公司报告 | 年报点评报告 大华股份（002236） 证券研究报告 2024年04月 16日 投资评级 公司 Q1 业绩持续改善，大模型落地有望打开更多垂类场景 行业 计算机/计算机设备 6个月评级 买入（维持评级） 当前价格 17.58元 事件：公司发布了2023年报和2024一季报，2023年，公司实现营业收入322.18 目标价格 元 亿元，同比增长 5.41%；实现归母净利润 73.62亿元，同比增长 216.73%；实现扣 非归母净利润 29.62亿元，同比增长 87.39%。2024年第一季度，公司实现营业收 基本数据 入61.81亿元，同比增长2.75%；实现归母净利润5.61亿元，同比增长13.26%。 A股总股本(百万股) 3,294.47 点评：下游需求复苏启动，利润端成长明显。我们持续看好公司长期发展。2023 流通A股股本(百万股) 2,082.06 年公司整体毛利率42.04%，同比增长4.17%，我们认为，主要原因系下游竞争改善； A股总市值(百万元) 57,916.76 流通A股市值(百万元) 36,602.64 营业成本186.74亿元，同比下降1.66%，公司降本举措明显；经 ...

Financial Performance - Zhejiang Dahua Technology Co., Ltd. reported a revenue of CNY 30 billion for the year 2023, representing a year-on-year growth of 15%[9]. - The company achieved a net profit of CNY 5 billion in 2023, an increase of 20% compared to the previous year[9]. - The company's operating revenue for 2023 was ¥32,218,317,636.77, representing a 5.41% increase from ¥30,565,370,012.64 in 2022[19]. - The net profit attributable to shareholders for 2023 was ¥7,361,892,404.52, a significant increase of 216.73% compared to ¥2,324,356,092.20 in 2022[19]. - The net cash flow from operating activities reached ¥4,598,778,654.47, marking a 336.49% increase from ¥1,053,587,649.46 in 2022[19]. - Basic earnings per share for 2023 were ¥2.31, a 192.41% increase from ¥0.79 in 2022[19]. - Future guidance for 2024 anticipates a revenue growth of 12% to 18%[9]. Research and Development - The company has increased its R&D investment to enhance core technologies in areas such as multi-dimensional perception, AI models, video cloud, big data, network communication, cybersecurity, and machine vision[1]. - Research and development expenses accounted for 8% of total revenue, reflecting a commitment to innovation[9]. - The company continues to maintain its commitment to research and development, focusing on new products and technologies to drive future growth[19]. - The company has established five research institutes to support its AIoT and IoT digital platform, expanding its global R&D presence with centers in Xi'an, Chengdu, Europe, and Latin America[34]. - The company has a dedicated AI research team of over 1,000 people, with more than 2,400 AI invention patents filed, and has achieved first place in over 70 domestic and international AI algorithm competitions[74]. Business Strategy and Expansion - The company is actively exploring new business models and strategies to adapt to the rapid technological advancements in IoT, AI, big data, and cloud computing[1]. - The company is focusing on international business expansion, covering over 100 countries and regions, while addressing risks related to trade protection and political conflicts[4]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[9]. - The company has initiated strategic acquisitions, including a recent purchase of a tech firm for CNY 1 billion to enhance its product offerings[9]. - The company is focusing on enhancing its cloud services, aiming for a 40% increase in cloud service revenue by 2024[9]. Risk Management - The company is facing risks related to local fiscal payment capabilities, which may slow industry demand growth and extend project timelines[2]. - The company is committed to improving internal control systems and project evaluation methods to mitigate risks associated with local government project financing[2]. - The company is implementing a risk management platform to monitor supplier operations and ensure supply chain security[5]. - The company is utilizing foreign exchange risk management strategies to hedge against currency fluctuations, primarily in USD for export sales[2]. Technology and Innovation - The company is transitioning to the Think2.0 phase, enhancing its AIoT capabilities and integrating multi-modal technologies to strengthen its competitive edge in the smart IoT sector[30]. - The company emphasizes the importance of digital and intelligent transformation as a key driver for economic growth and industry development[27]. - The company is committed to enhancing its data resource capabilities, focusing on the value of visual data and promoting data assetization[31]. - The company has developed a multi-layered intelligent capability system to address long-tail demands across various industries, enhancing algorithm delivery and flexibility[65]. - The company has established a unified open intelligent architecture for central intelligent computing, enhancing its ability to respond to market demands for digital transformation[64]. Urban Governance and Smart Solutions - The company aims to improve urban governance efficiency through smart solutions in public safety, traffic management, and resource management, contributing to a safer and more orderly society[151]. - The company integrates various digital capabilities to create a smart urban traffic management system, improving traffic flow and safety through autonomous decision-making[155]. - The company is focused on creating a comprehensive urban management system that enhances operational efficiency and citizen satisfaction[157]. - The company has established a comprehensive urban operation system that enhances urban governance through data perception, achieving timely detection and handling of urban governance events[158]. - The company is committed to enhancing public safety through advanced monitoring and predictive analytics across various sectors, including transportation and utilities[152]. Sustainability and Social Responsibility - Dahua Technology is investing in green technology initiatives, with a budget allocation of CNY 500 million for sustainable development projects[9]. - The company actively participates in sustainable development initiatives, promoting green solutions in areas like natural protection, water management, and forest fire prevention[193]. - In 2022, the company was recognized as a "Green Leader Enterprise" and achieved a silver medal in the EcoVadis sustainability rating, ranking in the top 15% globally[194]. - The company is committed to enhancing ecological civilization through IoT applications in environmental protection and smart governance, contributing to improved public welfare[159]. Security and Privacy - The company emphasizes network security and privacy protection, establishing a dedicated cybersecurity committee to oversee security measures[140]. - The company integrates key security technologies into its products, enhancing overall security capabilities and ensuring user data protection throughout its lifecycle[144]. - The company’s PSIRT team provides 24/7 security incident response services, maximizing user safety and participating in national cybersecurity initiatives[145]. - The company has achieved ISO certifications including ISO27001, ISO27701, and ISO27017, enhancing its data security and privacy management capabilities[146].

国信证券股份有限公司 在保证正常经营和风险可控的前提下，公司及子公司利用闲置自有资金进行 委托理财，有利于提高资金使用效率、增加公司收益。 （二）投资额度及有效期限 公司及子公司利用不超过 15 亿闲置自有资金购买理财产品，有效期自本次 董事会审议通过之日起至公司 2024 年年度董事会召开之日为止，有效期内资金 可滚动使用，其中任意时点购买的理财产品余额不得超过董事会授权的总额度。 （三）投资方式 公司及子公司使用闲置自有资金购买银行、证券公司、信托公司等金融机构 销售的安全性较高、流动性较好、风险可控的理财产品，收益通常高于同期存款 利率，是公司在风险可控的前提下提高闲置自有资金使用效率的理财方式。 关于浙江大华技术股份有限公司 使用自有资金购买理财产品的核查意见 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为浙江 大华技术股份有限公司（以下简称"大华股份"或"公司"）向特定对象发行股 票并上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》等有关法规和规范性文件的要求，对公司使用自有 ...

目录 | 关于本报告 | 3 | | --- | --- | | 董事长致辞 | 4 | | 走进大华股份 | 5 | | 公司介绍 | 5 | | 发展历程 | 6 | | 公司战略 | 7 | | ESG 荣誉 | 8 | | 专题 ：科技向善，数智赋能 | 9 | | 01 | | 03 | | --- | --- | --- | | 治理 | | | | ESG 治理 | 14 | | | 企业治理 | 19 | | | 合规经营 | 20 | | | 风险管理 | 22 | | | 商业道德 | 24 | | | 网络安全与隐私保护 | 26 | | | 1 | � | | | | --- | --- | --- | --- | | | | 0 | จ | | | TP | | | | →≫ | | | | | | | 9 | | | 11 | | | | | 02 | | | --- | --- | | 环境 | | | 环境管理 | 33 | | 绿色研发 | 35 | | 绿色产品 | 39 | | 绿色运营 | 40 | | 附录 | | | --- | --- | | 附录 1 ：2023 ...

浙江大华技术股份有限公司（以下简称"公司"）根据经营需要，经公司董 事长兼总裁傅利泉先生提名以及董事会提名委员会审核，公司于 2024 年 4 月 15 日召开董事会审议通过了《关于聘任高级管理人员的议案》，董事会同意聘任郜 春山先生、陈强先生为公司高级副总裁（简历详见附件），任期自董事会审议通 过之日起至第八届董事会届满时止。 郜春山先生、陈强先生符合相关法律、行政法规、规范性文件对高级管理人 员任职的要求，不存在不得担任公司高管的情形。本次聘任完成后，公司董事会 中兼任公司高级管理人员的董事人数合计未超过公司董事总数的二分之一。 特此公告。 证券代码：002236 证券简称：大华股份 公告编号：2024-038 浙江大华技术股份有限公司 关于新增聘任高级管理人员的公告 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。 截至目前，郜春山先生持有 353,640 股公司股票，与其他持有公司 5%以上 表决权股份的股东、董事、监事和高级管理人员不存在关联关系。郜春山先生不 存在《公司法》《股票上市规则》及《公司章程》等法律法规、制度文件规定的 不得担任上市公司高级 ...

北京国枫律师事务所 关于浙江大华技术股份有限公司 2022 年股票期权与限制性股票激励计划之 注销部分股票期权及回购注销部分限制性股票 相关事项的法律意见书 国枫律证字[2022]AN048-5号 GRANDWAY 北京国枫律师事务所 Grandway Law Offices 关于浙江大华技术股份有限公司 2022 年股票期权与限制性股票激励计划之 注销部分股票期权及回购注销部分限制性股票 相关事项的法律意见书 国枫律证字[2022] AN048-5 号 北京市东城区建国门内大街26号新闻大厦７层 邮编:100005 电话（Tel）: 010-88004488/66090088 - 传真（Fax): 010-66090016 释 义 除非另有说明,下列用语在本法律意见书中应具有如下含义: 大华股份、公司 浙江大华技术股份有限公司 指 《激励计划(草 《浙江大华技术股份有限公司 2022 年股票期权与限制 指 性股票激励计划(草案)》 案)》 大华股份 2022 年股票期权与限制性股票激励计划 本次激励计划 提 大华股份对激励计划中第二批离职之激励对象所持股票 本次注销及本 提 期权进行注销及已获授但尚未解锁的 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 6,180,916,716.70, representing a 2.75% increase compared to CNY 6,015,629,882.58 in the same period last year[5]. - Net profit attributable to shareholders was CNY 561,037,985.01, up 13.26% from CNY 495,351,177.84 year-on-year[5]. - The net profit excluding non-recurring gains and losses increased by 25.92% to CNY 501,290,511.61 from CNY 398,105,107.61 in the previous year[5]. - Total operating revenue for Q1 2024 reached ¥6,180,916,716.70, an increase of 2.75% compared to ¥6,015,629,882.58 in the same period last year[19]. - Net profit for Q1 2024 was ¥586,237,198.91, representing a 18.87% increase from ¥492,961,559.17 in Q1 2023[20]. - The total comprehensive income for the first quarter of 2024 was approximately CNY 586.66 million, compared to CNY 498.19 million in the same period last year, representing an increase of about 17.7%[21]. - The company reported a basic and diluted earnings per share of CNY 0.17, unchanged from the previous year[21]. - The company's total revenue from sales of goods and services was CNY 7.75 billion, an increase from CNY 7.37 billion year-over-year, representing a growth of approximately 5.1%[23]. Assets and Liabilities - The company's total assets decreased by 5.56% to CNY 49,939,916,410.93 from CNY 52,881,927,214.00 at the end of the previous year[5]. - The total assets decreased to ¥49,939,916,410.93 from ¥52,881,927,214.00, a decline of 5.77% year-over-year[17]. - Total liabilities decreased to ¥13,454,829,119.28 from ¥16,997,832,815.00, a reduction of 20.36%[17]. - The total owner's equity increased to ¥36,485,087,291.65 from ¥35,884,094,399.00, reflecting a growth of 1.67%[17]. Cash Flow - The net cash flow from operating activities was negative at CNY -1,306,666,360.66, slightly improved by 2.44% compared to CNY -1,339,410,329.62 in the same period last year[5]. - Cash inflow from operating activities totaled CNY 8.41 billion, up from CNY 7.99 billion in the previous year, indicating a growth of approximately 5.2%[23]. - The net cash flow from investing activities was CNY 125.06 million, a significant improvement from negative CNY 49.77 million in the previous year[24]. - The company paid CNY 5.40 billion for purchasing goods and services, down from CNY 6.15 billion in the previous year, reflecting a decrease of about 12.3%[24]. - The cash outflow from financing activities was CNY 1.23 billion, compared to CNY 445.36 million in the previous year, indicating a substantial increase in cash outflow[24]. - The company received CNY 606.24 million from borrowings, down from CNY 743.15 million in the previous year[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 173,354[10]. - The largest shareholder, Fu Liqian, holds 31.08% of the shares, with a total of 1,023,868,980 shares, of which 198,007,693 shares are pledged[10]. - The top ten unrestricted shareholders include Fu Liqian with 255.97 million shares and Zhu Jiangming with 159.98 million shares[12]. - The company reported a total of 39.61 million shares held by China Securities Finance Corporation, accounting for 1.20% of total shares[12]. - The company has a total of 5% or more shareholders, with no significant changes reported in the lending of shares for margin trading[12]. Operational Metrics - The company's cash and cash equivalents decreased to ¥14.20 billion from ¥15.97 billion, representing a decline of approximately 11%[15]. - Accounts receivable decreased to ¥15.38 billion from ¥16.28 billion, a reduction of about 5.5%[15]. - Inventory increased to ¥5.54 billion from ¥5.33 billion, reflecting an increase of approximately 4%[15]. - The company’s other receivables decreased slightly to ¥324.27 million from ¥337.52 million, a decline of about 3.6%[15]. - The company’s prepayments increased to ¥198.13 million from ¥189.39 million, an increase of approximately 4.3%[15]. - Research and development expenses increased to ¥929,481,413.25, compared to ¥855,866,109.49 in the previous year, marking an increase of 8.57%[20]. - The company reported a significant increase in sales expenses, which rose to ¥1,092,762,527.36 from ¥978,997,029.62, an increase of 11.61%[20]. Strategic Initiatives - The company adjusted investment amounts and structures for the "Xi'an R&D Center Construction Project" and "Dahua Southwest R&D Center New Project" during the reporting period[13]. - The company launched the "Quality Return Dual Improvement" action plan to enhance shareholder value and market image[13].

浙江大华技术股份有限公司 2023 年 度 社 会 责 任 报 告 二零二四年四月 1 报告概述 一、报告简介 浙江大华技术股份有限公司（以下简称"公司"、"大华股份"）《2023 年度社会责任报告》 是根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳 证券交易所上市公司自律监管指南第 1 号——业务办理》等相关文件并结合公司的实际情 况编制而成。本报告阐述了 2023 年度公司积极履行社会责任的具体实践情况，详细介绍了 在公司治理、诚信经营、科技创新、股东权益、环境保护及社会公益等方面的取得的成效， 旨在加强各利益相关方与公司之间的沟通和联系。 二、时间范围 六、报告获取 本报告在公司指定信息披露网站巨潮资讯网（www.cninfo.com.cn）、大华股份网站 （www.dahuatech.com）均可下载。若想了解本报告以外的其他信息，可查阅公司年度报告 或浏览公司网站。 2 本报告期间为 2023 年 1 月 1 日至 2023 年 12 月 31 日，部分内容超出此时间范围。 三、报告范围 报告涵盖范围为公司及其主要子公司。 四、数据来源 公司年度财务报表、审计报告 ...

浙江大华技术股份有限公司 审计报告及财务报表 二〇二三年度 您可使用手机"扫一扫"或进入"注册会 its and in the same 0 3 浙江大华技术股份有限公司 审计报告及财务报表 (2023 年 01 月 01 日至 2023 年 12 月 31 日止) | 目录 | 页次 | | --- | --- | | 审计报告 | 1-5 | | 财务报表 | | | 合并资产负债表和母公司资产负债表 | 1-4 | | 合并利润表和母公司利润表 | 5-6 | | 合并现金流量表和母公司现金流量表 | 7-8 | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | 表 | | | 财务报表附注 | 1-148 | 立信会计师事务所(特殊普通合伙) DO CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LL 审计报告 信会师报字[2024]第 ZF10311 号 浙江大华技术股份有限公司全体股东: 一、审计意见 我们审计了浙江大华技术股份有限公司(以下简称大华股份)财 务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表, ...

2023 年度 浙江大华技术股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 信会师报字[2024]第 ZF10314 号 浙江大华技术股份有限公司全体股东: 我们审计了浙江大华技术股份有限公司(以下简称"大华股 份")2023 年度的财务报表,包括 2023年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 4 月 15 日出具了报告号为信会师报字[2024]第 ZF10311 号的 无保留意见审计报告。 大华股份管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会公 告〔2022〕26 号)和《深圳证券交易所上市公司自律监管指南第 1 号 -- 业务办理》的相关规定编制了后附的 2023 年度非经营性资金 占用及其他关联资金往来情况汇总表(以下简称"汇总表"）。 编制汇总表并确保其真实、准确、合法和完整是大华股份管理层 的责任。我们将汇总表所载信息与我们审计大华股份 2023 年度财务 报表时所审核的会 ...