证券代码：000977 证券简称：浪潮信息 公告编号：2024-037 浪潮电子信息产业股份有限公司 关于召开 2024 年第一次临时股东大会的通知 3.会议召开的合法、合规性：董事会认为本次会议的召开符合有关法律、行 政法规、部门规章、规范性文件和公司章程的规定。 4.会议召开的时间： 现场会议召开时间：2024 年 11 月 15 日（星期五）下午 15:00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 11 月 15 日上午 9:15-9:25，9:30-11:30；下午 13:00-15:00；通过深圳 证券交易所互联网投票系统进行网络投票的具体时间为：2024 年 11 月 15 日 9:15-15:00 期间的任意时间。 5.会议的召开方式：本次股东大会采取现场投票与网络投票相结合的方式。 公司将通过深圳证券交易所交易系统和互联网投票系统向股东提供网络形式的 投票平台，股东可以在前述网络投票时间内通过上述系统行使表决权。 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。 一、召开会议的基本情况 1.股东大会届次 ...

2024 年 10 月 30 日，浪潮电子信息产业股份有限公司（以下简称"公司"） 召开第九届董事会第九次会议，审议通过了《关于提高应收账款转让及无追索权 保理额度的议案》，现将具体情况公告如下： 一、交易概述 2024 年 4 月 19 日，公司第九届董事会第六次会议审议通过了《关于办理应 收账款转让及无追索权保理业务的议案》，同意公司及下属子公司与银行或其他 符合条件的机构开展总额不超过 90 亿元的应收账款转让及无追索权保理业务， 费率费用由双方根据市场费率、费用水平协商确定。 根据业务发展需要，为加速公司及下属子公司流动资金周转、提高资金使用 效率、降低应收账款管理成本、优化资产负债结构及经营性现金流状况，董事会 拟将应收账款转让及无追索权保理业务额度由 90 亿元提高至 500 亿元，即本次 调整后，公司及下属子公司可与银行或其他符合条件的机构开展总额不超过 500 亿元的应收账款转让及无追索权保理业务。其中，本次提升的 410 亿额度有效期 自公司 2024 年第一次临时股东大会审议通过之日起至 2024 年年度董事会召开 之日止，或至董事会审议同类事项止，具体每笔业务期限以单项合同约定期限为 准 ...

Financial Performance - Revenue for Q3 2024 reached ¥41,062,207,706.33, a 76.05% increase compared to the same period last year[3] - Net profit attributable to shareholders was ¥697,255,648.40, reflecting a 51.09% year-over-year growth[3] - The net profit excluding non-recurring gains and losses was ¥733,660,541.17, up 75.18% from the previous year[3] - Basic earnings per share increased by 69.06% to ¥0.4737[3] - Total operating revenue for the period reached ¥83,125,748,346.36, a significant increase from ¥48,256,015,730.22 in the previous period, representing a growth of approximately 72.4%[17] - Total operating costs amounted to ¥81,257,950,206.23, compared to ¥47,258,287,826.46 in the prior period, indicating a rise of about 72.0%[17] - The company reported a net profit margin improvement, with net income figures reflecting operational efficiency gains[17] - The net profit for Q3 2024 reached CNY 1,278,368,505.95, a significant increase from CNY 767,823,428.57 in Q3 2023, representing a growth of approximately 66.5%[18] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.8792, up from CNY 0.4942 in Q3 2023, reflecting a growth of approximately 77.9%[19] - The total comprehensive income attributable to the parent company was CNY 1,148,726,870.61, compared to CNY 844,264,953.74 in the previous year, marking an increase of around 36%[19] - The company reported a total operating profit of CNY 1,293,628,050.28, compared to CNY 772,240,591.97 in Q3 2023, reflecting a growth of approximately 67.5%[18] Cash Flow and Assets - Operating cash flow showed a net outflow of ¥9,387,282,700.88, a decrease of 67.58% year-over-year[3] - The company's cash and cash equivalents decreased to ¥10,354,517,151.24 from ¥12,012,862,567.06, a decline of about 13.8%[15] - Cash and cash equivalents at the end of the period stood at CNY 10,311,540,319.33, a decrease from CNY 9,475,154,715.70 at the end of Q3 2023[21] - The total assets as of September 30, 2024, were ¥84,271,425,346.10, compared to ¥48,119,624,861.79 at the beginning of the period, showing a growth of about 75.1%[15] - Current assets totaled ¥79,440,765,910.46, significantly higher than ¥44,418,717,095.89 at the start of the period, marking an increase of approximately 78.9%[15] Liabilities and Shareholder Information - Total liabilities rose to ¥65,048,063,744.28, compared to ¥29,835,043,040.38 in the previous period, indicating an increase of about 118.5%[16] - Short-term borrowings surged by 313.96%, reflecting increased funding needs due to business growth[8] - Short-term borrowings surged to ¥8,492,915,793.35 from ¥2,051,618,888.91, reflecting an increase of approximately 314.5%[16] - The equity attributable to shareholders increased to ¥18,904,024,237.42 from ¥17,946,674,932.67, representing a growth of approximately 5.3%[16] - The total number of common shareholders at the end of the reporting period is 318,132, with the largest shareholder, Inspur Group Co., Ltd., holding 31.93% of shares, equating to 470,076,170 shares[10] - The second largest shareholder, Hong Kong Central Clearing Limited, holds 1.80% of shares, totaling 26,481,275 shares[10] - The top ten shareholders collectively hold significant stakes, with the third largest being Industrial and Commercial Bank of China, which holds 1.36% or 19,959,612 shares[10] - The report indicates that the company has not experienced any changes in the number of shares lent out through margin trading for the top ten shareholders[12] - The company has a total of 470,076,170 unrestricted shares held by Inspur Group Co., Ltd., which represents a significant portion of the total share capital[11] - The report highlights that the top ten shareholders have not participated in any margin trading activities during the reporting period[12] - The total number of shares held by the top ten unrestricted shareholders is 470,076,170, with no shares being pledged, marked, or frozen[11] - The report does not indicate any changes in the number of shares lent out through margin trading compared to the previous period[12] - The report confirms that there are no preferred shareholders or changes in preferred shareholder status during the reporting period[13] Credit and Financial Health - Credit impairment losses rose by 163.09% compared to the previous year, due to an increase in accounts receivable[9] - The company incurred a credit impairment loss of -CNY 633,824,101.31, compared to -CNY 240,918,938.99 in the same quarter last year, indicating a deterioration in credit quality[18] - Financial expenses decreased by 48.61% year-over-year, attributed to increased exchange gains[8] Research and Development - Research and development expenses for the current period were ¥2,287,685,287.45, up from ¥2,168,043,075.13, reflecting an increase of approximately 5.5%[17] Reporting and Future Outlook - The third quarter report of Inspur Electronic Information Industry Co., Ltd. for 2024 is unaudited[23] - The company will implement new accounting standards starting in 2024, affecting the financial statements from the beginning of the year[23] - The board of directors presented the third quarter report on October 30, 2024[23] - Specific financial performance metrics for the third quarter were not disclosed in the provided content[23] - There is no mention of user data or future outlook in the available information[23] - No details on new product or technology development were provided[23] - Market expansion and acquisition strategies were not discussed in the content[23] - Other new strategies were not highlighted in the report[23] - The report does not include any specific numerical data or percentages related to performance[23] - The company has not provided any audited financial results for the third quarter[23]

Investment Rating - The report maintains a "Buy" rating for Inspur Information [7][8]. Core Views - Inspur Information has achieved a 16-fold revenue growth over the past decade, becoming the leading server manufacturer in China with a market share of 23.6% in 2023 [2][3]. - The company is expected to benefit from the ongoing AI-driven demand for servers, with significant growth potential in the domestic market [3][32]. - The report highlights the company's ability to navigate through cycles, showcasing its resilience and growth potential in the face of changing market dynamics [15][16]. Summary by Sections 1. Industry Leadership and Growth - Inspur Information has grown its market share from 4% in 2010 to 24% in 2023, demonstrating its capacity for long-term growth through strategic decisions and technological advancements [16][18]. - The company has successfully transitioned from traditional server markets to AI servers, which now account for over 50% of its revenue [18][32]. 2. Supply and Demand Dynamics - The report notes a shift in demand from cloud computing to AI, with servers representing approximately 75% of data center investment costs [32]. - The global server market is projected to grow significantly, driven by increased capital expenditures from major internet companies for AI infrastructure [32]. 3. Financial Projections and Valuation - The report projects Inspur Information's net profit to reach 24.1 billion, 28.5 billion, and 34.0 billion yuan for the years 2024 to 2026, respectively [5][7]. - The company's price-to-earnings (PE) ratio for 2025 is estimated at 23x, compared to the industry average of 30x, indicating substantial upside potential [7][8]. 4. Key Assumptions - Revenue growth rates for internet, communication, and financial sectors are projected at 65%, 45%, and 50% respectively for 2024-2026 [8]. - The gross margin for server and component business is expected to stabilize around 9.8% to 10.2% during the same period [8]. 5. Competitive Landscape - Inspur Information maintains a leading position in the domestic market, with a 44% market share in AI servers as of the first half of 2024 [3][9]. - The report emphasizes the company's strong competitive advantages, including established partnerships with key suppliers like Nvidia [3][9].

Group 1: Company Overview and Financial Performance - The company has distributed over 1.2 billion CNY in cash dividends since its listing, emphasizing long-term shareholder returns [2] - The 2024-2026 shareholder return plan is focused on balancing growth investments and shareholder returns, given the company's ongoing development phase [2] - The company's revenue for the first half of the year was approximately 42 billion CNY, with accounts receivable exceeding 13 billion CNY as of June 30 [2][3] Group 2: Research and Development - The company prioritizes R&D, actively participating in global server standards and holding a comprehensive intellectual property management system [2] - The company aims to enhance its core competitiveness through technological innovation and patent protection [2] Group 3: Cash Flow Management - The company manages cash flow by shortening accounts receivable periods and increasing advance payments from customers [3] - A professional team regularly analyzes cash flow to ensure healthy operations [3] Group 4: Supply Chain and Procurement - The company emphasizes supply security and stability, conducting regular assessments of market trends and supply strategies [3] - An advanced information system supports precise material planning and production scheduling [3] Group 5: Energy Efficiency Initiatives - The company is committed to reducing energy consumption, implementing liquid cooling technology in data centers to achieve a PUE as low as 1.08 [4] - It offers comprehensive green solutions for data centers, including modular and prefabricated construction methods [4] Group 6: Profitability and Margin Improvement - The company is addressing declining gross margins by enhancing product quality through R&D, optimizing production processes, and expanding new product lines [4] - Recent increases in low-margin customer revenue have impacted overall gross margin stability [4]

Investment Rating - The report maintains a "Buy-A" rating for Inspur Information (000977.SZ) [1][4] Core Views - The company has exceeded revenue and net profit expectations in Q3, driven by strong demand for AI computing power [1][2] - The revenue for the first three quarters of 2024 is expected to be around 81.8 billion yuan, representing a year-on-year growth of approximately 70% [2] - The net profit attributable to shareholders is projected to be between 1.25 billion and 1.35 billion yuan, with a year-on-year increase of 61.34% to 74.24% [2] - The company is benefiting from increased capital expenditures by major domestic internet companies, which reached 22.9 billion yuan in Q2 2024, a 69% increase year-on-year [3] - The H20 AI server has gained significant market share, with ByteDance's orders reaching 320,000 to 330,000 units, indicating strong demand from internet giants [3] Financial Performance Summary - For 2024, the expected revenue is 108.11 billion yuan, with a year-on-year growth of 64.1% [5] - The projected net profit for 2024 is 2.615 billion yuan, reflecting a year-on-year increase of 46.7% [5] - The company's EPS for 2024 is estimated at 1.78 yuan, with corresponding P/E ratios of 23.43, 18.69, and 16.18 for 2024, 2025, and 2026 respectively [4][5] - The gross margin is expected to decline slightly to 9.0% in 2024, while the net margin is projected at 2.4% [5][6] Market Dynamics - The demand for AI servers is expected to remain robust, driven by the ongoing investments in self-developed chips by major internet companies [3] - The company is enhancing its R&D and delivery efficiency through digital systems and automated warehouses, significantly reducing order delivery times [3] - The long-term outlook for the company remains positive, with expectations of sustained revenue growth as the market for self-developed chips expands [3]

2024 年 10 月 15 日 何利超 H70529@capital.com.tw 目标价(元) 50 | --- | --- | --- | --- | |---------------------------------|----------|--------|--------------| | | | | | | | | | | | 公司基本资讯 | | | | | | | | | | 产业别 股价 | | | 计算机 40.45 | | A (2024/10/14) 深证成指 | | | 10327.40 | | (2024/10/14) 股价 个月高/低 | | | 47/26.53 | | 12 总发行股数(百万 | | | 1472.14 | | A 股数(百万) | | | 1470.38 | | A 市值(亿元 ) | | | 594.77 | | | | | | | 主要股东 | | | 浪潮集团有限 | | | | 公司 | (31.93%) | | | | | 12.50 | | 每股净值(元 ) 股价 / 账面净值 | | | 3.24 | | | 一个月 | 三个月 | 一年 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve a significant revenue growth of approximately 70% year-on-year for Q1-Q3 2024, with estimated revenues around 818 billion yuan [2][3] - The growth is driven by strong demand in AI servers, recovery in general server demand, and expansion in both domestic and international markets [3][4] - The company is positioned to benefit from the ongoing AI wave, with a focus on enhancing its "AI + General + Connectivity" capabilities [4][6] Summary by Sections Financial Performance - For Q1-Q3 2024, the company's net profit is projected to be between 1.25 billion and 1.35 billion yuan, representing a year-on-year increase of 61.34% to 74.24% [2][4] - The non-recurring net profit is expected to be between 1.116 billion and 1.216 billion yuan, showing a growth of 167.22% to 191.17% [2][4] - In Q3 2024, the median net profit is estimated at 700 million yuan, a year-on-year increase of 51.84% and a quarter-on-quarter increase of 140.55% [4] Market Position and Strategy - The company is enhancing its product line and focusing on technological innovation to improve customer satisfaction [3] - The global demand for AI servers is rising, with significant orders expected for new GPU architectures [4][6] - The company has launched new AI servers and general-purpose servers in collaboration with Intel, aiming to meet the growing market needs [5][6] Future Outlook - Revenue forecasts for 2024-2026 are projected at 1006.45 billion, 1351.65 billion, and 1707.03 billion yuan respectively, with corresponding net profits of 2.207 billion, 3.056 billion, and 3.815 billion yuan [6][7] - The company is expected to maintain a strong growth trajectory, benefiting from the digitalization and globalization trends in the IT infrastructure sector [6][8]

Investment Rating - The report maintains a "Buy" rating for Inspur Information with a target price of RMB 54.59, based on a 36x PE multiple for 2024, considering its leading position in the global AI server market [2][7] Core Views - Inspur Information's revenue and profits continued to grow significantly in 24Q3, with 24Q1-Q3 revenue reaching approximately RMB 81.8 billion (YoY +70%) and net profit attributable to shareholders of RMB 1.25-1.35 billion (YoY +61.34%-74.24%) [2] - The company's 24Q3 single-quarter revenue accelerated to approximately RMB 39.7 billion (YoY +70%), driven by strong demand in the AI server market [2][3] - Inspur Information is the global leader in AI servers, ranking second globally and first in China in the overall server market share in 2023 [3] Financial Performance - The company's revenue growth has been accelerating for three consecutive quarters, with 24Q3 revenue growth reaching ~70%, up from 58.8% in 24Q2 [3] - Net profit margin for 24Q3 is estimated at 1.6%-1.9%, with potential for further improvement as high-end AI server production efficiency increases [5] - The report forecasts EPS for 2024-2026 at RMB 1.52, 1.86, and 2.14, respectively [2] Industry Trends - The AI server market is benefiting from increased capital expenditures (Capex) by major cloud providers, with overseas tech giants (Microsoft, Google, Amazon, Meta, Apple) reporting a combined Capex of USD 55 billion in CY24Q2 (YoY +55%) [4] - Domestic tech giants (Baidu, Alibaba, Tencent) also reported a combined Capex of RMB 50.5 billion in CY24H1 (YoY +122%), indicating sustained demand for computing power [4] Operational Efficiency - Inspur Information has improved delivery efficiency by reducing the order delivery cycle from 15 days to 5-7 days through its intelligent supply chain planning engine [5] - The company's operational efficiency enhancements are expected to support further profitability improvements, with potential margin expansion and optimized expense ratios [5]

Investment Rating - Maintain "Recommend" rating [2][3] Core Views - Q3 revenue reached a historical high of 39.7 billion yuan, with a year-on-year growth of 70% [2] - Net profit attributable to the parent company for the first three quarters of 2024 is expected to be 1.25-1.35 billion yuan, a year-on-year increase of 61%-74% [2] - Non-GAAP net profit for the first three quarters of 2024 is expected to be 1.12-1.22 billion yuan, a year-on-year increase of 167%-191% [2] - The company's actual profitability may still be underestimated due to potential asset impairment and credit losses [2] - AI computing power investment is expected to remain highly prosperous, and the company's leading position in the server field is significant [2] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be 101.282 billion yuan, 118.275 billion yuan, and 133.736 billion yuan, respectively [6] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is expected to be 2.549 billion yuan, 3.164 billion yuan, and 3.702 billion yuan, respectively [6] - EPS for 2024E, 2025E, and 2026E is forecasted to be 1.73 yuan, 2.15 yuan, and 2.51 yuan, respectively [6] - PE ratios for 2024E, 2025E, and 2026E are estimated at 23x, 19x, and 16x, respectively [6] Key Financial Indicators - Gross margin for 2024E, 2025E, and 2026E is expected to remain stable at around 9.07% [6] - Net profit margin for 2024E, 2025E, and 2026E is projected to be 2.53%, 2.69%, and 2.78%, respectively [6] - ROE for 2024E, 2025E, and 2026E is forecasted to be 12.60%, 13.71%, and 14.01%, respectively [6] - Asset-liability ratio for 2024E, 2025E, and 2026E is expected to be 68.65%, 67.35%, and 65.78%, respectively [6] Operational Efficiency - Accounts receivable turnover days are expected to remain at 50 days for 2024E, 2025E, and 2026E [6] - Inventory turnover days are projected to decrease from 120 days in 2024E to 100 days in 2026E [6] - Total asset turnover ratio is expected to increase from 1.54 in 2024E to 1.71 in 2026E [6]