浙江大华技术股份有限公司 简式权益变动报告书 上市公司名称：浙江大华技术股份有限公司 信息披露义务人一：傅利泉 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 信息披露义务人二：陈爱玲 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 信息披露义务人四：来利金 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 股份变动性质：被动稀释、股份减持（已履行披露义务）等导致持股比例降低 签署日期：二〇二四年十一月十五日 1 上市地点：深圳证券交易所 股票简称：大华股份 股票代码：002236 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及相关法律、 法规和规范性文件编写。 信息披露义务人三：陈建峰 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据相关规定，本报告书已全面披露了信息披露义务人在浙江大华技术 ...

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 ...

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 ...

需求延续疲软收入端偏弱,等待未来国内市 2024 年 10 月 25 日，公司发布三季报，前三季度实现营收 224.50 亿元，同比增长 0.77%；实现归母净利润 25.45 亿元， 同比下降 1.74%。单 Q3 公司实现营收 75.83 亿元，同比微 降 0.80%；实现归母净利润 7.35 亿元，同比增长 19.75%。 海外业务与内需形成对冲，收入端总体平稳，阶段性偏弱。 单三季度，国内主业延续上半年表现，其中政府业务有所企 稳，企业业务受限承压，分销业务探底，创新业务增速较上 半年有提升，海外业务表现稳健。 毛利率下降，费用管控相对较好，前三季度和单三季度毛利 率分别为 40.81%、39.90%，同比分别下降 1.84pct、2.37pct， 预计受大环境需求偏弱影响。前三季度研发、销售、管理、 财务费用率分别为 13.20%、15.67%、3.53%、-1.08%，同 比提升 0.93pct、提升 0.29pct、下降 0.35pct、提升 0.31pct。 单三季度持有的金融产品及股权受资本市场提升有一定收 益，剔除非经常性损益影响，单三季度实现归母扣非净利润 4.99 亿，同比下降 22. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The debt reduction policy is expected to positively impact the collection of receivables and the advancement of new projects [3] - The company reported a revenue of 22.45 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a year-on-year decrease of 1.74% [3] - The company is focusing on enhancing system capabilities with minimal investment, particularly around digital transformation [3] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,565 - 2023A: 32,218 - 2024E: 32,991 - 2025E: 36,739 - 2026E: 41,657 [5] - Net Profit (in million yuan): - 2022A: 2,324 - 2023A: 7,362 - 2024E: 3,439 - 2025E: 3,901 - 2026E: 4,675 [5] - EPS (in yuan): - 2022A: 0.79 - 2023A: 2.31 - 2024E: 1.04 - 2025E: 1.18 - 2026E: 1.42 [5] - PE Ratios: - 2024E: 15.75 - 2025E: 13.88 - 2026E: 11.58 [3][5] Market Outlook - The company expects revenue improvement in the fourth quarter due to market recovery and strategic positioning in emergency and public welfare projects [3] - The government debt reduction initiative is anticipated to enhance local government investment capabilities in the digital economy, which may boost demand for the company's services [3]