本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 浪 潮信息(000977.SZ) 证券研究报告 单季度业绩持续修复，受益于国内外算力需求高景气 通用计算机设备 投资评级 买入-A 事件概述： 维持评级 1）近日，浪潮信息发布《2024 年一季度报告》。一季度公司实现营 6个月目标价 54.33元 业收入 176.07 亿元，同比增长 85.32%；归母净利润 3.06 亿元，同 股价 (2024-04-30) 40.91元 比增长64.39%；扣非归母净利润 2.4亿元，同比增长62.96%。 2）近日，浪潮信息发布《2023年年度报告》（更新后）。2023 年，公 交易数据 司实现营业收入 658.67 亿元，同比下降 5.41%；归母净利润 17.83 总市值(百万元) 60,225.05 亿元，同比下降 14.54%；扣非归母净利润为 11.18 亿元，同比下降 流通市值(百万元) 60,147.67 35.87%。 总股本(百万股) 1,472.14 流通股本(百万股) 1,470.24 单季度业绩持续修复，或为今年业绩稳增奠定基础 12个月价格区间 ...

证 券 2024 年 05 月 05 日 研 究 2024Q1 业绩超预期，服务器龙头地位稳固 报 告 —浪潮信息（000977.SZ）公司事件点评报告 买入(维持) 事件 分析师：任春阳 S1050521110006 浪潮信息发布 2024 年度一季报：公司 2024 年第一季度实现 rency@cfsc.com.cn 营收 176.07 亿元，同比增长 85.32%：实现归母净利润 3.06 分析师：宝幼琛 S1050521110002 亿元，同比增长 64.39%；实现扣非归母净利润 2.40 亿元， baoyc@cfsc.com.cn 同比增长62.96%。 基本数据 2024-04-30 投资要点 当前股价（元） 40.91 总市值（亿元） 602 ▌一季度业绩大幅增长，AI 服务器渗透率不断提升 总股本（百万股） 1472 公司 2024 年第一季度实现营业收入 176.07 亿元，同比增长 流通股本（百万股） 1470 85.32%，实现归母净利润 3.06 亿元，同比增长 64.39%，主 52周价格范围（元） 27.48-65 要系客户需求增长，服务器销售增长所致。盈利能力方面， 日均成交额 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The company has shown significant revenue growth in Q1 2024, driven by increased demand for AI and general-purpose servers, with a revenue of 17.607 billion yuan, up 85.32% year-on-year [4][5]. - The company is expected to benefit from ongoing technological innovations and a rise in liquid cooling server penetration, which is projected to enhance profitability [3][6]. - The demand for general-purpose servers is recovering, supported by increased capital expenditures from major cloud service providers (CSPs) and favorable government policies [7][9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net profit of 306 million yuan, representing a year-on-year increase of 64.39%, and a non-net profit of 240 million yuan, up 62.96% [4][5]. - The company's gross margin was 8.08%, a decrease of 4.93 percentage points year-on-year, while the net margin remained stable at 1.68% [6][11]. Market Position and Growth Drivers - The company holds over 40% market share in liquid cooling servers in China, maintaining its leading position [3]. - The global server shipment is expected to recover, with a projected quarter-on-quarter increase of 1.7% in Q1 2024, driven by rising demand for general-purpose servers [5][9]. Future Outlook - Revenue forecasts for 2024-2026 are projected at 80.055 billion yuan, 101.324 billion yuan, and 124.433 billion yuan, respectively, with corresponding net profits of 2.410 billion yuan, 3.320 billion yuan, and 4.326 billion yuan [9][10]. - The company is expected to benefit from the digitalization and intelligence trends, with a projected EPS of 1.64 yuan, 2.25 yuan, and 2.94 yuan for the years 2024, 2025, and 2026, respectively [9][10].

浪潮信息（000977.SZ ）2024年一季报点评 业绩再超预期，合同负债&存货高增印证需求景气 2024年05月04日 ➢ 事件：浪潮信息于4月29日下午发布2024年度一季报，2024Q1实现营 推荐 维持评级 收 176.07 亿元，同比增长 85.32%；实现归母净利润 3.06 亿元，同比增长 当前价格： 40.91元 64.39%；实现扣非归母净利润2.40亿元，同比增长62.96%。 ➢ 营收大幅回暖，费用控制持续稳健。1）经营角度，2024Q1实现营收176.07 亿元，同比增长85.32%，销售净利率达到1.68%，总体保持稳定，销售收入的 [Table_Author] 增长主要系客户需求增加，服务器销售大幅增长所致。2)费用角度，公司2024Q1 销售/管理/研发费用分别为 2.69/1.27/6.32 亿元，同比增速分别为+19.36%/- 17.48%/-2.36%,公司在销售收入大幅回暖的同时，对期间费用进行了良好的控 制。 ➢ 备货力度加大，合同负债彰显未来收入预期。1）合同负债方面，2024Q1实 现合同负债 41.40 亿元，较去年同期同比增长 231.73%，较本年期初增长 ...

[Table_Page] 季报点评|计算机 证券研究报告 [浪Table_潮Title] 信息（000977.SZ） [公Tab司le_I评nves级t] 增持 当前价格 38.49元 24Q1 营收恢复，存货和合同负债前瞻指标向好 合理价值 40.76元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-30  公司发布 24 年一季报：24 年第一季度，公司实现营收 176.1 亿元， 相[Ta对ble市_Pi场cQu表ote现] 同比增加85.3%；归母净利润为3.1亿元，同比增加64.4%。  24Q1公司营收、利润大幅增长。公司24Q1营收和利润的高增长反映 55% 了随着宏观经济回暖以及科技公司资本开支的调整，下游对于服务器 37% 等算力产品的采购逐渐恢复到正常水平。另一方面，23Q1公司营收和 19% 利润的低基数是24Q1营收和利润高增长的重要原因。23Q1，公司营 2% 05/23 07/23 09/23 11/23 01/24 03/24 收95.0亿元，同比减少45.0%；归母净利润1.9亿元，同比减少44.2%。 -16% 但其全年营收 ...

8 一季度实现收入利润双高增，重磅发布元脑企智EPAI 浪潮信息（000977）/计算机 证券研究报告/公司点评 2024年4月29日 [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：38.49 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 69,635 65,867 75,966 87,703 99,473 分析师：闻学臣 增长率yoy% 3.9% -5.4% 15.3% 15.5% 13.4% 执业证书编号：S0740519090007 净利润 2,086 1,783 2,066 2,606 3,265 Email：wenxc@zts.com.cn 增长率yoy% 4.2% -14.5% 15.9% 26.2% 25.3% 每股收益（元） 1.42 1.21 1.40 1.77 2.22 每股现金流量 1.23 0.35 1.46 1.75 1.75 分析师：苏仪 净资产收益率 11.8% 9.8% 10.3% 11.7% 12.9% 执业证书编号：S0740520060001 P/E 27.2 31.8 27 ...

证券研究报告 | 季报点评 2024年04月30日 浪潮信息（000977.SZ） 24Q1 业绩超预期，AIGC 大浪潮下有望逐步受益 事件：4月29日晚，公司发布《2024年第一季度报告》，实现营业收入176.07亿 买入（维持） 元，同比增长85.32%；归属于上市公司股东的净利润3.06亿元，同比增长64.39%， 股票信息 超出市场预期。 行业 计算机设备 2024Q1业绩超预期，AIGC或对业务促进明显。1）报告期内，公司实现营业收入 前次评级 买入 176.07亿元，同比增长85.32%；归母净利润3.06亿元，同比增长64.39%；扣非 4月29日收盘价(元) 38.49 净利润2.40亿元，同比增长62.96%，超出市场预期。2）根据公司公告，业务增长 主要系客户需求增加、服务器销售增长所致，公司继续延续2023Q4业务改善势头。 总市值(百万元) 56,662.48 我们认为，考虑到2023年以来，AIGC已成为全球科技新趋势，智能算力投入或对 总股本(百万股) 1,472.14 公司业务促进明显。 其中自由流通股(%) 99.87 30日日均成交量(百万股) 89.72 采购及预收货款显 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported Q1 2024 revenue of 17.607 billion yuan, a year-on-year increase of 85.32%, and a net profit attributable to shareholders of 306 million yuan, up 64.39% year-on-year, exceeding expectations [5] - The significant revenue growth is attributed to the recovery in general server procurement, as major internet clients have resumed normal purchasing levels after a reduction in Q1 2023 [5] - Inventory levels increased to 24.3 billion yuan in Q1 2024, providing support for future performance, driven by increased procurement of AI chips and other key materials [5] - The overall gross margin was 8.08%, down 4.93 percentage points year-on-year, primarily due to a higher proportion of internet clients and intensified market competition [5] - The company leads the domestic AI server market share, with expectations to remain a core supplier for AI servers due to its capability to adapt to various AI chips [5] Financial Summary - The company’s projected revenues for 2024-2026 are 75.063 billion yuan, 86.288 billion yuan, and 99.952 billion yuan, representing year-on-year growth rates of 14%, 15%, and 15.8% respectively [6] - The projected net profits for the same period are 2.138 billion yuan, 2.605 billion yuan, and 3.266 billion yuan, with year-on-year growth rates of 19.9%, 21.8%, and 25.4% respectively [6] - The gross margin is expected to improve slightly from 10.5% in 2024 to 11.2% by 2026 [6]

计算机 公 2024年04月30日 司 报 浪潮信息(000977.SZ) 告 2024年一季度业绩亮眼，有望受益于算力及液冷需求释放 推荐 ( 维持 ) 事项： 公司公告2024年一季报。2024年一季度，公司实现营业收入176.07亿元，同 股价:38.49元 比增长85.32%；实现归母净利润3.06亿元，同比增长64.39%；实现扣非归母 公 主要数据 净利润2.40亿元，同比增长62.96%。 行业 计算机 司 平安观点： 公司网址 www.ieisystem.com ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥17,606,574,780.80, representing an increase of 85.32% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥306,458,766.73, up 64.39% year-on-year[4]. - The net profit after deducting non-recurring gains and losses was ¥239,876,628.27, reflecting a 62.96% increase from the previous year[4]. - The basic earnings per share for the quarter was ¥0.2082, a rise of 63.42% compared to the same period last year[4]. - The total operating revenue for the first quarter of 2024 reached CNY 17,606,574,780.80, a significant increase of 85.5% compared to CNY 9,500,636,640.72 in the same period last year[18]. - The total operating costs amounted to CNY 17,240,447,270.89, up from CNY 9,442,711,633.41, reflecting a year-over-year increase of 82.5%[18]. - The net profit for the first quarter was CNY 296,142,666.70, compared to CNY 170,312,338.08 in the previous year, representing a growth of 74.0%[19]. - The earnings per share (EPS) for the first quarter was CNY 0.2082, an increase from CNY 0.1274 in the same quarter last year, marking a rise of 63.0%[19]. - The total comprehensive income for the quarter was CNY 328,626,855.50, compared to CNY 148,689,547.38 in the same period last year, an increase of 120.5%[19]. Assets and Liabilities - Total assets at the end of the quarter amounted to ¥49,960,857,172.39, an increase of 3.83% from the end of the previous year[5]. - The company reported a total asset value of CNY 49,960,857,172.39, up from CNY 48,119,624,861.79, which is an increase of approximately 3.8%[16]. - Total liabilities rose to CNY 30,905,000,000.00 from CNY 29,389,000,000.00, indicating an increase of about 5.2%[16]. - The total liabilities increased to CNY 31,347,648,495.48 from CNY 29,835,043,040.38, indicating a growth of 5.0% year-over-year[19]. - The company’s total non-current assets slightly increased to CNY 3,730,113,701.33 from CNY 3,700,907,765.90, showing a growth of about 0.8%[16]. Cash Flow - Cash flow from operating activities showed a net outflow of ¥3,484,865,521.18, a significant decrease of 6,000.37% year-on-year[4][9]. - The cash inflow from operating activities for Q1 2024 was CNY 19,502,636,911.70, compared to CNY 14,011,631,496.55 in Q1 2023, representing a year-over-year increase of approximately 39.5%[21]. - The cash outflow from operating activities totaled CNY 22,987,502,432.88, up from CNY 14,068,757,003.73 in the previous year, indicating a significant increase of about 63.2%[21]. - The net cash flow from operating activities was negative CNY 3,484,865,521.18, worsening from negative CNY 57,125,507.18 in Q1 2023[21]. - The total cash and cash equivalents at the end of Q1 2024 stood at CNY 7,099,187,292.70, down from CNY 13,941,063,681.70 at the end of Q1 2023[22]. - The company reported a cash inflow from financing activities of CNY 3,099,974,722.22, significantly lower than CNY 8,706,996,539.70 in the previous year[21]. - The cash outflow for repaying debts was CNY 4,365,227,807.57, compared to CNY 3,551,606,651.28 in Q1 2023, reflecting an increase of approximately 22.9%[21]. Income and Expenses - The company experienced a 116.47% increase in contract liabilities, primarily due to an increase in advance payments from customers[8]. - Investment income surged by 324.65% year-on-year, attributed to the change in measurement of investments in joint ventures[9]. - The company reported a 120.86% increase in other income, mainly due to increased VAT refunds[8]. - Research and development expenses for the quarter were CNY 631,623,983.83, slightly down from CNY 646,913,755.43, a decrease of 2.4%[18]. - The company reported a significant increase in other income to CNY 117,949,074.95, compared to CNY 53,403,968.05 in the previous year, representing a growth of 120.9%[19]. Equity and Returns - The weighted average return on equity was 1.69%, up from 1.29% in the previous year[4]. - The total equity attributable to shareholders of the parent company rose to CNY 18,285,617,888.20, up from CNY 17,946,674,932.67, reflecting an increase of 1.9%[19]. Other Information - The company experienced a foreign exchange impact on cash and cash equivalents of CNY 32,175,169.24, contrasting with a negative impact of CNY 33,101,310.80 in the previous year[22]. - The company has not yet adopted the new accounting standards for the current year[23].