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]

Zhejiang Dahua Technology Co., Ltd. 2024 Third Quarter Report Stock Code: 002236 Stock Name: Dahua Technology Announcement No.: 2024-077 Zhejiang Dahua Technology Co., Ltd. 2024 Third Quarter Report 3. Whether the Q3 report has been audited. □ Yes No This document is a translated version of the Chinese version 2024 Q3report("2024 年第三季度报告"), and the published Q3Report in the Chinese version shall prevail. 1 The Company and all members of the Board of Directors hereby guarantee that the information disclosed ...

Revenue and Profit - Revenue for Q3 2024 was RMB 7.58 billion, a decrease of 0.80% year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was RMB 735.42 million, an increase of 19.75% year-over-year[2] - Total revenue for the current period reached 22.45 billion yuan, compared to 22.28 billion yuan in the same period last year[16] - Net profit attributable to the parent company's owners increased to 24.03 billion yuan from 23.33 billion yuan[15] - Net profit attributable to parent company shareholders was RMB 2,545,010,271.97, a slight decrease compared to the previous period[17] - Sales revenue from goods and services was RMB 23,953,796,287.86, slightly higher than the previous period's RMB 23,883,101,840.08[18] Cash Flow - Operating cash flow for the first nine months of 2024 was negative RMB 124.92 million, a decrease of 109.43% year-over-year[2] - Net cash flow from investing activities decreased by 341.57% year-over-year, mainly due to increased expenditures on large bank deposits[6] - Net cash flow from financing activities decreased by 178.97% year-over-year, mainly due to the receipt of RMB 5.096 billion in raised funds in the same period last year and increased dividends this year[6] - Operating cash flow was negative at RMB -124,915,721.70, a significant decline from RMB 1,325,252,238.48 in the previous period[18] - Investment cash flow was negative at RMB -4,467,251,871.49, reflecting increased investment activities compared to the previous period[19] - Financing cash flow was negative at RMB -2,508,935,214.64, a reversal from the positive RMB 3,177,228,808.38 in the previous period[19] - Cash and cash equivalents decreased by RMB 7,017,949,935.93, ending the period at RMB 8,862,709,659.02[19] Assets and Liabilities - Total assets as of the end of Q3 2024 were RMB 50.98 billion, a decrease of 3.59% compared to the end of the previous year[2] - Total assets decreased to 50.98 billion yuan from 52.88 billion yuan at the beginning of the period[15] - Current liabilities decreased to 13.41 billion yuan from 16.31 billion yuan[14] - Non-current liabilities decreased to 618.51 million yuan from 687.63 million yuan[14] - Cash and cash equivalents decreased to 8.97 billion yuan from 15.97 billion yuan[13] - Accounts receivable increased to 17.18 billion yuan from 16.28 billion yuan[13] - Inventory increased to 6.02 billion yuan from 5.33 billion yuan[13] - The company's total assets stood at RMB 15,880,659,594.95 at the beginning of the period, decreasing to RMB 8,862,709,659.02 by the end[19] Shareholders and Dividends - Total number of ordinary shareholders at the end of the reporting period: 182,930[9] - Largest shareholder: Fu Liquan, holding 31.10% of shares, totaling 1,023,868,980 shares[9] - China Mobile Communications Group Co., Ltd. holds 8.90% of shares, totaling 293,103,400 shares[9] - Zhu Jiangming holds 4.82% of shares, totaling 158,669,490 shares[9] - Chen Ailing holds 2.16% of shares, totaling 71,262,813 shares[9] - Hong Kong Securities Clearing Company Limited holds 2.05% of shares, totaling 67,632,357 shares[9] - China Securities Finance Corporation Limited holds 1.20% of shares, totaling 39,611,241 shares[9] - Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF holds 1.17% of shares, totaling 38,501,630 shares[9] - China Construction Bank Corporation - E Fund CSI 300 ETF holds 0.77% of shares, totaling 25,240,743 shares[9] - Total cash dividend distribution for the first half of 2024: RMB 602,144,984.38, with a dividend of RMB 1.84 per 10 shares[11] Expenses and Investments - Operating costs increased to 20.48 billion yuan from 19.68 billion yuan year-over-year[16] - R&D expenses rose to 2.96 billion yuan, up from 2.75 billion yuan in the previous year[16] - Investment income increased by 325.33% year-over-year, mainly due to increased investment income from equity investments[5] - Total operating expenses increased to RMB 26,046,228,742.46, up from RMB 24,317,259,121.35 in the previous period[18] Earnings and Comprehensive Income - Basic earnings per share were RMB 0.78, down from RMB 0.82 in the previous period[18] - Total comprehensive income attributable to parent company shareholders was RMB 2,594,231,497.71, showing minimal change from the previous period[17] Monetary Funds and Prepayments - Monetary funds decreased by 43.87% compared to the beginning of the year, mainly due to the purchase of large bank deposits and repayment of loans[5] - Prepayments increased by 79.47% compared to the beginning of the year, mainly due to increased prepayments for raw materials[5] - Short-term borrowings increased by 35.26% compared to the beginning of the year, mainly due to an increase in bill discounting[5]

一、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开的 第八届董事会第五次会议审议通过了《关于为子公司提供担保的议案》。根据公 司实际业务发展需要，公司拟在 2024 年为合并范围内的部分子公司提供担保， 担保总额度不超过人民币 1,360,000 万元。其中，对资产负债率低于 70%的子公 司提供担保额度 104,200 万元，对资产负债率高于 70%的子公司提供担保额度 1,255,800 万元。在上述额度范围内，公司管理层可根据实际经营情况对子公司 之间的担保金额进行调剂。上述事项已经公司 2023 年度股东大会审议通过。具 体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关 于为子公司提供担保的公告》（公告编号：2024-025）。 二、担保进展情况 证券代码：002236 证券简称：大华股份 公告编号：2024-076 浙江大华技术股份有限公司 关于为子公司提供担保的进展公告 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。 1、近日，公司向汇丰银行（中国）有限公司杭 ...

证券代码：002236 证券简称：大华股份 公告编号：2024-074 浙江大华技术股份有限公司 关于为子公司提供担保的进展公告 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、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开的 第八届董事会第五次会议审议通过了《关于为子公司提供担保的议案》。根据公 司实际业务发展需要，公司拟在 2024 年为合并范围内的部分子公司提供担保， 担保总额度不超过人民币 1,360,000 万元。其中，对资产负债率低于 70%的子公 司提供担保额度 104,200 万元，对资产负债率高于 70%的子公司提供担保额度 1,255,800 万元。在上述额度范围内，公司管理层可根据实际经营情况对子公司 之间的担保金额进行调剂。上述事项已经公司 2023 年度股东大会审议通过。具 体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关 于为子公司提供担保的公告》（公告编号：2024-025）。 二、担保进展情况 1、近日，公司向招商银行股份有限公司杭州分 ...

证券代码：002236 证券简称：大华股份 公告编号：2024-075 浙江大华技术股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 （股） 持股 比例 本次质押变 动前质押股 份数量 （股） 本次质押变 动后质押股 份数量 （股） 占其所 持股份 比例 占公 司总 股本 比例 已质押股份情况 未质押股份情况 已质押股份 限售和冻 结、标记数 量（股） 占已质 押股份 比例 未质押股份 限售和冻结 数量（股） 占未质 押股份 比例 傅利泉 1,023,868,980 31.10% 176,700,000 154,200,000 15.06% 4.68% 126,000,000 81.71% 641,901,735 73.81% 陈爱玲 71,262,813 2.16% 31,800,000 31,800,000 44.62% 0.97% 31,800,000 100% 21,647,110 54.85% 陈建峰 3,609,210 0.11% 0 0 0.00% 0.00% 0 0% 225,330 6.24% 来 ...

证券代码：002236 证券简称：大华股份 公告编号：2024-073 浙江大华技术股份有限公司 关于为子公司提供担保的进展公告 一、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开的 第八届董事会第五次会议审议通过了《关于为子公司提供担保的议案》。根据公 司实际业务发展需要，公司拟在 2024 年为合并范围内的部分子公司提供担保， 担保总额度不超过人民币 1,360,000 万元。其中，对资产负债率低于 70%的子公 司提供担保额度 104,200 万元，对资产负债率高于 70%的子公司提供担保额度 1,255,800 万元。在上述额度范围内，公司管理层可根据实际经营情况对子公司 之间的担保金额进行调剂。上述事项已经公司 2023 年度股东大会审议通过。具 体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关 于为子公司提供担保的公告》（公告编号：2024-025）。 二、担保进展情况 1、公司与平安银行股份有限公司杭州分行签订了《综合授信额度合同》（编 号：平银杭交七综字20240901第001号），同意为以下名单内的子公 ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **21.20 RMB** [2][7] Core Views - The company's revenue in the first half of the year increased by **2% YoY to 14.9 billion RMB**, while net profit attributable to the parent company decreased by **8% YoY to 1.81 billion RMB** [1] - Gross margin remained stable at **41.3%** since 2023, and operating cash flow was **-507 million RMB**, better than the pre-pandemic average [1] - Domestic business revenue declined by **5% YoY to 7.38 billion RMB**, with government business revenue dropping by **15% YoY to 800 million RMB** due to cautious local government investments and slowing demand in traditional industries [1] - Overseas business revenue grew by **9% YoY to 7.49 billion RMB**, accounting for over **50%** of total revenue for the first time, with strong growth in Latin America and Europe [1] - Innovative business revenue increased by **9% YoY to 2.46 billion RMB**, driven by machine vision, mobile robotics, and automotive electronics [1] Financial Performance and Forecast - Revenue is expected to grow by **8% YoY in 2024E to 34.87 billion RMB**, with further growth of **13% YoY in 2025E and 2026E** [3] - Net profit attributable to the parent company is forecasted to be **3.49 billion RMB in 2024E**, **4.31 billion RMB in 2025E**, and **4.94 billion RMB in 2026E** [3] - Gross margin is projected to remain stable at around **41.6%** from 2024E to 2026E [3] - EPS is expected to be **1.06 RMB in 2024E**, **1.31 RMB in 2025E**, and **1.50 RMB in 2026E** [3] Business Segments Domestic Business - Government business revenue declined by **15% YoY to 800 million RMB**, but opportunities are expected from increased government spending and AI applications [1] - Enterprise business revenue remained flat at **3.9 billion RMB**, with strong growth in industrial and energy sectors, but weakness in construction, education, and finance [1] - Distribution business saw a slight decline due to weak market demand, but the company is optimizing its channel ecosystem and launching new products [1] Overseas Business - Overseas revenue grew by **9% YoY to 7.49 billion RMB**, with a focus on expanding channel networks and promoting solutions in smart cities, transportation, and energy [1] - The company plans to adopt a "one country, one policy" approach to address manufacturing and supply chain challenges [1] Innovative Business - Revenue from innovative businesses grew by **9% YoY to 2.46 billion RMB**, with contributions from machine vision, mobile robotics, and automotive electronics [1] - The company is strengthening R&D and expanding product lines to penetrate core business systems [1] Valuation and Peer Comparison - The company's 2024E PE ratio is **12.8x**, compared to an average of **19.89x** for peers [8] - The target price of **21.20 RMB** is based on a **20x PE multiple** for 2024E [2][7] Key Financial Ratios - ROE is expected to be **9.6% in 2024E**, **10.9% in 2025E**, and **11.4% in 2026E** [3] - Net profit margin is forecasted to be **10.0% in 2024E**, **11.0% in 2025E**, and **11.1% in 2026E** [3] - The company's debt-to-asset ratio is expected to remain stable at around **32%** from 2024E to 2026E [3]

经中国证券监督管理委员会证监许可[2022]853 号《关于核准浙江大华技术 股份有限公司非公开发行股票的批复》核准，本公司向特定对象发行人民币普通 股（A 股）293,103,400 股，发行价格 17.40 元/股，募集资金总额为 5,099,999,160.00 元，扣除保荐及承销费用人民币（不含增值税）4,000,000.00 元，减除其他与发 行权益性证券直接相关的发行费用人民币（不含增值税）6,166,575.28 元，实际 募集资金净额为人民币 5,089,832,584.72 元。上述募集资金到位情况已经立信会 计师事务所（特殊普通合伙）审验，并出具信会师报字[2023]第 ZF10231 号《验 资报告》。 二、募集资金管理和存放情况 为了规范募集资金的管理和使用，保护投资者的利益，公司已按照《中华人 民共和国公司法》、《中华人民共和国证券法》、中国证监会和深圳证券交易所 的有关规定要求制定了《浙江大华技术股份有限公司募集资金管理办法》（以下 简称"《管理办法》"），对公司募集资金的存储、使用、管理与监管等方面作 证券代码：002236 证券简称：大华股份 公告编号：2024-072 浙江大 ...