.29%, while the net profit attributable to shareholders was 1 billion yuan, a decrease of 2.13% [3][4]. - The company has implemented a comprehensive "cloud-network-security-computing-storage-end" business strategy, which has led to the development of innovative solutions and significant project wins in various sectors, including government and finance [4][8]. Financial Summary - The company's revenue is projected to grow from 77.308 billion yuan in 2023 to 86.817 billion yuan in 2024, reflecting a year-on-year growth rate of 12.3% [2][10]. - The net profit attributable to shareholders is expected to increase from 2.103 billion yuan in 2023 to 2.414 billion yuan in 2024, representing a growth rate of 14.8% [2][10]. - The company's EPS (Earnings Per Share) is forecasted to rise from 0.74 yuan in 2023 to 0.84 yuan in 2024 [2][10]. Business Development - The company has successfully launched a financial intelligent computing network solution and an AIGC large model solution, enhancing its capabilities across various application scenarios [8]. - The subsidiary, Xinhua San, achieved revenue of 26.428 billion yuan in the first half of 2024, with a net profit of 1.820 billion yuan, showcasing strong performance in domestic and international markets [3][4]. - The company is actively expanding its overseas market presence, securing key projects in countries such as Singapore and Spain [8].

Investment Rating - The report maintains a "Recommendation" rating for the company [2][8] Core Views - The company achieved stable revenue growth with a 5.29% year-on-year increase in revenue, reaching 37.951 billion yuan in the first half of 2024 [5][7] - The net profit attributable to shareholders decreased by 2.13% year-on-year to 1 billion yuan, but showed improvement in quarterly performance [5][8] - The company is a leading player in the domestic ICT infrastructure industry, with significant market shares in various product categories [5][8] - The company is actively leveraging its dual foundation of computing power and connectivity to capitalize on opportunities in the large model industry [8] Financial Performance Summary - Revenue for the first half of 2024 was 37.951 billion yuan, with quarterly revenues of 17.006 billion yuan and 20.945 billion yuan, reflecting growth rates of 2.89% and 7.32% respectively [5][6] - The net profit for the first half of 2024 was 1 billion yuan, with quarterly net profits of 414 million yuan and 587 million yuan, showing a year-on-year change of -5.76% and 0.60% respectively [5][6] - The company’s gross margin for the first half of 2024 was 19.03%, a decrease of 1.29 percentage points year-on-year [5][6] - The company’s operating expenses decreased by 12.99% year-on-year, with an expense ratio of 13.62%, down 2.86 percentage points [5][6] Market Position and Business Development - The company holds the top market share in several product categories, including Ethernet switches (34.8%), enterprise network switches (36.5%), and enterprise WLAN (30.3%) [5][8] - The subsidiary, Xinhua San, achieved revenue of 26.428 billion yuan in the first half of 2024, marking a 5.75% year-on-year increase [7][8] - The international business of Xinhua San also saw growth, with revenue reaching 1.198 billion yuan, a 9.51% increase year-on-year [7][8] Future Outlook - The company is expected to benefit from the growth of the large model industry, with adjusted profit forecasts for 2024-2026 being 2.316 billion yuan, 2.840 billion yuan, and 3.507 billion yuan respectively [8][10] - The company is actively pursuing the acquisition of a 30% minority stake in Xinhua San, which is anticipated to enhance its core competitiveness [8][10]

Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in the ICT sector and potential benefits from the AI wave [3] Core Views - The company's Q2 2024 performance showed sequential improvement, with revenue increasing by 7.32% YoY and 23.16% QoQ, and net profit attributable to shareholders growing by 0.60% YoY and 41.82% QoQ [2] - The acquisition of a 30% stake in H3C is progressing smoothly, with necessary approvals obtained from relevant authorities [2] - The company maintains leading market shares in multiple product categories, including Ethernet switches (34.8%), enterprise network switches (36.5%), and campus switches (41.6%) [3] Financial Performance - H1 2024 revenue reached 37.951 billion yuan, up 5.29% YoY, with operating profit of 1.885 billion yuan, up 5.13% YoY [2] - Net profit attributable to shareholders was 1.000 billion yuan, down 2.13% YoY, while non-GAAP net profit was 894 million yuan, up 5.78% YoY [2] - H3C, a subsidiary, achieved H1 2024 revenue of 26.428 billion yuan, up 5.75% YoY, with net profit of 1.820 billion yuan [2] Market Position - The company ranks first in China's enterprise WLAN market with a 30.3% share and second in the x86 server market with a 15.6% share [3] - In the data center switch market, the company holds a 29.0% share, ranking second [3] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to 84.2/91.9/99.6 billion yuan, representing decreases of 14%/19% from previous estimates [3] - Net profit attributable to shareholders for 2024-2026 is projected at 2.33/2.855/3.464 billion yuan, with corresponding PE ratios of 23x/19x/16x [3] Operational Efficiency - The company optimized its organizational structure and improved operational efficiency, leading to a 12.99% YoY decrease in period expenses during H1 2024 [2] - H3C's domestic government and enterprise business revenue reached 20.212 billion yuan, up 8.31% YoY, while international business revenue grew 61.22% to 416 million yuan [2]

Group 1: Financial Performance - In the first half of 2024, the company achieved operating revenue of 37.951 billion yuan, a year-on-year increase of 5.29% [4] - Operating profit reached 1.885 billion yuan, up by 5.13% year-on-year [4] - Net profit attributable to shareholders was 1 billion yuan, a decrease of 2.13% year-on-year, primarily due to a significant reduction in government subsidies [4] - The core subsidiary, Xinhua San, reported operating revenue of 26.428 billion yuan, a year-on-year growth of 5.75% [4] Group 2: AI and Digital Transformation - The company is focusing on three key areas in AI: deepening "AI in ALL," accelerating "AI for ALL," and leveraging core advantages in computing power and connectivity [5] - New AI solutions and products were launched, including the Lingxi intelligent computing solution and various AI storage and networking products [5] - The company is actively participating in digital transformation projects across various industries, including government and healthcare [6] Group 3: Market Expansion and Strategy - The company is expanding its overseas market presence, particularly in Southeast Asia, the Middle East, and Europe, with significant projects in Kazakhstan, Uzbekistan, and Spain [9] - The strategy includes enhancing product offerings tailored to local market needs and participating in the "Belt and Road" initiative [9] - The company plans to establish subsidiaries in Germany and other European countries to strengthen its market coverage [9] Group 4: Cost Management and Efficiency - The company optimized its organizational structure and improved operational efficiency, resulting in a 12.99% year-on-year decrease in four types of period expenses [4] - The increase in corporate income tax was attributed to the normalization of tax expenses after previous refunds [8] - Other income decreased due to timing differences in VAT refunds and a reduction in government subsidies [8]

2024 年 08 月 27 日 | --- | --- | |---------------------|---------------| | 评级 | 买入 | | | 评级变动 调高 | | 交易数据 | | | 当前价格（元） | 18.91 | | 52 周价格区间（元） | 14.71-27.11 | | 总市值（百万） | 54084.12 | | 流通市值（百万） | 54084.12 | | 总股本（万股） | 286008.00 | | 流通股（万股） | 286008.00 | 涨跌幅比较 紫光股份 IT服务Ⅱ -40% -20% 0% 20% 2023/08 2023/11 2024/02 2024/05 2024/08 | --- | --- | --- | --- | |----------|--------|--------|--------| | % | 1M | 3M | 12M | | 紫光股份 | -16.84 | -15.16 | -22.12 | | IT 服务Ⅱ | -6.47 | -15.89 | -32.00 | 何晨 分析师 执业证书编号:S053051308 ...

Q2 业绩稳健，ICT 设备龙头竞争力强劲，积极期待 AI 算网红利 事件： 公司发布 2024 半年报，上半年实现收入 379.51 亿元，同比增长 5.29%， 实现归母净利润 10 亿元，同比下滑 2.13%，实现扣非净利润 8.94 亿元，同 比增长 5.78%。 收入稳健增长，Q2 利润同比持平环比高增：公司 Q2 实现营业收入 209.45 亿元，同比增长 7.32%，对比一季度环比提升 23.16%，同比加速。单 Q2 实现归母净利润 5.87 亿元，同比增长 0.60%，环比增长 41.82%。实现扣非 净利润 5.51 亿元，同比增长 8.46%，环比高增 60.54%。 新华三保持稳健增长：24H1 新华三实现营业收入 264.28 亿元，yoy+5.75%， 实现营业利润 19.96 亿元，yoy+12.91%，实现归母净利润 18.20 亿元，基本 持平。其中国内政企业务收入达到 202.12 亿元，同比增长 8.31%；国内 运营商业务收入 50.19 亿元，同比下降 4.14%；国际业务收入 11.98 亿元， 同比增长 9.5%。 分产品看，ICT 业务韧性强。其中，ICT 基础 ...