司 浪潮信息 == 沪深300指数 四不可能 计算机 2024年11月05日 浪潮信息(000977.SZ) 业绩高速增长，算力基础设施布局进一步完善 推荐 (维持) 事项: 股价:46.1元 主要数据 | --- | --- | |-------------------|----------------------------------| | 行业 | 计算机 | | 公司网址 | www.ieisystem.com | | 大股东/持股 | 浪潮集团有限公司/31.93% | | 实际控制人 | 山东省人民政府国有资产监督管理委 | | | 员会 | | 总股本(百万股) | 1,472 | | 流通A股(百万股) | 1,470 | | 流通B/H股(百万股) | | | 总市值(亿元) | 679 | | 流通A股市值(亿元) | 678 | | 每股净资产(元) | 12.84 | | 资产负债率(%) | 77.2 | | 行情走势图 | | 2024-03-17 2024-07-29 证券分析师 闫菱 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.c ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in AI servers and is expected to benefit from the increasing demand for AI computing power, leading to an upward revision of net profit forecasts for 2024-2026 to CNY 2.41 billion, CNY 3.06 billion, and CNY 3.70 billion respectively [1] - The earnings performance aligns with expectations, showcasing strong business momentum as indicated by inventory and accounts payable growth [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of CNY 83.13 billion, a year-on-year increase of 72.26%, and a net profit attributable to shareholders of CNY 1.29 billion, up 67.05% [2] - The gross profit margin for the first three quarters was 6.70%, a decrease of 2.97 percentage points year-on-year, primarily due to the increased revenue share from AI servers [2] - As of the end of Q3, inventory increased by 101.47% compared to the beginning of the year, and accounts payable rose by 305.32%, reflecting the expansion of business scale and increased operational stocking [2] Product and Technology Development - The company is enhancing its full-stack capabilities in algorithms, computing power, data, and connectivity to promote the implementation of AI applications [3] - New AI server products, including the NF5698G7, and a generative AI storage solution have been launched to meet the stringent requirements of large model applications [3] Financial Projections - The projected operating revenue for 2024 is CNY 99.63 billion, with a year-on-year growth of 51.3% [4] - The projected earnings per share (EPS) for 2024 is CNY 1.64, with corresponding price-to-earnings (P/E) ratios of 26.7, 21.0, and 17.4 for 2024, 2025, and 2026 respectively [1][4] Market Position - The company holds a significant market position as a domestic leader in AI servers, which supports the maintained "Buy" rating [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][8] Core Views - The company reported a revenue of 831.26 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 72.83%. The net profit attributable to shareholders was 12.94 billion yuan, up 64.53% year-on-year. In Q3 2024, revenue reached 410.62 billion yuan, a 76.24% increase year-on-year, driven by increased demand for infrastructure related to AI and general servers [1][4] - The company plans to acquire 100% equity of a network technology company for 293 million yuan, which is expected to enhance its product line in network technology and align with its smart computing business [3][4] - The company is positioned to benefit from the global digitalization and intelligence trends, with projected revenues of 1006.45 billion yuan, 1351.65 billion yuan, and 1707.03 billion yuan for 2024, 2025, and 2026 respectively [4][6] Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 5.62%, down 2.20 percentage points year-on-year, and a net profit margin of 1.71%, down 0.30 percentage points year-on-year. The gross margin is under pressure due to a higher proportion of lower-margin internet clients [1][4] - The company’s inventory at the end of Q3 2024 was 385.09 billion yuan, an increase of 66.04 billion yuan from the end of H1 2024, primarily to ensure supply chain stability [2][4] Market Position and Growth - The company’s stock performance has outpaced the CSI 300 index, with a 12.7% increase over the past month and a 59.7% increase over the past year [1][4] - The company is expected to see continued growth in AI computing capital expenditures and a recovery in general server demand following a destocking cycle in 2023 [1][4] Future Outlook - The company forecasts a net profit of 22.07 billion yuan, 30.56 billion yuan, and 38.15 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.50 yuan, 2.08 yuan, and 2.59 yuan [4][6] - The company’s P/E ratios are projected to be 31, 23, and 18 for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation outlook [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a significant increase in revenue and profit, with Q3 2024 revenue reaching 41.06 billion yuan, up 76.1% year-on-year, and net profit attributable to shareholders at 700 million yuan, up 51.1% year-on-year [4] - For the first three quarters of 2024, the company achieved revenue of 83.13 billion yuan, a 72.3% increase year-on-year, and a net profit of 1.29 billion yuan, reflecting a 67% year-on-year growth [4] - The company is expected to benefit from the rapid growth of AI server demand, with its market share in the domestic server market recovering to 47% in Q2 2024 [5][6] - The company’s inventory increased significantly, indicating a solid foundation for future growth, with Q3 2024 ending inventory at 38.5 billion yuan, up 66 billion yuan from Q2 2024 [5] Financial Summary - The company’s total revenue for 2023 was 65.87 billion yuan, with a projected revenue of 101.16 billion yuan for 2024, representing a 53.6% year-on-year growth [7] - The net profit for 2023 was 1.78 billion yuan, with an expected increase to 2.41 billion yuan in 2024, reflecting a 34.9% year-on-year growth [7] - The earnings per share (EPS) for 2023 was 1.21 yuan, projected to rise to 1.63 yuan in 2024 [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming years [2][4]. Core Insights - The company achieved a record high revenue of 831.26 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 72.26%. The net profit attributable to shareholders reached 12.94 billion yuan, up 67.05% year-on-year, while the net profit excluding non-recurring items surged by 176.67% to 11.55 billion yuan [2]. - In Q3 2024, the company reported revenue of 410.62 billion yuan, marking a 76.05% increase year-on-year, with a gross margin of 5.6%. The demand for servers is primarily driven by internet clients investing in AI computing power, which has affected the overall gross margin due to lower margins from these clients compared to traditional industries [2]. - The company demonstrated excellent cost control, with a year-on-year increase in net profit of 51.09% to 6.97 billion yuan in Q3 2024. The net profit margin for the quarter improved by 0.51 percentage points compared to Q2 2024 [2]. - Inventory levels reached a historical high of 385.09 billion yuan, reflecting ongoing high demand in the industry. The company also recognized credit impairment losses of 4.08 billion yuan, which are expected to be reversed in Q4 2024 [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is 25.14 billion yuan, 31.34 billion yuan, and 36.78 billion yuan, respectively. The current market capitalization corresponds to valuation multiples of 27, 22, and 19 times for the respective years, suggesting room for valuation improvement given the strong demand for AI computing [2]. Financial Summary - For 2024, the company is projected to have total revenue of 101.28 billion yuan, with a growth rate of 53.77%. The net profit attributable to shareholders is expected to be 25.14 billion yuan, reflecting a growth rate of 41.04% [5]. - The earnings per share (EPS) is forecasted to increase from 1.21 yuan in 2023 to 1.71 yuan in 2024, with a price-to-earnings (PE) ratio decreasing from 39 to 27 over the same period [5]. - The company's total assets are expected to grow from 48.12 billion yuan in 2023 to 69.71 billion yuan in 2024, indicating a strong asset base to support future growth [5].

证券代码：000977 证券简称：浪潮信息 公告编号：2024-032 表决结果：同意 3 票，反对 0 票，弃权 0 票，本议案获得通过。 二、关于购买董监高责任险的议案（详见公告编号为 2024-034 号的"关于 购买董监高责任险的公告"） 本议案全体监事均回避表决，与会监事一致同意将本议案直接提交公司 2024 年第一次临时股东大会审议。 特此公告。 浪潮电子信息产业股份有限公司监事会 浪潮电子信息产业股份有限公司 第九届监事会第七次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 浪潮电子信息产业股份有限公司（以下简称：公司或本公司）第九届监事会 第七次会议于 2024 年 10 月 30 日在公司会议室召开，会议通知于 2024 年 10 月 28 日以电子邮件方式发出，会议应到监事 3 名，实到监事 3 名，符合《公司法》 及《公司章程》的有关规定。会议由公司监事长马丽女士主持。会议以现场投票 方式审议并通过如下议案： 一、公司 2024 年第三季度报告（详见公告编号为 2024-033 号的"公司 2024 年第三季度报告"） 经 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-038 浪潮电子信息产业股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 浪潮电子信息产业股份有限公司（以下简称：公司）依据财政部会计司发布 的《企业会计准则应用指南汇编（2024）》中的要求变更公司会计政策，本次会 计政策变更无需提交公司董事会及股东大会审议，对公司财务状况、经营成果和 现金流量不会产生重大影响，亦不存在损害公司及股东权益的情况。现将具体情 况公告如下： 本次变更后，公司将按照财政部会计司于 2024 年 3 月印发的《企业会计准 则应用指南汇编（2024）》的规定执行。其余未变更部分仍采用财政部前期发布 的《企业会计准则--基本准则》和各项具体会计准则、企业会计准则解释公告及 其他相关规定。 一、本次会计政策变更情况概述 1.变更的原因及日期 二、本次会计政策变更对公司的影响 根据《企业会计准则应用指南汇编（2024）》规定，公司计提的保证类质保 费用计入营业成本，不再计入销售费用。 1 本次会计政策变更是公司根据《企业会计准则应用指南汇编 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-031 浪潮电子信息产业股份有限公司 第九届董事会第九次会议决议公告 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。 浪潮电子信息产业股份有限公司（以下简称：公司或本公司）第九届董事会 第九次会议于 2024 年 10 月 30 日在公司会议室以现场和通讯相结合的方式召开 。会议通知于 2024 年 10 月 28 日以电子邮件方式发出，会议应到董事 6 名，实 到董事 6 名，公司监事会成员及高管人员列席了会议。会议由公司董事长彭震 先生主持，符合《公司法》和《公司章程》的有关规定。 会议以现场投票及通讯表决方式审议通过了以下议案： 表决结果：同意 6 票，反对 0 票，弃权 0 票，本议案获得通过。 一、公司 2024 年第三季度报告（详见公告编号为 2024-033 号的"公司 2024 年第三季度报告"） 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 表决结果：同意 6 票，反对 0 票，弃权 0 票，本议案获得通过。 二、关于购买董监高责任险的议案（详见公告编号为 20 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-036 浪潮电子信息产业股份有限公司 关于对外投资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资暨关联交易概述 为推动产业整合，加强公司计算、存储和网络业务的协同发展，提升公司在 IT 基础架构领域领先的产品和整体方案能力，浪潮电子信息产业股份有限公司 （以下简称"浪潮信息"或"公司"）拟以自有资金购买山东浪潮云科信息科技 有限公司（以下简称"云科公司"）及浪潮软件科技有限公司（以下简称"浪潮 科技"）分别持有的浪潮网络科技（山东）有限公司（以下简称"网络科技"）51%、 49%的股权。2024 年 10 月 30 日，浪潮信息与云科公司、浪潮科技签署《浪潮网 络科技（山东）有限公司股权转让协议》（以下简称"《股权转让协议》"），股权 受让价款按照网络科技评估值分别确定为 14,929.995 万元、14,344.505 万元。 本次交易完成后，公司将持有网络科技 100%的股权。 浪潮科技持有本公司 0.39%的股份，属于公司 5%以上股东的一致行动人，云 科公司 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-034 浪潮电子信息产业股份有限公司 关于购买董监高责任险的公告 2.被保险人：公司及子公司，对应前述公司的董事、监事、高级管理人员以 及相关责任人员（具体以与保险公司协商确定的范围为准） 3.赔偿限额：不超过 1 亿元（最终以签订的保险合同为准） 4.保险期间：12 个月（后续每年可续保或重新投保） 5.保费支出：具体以保险公司最终报价审批数据为准，后续续保可根据市场 价格协商调整 6.授权事项：为提高决策效率，公司董事会将提请股东大会在上述权限内授 权公司管理层办理董监高责任险购买以及在今后董监高责任险保险合同期满时 或期满前办理续保或者重新投保等相关事宜（包括但不限于确定其他相关责任人 员；确定保险公司、保险金额、保险费及其他保险条款；签署相关法律文件及处 理与投保、理赔相关的其他事项等） 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。 浪潮电子信息产业股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日 召开第九届董事会第九次会议、第九届监事会第七次会议，审议了《关于购买董 ...