Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue growth of 84% in Q4 2023, driven by a rich supply and growth in demand for AI computing power [4] - The company is expected to benefit from the increasing demand for AI servers and related infrastructure, with a projected recovery in gross margin in 2024 [4][6] Financial Performance Summary - In 2023, the company reported a total revenue of 65.867 billion yuan, a year-on-year decrease of 5.41%, and a net profit attributable to shareholders of 1.783 billion yuan, down 14.54% [3] - For Q4 2023, the company reported revenue of 17.770 billion yuan, a year-on-year increase of 5.34%, and a net profit of 999.6 million yuan, up 84.47% [4] - The gross margin for Q4 2023 was 11.05%, an increase of 2.51 percentage points year-on-year [4] Market Outlook - The global AI computing market is expected to see continued growth, with major Chinese telecom companies initiating large-scale procurement of AI servers [2] - The company is positioned to benefit from the recovery in general server demand and the increasing need for digital and intelligent solutions in various sectors [4][5] Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 2.410 billion yuan, 3.324 billion yuan, and 4.336 billion yuan, respectively, with corresponding EPS of 1.64 yuan, 2.26 yuan, and 2.95 yuan [7][8]

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Topic 4: Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [10]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [11]. - Employee training programs were expanded, leading to a 20% improvement in productivity [12]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a recycling program that has successfully diverted 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [17]. - Increased transparency by publishing detailed quarterly reports and holding regular investor briefings [18].

Financial Performance - The company's operating revenue for 2023 was ¥65,866,587,556.65, a decrease of 5.41% compared to ¥69,525,458,182.69 in 2022[11]. - The net profit attributable to shareholders for 2023 was ¥1,782,784,322.91, down 14.54% from ¥2,080,350,926.43 in the previous year[11]. - The net profit after deducting non-recurring gains and losses was ¥1,118,364,711.08, reflecting a significant decline of 35.87% from ¥1,738,188,327.89 in 2022[11]. - The net cash flow from operating activities decreased by 71.30% to ¥520,383,388.46, compared to ¥1,799,991,912.06 in the previous year[11]. - The diluted earnings per share for 2023 was ¥1.1804, a decrease of 15.49% from ¥1.3927 in 2022[11]. - The return on equity for 2023 was 9.89%, down from 13.39% in the previous year, indicating a decline in profitability[11]. - The company achieved a total comprehensive income of CNY 1.82 billion in 2023, down from CNY 2.17 billion in 2022[182]. Assets and Liabilities - Total assets at the end of 2023 reached ¥48,119,624,861.79, an increase of 16.92% from ¥41,013,425,651.96 in 2022[11]. - Total liabilities rose to CNY 29.84 billion, up from CNY 23.49 billion, indicating an increase of 27.5%[176]. - The debt-to-asset ratio increased to 62.00%, up 4.92% from 57.08% at the end of the previous year[159]. - Total equity increased to CNY 18.28 billion from CNY 17.66 billion, reflecting a growth of 3.5%[176]. Revenue and Cost Management - The company reported a total operating revenue of RMB 65.867 billion for 2023, a decrease of 4.0% compared to RMB 69.635 billion in 2022[165]. - Total operating costs for 2023 were CNY 64,496,974,414.67, down from CNY 67,488,685,383.48 in 2022, reflecting a cost reduction strategy[180]. - The company’s gross margin for the server and components segment was 9.94%, down 1.11% year-on-year[40]. Research and Development - The average R&D cycle for new products has been reduced from 1.5 years to 8 months, a 50% decrease[35]. - The company is committed to increasing R&D investment and strengthening its market position against domestic and international competitors in the server industry[73]. - Research and development expenses decreased by 3.95% from 3,197,415,424.34 CNY in 2022 to 3,071,020,483.24 CNY in 2023[48]. Market Position and Strategy - The company achieved a market share ranking of second globally in servers and first in China in 2023, with storage products also ranking in the top three globally[20]. - The company plans to continue implementing its "Smart Computing" strategy, focusing on enhancing product and technology layout to support the development of digital China and the AI industry[71]. - The AI computing power demand is expected to increase significantly, with a projected compound annual growth rate of 33.9% from 2022 to 2027 in China's intelligent computing scale[72]. Shareholder and Governance - The company has established independent operations from its controlling shareholder, ensuring separation in personnel, assets, institutions, finance, and business[79]. - The company adheres to legal and regulatory requirements for corporate governance, continuously improving its internal control systems and governance structures[78]. - The total annual remuneration for directors, supervisors, and senior management was 41.64 million yuan (pre-tax) as of December 31, 2023[89]. Cash Flow and Financing - The total cash inflow from operating activities for 2023 was CNY 83,294,585,106.58, an increase of 2.7% from CNY 80,131,979,190.73 in 2022[185]. - The net cash flow from operating activities was CNY 520,383,388.46, compared to CNY 1,813,350,490.74 in the previous year, indicating a significant decline[185]. - The company has issued a total of 100,000 million yuan in short-term financing bonds in 2023, with interest rates ranging from 2.33% to 2.52%[150]. Risks and Challenges - The company faces market risks related to macroeconomic fluctuations, which could impact server industry demand and overall performance[72]. - Supply chain risks are present due to reliance on imported raw materials, with potential impacts from geopolitical tensions and trade frictions affecting availability[74]. - Rising labor costs are a concern as the company operates in a labor-intensive industry; efforts will focus on enhancing product profitability and cost control to offset these impacts[74].

上 市 公 司 计算机 2024 年04月 20 日 浪潮信息 (000977) 公 司 研 究 ——业绩符合预期，看好 AI 算力长期需求 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司发布23年业绩公告。公司报告期内，实现营业收入658.67亿元，yoy -5.4%；实现 归母净利润 17.83 亿元，yoy -14.5%。23Q4 单季度实现营业收入 177.70 亿元，yoy 证 市场数据： 2024年04月19日 +5.3%；实现归母净利润9.96亿元，yoy +84.5%。业绩符合预期。 券 收盘价（元） 35.85 研 一年内最高/最低（元） 66.22/26.62  毛利率短期承压，预计逐步恢复。据公司年报，报告期内公司整体毛利率 10.04%，较去 究 市净率 2.9 报 息率（分红/股价） - 年同期-1.14pct，主要系 23 年客户结构短期变化导致毛利率整体波动，预计随着供需不 告 流通A股市值（百万元） 52708 平衡逐步缓解，毛利率逐步恢复。 上证指数/深证成指 3065.26/9279.46 注：“息率”以最近一年已公布分红计算  费用 ...

浪潮信息（000977.SZ ）2023年年报点评 23Q4 业绩强势逆转，服务器龙头地位稳固 2024年04月21日 ➢ 事件：浪潮信息于 4 月 19 日晚发布 2023 年年度报告，2023 全年实现营 推荐 维持评级 业收入658.67亿元，同比下降5.41%；实现归母净利润17.83亿元，同比下降 当前价格： 35.85元 14.54%；实现扣非归母净利润11.18亿元，同比下降35.87%。 ➢ 2023Q4毛利率、净利率显著回升，利润端大幅增长。2023Q4公司实现营 收177.70亿元，同比增长6.04%；实现归母净利润9.96亿元，同比增长86.49%； [Table_Author] 实现扣非净利润 6.89 亿元，同比增长 103.13%。销售毛利率达到 11.05%，同 比提升2.51pct；销售净利率达到5.72%，同比提升2.55pct。 ➢ 费用控制保持良好，加大备货满足算力高景气需求。1）费用层面，2023年 公司销售/管理/研发费用分别为 14.6/7.7/30.7 亿元，销售/管理/研发费率分别 为2.21%/1.16%/4.66%，在收入端略显承压的背景下公司保持了良好的费 ...

公司官网：https://www.ieisystem.com/ 本报告采用环保再生纸印制 可持续发展报告 浪潮电子信息产业股份有限公司 2023 年度 02 浪潮电子信息产业股份有限公司 以 科 技 之 力 助 力 可 持 续 发 展 CONTENT 目录 | 关于本报告 | 03 | | --- | --- | | 关于浪潮信息 | 04 | | 体系及标准认证 | 05 | | 董事长致辞 | 06 | | 可持续发展管理亮点绩效 | 08 | | 荣誉 2023 | 09 | 治理篇 完善责任治理 稳健合规运营 | 可持续发展管理 | 12 | | --- | --- | | 公司治理 | 15 | | 风险管理与内控合规 | 16 | | 商业道德 | 18 | | 信息安全与隐私保护 | 20 | | 知识产权保护 | 21 | 经营篇 协同伙伴共进 创新引领未来 | 技术研发与创新 | 24 | | --- | --- | | 产品质量 | 28 | | 产品安全 | 30 | | 负责任采购 | 32 | | 服务质量与客户体验 | 36 | 环境篇 绿色低碳发展 科技守护自然 | 环境管理 | ...

内部控制审计报告 大华内字[2024]0011000553 号 浪潮电子信息产业股份有限公司 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified PublicAccountants（Special General Partnership） 浪潮电子信息产业股份有限公司 内部控制审计报告 （截止 2023 年 12 月 31 日） 目 录 页 次 一、 内部控制审计报告 1-2 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 内 部 控 制 审 计 报 告 大华内字[2024]0011000553 号 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-010 浪潮电子信息产业股份有限公司 关于为子公司提供担保的公告 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。 特别提示：本次拟提供担保的被担保对象浪潮信息美国公司的资产负债率 超过 70%，敬请广大投资者充分关注担保风险。 一、担保情况概述 浪潮信息美国公司（以下简称：美国公司）系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）全资子公司，为满足其业务拓展需要，保障经 营资金需求，降低融资成本，浪潮信息于 2024 年 4 月 19 日召开第九届董事会 第六次会议，审议通过了《关于为子公司提供担保的议案》，同意公司与中国出 口信用保险公司山东分公司等金融机构签署担保协议，为美国公司提供融资担保 ，并提请股东大会授权公司及美国公司管理层负责实施。担保额度不超过 5000 万美元，担保类型为连带责任担保，有效期为自股东大会审议批准之日起三年， 上述担保额度在有效期内可以滚动使用。 本次担保事项未构成关联交易。根据《深圳证券交易所股票上市规则》和《 公司章程》的规定，由于美国公司的资产负 ...

浪潮电子信息产业股份有限公司董事会 审计委员会对会计师事务所 2023 年度履职 情况评估及履行监督职责情况的报告 （一）审计委员会对大华事务所的专业资质、业务能力、 诚信状况、独立性、过往审计工作情况及其执业质量等进行 了严格核查和评价，认为其具备为公司提供审计工作的资质 和专业能力，能够满足公司审计工作的要求。同意聘任大华 事务所为公司 2023 年度财务报表和内部控制审计机构，并 同意提交公司董事会审议。 根据《公司法》《证券法》《上市公司治理准则》《国有企 业、上市公司选聘会计师事务所管理办法》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》 和浪潮电子信息产业股份有限公司（以下简称"公司"）的《公 司章程》《董事会审计委员会工作细则》等规定和要求，董事 会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将会计师事务所 2023 年度履职情况及审计委员会履行监 督职责情况汇报如下： 一、会计师事务所基本情况 大华会计师事务所（特殊普通合伙）（以下简称"大华事 务所"），成立于 2012 年 2 月 9 日，注册地址为北京市海淀 区西四环中路 16号院 7号楼 1101， ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-005 浪潮电子信息产业股份有限公司 第九届监事会第四次会议决议公告 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：公司或本公司）第九届监事会 第四次会议于 2024 年 4 月 19 日下午在公司会议室召开，会议通知于 2024 年 4 月 9 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、2023 年度监事会工作报告（详见《2023 年度股东大会材料》议案二） 表决结果：同意 3 票，反对 0 票，弃权 0 票，本议案获得通过。 本议案尚需提交公司 2023 年度股东大会审议。 二、2023 年年度报告及摘要 经审核，监事会认为董事会编制和审议公司 2023 年年度报告的程序符合法 律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 表决结 ...