| 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。 | 证券代码：000977 证券简称：浪潮信息 公告编号：2024-024 浪潮电子信息产业股份有限公司 关于公司 2024 年度第六期超短期融资券发行情况公告 2023 年 8 月 18 日，公司发行超短期融资券的申请已经中国银行间市场交易 商协会注册通过（中市协注〔2023〕SCP356 号），核定公司超短期融资券注册金 额为 50 亿元，注册额度自通知书落款之日起 2 年内有效。 现将具体发行情况公告如下： 公司 2024 年度第六期超短期融资券于 2024 年 8 月 5 日在全国银行间债券 市场公开发行，发行金额为 10 亿元人民币，每张面值为 100 元人民币，发行利 率为 1.95%，由招商银行股份有限公司担任主承销商及簿记管理人、北京银行股 份有限公司担任联席主承销商。本次发行所募集的资金于 2024 年 8 月 6 日全部 到账。 本 期 超 短 期 融 资 券 发 行 的 相 关 文 件 内 容 详 见 公 司 在 中 国 货 币 网 （www.chinamone ...

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、对外投资概述 近日，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"） 全资子公司北京安达元脑科技有限公司（以下简称"安达元脑"）作为有限合伙 人于 2024 年 6 月 13 日与安信乾宏投资有限公司（以下简称"安信乾宏"）签署 《国证潮新（厦门）股权投资基金合伙企业（有限合伙）合伙协议》，拟共同投 资设立国证潮新（厦门）股权投资基金合伙企业（有限合伙）（以下简称"国证 潮新基金"、"本基金"或"合伙企业"）。国证潮新基金认缴出资总额为人民币 14,990 万元，其中,安达元脑作为有限合伙人以自有资金认缴出资 10,000 万元， 占比 66.71%；安信乾宏以普通合伙人身份认缴出资 4,990 万元，占比 33.29%。 具体内容详见公司于 2024 年 6 月 15 日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于全资子公司与专业机构共同投资的公告》（公告编号：2024-019）。 二、与专业机构共同投资的进展 公司于近日收到基金管理人安信乾宏的通知，合伙企业已完成工商登记 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][9] Core Insights - The company experienced a significant decline in cash flow in 2023 due to increased inventory, but is expected to see substantial growth in H1 2024, with projected net profit growth of 75.56% to 107.48% year-on-year [6][9] - The company is actively preparing for opportunities in the AI sector by stockpiling inventory and adapting to domestic chip suppliers, amidst challenges from supply chain disruptions [5][9] - The AI server market in China is projected to grow significantly, with the company positioned to benefit from this trend through its innovative product offerings and strategic partnerships [7][9] Financial Performance Summary - In 2023, the company reported revenue of 65.87 billion yuan, a year-on-year decrease of 5.41%, and a net profit of 1.783 billion yuan, down 14.54% [6][11] - The company anticipates revenue growth of over 60% in H1 2024, with Q2 revenue expected to exceed 22 billion yuan [6][9] - The projected financials for 2024 include revenue of 75.71 billion yuan and net profit of 2.137 billion yuan, reflecting a recovery and growth trajectory [12][9] Business Segmentation - The company's revenue from servers and components in 2023 was approximately 65.24 billion yuan, a decrease of 5.53% year-on-year, while IT terminals and components saw a 29.77% increase [11][9] - The company is focusing on enhancing its product line and customer satisfaction to capture market opportunities in the AI sector [8][9] Market Position and Competitive Landscape - The company faces competition from well-known domestic enterprises and is working to reduce labor costs while increasing R&D and sales efforts [7][9] - The company has established partnerships with several domestic AI chip firms to mitigate supply chain risks and enhance its market position [5][9] Future Outlook - The company is expected to benefit from the ongoing AI boom, with revenue projections for 2024, 2025, and 2026 at 75.71 billion yuan, 84.78 billion yuan, and 93.25 billion yuan respectively [12][9] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.45 yuan, 1.72 yuan, and 2.03 yuan respectively [12][9]

浪潮电子信息产业股份有限公司（以下简称"公司"）于 2023 年 4 月 11 日 召开的第八届董事会第二十九次会议审议通过了《关于公司拟注册发行超短期融 资券的议案》，上述议案已经 2023 年 5 月 12 日召开的公司 2022 年度股东大会 审议通过，详细内容分别于 2023 年 4 月 12 日、2023 年 5 月 13 日披露于《中国 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 2023 年 8 月 18 日，公司发行超短期融资券的申请已经中国银行间市场交易 商协会注册通过（中市协注〔2023〕SCP356 号），核定公司超短期融资券注册金 额为 50 亿元，注册额度自通知书落款之日起 2 年内有效。 现将具体发行情况公告如下： 证券代码：000977 证券简称：浪潮信息 公告编号：2024-022 浪潮电子信息产业股份有限公司 关于公司 2024 年度第五期超短期融资券发行情况公告 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 ...

计算机设备 分析师:唐月 登记编码:S0730512030001 tangyue@ccnew.com 021-50586737 算力需求增长,龙头持续受益 ——浪潮信息(000977)公司点评报告 发布日期:2024 年 07 月 17 日 投资要点: 证券研究报告-公司点评报告 增持(首次) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 39.10 | | 一年内最高/最低(元) | 50.60/27.48 | | 沪深 300 指数 | 3,498.28 | | 市净率(倍) | 3.15 | | 流通市值(亿元) | 574.87 | | 基础数据(2024-03-31) | | | 每股净资产(元) | 12.42 | | 每股经营现金流(元) | -2.37 | | 毛利率(%) | 8.08 | | 净资产收益率_摊薄(%) | 1.68 | | 资产负债率(%) | 62.74 | | 总股本/流通股(万股) | 147,213.51/147,024.3 | | B 股/H 股(万股) | 0.0 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to achieve over 60% year-on-year revenue growth in the first half of 2024, with net profit projected to be between 550 to 650 million yuan, representing a year-on-year increase of 75.56% to 107.48% [2][3]. - The second quarter revenue is anticipated to exceed 22.07 billion yuan, showing a year-on-year growth of over 43.3%, driven by the recovery in general server demand and the gradual delivery of AI server orders [3]. - The company is positioned to benefit from the global AI industry trend, with adjusted revenue forecasts for 2024-2026 set at 82.67 billion yuan, 96.62 billion yuan, and 109.21 billion yuan respectively, and net profits projected at 2.32 billion yuan, 2.82 billion yuan, and 3.39 billion yuan [3][7]. Summary by Sections Company Overview - The company is a leading global provider of IT infrastructure products, solutions, and services, covering key areas such as computing, storage, and networking, and offering comprehensive digital solutions including cloud computing, big data, artificial intelligence, and edge computing [4]. Financial Performance - The company expects a net profit margin improvement in the second half of the year, with second quarter net profit estimated between 244 to 344 million yuan, reflecting a year-on-year growth of 112% to 199% [3]. - The company’s revenue for the first quarter of 2024 was 17.61 billion yuan, marking an 87.3% increase year-on-year [3]. Future Outlook - The company is likely to maintain a rapid growth trend in the second half of the year, supported by strong demand from major domestic clients in various sectors such as telecommunications, finance, and internet [3]. - The report highlights the potential for the company to expand its customer base both domestically and internationally, which could lead to an increase in overall profit margins [3].

Investment Rating - The investment rating for the company is "Buy" with a target price of 72.58 CNY, maintaining the previous target price [2][4]. Core Views - The company is expected to achieve a historical high in revenue for the first half of 2024, with a projected year-on-year growth of over 60%, reaching more than 39.7 billion CNY. The net profit is anticipated to grow significantly, with estimates ranging from 550 to 650 million CNY, reflecting a year-on-year increase of 75.56% to 107.48% [4]. - The global computing power market is experiencing rapid growth, with the company maintaining its leading position in the market. In Q1 2024, the global server market sales increased by 59.9% year-on-year, while the Chinese x86 general server market saw a 23.3% increase [4]. - The demand for large model training and inference is expected to drive the company's business beyond expectations, as major internet clients increase their investments in AI model development [4]. Financial Summary - The company's revenue for 2024 is projected to be 83.616 billion CNY, with a year-on-year growth of 26.9%. The net profit for the same year is expected to be 2.497 billion CNY, reflecting a 40% increase [7][8]. - The earnings per share (EPS) for 2024 is estimated at 1.70 CNY, with subsequent years showing growth to 1.98 CNY in 2025 and 2.26 CNY in 2026, representing year-on-year growth rates of 40%, 17%, and 14% respectively [4][7]. - The company’s total market capitalization is approximately 55.47 billion CNY, with a current price of 37.68 CNY per share [5].

本报告仅供 Choice 东方财富 使用,请勿传阅。 公司快报 2024 年 07 月 11 日 浪潮信息(000977.SZ) 24H1 业绩高增,算力需求带动服务器高景气 事件概述: 7 月 10 日,浪潮信息发布《2024 年半年度业绩预告》。上半年,归母 净利润预计盈利 5.5-6.5 亿元,同比增长 75.56%-107.48%;扣非归 母净利润预计盈利 3.72-4.72 亿元,同比扭亏为盈。 二季度业绩持续高增长,全球化布局不断加快 2024 年上半年,服务器行业市场需求逐步改善,公司紧抓行业上行 机遇,完善产品线布局,持续致力于产品技术创新和提升客户满意度, 大力拓展国内外客户,实现业务快速成长。经财务部门初步测算,上 半年公司实现营业收入同比增长 60%以上,归母净利润同比增长 75.56%-107.48%。单 Q2 来看,营收预计约 220 亿元,同比增长约 43%; 归母净利润预计 2.44-3.44 亿元,同比增长约 112%-199%。 此外,浪潮信息全球化布局不断加快,拥有 8 个全球研发中心、14 个全球制造中心及 50 多个业务分支机构,服务器产品技术及方案能 力被全球客户广泛 ...

Financial Data and Key Metrics Changes - The company achieved over 22 billion in revenue for Q2, exceeding market expectations by approximately 10%, primarily due to increased shipments of H20 products and a strong recovery in AI and traditional server demand [2][3] - Profit for Q2 remained flat compared to Q1, approximately 3 billion, with expected impairment provisions of 3 to 4 billion, most of which will be reversed by year-end, indicating that actual operating profit will be higher than 5 to 6 billion [2][3][6] - The net profit margin has been continuously improving since 2014, with a slight decline in gross margin in Q1 due to industry factors, yet the net profit margin increased, driven by rapid growth in AI business and optimized cost structure [4][6] Business Line Data and Key Metrics Changes - The sales proportion of AF7 is expected to be between 30% to 40%, while the demand for H20 has been adjusted to 800,000 to 1 million units, indicating significant revenue potential from H20 [6] - The gross margin has slightly decreased due to the influence of internet companies, but Q2 and Q3 are expected to maintain high growth momentum [6][10] Market Data and Key Metrics Changes - The company is benefiting from a recovery in the traditional server market, with expectations of double-digit growth as market conditions improve [5][6] - The exit of competitors from the server market is seen as a favorable development for the company, as it positions itself to regain market share lost in previous years [9] Company Strategy and Development Direction - The company emphasizes its core competitiveness through large-scale customized services and efficient supply chain management, which allows it to meet the demands of major internet companies effectively [10] - The management believes that the strong demand for AI computing power in the domestic market will provide stable growth momentum, with expectations of double-digit growth this year [5][10] Management's Comments on Operating Environment and Future Outlook - Management noted that despite short-term profit fluctuations, the overall performance is expected to exceed market expectations due to a strong order backlog and the peak period for H20 products not yet being reached [2][3][8] - The company anticipates significant growth for the full year, showcasing strong market competitiveness and profitability [2][5] Other Important Information - The company has successfully managed accounts receivable, reducing losses from credit impairment, and expects these losses to decrease significantly in subsequent quarters [7][11] - The company’s actual operating net profit margin has been consistently rising over the past few years, indicating strong scale advantages and effective cost control [8][9] Q&A Session Summary Question: Did the company exceed revenue expectations in Q2, and what were the reasons for the 10% outperformance? - The company achieved over 22 billion in revenue, significantly above the market expectation of just over 20 billion, primarily due to the upcoming peak shipment period for H20 servers and strong recovery in existing AI and traditional server orders [8] Question: How to interpret the lower-than-expected profit in Q2? - Although the median profit for Q2 was flat at around 3 billion, some market expectations were as high as 4 to 6 billion. The increase in revenue often leads to higher receivables and asset impairments, impacting current profits. However, most of these impairments are expected to be reversed in the second half of the year, suggesting that actual operating profit should reach at least 5 to 6 billion [8] Question: What is the outlook for future profit growth? - Despite potential short-term pessimism, the company expects profit growth to exceed current market predictions of 21 to 22.3 billion, supported by strong order conditions for H20 servers and historical performance data indicating a rising net profit margin [8] Question: What are the core competencies of the company and how does it maintain its leading position through customized services? - The company’s core competitiveness lies in its large-scale customized services and strong supply chain management, allowing it to efficiently meet the demands of major internet companies and secure a significant share of the domestic AI computing market [10]

Investment Rating - The report maintains a "Recommend" rating for the company [2][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 550 million to 650 million yuan in the first half of 2024, representing a year-on-year growth of 75.56% to 107.48% [5][6] - The company is positioned as a global leader in the server industry, benefiting from the increasing demand for computing power [6][8] - The company has a strong focus on AI server technology and liquid cooling solutions, which are expected to drive future growth [6][8] Financial Performance Summary - The company anticipates a revenue increase of over 60% year-on-year for the first half of 2024 [6] - The projected net profit for 2024 is adjusted to 2.305 billion yuan, with EPS estimates of 1.57 yuan, 1.97 yuan, and 2.42 yuan for 2024, 2025, and 2026 respectively [8][10] - The company’s total revenue for 2024 is expected to reach 85.58 billion yuan, with a year-on-year growth of 29.9% [7][10] Market Position and Growth Drivers - The company holds an 11.3% market share in the global server market, ranking first in China and second globally, with a year-on-year growth of 50.4% in shipment volume [6][8] - The liquid cooling server market is projected to grow at a compound annual growth rate of 45.8%, reaching a market size of 10.2 billion USD by 2028, positioning the company to benefit from this trend [8] - The company is actively expanding its product line and enhancing customer satisfaction to capture growth opportunities in both domestic and international markets [6][8]