紫光股份（000938.SZ） | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|---------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 74,058 | 77,308 | 86,817 | 98,537 | 109,376 | | 增长率 yoy（%） | 9.5 | 4.4 | 12.3 | 13.5 | 11.0 | | 归母净利润（百万元） | 2,158 | 2,103 | 2,414 | 2,992 | 3,554 | | 增长率 yoy（%） | 0.5 | -2.5 | 14.8 | 23.9 | 18.8 | | ROE（%） | 9.9 | 9.2 | 9.6 | 10.7 | 11.3 | | EPS 最新摊薄（元） | 0.75 | 0.74 | 0.84 | 1.05 | 1.24 | | P/E（倍） | 25.6 | 26.2 | 22.8 | ...

紫光股份(000938.SZ) 营收平稳增长，算力和联接"双基石"全栈能力布局大模型 推荐 ( 维持) 事项： 股价:19.06元 主要数据 | --- | --- | |-------------------|---------------------------------| | 行业 | 计算机 | | 公司网址 | www.thunis.com | | 大股东/持股 | 西藏紫光通信科技有限公司/28.00% | | 实际控制人 | | | 总股本(百万股) | 2,860 | | 流通A股(百万股) | 2,860 | | 流通B/H股(百万股) | | | 总市值(亿元) | 545 | | 流通A股市值(亿元) | 545 | | 每股净资产(元) | 12.09 | | 资产负债率(%) | 53.7 | 行情走势图 证券分析师 | --- | |------------------------------| | 投资咨询资格编号 | | S1060517070006 | | YANLEI511@pingan.com.cn | | 投资咨询资格编号 | | S1060523070003 | | ...

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]

| --- | --- | --- | |----------------|----------------------------------|---------------------------------------------------| | 投资者关系活动 | √特定对象调研 □ | 分析师会议 | | 类别 | □媒体采访 □ | 业绩说明会 | | | □新闻发布会 □ | 路演活动 | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | 参与单位名称及 | IGWT 廖克銘；Point72 | 郑天涛、孙晨淯；百川财富 唐琪；诚旸 | | 人员姓名 | 投资 张硕；城天九 | 周晓玲、魏静；大道兴业 黄华艳；黑森投 | | | 资 孙小东；鸿道投资 | 方云龙；金泰银安 王厚恩；暖逸欣 王涛； | | | 神农投资 汪洋；羲和金泰 | 张海岩；禹田资本 王雨天；致顺投 | | | 资 朱贺凯；博时基金 | 谢泽林；才华资本 唐毅；财通证券 杨辰 | | | 昊；财信证券 | 黄奕景；创金合信 郭镇岳；大成基金 徐一清； | | | 淡水泉 | 房畅坤、陈晓生 ...

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 ...

1H24 扣非稳健增长，推进全栈智算 | --- | --- | |-----------------------------|--------------| | 华泰研究 中报点评 | | | 2024 年 8 月 27 日│中国内地 | 通信设备制造 | 研究员 王兴 SAC No. S0570523070003 wangxing@htsc.com SFC No. BUC499 +(86) 21 3847 6737 研究员 高名垚 SAC No. S0570523080006 gaomingyao@htsc.com SFC No. BUP971 +(86) 21 2897 2228 联系人 王珂 SAC No. S0570122080148 wangke020520@htsc.com +(86) 755 8249 2388 联系人 唐攀尧 SAC No. S0570124040002 tangpanyao@htsc.com +(86) 755 8249 2388 1H24 扣非净利润稳健增长，聚焦 AIGC 市场持续深化栈智算布局 根据公司 24 年中报，公司 1H24 营收/归母净利润/扣非归母净利润分 ...

Investment Rating - The report maintains a "Recommend" rating for Unisplendour Corporation (000938) with a target price of 26.7 RMB, compared to the current price of 19.28 RMB [1] Core Views - Unisplendour's performance showed significant quarter-over-quarter improvement, with H3C (a subsidiary) delivering stable results [1] - Revenue and profit improved notably in Q2 2024, with AIGC applications driving growth [2] - H3C's domestic government and enterprise business grew by 8.31% YoY, while its international business saw a 61.22% YoY increase in H3C branded products and services [2] - The company's Lingxi Intelligent Computing Solution is leading in the industry, with strong market share in Ethernet switches and data center switches [2] - The report adjusted the profit forecast for 2024-2026, expecting net profit attributable to the parent company to grow at 20.8%, 19.4%, and 15.3% respectively [2] Financial Performance - In H1 2024, Unisplendour achieved revenue of 37.951 billion RMB, a 5.29% YoY increase, with net profit attributable to the parent company of 1 billion RMB, a 2.13% YoY decrease [1] - Q2 2024 revenue was 20.945 billion RMB, a 7.32% YoY increase and 23.16% QoQ growth, with net profit attributable to the parent company of 587 million RMB, a 0.60% YoY increase and 41.82% QoQ growth [2] - H3C's revenue in H1 2024 was 26.428 billion RMB, a 5.75% YoY increase, with net profit of 1.82 billion RMB [2] - The company's gross margin in H1 2024 was 19.03%, a 1.29 pct YoY decrease, while net margin was 4.55%, a 0.45 pct YoY decrease [2] Business Highlights - Unisplendour's "AI for ALL" strategy is driving innovation in computing power, network connectivity, and intelligent storage [2] - The company holds the top market share in China's Ethernet switch, enterprise network switch, and campus switch markets, and ranks second in the data center switch market [2] - H3C's domestic government and enterprise business contributed 20.212 billion RMB in revenue, while its international business generated 1.198 billion RMB [2] Financial Forecast - Revenue is expected to grow from 86.129 billion RMB in 2024E to 108.221 billion RMB in 2026E, with YoY growth rates of 11.4%, 12.3%, and 11.8% respectively [3] - Net profit attributable to the parent company is forecasted to increase from 2.541 billion RMB in 2024E to 3.498 billion RMB in 2026E, with YoY growth rates of 20.8%, 19.4%, and 15.3% [3] - EPS is projected to grow from 0.89 RMB in 2024E to 1.22 RMB in 2026E [3] Valuation - The report assigns a 30x PE multiple for 2024, based on comparable company valuations and the company's historical PE average of 32.31x over the past five years [2] - The target price of 26.7 RMB implies a 38.5% upside from the current price of 19.28 RMB [1]

紫光股份（000938.SZ）2024 年半年报点评 H1 业绩稳健增长，AI 时代深耕全栈智算 2024 年 08 月 27 日 ➢ 事件：2024 年 8 月 27 日，公司发布 24 年半年报，上半年实现营收 379.51 亿元， 同比增长 5.29%；实现归母净利润 10.00 亿元，同比下降 2.13%；扣非归母净利润为 8.94 亿元，同比增长 5.78%。单季度看，2Q24 实现收入 209.45 亿元，同比增长 7.32%；归 母净利润 5.87 亿元，同比增长 0.60%；扣非归母净利润为 5.51 亿元，同比增长 8.46%。 ➢ 公司业绩符合预期，新华三营业利润同比增长 13%。1）分业务看：24H1 ICT 基础 设施及服务实现收入 261 亿元，同比增长 5.43%，营收占比 68.92%；IT 产品分销与供 应链服务实现收入 136.16 亿元，同比增长 6.26%，营收占比 35.88%。2）新华三 24H1 收入 264 亿元，同比增长 5.75%；营业利润 20 亿元，同比增长 12.91%；净利润 18 亿 元，同比减少 0.17%。新华三国内政企业务收入 202 亿元，同 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥37,950,866,107.59, representing a 5.29% increase compared to ¥36,045,364,005.88 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥1,000,362,167.74, a decrease of 2.13% from ¥1,022,130,981.77 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was ¥893,590,930.35, which is an increase of 5.78% compared to ¥844,737,847.92 in the same period last year[10]. - The net cash flow from operating activities was -¥3,219,179,295.21, a decline of 45.85% from -¥2,207,167,063.62 in the previous year[10]. - The total assets at the end of the reporting period were ¥88,804,125,344.75, reflecting a 1.76% increase from ¥87,264,490,585.74 at the end of the previous year[10]. - The net assets attributable to shareholders of the listed company were ¥34,575,430,355.86, up 1.85% from ¥33,946,454,949.38 at the end of the previous year[10]. - The basic earnings per share for the first half of 2024 was ¥0.3498, down 2.13% from ¥0.3574 in the same period last year[10]. - The diluted earnings per share also stood at ¥0.3498, reflecting a decrease of 2.13% compared to ¥0.3574 in the previous year[10]. - The weighted average return on equity was 2.91%, down from 3.16% in the previous year[10]. - The cost of goods sold increased to ¥30.73 billion, up 6.99% from ¥28.72 billion in the same period last year[54]. - The company's financial expenses decreased by 31.59% to ¥223.36 million, primarily due to reduced exchange losses from its subsidiary[54]. - The company's total revenue for the reporting period reached ¥37,950,866,107.59, representing a year-over-year increase of 5.29%[57]. - Domestic revenue accounted for 96.59% of total revenue, amounting to ¥36,657,090,288.30, with a growth of 6.00% compared to the previous year[56]. - International revenue decreased by 11.51% to ¥1,293,775,819.29, constituting 3.41% of total revenue[56]. - The gross profit margin for the information technology sector was 19.03%, a decrease of 1.29% from the previous year[57]. Research and Development - The company's R&D investment reached 5.299 billion yuan in 2022 and 5.643 billion yuan in 2023, with R&D personnel accounting for 40% of total employees[25]. - The company has filed over 14,000 patent applications, with more than 90% being invention patents[25]. - The company is committed to innovation-driven development, continuously enhancing its core competitiveness in the face of new digital technology integration trends[19]. - The company plans to enhance its R&D capabilities to maintain competitiveness in rapidly evolving technologies such as cloud computing and AI[73]. - The company has a significant focus on research and development, with important projects exceeding RMB 100 million in capitalized development costs[172]. Market Position and Strategy - The company maintains a leading position in the global cloud computing infrastructure and industry smart application services, providing a full-stack ICT infrastructure including network devices, servers, storage products, cloud computing services, cybersecurity products, and smart terminals[14]. - In 2023, the company held a market share of 32.9% in China's Ethernet switch market, 30.9% in enterprise routers, 27.4% in enterprise WLAN, 15.8% in X86 servers, 19.7% in GPU servers, 10.0% in security hardware, and 18.8% in hyper-converged infrastructure[22]. - The company has established strategic partnerships with numerous internet companies, deploying network products and servers widely across major internet enterprises in China[24]. - The company plans to expand its market presence and invest in new technologies to drive future growth[59]. - The company is actively involved in the construction of data centers and advanced network architectures for major financial institutions, including the People's Bank of China and various stock exchanges[24]. Operational Efficiency - The company will focus on improving operational efficiency to mitigate rising costs associated with its expanding workforce[74]. - The company has implemented risk control measures for foreign exchange hedging, including strict adherence to management guidelines and regular monitoring of market conditions[66]. - The company has not reported any significant changes in its operational strategies or market expansion plans during the reporting period[92]. Environmental and Social Responsibility - The company has planted over 42,000 trees as part of its "Green Pursuer" initiative to promote environmental sustainability[85]. - The company is involved in a biodiversity protection project in collaboration with the China Green Foundation, utilizing AI technology to enhance monitoring and data collection in nature reserves[86]. Corporate Governance and Compliance - The company has fulfilled its commitment regarding the avoidance of related party transactions and competition during the reporting period[87]. - The company has committed to maintaining the independence of its operations, assets, and finances from its controlling shareholder[88]. - The controlling shareholder has promised to avoid any substantial competition with the company’s main business[89]. - The company has not reported any penalties or rectifications during the reporting period[92]. - The integrity status of the company and its controlling shareholders remains good, with no significant debts overdue[92]. Financial Management - The company has established a joint liability guarantee framework to support its subsidiaries[105]. - The guarantees provided do not involve related parties[107]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[98]. - The company has no overdue amounts for entrusted financial management[114]. - The company has not reported any major related party transactions during the reporting period[100]. Future Outlook - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[150]. - The company is preparing for the 2024 first extraordinary general meeting to discuss the major asset acquisition plan[118].