证券研究报告·公司点评报告·软件开发 启明星辰（002439） 2023 年报点评：业绩符合预期，收入增长有 2024 年 04月 16日 望恢复 证券分析师 王紫敬 买入（维持） 执业证书：S0600521080005 021-60199781 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E wangzj@dwzq.com.cn 营业总收入（百万元） 4,437 4,507 5,394 6,460 7,746 股价走势 同比 1.16% 1.58% 19.69% 19.76% 19.91% 启明星辰 沪深300 归母净利润（百万元） 626.11 741.14 937.81 1,177.16 1,464.60 6% 同比 -27.33% 18.37% 26.54% 25.52% 24.42% 0% -6% -12% EPS-最新摊薄（元/股） 0.51 0.60 0.76 0.96 1.19 -18% -24% P/E（现价&最新摊薄） 36.78 31.07 24.55 19.56 15.72 -30% -36% [关Ta键bl词e_：Ta#g ...

[Table_Title] 证券研究报告 新业务、新技术共振，中移正式成为公司实控 公司研究 人 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年04月15日 [T启ab明le星_S辰toc(k0A0n2d4R3an9k.]SZ) [Table事_S件um：ma启r明y]星辰发布2023年度报告及2024年一季度业绩预告，2023 年，公司实现营收45.07亿元，同比增长1.58%；实现归母净利润7.41 亿元，同比增长18.37%；实现扣非净利润4.71亿元，同比下降9.60%； 实现经营性现金流净额-3.93亿元，同比大幅下降，经营性现金流净额 [T庞ab倩le倩_Au计th算or机]行业首席分析师 下降主要因回款较慢，且公司集成项目现金支出增长所致。截至2023 执业编号：S1500522110006 年底，公司合同负债2.51亿元，同比增长31.99%。单2023Q4来看， 邮 箱：pangqianqian@cindasc.com 公司实现营收 19.73 亿元，同比下降13.01%；实现归母净利润 5.00 亿元，同比下降42.93%；实现扣非净利润 ...

计算机 公 2024年04月14日 司 报 启明星辰(002439.SZ) 告 公司与中国移动协同成效显著，新业务占比进一步提升 强烈推荐 ( 维持 ) 事项： 公司公告2023年年报。2023年，公司实现营业收入45.07亿元，同比增长 股价:19.1元 1.58%；实现归母净利润7.41亿元，同比增长18.37%。2023年利润分配预案 公 主要数据 为：拟每10股派发现金红利2.70元（含税），送红股0股（含税），不以公积 行业 计算机 司 金转增股本。公司同时公告2024年度第一季度业绩预告，2024年一季度，公 ...

上 市 公 司 计算机 公 2024年04月14日 启明星辰 (002439) 司 研 究 ——聚焦新质生产力，移动融合上台阶 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：4月12日，公司发布2023年度报告，全年实现营业收入45.07亿元，同比+1.58%； 归母净利润7.41亿元，同比+18.37%。单四季度实现收入19.73亿元，同比-13.01%； 证 券 市场数据： 2024年04月12日 归母净利润5.00亿元，同比-42.93%。考虑宏观经济复苏和订单递延，业绩符合预期。 研 收盘价（元） 19.1 一年内最高/最低（元） 37.77/16.75 究  新业务持续增长，新产品初具规模。根据公司2023年报，公司聚焦新质生产力主阵地， 市净率 1.5 报 息率（分红/股价） - 新业务板块（涉云安全、数据安全2.0＆3.0、工业互联网安全、安全运营）收入21.42亿 告 流通A股市值（百万元） 13857 上证指数/深证成指 3019.47/9228.24 元，同比+13.82%，占比接近50%。其中，涉云安全实现收入5.72亿元，同比+34.50%； 注 ...

启明星辰信息技术集团股份有限公司 2023 年年度报告全文 启明星辰信息技术集团股份有限公司 2023 年年度报告 2024 年 4 月 1 启明星辰信息技术集团股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 公司负责人王佳、主管会计工作负责人张媛及会计机构负责人（会计主 管人员）石桂君声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异。敬请广大投资者注意投资风险。 公司存在产品销售季节性风险、国家各项产业支持政策风险、运营管理 风险、财务管理风险、开展新业务不达预期的风险，敬请广大投资者注意投 资风险。详细内容见本报告"第三节管理层讨论与分析 十一、公司未来发展 的展望 （三）风险分析"。 公司经本次董事会审议通过的利润分 ...

计算机/软件开发 公 司 研 启明星辰（002439.SZ） 提质增效成效显著，新业务占比进一步提升 究 2024年04月13日 ——公司信息更新报告 投资评级：买入（维持） 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn liuxiaoyao@kysec.cn 日期 2024/4/12 证 书编号：S0790520080001 证书编号：S0790520090001 当前股价(元) 19.10  持续加码战略新业务，看好公司长期发展，维持“买入”评级 公 一年最高最低(元) 37.77/16.75 考虑宏观环境压力对下游行业需求的影响，我们下调2024-2025年归母净利润预 司 信 总市值(亿元) 234.32 测为 9.33、12.01 亿元（前值为 11.52、14.90 亿元），新增 2026 年预测为 15.58 息 流通市值(亿元) 138.57 亿元，EPS分别为0.76、0.98、1.27元/股，当前股价对应PE为25.1、19.5、15.0 更 总股本(亿股) 12.27 倍，考虑公司与移动的合作逐渐深入，协同效应突出，维持“买入”评级。 新 报 流通股本( ...

2024年02月23日 公司研究●证券研究报告 启明星辰（ ） 公司快报 002439.SZ 计算机 | 通用计算机设备Ⅲ 收入和归母利润双增长，24 年中移动是主要增 买入-A(维持) 投资评级 股价(2024-02-22) 22.03元 长动能 交易数据 投资要点 总市值（百万元） 27,026.60 流通市值（百万元） 15,958.81 事件：2月23日，公司发布2023年度业绩快报，其中，2023全年公司实现收入 总股本（百万股） 1,226.81 45.29亿元，同比增长2.07%；全年实现归母净利润7.35亿元，同比增长17.44%， 流通股本（百万股） 724.41 实现扣非归母净利润4.92亿元，同比降低5.67%。23Q4公司实现收入19.95亿元， 12个月价格区间 35.58/18.28 同比降低12.05%；23Q4实现归母净利润4.94亿元，同比降低43.60%，实现扣 一年股价表现 非归母净利润3.92亿元，同比降低51.98%。 23年公司增长企稳，24年中移动是公司主要增长动能。23年由于受到宏观经济影 响，下游客户的安全需求恢复缓慢，同时叠加市场竞争加剧，公司收入全年整 ...

证券代码：002439 证券简称：启明星辰 启明星辰信息技术集团股份有限公司投资者关系活动记录表 编号：2023-005 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 华创证券有限责任公司—胡昕安；中信建投证券股份有限公司 —罗泽兰；北信瑞丰基金管理有限公司—石础；上海沣杨资产 管理有限公司—赵高尚；长江证券股份有限公司—肖知雨；伟 星资产管理(上海)有限公司—杨克华；中国人寿资产管理有限 公司—赵花荣；东吴证券股份有限公司—戴晨；国信证券股份 有限公司—王思雯；开源证券股份有限公司—刘逍遥；苏州龙 远投资管理有限公司—李声农；首创证券股份有限公司—傅梦 欣；中邮人寿保险股份有限公司—朱战宇；上海润桂投资管理 有限公司—金勇；深圳九方资产管理有限公司—矫滨田；弘毅 远方基金管理有限公司—包戈然；深圳市尚诚资产管理有限责 任公司—杜新正；汇添富基金管理股份有限公司—李超；中华 联合保险集团股份有限公司—李东；中原证券股份有限公司— 唐月；磐厚动量(上海)资本管理有限公司—于昀田；东方财富 证券股份有限公司—童心 ...

Revenue and Profit Growth - Revenue for the third quarter was RMB 1,011,888,049.95, a 6.05% increase year-over-year[5] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 56,544,538.88, a 14,785.29% increase year-over-year[5] - Total revenue for the first nine months of 2023 was RMB 2,533,570,248.55, a 16.84% increase year-over-year[5] - Net profit attributable to shareholders for the first nine months was RMB 241,388,296.83, a 196.72% increase year-over-year[5] - Net profit for the quarter was RMB 237.68 million, compared to a net loss of RMB -252.04 million in the same period last year[20] - Earnings per share (EPS) for the quarter was RMB 0.26, compared to a loss of RMB -0.27 in the previous year[20] - Total comprehensive income for the quarter was RMB 239.19 million, compared to a loss of RMB -247.11 million in the same period last year[20] Cash Flow and Financial Position - Cash flow from operating activities for the first nine months was negative RMB 574,898,235.65, a 54.81% decrease year-over-year[5] - Operating cash flow was negative at RMB -574.90 million, compared to RMB -371.36 million in the same period last year[22] - Investment cash flow was positive at RMB 357.01 million, a significant improvement from RMB -157.37 million in the previous year[22] - Cash and cash equivalents at the end of the period were RMB 759.10 million, down from RMB 1.297 billion at the beginning of the period[23] - Cash received from investment recovery for Jan-Sep 2023 was 11.72 million yuan, an increase of 75.47% YoY, mainly due to increased recovery of investment funds[10] - Cash received from investment income for Jan-Sep 2023 was 46.91 million yuan, an increase of 87.01% YoY, mainly due to increased income from disposal of financial assets[10] - Cash paid for dividends, profits, or interest payments for Jan-Sep 2023 was 188.74 million yuan, an increase of 694.73% YoY, mainly due to increased dividend distributions[10] - Cash paid for other financing activities for Jan-Sep 2023 was 134.40 million yuan, an increase of 547.51% YoY, mainly due to payments for the 2022 Restricted Stock Incentive Plan[10] Investments and Asset Changes - Long-term equity investments increased by 84.45% to RMB 410,276,255.87 due to the listing of "Aerospace Software" on the STAR Market[9] - Development expenditure increased by 57.21% to RMB 92,604,701.42 due to new project R&D costs being capitalized[9] - Investment income for the first nine months was RMB 221,321,419.67, an 830.54% increase year-over-year, driven by the listing of "Aerospace Software"[9] - Fair value change income for the first nine months was RMB 45,067,404.92, a 375.64% increase year-over-year, due to the listing of "Yongxin Zhizheng"[9] - The company's total assets as of the third quarter of 2023 amounted to 9,887,550,876.79 yuan, with current assets totaling 6,871,088,120.05 yuan and non-current assets totaling 3,016,462,756.74 yuan[17][18] - The company's total liabilities as of the third quarter of 2023 amounted to 2,384,748,455.18 yuan, with current liabilities totaling 2,152,628,835.00 yuan and non-current liabilities totaling 232,119,620.18 yuan[17][18] - The company's monetary funds as of the third quarter of 2023 were 806,402,185.89 yuan, a decrease from 1,340,148,486.54 yuan at the beginning of the year[16] - The company's accounts receivable as of the third quarter of 2023 were 4,369,867,773.69 yuan, an increase from 3,852,992,295.04 yuan at the beginning of the year[16] - The company's inventory as of the third quarter of 2023 was 371,303,485.24 yuan, a decrease from 447,654,924.31 yuan at the beginning of the year[17] - The company's development expenditure as of the third quarter of 2023 was 92,604,701.42 yuan, an increase from 58,903,792.01 yuan at the beginning of the year[17] Impairment and Tax Expenses - Credit impairment loss for Jan-Sep 2023 was -45.63 million yuan, an increase of 7608.07% YoY, mainly due to increased expected credit losses on receivables[10] - Asset impairment loss for Jan-Sep 2023 was 1.97 million yuan, a decrease of 109.28% YoY, mainly due to reduced inventory and corresponding impairment losses[10] - Income tax expense for Jan-Sep 2023 was -47.03 million yuan, an increase of 53.43% YoY, mainly due to increased current income tax expenses from profitable subsidiaries[10] - Deferred tax assets increased by 5,950,562.86 RMB from 200,114,968.21 RMB to 206,065,531.07 RMB due to the new accounting standards[25] - Deferred tax liabilities increased by 5,940,699.62 RMB from 46,155,645.80 RMB to 52,096,345.42 RMB due to the new accounting standards[25] Shareholder and Equity Changes - The company repurchased and canceled 8.904376 million restricted shares, accounting for 0.93% of the total shares before the repurchase, at a price of 12.215 yuan per share[14] - The total number of shares decreased from 952,603,538 to 943,699,162 after the repurchase and cancellation of restricted shares[14] - The top 10 shareholders include Wang Jia (23.13%), Hong Kong Securities Clearing Company (18.68%), and Yan Li (5.02%)[12] - The company plans to issue 283,109,667 shares to China Mobile Capital Holdings Limited at a price of 14.35 yuan per share, raising a total of no more than 4,062,623,721.45 yuan, which will be used to supplement working capital[15] - After the issuance, China Mobile Capital will directly hold 23.08% of the company's shares, while Wang Jia and Yan Li will hold 21.73% of the shares and 13.08% of the voting rights[15] - Retained earnings decreased by 24,680.97 RMB from 4,551,002,757.15 RMB to 4,550,978,076.18 RMB due to the new accounting standards[25] - Minority interests increased by 34,544.21 RMB from 18,696,482.49 RMB to 18,731,026.70 RMB due to the new accounting standards[25] Operating Performance and Costs - The company's total operating income for the first three quarters of 2023 was 2,533,570,248.55 yuan, an increase from 2,168,371,071.21 yuan in the same period last year[19] - The company's total operating costs for the first three quarters of 2023 were 2,669,426,702.15 yuan, slightly lower than the 2,689,456,218.95 yuan in the same period last year[19] - Sales revenue from goods and services was RMB 2.245 billion, a decrease from RMB 2.456 billion in the previous year[22] - R&D expenses increased to RMB 768.09 million, up from RMB 715.96 million in the previous quarter[20] - Interest income increased to RMB 12.10 million, up from RMB 6.79 million in the previous year[20] - Other income decreased to RMB 105.22 million, down from RMB 158.80 million in the same period last year[20] Audit and Reporting - The company's third-quarter report for 2023 was not audited[26]

证券代码:002439 证券简称:启明星辰 启明星辰信息技术集团股份有限公司投资者关系活动记录表 编号:2023-004 □特定对象调研 □分析师会议投资者关系活动 类别 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 (请文字说明其他活动内容) | --- | |----------------------------------------------------------------------------| | 安信证券股份有限公司—赵阳;财通证券股份有限公司—董佳男;华安证券—来祚豪;平 | | 安证券—闫磊;平安证券股份有限公司—王佳一;兴证集团成员单位—桂杨;中航证券有 | | 限公司—卢正羽;中泰证券—闻学臣;中泰证券股份有限公司—苏仪;中原证券股份有限 | | 公司—唐月;东吴证券股份有限公司—戴晨;中国国际金融股份有限公司—艾柯达;中国 | | 人寿资产管理—崔维维;国寿安保基金—孟亦佳;国泰君安证券股份有限公司—伍巍;江 | | 苏汇鸿汇升投资管理有限公司—李栋;毕盛(上海)投资管理有限公司—龚昌盛;广发证券 | | 股份有限公司—李婉云;嘉实基金管理有限公司— ...