浪潮信息（000977）公告，2025年第一季度营收为468.58亿元，同比增长165.31%；净利润为4.63亿 元，同比增长52.78%。 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥46.86 billion, a significant increase of 165.31% compared to ¥17.61 billion in the same period last year[5] - Net profit attributable to shareholders was ¥462.66 million, representing a growth of 52.78% from ¥306.46 million year-on-year[5] - Basic and diluted earnings per share were both ¥0.3143, reflecting a 52.80% increase from ¥0.2082 in the same quarter last year[5] - Total operating revenue for the current period reached ¥46,858,373,514.91, a significant increase from ¥17,661,624,883.15 in the previous period, representing a growth of approximately 165.5%[18] - Net profit for the current period was ¥461,423,565.54, up from ¥292,520,826.81 in the previous period, indicating a growth of approximately 57.7%[19] - Earnings per share (EPS) for the current period was ¥0.3143, compared to ¥0.2057 in the previous period, marking an increase of about 52.7%[19] Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥5.80 billion, a remarkable increase of 265.48% compared to a negative cash flow of ¥3.48 billion in the previous year[5] - Operating cash inflow for the current period reached ¥57.92 billion, a significant increase from ¥19.56 billion in the previous period, representing a growth of approximately 195%[21] - Cash inflow from financing activities totaled ¥8.65 billion, up from ¥3.10 billion, indicating a growth of about 179%[22] - Net cash flow from financing activities was ¥4.96 billion, a turnaround from a negative cash flow of ¥1.39 billion in the previous period[22] - The company reported a net increase in cash and cash equivalents of ¥10.27 billion, compared to a decrease of ¥4.94 billion in the previous period[22] - The ending balance of cash and cash equivalents stood at ¥17.64 billion, significantly higher than ¥7.18 billion at the end of the previous period[22] - The company received ¥1.50 billion in tax refunds, a substantial increase from ¥154.47 million in the previous period[21] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥91.48 billion, up 28.44% from ¥71.19 billion at the end of the previous year[5] - Total liabilities increased to CNY 64.82 billion from CNY 44.59 billion, indicating a rise of about 45.3%[15] - Total assets reached CNY 91.48 billion, up from CNY 71.23 billion, which is an increase of about 28.5%[15] - Total liabilities increased to ¥70,872,058,298.01 from ¥50,922,635,763.58, representing a rise of approximately 39.2%[16] Operational Efficiency - The company reported a 45.51% increase in accounts receivable, attributed to the expansion of business scale and outstanding receivables[9] - Short-term borrowings surged by 279.55%, driven by increased funding needs due to business expansion[9] - The company experienced a 63.50% rise in asset impairment losses, primarily due to increased inventory levels and fluctuations in raw material prices[9] - The company reported a significant increase in inventory, which rose to CNY 45.88 billion from CNY 40.68 billion, a growth of approximately 12.9%[14] - Payments to employees decreased slightly to ¥708.96 million from ¥762.78 million, reflecting cost management efforts[21] - The company did not report any new investments or acquisitions during this period, focusing instead on strengthening cash flow and operational efficiency[21] Equity and Investments - The weighted average return on equity was 2.30%, an increase from 1.69% in the previous year[5] - The company’s total equity remains stable, with no significant changes reported in the equity structure[13] - Total equity attributable to shareholders of the parent company rose to ¥20,276,819,559.02 from ¥19,970,877,883.46, an increase of about 1.5%[16] - Long-term equity investments slightly decreased to CNY 424.60 million from CNY 426.57 million, a decline of about 0.5%[15] - The company’s total non-current assets amounted to CNY 4.38 billion, down from CNY 4.47 billion, reflecting a decrease of approximately 2.0%[15] Research and Development - Research and development expenses for the current period were ¥658,119,208.00, slightly up from ¥642,462,339.75 in the previous period, reflecting a growth of approximately 2.4%[18] Financial Expenses - The company reported a financial expense of -¥194,394,116.30, a significant improvement compared to ¥1,433,566.01 in the previous period, indicating a reduction in financial costs[18] - Other comprehensive income after tax for the current period was -¥7,422,209.10, down from ¥32,484,188.80 in the previous period, showing a decline of approximately 122.9%[19]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/ 杨本鸿/ 陈鑫/张旭光/杨海盟/桂杨 数据来源:Wind,兴业证券经济与金融研究院整理 图 2、计算机行业的标准配置比例 4. 98 4. 58% 5% 3. 86% . 57% 4 4. 11% 3. 57% 4. 18% 4. 04% 3. 36% 56% 3. 54% 23% 4% 3. 3.52% 3, 2. 919 2. 86! 3.09 2. 68% 2- 71 67% 3% 2. 19% 2. 29% 2. 60% 2. 50% 2. 08% 1_38% 1. 65% 2% 1.4 1. 44% 1. 36% 1. 29% 1% 14% 13. 36% 11. 52% 12% 11. 30% 10% 8. 97% 8. 84% 7. 88% 7.72% 8% 7. 50% 6. 3 6. 75% 6. 119 6. 51% 696 4. 67% 5. 00% 4. 80% 4. 35% 4. 8RW 01% 4 496 4. 29% 4. 44% 3.64% A 149 3.78% 3.19% 3. 24% 2. 72% 2. 6 ...

Investment Ratings - The report initiates coverage on Huaqin and Lingyi with a Buy rating, and Inspur is rated Neutral [1][54]. Core Insights - The China AI servers supply chain is expected to be driven by increasing demand from the domestic market, with China Cloud capital expenditures projected to grow at 26% year-over-year in 2025 and maintain a similar high level in 2026 [1][27]. - Huaqin's net income is anticipated to grow at a CAGR of 22% from 2025 to 2027, while Inspur and Lingyi are expected to see net income growth of 17% and 31% CAGR, respectively, during the same period [2][54]. - The report highlights the competitive landscape, noting that Huaqin's strengths include extensive experience in smartphone ODM, strong R&D capabilities, and a highly automated production process [27][51]. Summary by Sections Huaqin - Huaqin is positioned as an ODM company with a diverse product range, including smartphones, PCs, and AI servers. The company is expected to benefit from increased Capex spending on AI servers and market share gains in legacy businesses [23][51]. - The 12-month price target for Huaqin is set at Rmb79.8, reflecting a target P/E multiple of 20x based on 2025E EPS estimates [26][52]. - Revenue is projected to grow significantly, with contributions from servers and wearables expected to rise to 29% and 7% by 2028, respectively [23][40]. Inspur - Inspur is recognized as a leading supplier of AI servers, with a focus on serving Chinese clients. The company is expected to experience net income growth at a CAGR of 17% from 2025 to 2027 [54]. - The 12-month price target for Inspur is set at Rmb53, with a current trading P/E of 21x for 2025 [54]. - Inspur's strong R&D capabilities and experience in the server market are highlighted as key advantages in capitalizing on the growing demand for AI servers [54]. Lingyi - Lingyi is expected to benefit from the rising demand for AI devices and changes in smartphone form factors, with a projected net income growth of 31% CAGR from 2025 to 2027 [2][54]. - The report initiates coverage on Lingyi with a Buy rating and a price target of Rmb9.4, indicating a 30% upside [1][54]. Market Dynamics - The report discusses the competitive dynamics within the AI server supply chain, emphasizing the importance of local foundation models and the potential for market share gains as local peers exit the market [27][51]. - The valuation of Huaqin, Inspur, and Lingyi is compared to the Taiwan AI servers supply chain, with Huaqin and Lingyi trading at higher multiples due to their growth prospects [3][19].

浪潮信息拥有500 多项液冷技术领域核心专利，建成具备超30 万节点交付能力的天池液冷产业基地，并 参与制定与发布10 余项冷板式液冷、浸没式液冷相关设计技术标准，已形成相应技术壁垒，具备份额 优势。 2025 年3 月28 日，公司发布2024 年年度报告。2024 年公司实现营收1147.67 亿元，较2023 年增长 74.24%；实现归母净利润22.92 亿元，较2023 年增长28.55%；归母扣非净利润18.74 亿元，较2023 年增 长67.59%；经营活动现金流净额0.98 亿元，较2023 年减少81.18%。 营收大幅增长，行业领导地位进一步巩固。公司延续了2024 年的高增长态势，24Q4单季度公司实现营 收31.64 亿元，同比增速为79.67%，2024 年四个季度的单季度营收均保持较高增长态势。2024 年归母 扣非净利润较2023 年增长67.59%，扣除专项补贴、增值税加计抵减等因素影响后，依赖于公司主营业 务而形成的净利润增长态势较好，公司核心盈利能力进一步增强。AIGC 浪潮进一步巩固了公司在服务 器、存储产品领域的引领地位。 经营活动现金流净额下降，库存和无息负债双增。 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2025-021 浪潮电子信息产业股份有限公司 关于浪潮集团有限公司增持公司股份计划的公告 浪潮集团有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 浪潮集团有限公司（以下简称"浪潮集团"）基于对公司长期投资价值的认 可，计划自本公告披露之日起6个月内，通过深圳证券交易所交易系统以集中竞 价或大宗交易方式增持本公司股票，增持金额不少于人民币1亿元（含）且不超 过2亿元（含）。本次增持计划不设置价格区间，浪潮集团将根据公司股票价格波 动情况及资本市场整体趋势，依法依规择机实施增持计划。 近日，公司收到浪潮集团出具的《关于增持浪潮信息股份的告知函》，现 将相关情况公告如下： 一、计划增持主体的基本情况 1.本次计划增持主体为浪潮集团有限公司，增持前浪潮集团直接持有本公司 股票470,076,170股，占公司总股本的31.93%；浪潮集团一致行动人浪潮软件科 技有限公司持有本公司股票5,759,495股，占公司总股本的0.39%。二者合计持有 ...

浪潮电子信息产业股份有限公司 关于董事长提议回购公司股份的提示性公告 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。 2025年4月10日，浪潮电子信息产业股份有限公司（以下简称"公司"或"本 公司"）收到公司董事长彭震先生（以下简称"提议人"）《关于提议浪潮电子 信息产业股份有限公司回购公司股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1.提议人：公司董事长彭震先生 2.提议时间：2025年4月10日 证券代码：000977 证券简称：浪潮信息 公告编号：2025-022 二、提议回购股份的原因和目的 基于对公司长期投资价值的认可，为维护公司全体股东利益，增强投资者信 心，稳定及提升公司价值，公司董事长彭震先生提议回购公司部分股份用于减少 公司注册资本等法律法规允许的用途。 三、提议内容 1.回购股份的种类：公司已发行的人民币普通股（A 股）； 2.回购股份的用途：减少公司注册资本等法律法规允许的用途； 3.回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易方式进行 股份回购； 4.回购股份的价格：不高于董事会通过回购股份决议前 30 个 ...

Group 1 - The chairman of the company, Peng Zhen, proposed a share buyback on April 10, 2025, with a total funding amount not less than 200 million and not exceeding 300 million [1] - The purpose of the share buyback is to reduce the company's registered capital and for other legally permitted uses [1] - Additionally, the parent company, Inspur Group, plans to increase its stake in the company with an investment of 100 million to 200 million [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [9]. Core Insights - The company achieved significant growth in 2024, with total revenue reaching 114.77 billion yuan, a year-on-year increase of 74.24%, and a net profit attributable to shareholders of 2.29 billion yuan, up 28.55% year-on-year [5][6]. - The demand for AI servers remains strong, with the company maintaining a leading position in the global server market, ranking second worldwide and first in China for server market share [6]. - The company is well-positioned to benefit from the AI wave, as major domestic internet companies are increasing their capital expenditures on AI-related infrastructure [6]. Financial Performance Summary - In 2024, the company reported a total revenue of 114.77 billion yuan and a net profit of 2.29 billion yuan, with a significant increase in revenue and profit margins [5][6]. - The company's gross profit margin for 2024 was 6.85%, a decrease of 3.19 percentage points year-on-year, attributed to a higher proportion of sales from major internet clients [6]. - The company’s cash flow from operating activities decreased by 81.18% year-on-year, primarily due to increased inventory and procurement payments [6]. Market Position and Product Development - The company continues to focus on cloud computing, big data, and AI, with a strong market presence in server and storage products [6]. - The launch of the "Yuan Brain Enterprise Intelligence" platform and the "Yuan 2.0-M32" open-source model demonstrates the company's commitment to enhancing AI capabilities [6]. - The company has introduced innovative products, including the NF8260G7 AI general-purpose server, which can run large models efficiently [6]. Future Earnings Projections - The company is projected to achieve revenues of 155.96 billion yuan in 2025 and 187.17 billion yuan in 2026, with corresponding net profits of 3.18 billion yuan and 3.92 billion yuan [7]. - The expected earnings per share (EPS) for 2025 and 2026 are 2.14 yuan and 2.64 yuan, respectively, with price-to-earnings (PE) ratios of 21 and 17 [7].

经济观察报 记者 王雅洁 这一次，浪潮信息将目光对准上市公司，对准ESG。今日，任何一家企业的竞争力都不再仅仅局限于财务因素。 ESG（Environmental,Social and Governance，即环境、社会和公司治理）方面的非财务因素正在发挥作用，甚至可以说，是决定性的作用。 但在国内，ESG体系的构建，起步较晚。甚至有的企业这方面的意识也才刚刚觉醒。在采访中，一位国企人士依然充满疑惑："我为什么要做ESG？" 2024年以来，不同部门陆续出台与ESG相关的新政和指引，财政部、生态环境部等部门，也在酝酿下一步推动ESG的政策文件。 到2027年，包括财政部在内的国家部委，将陆续出台国内相关企业的可持续披露基本准则、气候相关披露准则。到2030年，国家统一的可持续披露准则体系 要基本建成。 自上而下的推动，也催生着ESG市场的火热。 浪潮信息会持续关注ESG的发展，邀请相关人士探讨关于ESG的真问题。 本文为【ESG真心话】系列报道第十五篇。 经济观察报 记者 王雅洁浪潮信息总经理助理陈彦灵，是一名正高级工程师，先后负责产品研发、产品规划、公司流程体系建设等工作。 陈彦灵：对浪潮信息来说，在实施E ...