[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company achieved significant revenue and profit growth in Q1 2024, with revenue reaching 17.607 billion yuan, a year-on-year increase of 85.32%, and net profit of 306 million yuan, up 64.39% year-on-year [4]. - The company leads the Chinese liquid cooling server market, with a market share of 36.8% in sales and 40.9% in shipments for 2023 [5]. - The report highlights the launch of the "Yuan Nao Qi Zhi EPAI," which provides efficient fine-tuning tools for large models, addressing the needs of high-density AI computing [5]. Financial Performance Summary - Revenue projections for 2024-2026 are 75.966 billion yuan, 87.703 billion yuan, and 99.473 billion yuan, respectively, with corresponding net profits of 2.066 billion yuan, 2.606 billion yuan, and 3.265 billion yuan [4][5]. - The company's gross margin for Q1 2024 was 8.08%, a decrease of approximately 4.93 percentage points compared to the same period in 2023 [4]. - The report indicates a decline in R&D expenses by 2.36% year-on-year, while sales expenses increased by 19.36% [4]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for high-density cooling solutions in data centers, driven by advancements in AI and computing technologies [5]. - The report forecasts a PE ratio of 27.4 for 2024, decreasing to 17.4 by 2026, indicating an expected improvement in valuation as earnings grow [5].

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].

证券研究报告 公司点评 浪潮信息(000977.SZ) 计算机｜ 计算机设备 Q4 业绩明显改善，构 筑 AI 计算全栈能力 2023 年年报点评 2024年 04月 25日 预测指标 2022A 202 3A 2024E 2025E 2026E 评级 增持 主营收入(亿元) 695.25 658.67 757.96 864.81 978.31 归母净利润(亿元) 20.80 17.83 21.39 25.51 30.44 评级变动 首次 每股收益（元） 1.41 1.21 1.45 1.73 2.07 交易数据 每股净资产（元） 11.05 12.19 13.54 15.16 17.08 当前价格（元） 36.20 P/E 25.62 29.89 24.92 20.89 17.51 52周价格区间（元） 27.48-65.00 P/B 3.28 2.97 2.67 2.39 2.12 总市值（百万） 53291.30 资料来源：iFinD，财信证券 流通市值（百万） 53222.90 总股本（万股） 147213.60 投资要点： 流通股（万股） 147024.40  受全球供应链扰动，全年业绩略有下滑。 ...

证券代码：000977 证券简称：浪潮信息 公告编号：2024-013 浪潮电子信息产业股份有限公司 关于公司 2024 年度第三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遗漏。 公司 2024 年度第三期超短期融资券于 2024 年 4 月 26 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 1.96%，由招商银行股份有限公司担任主承销商及簿记管理人、南京银行股 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 4 月 28 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.chinamoney.com.cn）的公告。 特此公告。 浪潮电子信息产业股份有限公司董事会 二〇二四年四月二十八日 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 ...

[Table_Title] 证券研究报告 23 年 Q4 利润大幅增长，服务器龙头地位稳固 公司研究 [Table_ReportDate] 2024年4月26日 [Table_ReportType] 点评报告  事件：4月19日晚，浪潮信息发布2023年年报，公司实现营收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14.54%; [T浪ab潮le信_S息toc（kA0n0d0R9an7k7].SH） 实现归母扣非净利润11.18亿元，同比下降35.87%；毛利率为10.04%， 投资评级： 同比下降1.14个百分点。 上次评级：  公司23年Q4利润端大幅增长。营收方面，公司2023年实现营收658.67 亿元，同比下降5.41%，其中第四季度，实现营业收入177.7亿元，同 [T庞ab倩le倩_Au计th算or机]行业首席分析师 比增长6.04%；分业务来看，2023年公司服务器及部件业务实现收入 652.4亿元，同比下降5.41%；IT终端及散件实现收入3.93亿元。同 执业编号：S1500522110006 比增长29.77%。利润端：2023年，公司实现归母净利润 ...

8 公司单Q4归母净利润实现高增，引领前沿创新 浪潮信息（000977）/计算机 证券研究报告/公司点评 2024年4月24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：36.81 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 26.0 30.4 26.2 2 ...