股票简称：紫光股份 股票代码：000938 公告编号：2024－027 紫光股份有限公司 关于放弃控股子公司少数股东股权优先购买权的公告 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"）2024 年 5 月 24 日召开的第八届董 事会第三十八次会议审议通过了《关于紫光国际放弃新华三 19%股权优先购买 权的议案》，现将具体情况公告如下： 一、交易概述 2023 年 5 月 26 日，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 和 Izar Holding Co（统称"交易对方"） 签署了《卖出期权行权股份购买协议》，紫光国际拟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"）48%股权，拟以支付现金的方式向 Izar Holding Co 购买 所持有的新华三 1%股权，合计购买新华三 49%股权。 本次交易交割完成后，HPE 开曼持有剩余新华三 19%股权。HPE ...

Key Points - **Industry/Company Involved**: Ziguang United Electronics Co., Ltd. (紫光股份) - **Analyst**: Li Aoyuan, Computer Industry Analyst at GF Securities - **Report Title**: AIGC Era: The Scarcity of Company's ICT Comprehensive Solution Ability is Highlighted [1] Core Views and Arguments - **AIGC Era**: The report focuses on the AIGC (Artificial Intelligence Generated Content) era and its impact on the ICT industry [1]. - **ICT Comprehensive Solution Ability**: The report emphasizes the importance of Ziguang United's ICT comprehensive solution ability in the AIGC era [1]. - **Scarcity**: The report argues that Ziguang United's ICT comprehensive solution ability is scarce in the industry, which gives the company a competitive advantage [1]. Other Important Content - **No additional content provided**

Investment Rating - The investment rating for the company is "Accumulate" [1][4]. Core Views - The company is actively advancing its acquisition of Xinhua San and has seen a continuous increase in its market share for PC server procurement from China Mobile [3]. - The company's revenue for 2023 reached 77.308 billion yuan, a year-on-year increase of 4.39%, with the ICT infrastructure and services business contributing 51.506 billion yuan, up 10.15% [3]. - The company maintains stable expense and gross profit margins, with a gross profit margin of 19.6% in 2023 [3]. - The "AI in ALL" strategy is being deepened, enhancing the company's capabilities in digital infrastructure and AI applications [3]. Summary by Sections Market Data - Closing price: 21.96 yuan - Total shares: 2860.08 million - Net assets: 34,360.47 million yuan - Total assets: 84,605.41 million yuan - Net asset per share: 12.01 yuan [2]. Financial Performance - Revenue forecast for 2024-2026 is 87.854 billion, 98.670 billion, and 108.550 billion yuan respectively, with expected growth rates of 13.6%, 12.3%, and 10.0% [5]. - Net profit attributable to the parent company for the same period is projected to be 2.498 billion, 2.911 billion, and 3.372 billion yuan, with growth rates of 18.8%, 16.5%, and 15.8% [5]. - The company’s gross profit margin is expected to slightly increase to 19.7% in 2024 and reach 20.4% by 2026 [5]. Strategic Initiatives - The company is enhancing its full-stack ICT infrastructure capabilities and has made significant advancements in AI applications, including the launch of a 51.2T 800G CPO silicon photonic data center switch [3]. - The company is focusing on expanding its market share in the ICT sector, with a notable increase in revenue from its subsidiary Xinhua San [3].

Group 1: AIGC Strategy and Product Development - In 2023, the company launched the "AIGC Open Strategy" and introduced several products, including the "LinSeer" model and AI assistant, establishing a comprehensive solution from data governance to application deployment [2] - The "LinSeer" private domain model received multiple industry certifications and was rated 4+ in a large-scale pre-training model compliance verification [2] - The company aims to leverage the "LinSeer" model to provide tailored solutions across various industries, enhancing its AIGC application capabilities [2][3] Group 2: Financial Performance and Market Position - In 2024, the company anticipates growth driven by the digital economy and AIGC trends, with a focus on enhancing operational efficiency and cost reduction [3] - The company holds significant market shares in various sectors: 32.9% in Ethernet switches, 30.9% in enterprise routers, and 51.7% in blade servers, maintaining a strong competitive position [5] - The net profit for the first quarter of 2024 increased by 8.27%, with a 14% year-on-year growth in revenue from the subsidiary, New H3C [6] Group 3: International Expansion and Strategic Initiatives - The company plans to deepen its market coverage in developed countries and actively participate in the "Belt and Road" initiative to replicate domestic success stories [3] - The company is focused on enhancing its overseas business, aiming to establish it as a "second growth curve" for revenue [3][4] Group 4: Research and Development Investments - In 2023, the company invested heavily in R&D across various fields, achieving significant breakthroughs in AIGC and other technologies [5] - Key R&D projects include the AIGC private domain model and the development of next-generation GPU servers, enhancing the company's competitive edge in smart computing [5][6] Group 5: Shareholder Engagement and Corporate Governance - The company is committed to improving corporate governance and enhancing investor confidence through measures such as equity incentives and improved information disclosure [6] - As of May 10, 2024, the total number of shareholders was 245,792 [8]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨紫光股份（ ） 000938.SZ [运Ta营bl商e_业Ti务tle稳] 健增长， 智算中心正式启用 AI 报告要点 [2T3ab年le运_S营u商mm业a务ry稳] 健增长，国内企业网业务略承压，但AI相关收入占比持续提升。23年盈利 能力小幅回落，24Q1费用率有所减少，后续持续改善可期。全面深化“AI in ALL”，持续受益 于算力浪潮。 ...

Investment Rating - The investment rating for the company is "Add" (maintained) with a target price not specified [1] Core Views - The company, Unisplendour Corporation (紫光股份), reported 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% [5] - The company is expected to benefit from the AI computing network dividends due to its strong competitive position in the ICT equipment sector [8] Summary by Sections Financial Performance - In 2023, the revenue breakdown shows ICT infrastructure and services generated 51.5 billion yuan, accounting for 66.6% of total revenue, with a year-on-year growth of 10.15% [6] - The subsidiary, H3C, reported a revenue of 51.9 billion yuan, a 4.27% increase year-on-year, with domestic revenue of 39.9 billion yuan, growing by 1.86% [6] - For Q1 2024, the revenue was 17.006 billion yuan, a 2.89% increase year-on-year, with a net profit of 414 million yuan, down 5.76% [5] Profitability and Cost Analysis - The gross margin for 2023 was 19.6%, a decrease of 1 percentage point year-on-year, with the gross margin for ICT infrastructure at 25.58%, down 2.15 percentage points [7] - R&D expenses in 2023 were 5.643 billion yuan, an increase of 6.5% [7] - The management expense ratio was 1.8%, up 0.5 percentage points, primarily due to increased severance benefits at H3C [7] Market Position and Future Outlook - The company has a comprehensive business layout in "cloud-network-security-computing-storage-end," and its "AI for ALL" strategy is expected to enhance its market position [8] - The company holds significant market shares in various segments, including 30.9% in enterprise routers and 51.7% in blade servers, maintaining a leading position [8] - Future profit forecasts have been adjusted to 2.531 billion yuan for 2024 and 3.149 billion yuan for 2025, with a projected net profit of 3.73 billion yuan for 2026 [8]

紫光股份有限公司 股票简称：紫光股份 股票代码：000938 公告编号：2024－022 保证人：紫光数码（苏州）集团有限公司 被担保人/债务人：紫光晓通科技有限公司 债权人：上海浦东发展银行股份有限公司天津分行 担保最高债权额：人民币 5,000 万元 担保方式：连带责任保证 担保范围：主债权及由此产生的利息、罚息、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，以及根据主合同经债权人要求债务人需补足的保证金 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"）2023 年 3 月 30 日召开的第八届董事会 第二十三次会议及 2023 年 5 月 16 日召开的 2022 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 2022 年度股东大 ...

证券研究报告 | 公司动态点评 2024 年 05月 07日 紫光股份（000938.SZ） 持续深化全栈智算能力，促进公司营收稳健增长 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 74,058 77,308 88,131 100,029 111,032 股票信息 增长率yoy（%） 9.5 4.4 14.0 13.5 11.0 归母净利润（百万元） 2,158 2,103 2,624 3,210 3,630 行业 计算机 增长率yoy（%） 0.5 -2.5 24.8 22.3 13.1 2024年5月6日收盘价（元） 21.21 ROE（%） 9.9 9.2 10.3 11.3 11.4 总市值（百万元） 60,662.29 EPS最新摊薄（元） 0.75 0.74 0.92 1.12 1.27 流通市值（百万元） 60,662.29 P/E（倍） 28.1 28.8 23.1 18.9 16.7 总股本（百万股） 2,860.08 P/B（倍） 1.9 1.8 1.7 1.6 1.4 流通股本（百万股） 2,860.08 资料来源：公司财报 ...

证券研究报告 公 2024年05月07日 司 报 告 紫光股份(000938) │ 行 业： 计算机/IT服务Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 20.95元 年 运营商、国际业务增速较高，全面布局 AIGC 领域 目标价格： 26.89元 报 点 事件： 评 基本数据 紫光股份发布2023年年度报告和2024年第一季度报告，2023年公司实现 总股本/流通股本(百万股) 2,860.08/2,860.08 营收 773.08 亿元，同比增长 4.39%；归母净利润 21.03 亿元，同比下降 2.54%；扣非归母净利润16.75亿元，同比下降4.80%；毛利率为19.60%， 流通A股市值(百万元) 59,918.67 同比下降1.04pct。2024年第一季度公司实现营收170.06亿元，同比增长 每股净资产(元) 12.01 2.89%；归母净利润4.14亿元，同比下降5.76%；扣非归母净利润3.43亿 资产负债率(%) 51.84 元，同比增长1.75%；毛利率为19.97%，同比下降1.04pct。 一年内最高/最低(元) 38.78/14.22 ➢ 新华三运营商、国际业务增速较高 ...

证券研究报告 | 2024年05月06日 紫光股份（000938.SZ） 买入 加大海外业务拓展，部署 AI 行业赋能战略 核心观点 公司研究·财报点评 2023年公司实现营收773.1亿元，同比增长4.4%，归母净利润为21.0亿元， 通信·通信设备 同比下降2.54%；扣非净利润为16.8亿元，同比下降4.8%。2024年一季度 证券分析师：马成龙 证券分析师：袁文翀 公司实现营收170.1亿元，同比增长2.9%；归母净利润为4.1亿元，同比 021-60933150 021-60375411 machenglong@guosen.com.cn yuanwenchong@guosen.com.cn 减少5.8%。 S0980518100002 S0980523110003 ICT 基础设施与服务业务快速增长，海外业务规模持续扩大。2023年公司 基础数据 ICT 基础设施与服务业务、IT 产品分销与供应链服务和其他业务收入同比 投资评级 买入(维持) 合理估值 分别+10.2%/-9.8%/-23.7%；占收比分别为66.6%/37.7%/0.2%。公司聚焦核 收盘价 20.95元 总市值/流通市值 59 ...