北 京 市 东 城 区 北 三 环 东 路 36 号环球 贸易中心 B 座 11 层 电话（Tel）： 52213236/7 邮编（P.C）： 100013 北京市君致律师事务所 关于浪潮电子信息产业股份有限公司 2023 年度股东大会的法律意见书 致：浪潮电子信息产业股份有限公司 1、本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前 已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原 则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整， 所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏， 并承担相应法律责任。 2、本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见；本所 律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、网络投 票结果均由深圳证券交易所交易系统和互联网投票系统予以认证。 3、为出具本法律 ...

二、解散并清算注销基金的审批情况 根据公司实际情况和未来发展需要，经公司总经理办公会审议通过，同意退 出信云合伙企业。2024 年 5 月 7 日，信云合伙全体合伙人召开合伙人会议，审 议通过了《关于信云合伙企业解散清算的议案》及《关于注销信云合伙企业的议 案》，一致同意解散并注销清算信云合伙。 证券代码：000977 证券简称：浪潮信息 公告编号：2024-017 浪潮电子信息产业股份有限公司 关于注销公司参与投资设立的私募股权投资基金的 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、投资基金的基本情况 浪潮电子信息产业股份有限公司（以下简称"公司"）于 2022 年 12 月 14 日 召开第八届董事会第二十五次会议，审议通过《关于拟与专业投资机构共同投资 设立私募股权投资基金暨关联交易的议案》，同意公司以自有资金 14,000 万元作 为有限合伙人参与投资设立济南信云投资合伙企业（有限合伙）（以下简称"信 云合伙"），具体内容详见公司于巨潮资讯网披露的《关于拟与专业投资机构共同 投资设立私募股权投资基金暨关联交易的公告》（公告编号：2022- ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-016 浪潮电子信息产业股份有限公司 关于召开 2023 年度网上业绩说明会的公告 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。 重要内容提示： 1.会议召开时间：2024 年 05 月 15 日（星期三）15:00-16:00 2.会议召开方式：采用网络远程互动方式 3.会议参与方式：投资者可登录网址 https://eseb.cn/1dXot0kjr2M 参与公 司 2023 年度网上业绩说明会（以下简称"本次业绩说明会"） 4. 会 议 问 题 征 集 ： 投 资 者 可 于 2024 年 05 月 15 日前访问网址 https://eseb.cn/1dXot0kjr2M 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 浪潮电子信息产业股份有限公司（以下简称"公司"）已于 2024 年 4 月 20 日在《中国证券报》《证券时报》《上海证券报》《证券日报》及巨潮资讯网 （http://www.cninfo.co ...

Investment Rating - The report maintains a "Buy" rating for the company [4][3]. Core Insights - In 2023, the company achieved 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% year-on-year. The non-recurring net profit was 1.118 billion yuan, a decrease of 35.87% year-on-year [1][3]. - The fourth quarter showed significant recovery with a revenue of 17.770 billion yuan, a year-on-year increase of 6.04%, and a net profit of 999.6 million yuan, up 86.49% year-on-year. The non-recurring net profit for the fourth quarter was 689 million yuan, an increase of 103.13% year-on-year [1][3]. - The company maintained its leading position in the server market, holding the largest share domestically and the second largest globally. It launched the G7 computing platform and introduced 46 new products covering various applications including cloud computing and AI [2][3]. Financial Summary - The company's revenue is projected to grow from 65.867 billion yuan in 2023 to 75.810 billion yuan in 2024, reflecting a year-on-year growth of 15.1% [3][4]. - The net profit attributable to shareholders is expected to increase from 1.783 billion yuan in 2023 to 2.121 billion yuan in 2024, representing a year-on-year growth of 19.0% [3][4]. - The gross margin for 2023 was 10.0%, with expectations to rise to 11.1% in the following years [3][4].

2024年05月07日 公 司点评 公 买入 / 维持 司 浪潮信息(000977) 研 究 目标价: 昨收盘:41.00 AI 基础设施需求旺盛，公司充分受益 事件：公司发布2023年年报，收入658.67亿元，同比减少5.41%； ◼ 走势比较 归母净利润17.83亿元，同比减少14.54%。 公司发布2024年一季报，收入176.07亿元，同比增加85.32%； 80% 太 58% 归母净利润3.06亿元，同比增加64.39%。 平 36% 洋 AI 芯片龙头英伟达高歌猛进，产业链受益。得益于大模型对 AI 14% 证 算力芯片的需求，2024 财年，英伟达收入 609.22 亿美元，同比增长 券 (3( 08 %% ))8/5/32 91/7/32 92/9/32 01/21/32 02/2/42 2/5/42 125.85%;净利润297.60亿美元，同比增长581.32%。除了在手的H100 芯片，未来 B100 芯片的发售将持续为行业带来高速增长，AI 产业链 股 浪潮信息 沪深300 有望充分受益。国内对算力的需求预计同样保持旺盛。 份 有 ◼ 股票数据 限 公司持续保持行业领先地位。根据 G ...

公 司 研 究 + 浪潮信息（000977.SZ）：一季度收 2024年5月6日 推荐/维持 入显著提升，加大采购上游部件 东 浪潮信息 公司报告 兴 证 券 + 公司简介： 股 事件：公司发布2024年一季报，实现营业收入176.07亿元，同比增长85.32%； 浪潮信息是全球领先的 IT 基础架构产品、 份 归母净利润3.06亿元，同比增长64.39%。 方案及服务提供商，业务覆盖计算、存储、 有 网络三大关键领域，提供云计算、大数据、 点评： 限 人工智能、边缘计算等在内的全方位数字化 公 一季度收入显著提升，净利润远超去年同期水平。（1）2024Q1，公司实现营 解决方案。 资料来源：公司公告、恒生聚源 司 业收入176.07亿元，同比增长85.32%，收入增长主要源于客户需求增加，服 务器销售增长所致；营业成本161.84亿元，毛利率8.08%，同比下降4.6个 未来3-6个月重大事项提示： 证 百分点；（2）一季度，公司销售费用2.69亿元，销售费率1.66%，同比下降 券 1.05个百分点；管理费用1.27亿元，管理费率6.32%，同比下降1.07个百分 研 发债及交叉持股介绍： 点；研发费用6 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.33 CNY, maintaining the rating [1]. Core Views - The company is positioned to benefit from a new growth cycle in server demand and a recovery in downstream demand, with expectations for increased investment value in the accelerating trend of computing infrastructure [8]. - The company has shown strong quarterly performance recovery, with Q1 2024 revenue of 17.607 billion CNY, a year-on-year increase of 85.32%, and a net profit of 306 million CNY, up 64.39% year-on-year [2][3]. - The company is focusing on smart computing represented by cloud computing, big data, and artificial intelligence, with continuous innovation in R&D, production, delivery, and service models [3]. Financial Performance Summary - In 2023, the company reported total revenue of 65.867 billion CNY, a decrease of 5.41% year-on-year, and a net profit of 1.783 billion CNY, down 14.54% year-on-year [2]. - The revenue from servers and components was 65.240 billion CNY, a decline of 5.53% year-on-year, while IT terminals and components revenue increased by 29.77% to 393 million CNY [3]. - The company maintained a strong market position, ranking second globally in server market share and first in China, with significant growth in AI computing demand expected to drive future performance [4][7]. Future Projections - Revenue projections for 2024-2026 are 77.906 billion CNY, 90.086 billion CNY, and 106.353 billion CNY, respectively, with net profits expected to be 2.285 billion CNY, 2.896 billion CNY, and 3.640 billion CNY [8]. - The company is expected to achieve a dynamic price-to-earnings ratio of 35 times by 2024, reflecting strong growth potential in the AI computing sector [8].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Views - The company reported strong Q1 2024 performance with 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 [2][3] - The growth in performance is attributed to increased customer demand and server sales, with a significant rise in contract liabilities indicating future revenue potential [2][3] - The company is positioned as a leader in the server industry, benefiting from the growing demand for AI servers and the expansion of the AI computing market in China [2][3] Summary by Sections Financial Performance - In Q1 2024, the company achieved a gross margin of 8.08% (down 4.93 percentage points year-on-year) and a net profit margin of 1.68% (down 0.39 percentage points year-on-year) [2] - The company’s contract liabilities reached 4.14 billion yuan, a year-on-year increase of 116.47%, primarily due to growth in advance payments [2] Market Position - The company is recognized as a leading player in the server market, with a comprehensive range of products across various segments [2][3] - The AI server market in China is projected to grow significantly, with the company expected to benefit from this trend [2][3] Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 76.646 billion yuan, 90.282 billion yuan, and 108.056 billion yuan respectively, with corresponding EPS of 1.47 yuan, 1.87 yuan, and 2.20 yuan [4][6] - The current stock price corresponds to a PE ratio of 28, 22, and 19 for the years 2024, 2025, and 2026 respectively [4]

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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating it is significantly undervalued given its leading position in the server industry and the expected high demand for AI computing [2][3]. Core Insights - The company reported a substantial revenue increase of 85.32% year-on-year for Q1 2024, reaching 17.607 billion yuan, with a net profit of 306 million yuan, up 64.39% year-on-year [2]. - The growth in revenue is attributed to increased customer demand and a significant rise in server sales, while the company has effectively controlled its expenses [2]. - Contract liabilities surged by 231.73% year-on-year to 4.14 billion yuan, indicating strong future revenue expectations due to increased advance payments [2]. - Inventory levels rose by 38.40% year-on-year to 24.29 billion yuan, reflecting heightened demand for AI computing power and servers [2]. - The company continues to solidify its leadership in the server market, with a 40.9% market share in liquid-cooled servers, which are expected to see a compound annual growth rate of 45.8% from 2023 to 2028 in China [2]. - The launch of the "Yuan Nao Qi Zhi" enterprise model development platform and the X400 AI Ethernet switch positions the company to capitalize on the growing AI application market [2]. Financial Forecasts - The company is projected to achieve net profits of 2.441 billion yuan, 3.019 billion yuan, and 3.522 billion yuan for the years 2024, 2025, and 2026, respectively [3][7]. - The estimated price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 25, 20, and 17, respectively, indicating a favorable valuation compared to expected growth [3][7]. - Revenue forecasts for 2024, 2025, and 2026 are 72.482 billion yuan, 84.517 billion yuan, and 96.955 billion yuan, reflecting a growth rate of 10.0%, 16.6%, and 14.7% respectively [3][7].