董事会关于本次交易的评估机构独立性、评估假设前提合理性、评估 方法与评估目的的相关性以及交易定价的公允性的说明 紫光股份有限公司（以下简称"公司"）拟由全资子公司紫光国际信息技术 有限公司以支付现金的方式购买新华三集团有限公司（以下简称"新华三"或"标 的公司"）少数股东股权（以下简称"本次交易"）。 公司聘请北京中同华资产评估有限公司（以下简称"中同华"）对标的公司 全部股东权益价值进行了评估，并出具了相关评估报告。公司董事会根据相关法 律、法规和规范性文件的规定，在详细核查了有关评估事项以后，对本次交易评 估机构独立性、评估假设前提合理性、评估方法与评估目的的相关性以及交易定 价的公允性进行核查，说明如下： 紫光股份有限公司 一、评估机构具有独立性 公司为本次交易聘请的评估机构中同华系符合《中华人民共和国证券法》规 定的评估机构，具备专业胜任能力。除担任本次交易的评估机构外，中同华及其 经办评估师与上市公司、交易对方、标的公司及其董事、监事、高级管理人员不 存在关联关系，亦不存在除业务关系之外的现实的及预期的利益或冲突。中同华 作为本次交易的资产评估机构具有独立性。 二、评估假设前提具有合理性 中同华综合 ...

紫光股份有限公司 2024 年第四次独立董事专门会议决议 紫光股份有限公司（以下简称"公司"）2024 年第四次独立董事专门会议，于 2024 年 5 月 24 日在紫光大楼四层会议室召开。会议由独立董事徐经长先生主持，会 议应到独立董事 3 名实到 3 名。本次会议的召集、召开和表决程序符合《中华人民 共和国公司法》《上市公司独立董事管理办法》和《紫光股份有限公司章程》的有关 规定。 本着认真、负责的态度，基于独立、审慎、客观的立场，经审阅公司提交的相关 资料，全体独立董事对拟提交公司第八届董事会第三十八次会议审议的关于收购新 华三集团有限公司（以下简称"新华三"、"标的公司"）少数股东股权事项的相关 议案进行了审核并发表审核意见。 一、关于本次交易事项 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 付现金的方式购买 H3C Holdings Limited（以下简称"HPE 开曼"）持有新华三 29% 股权，以支付现金的方式购买 Izar Holding Co（与 HPE 开曼合称"交易对方"或"HPE 实体"）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 ...

紫光股份有限公司（以下简称"公司"）拟由全资子公司紫光国际信息技术有限公 司以支付现金的方式购买新华三集团有限公司（以下简称"新华三"）少数股东股权 （以下简称"本次交易"）。 根据《上市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监 管》第十二条的规定，公司董事会就本次交易相关主体是否存在不得参与任何上市公 司重大资产重组情形说明如下： 本次交易涉及《上市公司监管指引第 7 号——上市公司重大资产重组相关股票异 常交易监管》第六条所列的相关主体，不存在因涉嫌与重大资产重组相关的内幕交易 被立案调查或者立案侦查的情形，最近三十六个月内不存在因与重大资产重组相关的 内幕交易被中国证券监督管理委员会作出行政处罚或者司法机关依法追究刑事责任 的情形。 本次交易相关主体不存在《上市公司监管指引第 7 号——上市公司重大资产重组 相关股票异常交易监管》第十二条规定的不得参与任何上市公司重大资产重组的情形。 特此说明。 紫光股份有限公司 董事会关于本次交易相关主体不存在《上市公司监管指引第 7 号——上 市公司重大资产重组相关股票异常交易监管》第十二条 不得参与任何上市公司重大资产重组情形的说明 紫光股 ...

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 ...