Investment Rating - Buy | Maintain [1] Core Views - The company achieved steady revenue growth and a significant increase in non-GAAP net profit in 2023, with revenues reaching 32.218 billion yuan, up 5.41% YoY, and non-GAAP net profit attributable to the parent company reaching 2.962 billion yuan, up 87.39% YoY [2] - In Q1 2024, the company reported revenues of 6.181 billion yuan, up 2.75% YoY, and non-GAAP net profit attributable to the parent company of 501 million yuan, up 25.92% YoY [2] - The company maintained high R&D investment, with 3.967 billion yuan spent in 2023, accounting for 12.31% of revenue, focusing on AI, data intelligence, and cloud computing [3] - The company's innovative business grew rapidly, with revenues of 4.907 billion yuan in 2023, up 19.20% YoY, and a gross margin of 35.41% [3] - The company has built a comprehensive algorithm training system, including the Xinghan visual model, which supports multiple industries such as energy and water resources [4] Financial Forecasts - Revenue is projected to grow to 35.246 billion yuan in 2024, 38.351 billion yuan in 2025, and 41.571 billion yuan in 2026 [5] - Net profit attributable to the parent company is expected to reach 3.717 billion yuan in 2024, 4.308 billion yuan in 2025, and 4.808 billion yuan in 2026 [5] - EPS is forecasted to be 1.13 yuan in 2024, 1.31 yuan in 2025, and 1.46 yuan in 2026, with corresponding P/E ratios of 15.33x, 13.23x, and 11.85x [5] Business Segments - Domestic TO G business revenue was 4.333 billion yuan in 2023, up 0.18% YoY [2] - Domestic TO B business revenue was 9.087 billion yuan in 2023, up 9.92% YoY [2] - Domestic other business revenue was 3.471 billion yuan in 2023, up 8.24% YoY [2] - Overseas business revenue was 15.327 billion yuan in 2023, up 3.80% YoY [2] R&D and Innovation - The company's software business within its smart IoT products and solutions generated 1.797 billion yuan in revenue in 2023, up 21.59% YoY, with a gross margin of 67.09% [3] - The company has developed a 1+1+N algorithm training system, including offline training machines and an AI training online platform [4] Financial Ratios - Gross margin improved to 42.04% in 2023, up from 37.87% in 2022 [13] - ROE increased to 21.20% in 2023, compared to 9.00% in 2022 [13] - Net profit margin rose to 22.85% in 2023, up from 7.60% in 2022 [13]

[Table_MainInfo] 公司研究/信息设备/电子设备与仪器 证券研究报告 大华股份（002236）公司年报点评 2024年04月21日 [Table_InvestInfo] 扣非归母净利润同比大增 87%，AI 定位 投资评级 优于大市 维持 为核心战略助力公司未来长期发展 股票数据 0[4Ta月b1le9_日S收to盘ck价（In元fo）] 17.30 [Table_Summary] 52周股价波动（元） 15.03-27.47 投资要点： 总股本/流通A股（百万股） 3294/2082 总市值/流通市值（百万元） 56994/36020  全新升级Dahua Think#2.0战略，扣非归母净利润同比大增87.39%。公司 相关研究 发布 2023 年年报和 2024 年一季报。2023 年，在国内外诸多因素影响下， [《Ta全b球le领_R先e的po智rtI慧nf物o]联 解决方案提供商， 公司仍坚持精细化管理和高质量发展的经营理念，实现营业收入 322.18 亿 Think#2.0 战略下聚焦“融合智能”》 元，同比增长5.41%；归母净利润73.62亿元，同比增长216.73%；扣非归 ...

2024 年 04 月 18 日 公司研究 评级：增持 (首次覆盖 ) 研究所： [Table_Title] 业绩逐步改善，合作中移动 赋能日新月盛 +AI 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn ——大华股份（ ） 年年报 年 002236 2023 &2024 一季报点评 事件 : 最近一年走势 2024年4月15日，公司发布2023年年度及2024年一季度报告： 2023年，公司实现营业收入322.18亿元，同比+5.41%；归母净利润73.62 亿元，同比+216.73%；扣非后归母净利润29.62亿元，同比+87.39%； 经营活动净现金流45.99亿元，同比+336.49%。 2024Q1公司营业收入61.81亿元，同比+2.75%；归母净利润5.61亿元， 同比+13.26%；扣非归母净利润5.01亿元，同比+25.92%。 投资要点 :  B端业务稳定发力，创新业务维持高增长 相对沪深300表现 2024/04/18 表现 1M 3M 12M 2023年主营业务保持稳健增长，分业务看： 大华股份 -8.9% 5.3% -25.6% （1）国内市 ...

上 市 公 司 计算机 2024 年04月 17 日 大华股份 (002236) 公 司 研 究 ——ToB 稳中向好，创新和软件业务高增 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：大华股份发布 2023 年报及 2024 一季报。2023 年，公司实现营业收入 322.18 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%。2024年一 证 市场数据： 2024年04月16日 季度，公司营业收入同比增长2.75%，归母净利润同比增长13.26%。 券 收盘价（元） 17.58 研 一年内最高/最低（元） 27.47/15.03  年报收入利润与此前业绩预告基本一致。2023 年全年实现收入同比增长 5.41%，净利润 究 市净率 1.6 同比增长216.73%，利润较高增长，主要由于公司在报告期内处置了对零跑持有的7.88% 报 息率（分红/股价） 1.76 告 流通A股市值（百万元） 36603 股份，预计增加归属于母公司净利润约41.37亿。 上证指数/深证成指 3007.07/9155.07 注：“息率”以最近一年已公布分 ...

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 ...

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 ...

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 ...

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 ...