证券代码：002236 证券简称：大华股份 浙江大华技术股份有限公司投资者关系活动记录表 1 编号：2025-03-05 投资者关系 活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他（____） 参与单位名称及 人员姓名 Ten Fund Martin Chien Shuang'an 唐聪 Headwater Damon Shen Keywise Yi Yuan Alpines Edward wang Cyber Atlas 何松桦 Matthews Asia Hardy zhu 中金公司 朱镜榆 民生证券 杨立天 中欧基金 邱慧轩、张晔 Brilliance 石林、梁天宇、Roy Zhang 新华资产 陈志新、张滢潭、胡朝凤、陈朝阳 人保资产 杨越昊、解骄阳、张冉冉、周铃雅、奚晨弗 时 间 2025 年 2 月 28 日至 3 月 5 日 地 点 公司会议室 上市公司接待 人员姓名 李思睿、蒋西金、邵涛 投资者关系活动 主要内容介绍 1、公司大模型有哪些进展？ 随着人工智能技术和应用的不断发展，大模型已成为产业创新和解锁新质生产力的重要抓 手。以视觉为核心的多模 ...

公司2024年较2023年业绩变化的主要原因是2023年公司处置了对浙江零跑科技股份有限公司持有的 7.88%股份，增加2023年归属于母公司净利润41.37亿，此项收益均为非经常性损益。 报告期内，在国内外诸多因素影响下，公司仍坚持精细化管理和高质量发展的经营理念，全力推动公司 高质量发展。 证券时报e公司讯，大华股份(002236)1月24日晚间发布业绩预告，预计2024年归母净利28亿元—30.8亿 元，同比下降58.16%—61.97%。 ...

1、业绩预告期间：2024年1月1日-2024年12月31日 证券代码：002236 证券简称：大华股份 公告编号：2025-005 浙江大华技术股份有限公司 2024 年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 2、预计的业绩情况 预计净利润为正值且属于下列情形之一： 三、业绩变动原因说明 报告期内，在国内外诸多因素影响下，公司仍坚持精细化管理和高质量发展的 经营理念，全力推动公司高质量发展。公司 2024 年较 2023 年业绩变化的主要原因 是 2023 年公司处置了对浙江零跑科技股份有限公司持有的 7.88%股份，增加 2023 年归属于母公司净利润 41.37 亿，此项收益均为非经常性损益。 四、风险提示 本次业绩预告是公司财务部门初步测算的结果，具体财务数据将在2024年年度 报告中详细披露。公司将严格依照有关法律法规的规定和要求，及时做好信息披露 工作，敬请广大投资者谨慎决策，注意投资风险。 特此公告。 | □扭亏为盈 □同向上升 同向下降 | | --- | | 项 目 | 本报告期 | | | | | ...

Investment Rating - The report assigns a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance relative to the market index [5] Core Views - The company's business development remains stable, with overseas market demand continuing to grow [4] - Domestic G-end business has stabilized, with emergency and transportation digital upgrade sectors showing strong growth [4] - Overseas business remains robust, driven by infrastructure demand in BRICS and Belt and Road countries [4] - The company expects overall revenue to maintain positive growth in Q4 2024 [4] - Gross margin is expected to stabilize and gradually increase starting from Q4 2024, with further improvement anticipated in 2025 [4] - The company is strengthening the application of large models and deepening cooperation with China Mobile, with 12 standardized scenario solutions already developed [5] Financial Performance - 2024Q1-Q3 revenue reached 22.45 billion yuan, a year-on-year increase of 0.77% [4] - 2024Q1-Q3 net profit attributable to the parent company was 2.545 billion yuan, a year-on-year decrease of 1.74% [4] - 2024Q3 revenue was 7.583 billion yuan, a year-on-year decrease of 0.80%, while net profit attributable to the parent company increased by 19.75% to 735 million yuan [4] - Gross margin for 2024Q1-Q3 was 40.81%, a year-on-year decrease of 1.84 percentage points [4] - Net profit margin for 2024Q1-Q3 was 11.58%, a year-on-year decrease of 0.57 percentage points [4] - The company forecasts net profit attributable to the parent company of 3.183 billion yuan, 3.582 billion yuan, and 4.037 billion yuan for 2024-2026, respectively [5] Strategic Developments - The company is implementing its "Dahua Think 2.0" strategy, focusing on AI large models and multi-dimensional perception technologies [5] - Significant progress has been made in energy and intelligent manufacturing sectors [5] - The company is deepening cooperation with China Mobile, particularly in IoT platform construction [5] Financial Projections - Revenue is projected to grow from 33.157 billion yuan in 2024E to 38.652 billion yuan in 2026E, with year-on-year growth rates of 2.9%, 8.2%, and 7.7%, respectively [3] - Net profit attributable to the parent company is expected to grow from 3.183 billion yuan in 2024E to 4.037 billion yuan in 2026E, with year-on-year growth rates of -56.8%, 12.5%, and 12.7%, respectively [3] - Gross margin is forecasted to remain stable at around 40.7%-41.6% from 2024E to 2026E [3] - ROE is expected to gradually increase from 8.8% in 2024E to 9.6% in 2026E [3] - EPS is projected to grow from 0.97 yuan in 2024E to 1.23 yuan in 2026E [3]

Investment Rating - The report maintains a "Buy" rating for Dahua Technology Co., Ltd. (002236.SZ) with an expected stock price increase of over 15% relative to the industry index in the next six months [10]. Core Views - The company reported a slight revenue growth of 0.77% year-on-year for the first three quarters of 2023, with total revenue reaching 22.45 billion yuan. However, the net profit attributable to shareholders decreased by 1.74% year-on-year to 2.545 billion yuan [1]. - The gross margin for the first three quarters was 40.81%, showing a slight decline of 0.46% year-on-year. The company’s strategic investments in AI and public cloud services are expected to support future growth [2][3]. - The collaboration with China Mobile has shown steady progress, with joint efforts in standard product integration and AI technology cooperation [3]. Financial Summary - Revenue is projected to grow from 32.22 billion yuan in 2023 to 48.49 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.3% [1]. - Net profit is expected to increase from 7.362 billion yuan in 2023 to 5.450 billion yuan in 2026, with a notable fluctuation in growth rates [1]. - The report highlights an expected EPS of 1.21 yuan in 2024, increasing to 1.66 yuan by 2026, with corresponding P/E ratios decreasing from 13.8 to 10.1 over the same period [1][3].

Investment Rating - The report maintains a "Recommend" rating for Dahua Technology (002236 SZ) [5] Core Views - Dahua Technology achieved total operating revenue of 22 45 billion yuan in the first three quarters of 2024, a year-on-year increase of 0 77% Net profit attributable to the parent company was 2 545 billion yuan, a year-on-year decrease of 1 74% [2] - In Q3 2024, the company's main business revenue was 7 583 billion yuan, a year-on-year decrease of 0 8%, while net profit attributable to the parent company increased by 19 75% year-on-year to 735 million yuan [2] - Domestic business is recovering, with government projects partially implemented in Q3 and more expected in Q4 The company expects positive year-on-year growth in domestic revenue in Q4 2024 [3] - Overseas business grew by 9 08% in H1 2024, contributing significantly to revenue and profit The company expects continued growth in overseas revenue in Q4 2024 [3] - The company has launched a series of enterprise digital transformation solutions, including the Dahua Xinghan large model and industry-specific small models, which are expected to become new growth drivers [3] Financial Forecasts - The report forecasts EPS for 2024-2026 to be 1 09 yuan, 1 32 yuan, and 1 52 yuan respectively [3] - The PE ratio is expected to be 15x, 12x, and 11x for 2024-2026 based on the closing price on October 30, 2024 [3] - Revenue is projected to grow from 32 218 billion yuan in 2023 to 42 470 billion yuan in 2026, with growth rates of 5 4%, 6 3%, 10 6%, and 12 1% respectively [4][6] - Net profit attributable to the parent company is expected to increase from 7 362 billion yuan in 2023 to 5 012 billion yuan in 2026, with growth rates of 216 7%, -51 3%, 21 6%, and 14 9% respectively [4][6] Business Segments - Government business improved in Q3 2024, with some emergency projects implemented and more expected in Q4 [3] - Enterprise business saw growth in industrial and commercial enterprises and energy sectors, but declined in intelligent building due to macroeconomic factors [3] - Overseas business grew significantly in Europe, Southeast Asia, Mexico, and Brazil, but slowed in Australia, Latin America, Africa, and the Middle East The company has exited the US market [3] Strategic Initiatives - The company has developed a multi-modal fusion industry vision model (Dahua Xinghan) and industry-specific small models, integrating AI with its smart IoT platform [3] - The company is focusing on four major business directions: safety production, production execution, detection and measurement, and green low-carbon [3] - Overseas strategy includes channel sinking, expanding system integrator customers, and promoting solutions for smart cities, transportation, energy, buildings, and education [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on its Q3 performance, but there is potential for recovery in downstream sectors due to policy catalysts [4] - The company is expected to benefit from the ongoing digital transformation and the AI wave, with improvements in model capabilities and cost efficiency [3] - The macroeconomic uncertainty has led to a downward adjustment in the company's earnings forecast for 2024-2026 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 22.45 billion yuan, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a decline of 1.74% year-on-year [4] - In Q3 alone, the company reported revenue of 7.583 billion yuan, a decrease of 0.8% year-on-year and a 12.69% decline quarter-on-quarter [4] - The gross profit margin for Q3 was 39.90%, down 2.37 percentage points year-on-year [4] Earnings Forecast and Valuation - The company's revenue projections for 2024, 2025, and 2026 are 32.927 billion yuan, 36.714 billion yuan, and 41.303 billion yuan, respectively [1] - The net profit attributable to shareholders is forecasted to be 3.303 billion yuan in 2024, 3.980 billion yuan in 2025, and 4.764 billion yuan in 2026 [1] - The P/E ratios for the forecasted years are 16.4 for 2024, 13.6 for 2025, and 11.4 for 2026 [1] Market Position and Business Segments - The company has seen a recovery in its overseas business, which has helped offset pressures in its domestic operations [4] - Government business segments, particularly in social governance and digital upgrades in transportation, are showing positive growth [4] - The company has a strong position in the machine vision sector and is expected to benefit from the implementation of edge AI scenarios [3]

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 16.45 | | 一年内最高/最低（元） | 21.90/12.95 | | 市净率 息率（分红/股价） | 1.5 5.33 | | 流通 A 股市值（百万元） | 34,562 | | 上证指数 / 深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 10.86 | | 资产负债率 % | 27.52 | | | 3,292/2,101 | ...

公司报告 | 季报点评 Q3 归母净利润同比增长 19.75%，看好公司 AI to B 未来落地前景 事件：2024 年 10 月26 日，公司披露2024 年三季报告。2024 年前三季度公司 实现营收 224.50 亿元，同比增长 0.77%。实现归母净利润 25.45 亿元，同比 降低 1.74%，实现扣非归母净利润 22.61 亿元，同比降低 5.87%。 点评：2024Q3 公司营收实现营收 75.83 亿元，同比下降 0.80%。实现归母净 利润 7.35 亿元，同比增长 19.75%，实现扣非归母净利润 4.99 亿元，同比降 低 22.91%。公司持续重配研发，前三季度研发费用达29.63 亿元，同比增长 7.86%。 AI+物联网助力工业升级，深入沉淀电力行业。1）公司打造融合"智能制造+ 智能物流"的智慧工厂，通过建设机器人调度平台，实现 130 余台 AGV 的调 度，运行面积达 14万㎡，自该系统建立以来，实现了自原材料上线至成品下 线的流程自动化搬运，人工搬运减少超 95%，大大提高了生产效率。2）公司 推进电力行业业务发展，以"安全生产、AI 感知、多系统融合、大数据分析" 为设 ...

前三季度 公司实现营业收入224.5亿元 同比增长0.77%实现规模经历润25.45亿元 同比下滑1.74%实现扣非规模经历润22.61亿元 同比下滑5.87%单三季度看 实现营收75.83亿 同比小幅下滑0.8% 实现规模净利润7.35亿元,同比增长19.75亿元。其中,第三季度,公司持有的金融产品及股权受资本市场提振有一定收益。若剔除非经常性损益影响,公司单三季度实现扣非净利润4.99亿元,同比下滑22.91%。今年以来,人民币汇率下跌回升,公司其内汇兑小付亏损, 去年同期损益较多影响公司单三季度的盈利表现毛利率方面受大环境需求走弱影响公司前三季度毛利率40.81%相比上年度小幅下滑0.46%现金流方面公司前三季度现金收入比达106.7%在压力环境下公司依然坚持可持续高质量的业务发展 与此同时公司近些年持续降低资产负债率财务状况整体健康稳健为未来根据宏观环境和市场变化灵活调整经营策略提供一定的空间业务方面今年以来公司海外业务的修复与内需状况的那个国内的那个经济状况形成对冲总体保持平稳发展三季度公司国内业务延续上半年的 表现其中政府业务有所齐稳受中央项目建设的带动社会治理领域的应急行业大交通领域的数字化升级 ...