[Table_MainInfo] 公司研究/通讯服务 证券研究报告 网宿科技（300017）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（元） ] | 9.52 | | 52 周股价波动（元） | 6.37-11.54 | | 总股本 / 流通 A 股（百万股） | 2441/2283 | | 总市值 / 流通市值（百万元） | 23238/21736 | | 相关研究 | | | [Table_ReportInfo] 《营收保持韧性，盈利能力持续改善》 | | | 2024.08.26 | | | 《盈利能力改善明显，出海战略卓有成效》 | | | 2024.05.08 | | 市场表现 [Table_QuoteInfo] -14.18% -0.18% 13.82% 27.82% 4 ...

关于参加 2024 年上海辖区上市公司 网宿科技股份有限公司 三季报集体业绩说明会的公告 证券代码：300017 证券简称：网宿科技 公告编号：2024-080 届时公司副总经理、董事、董事会秘书周丽萍女士，副总经理、财务总监蒋 薇女士，独立董事陆家星先生将通过网络在线交流形式与投资者就公司治理、发 展战略、经营状况和可持续发展等投资者关注的问题进行沟通。 欢迎广大投资者积极参与。 特此公告。 网宿科技股份有限公司董事会 2024 年 11 月 5 日 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 为进一步加强与广大投资者的沟通交流，网宿科技股份有限公司（以下简称 "公司"）将参加"2024 年上海辖区上市公司三季报集体业绩说明会"活动， 现将有关事项公告如下： 本次活动将采取网络的方式举行，投资者可以登录"上证路演中心"网站 （https://roadshow.sseinfo.com）或关注微信公众号上证路演中心参与互动交 流，活动时间为 2024 年 11 月 13 日（周三）15:00 至 16:30。 ...

Investment Rating - Buy (maintained) [2] Core Views - The company's performance has grown rapidly after excluding exchange rate effects, benefiting from the development of "CDN + AI + overseas expansion" [2] - The company's revenue for the first three quarters of 2024 was 3.61 billion yuan, a year-on-year increase of 2.64%, and net profit attributable to the parent company was 429 million yuan, a year-on-year increase of 0.79% [3] - Excluding the impact of exchange gains and losses, the net profit for the first three quarters of 2024 was 458 million yuan, a year-on-year increase of 22.99% [3] - In Q3 2024, the company's revenue was 1.31 billion yuan, a year-on-year increase of 9.99%, and net profit attributable to the parent company was 132 million yuan, a year-on-year decrease of 21.30% [3] - Excluding the impact of exchange gains and losses, the net profit for Q3 2024 was 174 million yuan, a quarter-on-quarter increase of 15.31% [3] Business Development - The company continues to focus on its main business and actively deploys AI computing power, with core businesses in CDN, edge computing, and security, as well as independent businesses in computing cloud, MSP, and data center liquid cooling solutions [4] - The company has completed testing and commercial operation of the first phase of the L20 intelligent computing center project, with a total scale of 10,000 cards [4] - The company is actively implementing an overseas expansion strategy, with a focus on the Southeast Asian market, and has established branches and local teams in Singapore, the US, Japan, and South Korea [4] Financial Performance - The company's gross profit margin for the first three quarters of 2024 was 30.45%, a year-on-year decrease of 0.22 percentage points, and the net profit margin was 12.06%, a year-on-year increase of 0.09 percentage points [5] - In Q3 2024, the company's gross profit margin was 28.21%, a year-on-year decrease of 4.19 percentage points, and the net profit margin was 10.16%, a year-on-year decrease of 3.88 percentage points [5] - The company's sales/management/R&D/financial expense ratios for the first three quarters of 2024 were 7.66%/5.72%/9.27%/-2.00%, respectively, with year-on-year changes of -1.08/-1.04/-0.70/+2.24 percentage points [5] Profit Forecast and Valuation - The company is expected to achieve revenues of 5.06 billion yuan, 5.68 billion yuan, and 6.27 billion yuan in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of 652 million yuan, 764 million yuan, and 900 million yuan [8] - The corresponding P/E ratios for 2024-2026 are 34.79X, 29.71X, and 25.21X, respectively [8] - The company's ROE is expected to be 7%, 8%, and 9% in 2024, 2025, and 2026, respectively [9] - The company's gross profit margin is expected to remain stable at 32%-33% from 2024 to 2026 [11]

网宿科技（300017.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 经营稳健，围绕 DCI"多点开花" 2024 年 10 月 26 日 ➢ 网宿科技发布 2024 年三季度业绩。2024 年 10 月 25 日，网宿科技发布 2024 年三季报，公司实现收入 36.1 亿元，同比增长 2.6%；实现归母净利润 4.3 亿元，同比增长 0.8%。单季度看，公司 3Q24 实现收入 13.1 亿元，同比增长 10.0%；实现归母净利润 1.3 亿元，同比下滑 21.3%。 ➢ 剔除汇兑及处置子公司股权收益影响，公司核心净利润仍实现增长。3Q24 公司产生汇兑损失 4161 万元，上年同期汇兑损失约 753 万元，我们同时剔除 3Q23 处置 CDN-VIDEO LLC 股权产生收益，3Q24 公司核心净利润约 1.7 亿 元，同比增长近 28%。 ➢ 海外巨头纷纷布局 DCI，东南亚流量有望持续焕发活力。根据 CDCC，字节 目前已投资约 154 亿元在马来西亚打造人工智能中心，同时旗下 BytePlus 部门 正考虑于 2025 年在泰国建立一个数据中心，提供基于云和 A ...

Revenue and Profit Performance - Revenue for the third quarter reached 1,309,589,746.20 yuan, a 9.99% increase year-over-year[3] - Net profit attributable to shareholders decreased by 21.30% to 131,846,277.35 yuan in the third quarter[3] - Revenue for the first three quarters of 2024 reached 3,609.7985 million yuan, a year-on-year increase of 2.64%[15] - Gross profit for the first three quarters of 2024 was 1,099.2169 million yuan, up 1.91% year-on-year[15] - Net profit attributable to shareholders for the first three quarters of 2024 was 429.0577 million yuan, a year-on-year increase of 0.79%[15] - Revenue for Q3 2024 was 1,309.5897 million yuan, a quarter-on-quarter increase of 10.97%[15] - Gross profit for Q3 2024 was 369.3744 million yuan, up 3.55% quarter-on-quarter[15] - Net profit attributable to shareholders for Q3 2024 was 131.8463 million yuan, a quarter-on-quarter decrease of 16.94%[15] - Total operating revenue for the current period is 3,609,798,538.24 yuan, an increase from 3,517,081,319.69 yuan in the previous period[33] - Net profit attributable to the parent company's shareholders is 429,057,655.55 yuan, compared to 425,701,371.06 yuan in the previous period[34] - Total comprehensive income for the current period is 451,968,519.91 yuan, up from 440,691,929.24 yuan in the previous period[35] - Basic earnings per share for the current period is 0.1770, compared to 0.1759 in the previous period[35] - Diluted earnings per share for the current period is 0.1754, compared to 0.1744 in the previous period[35] Asset and Liability Changes - Total assets increased by 9.26% to 11,984,455,494.60 yuan compared to the end of the previous year[3] - Short-term borrowings increased by 1051.56% compared to the beginning of the year, mainly due to new bank loans[7] - Inventory balance increased by 48.08% compared to the beginning of the year, driven by higher procurement[7] - Construction in progress increased by 84.58% compared to the beginning of the year, due to the purchase of construction materials[7] - As of September 30, 2024, the company's monetary funds amounted to 1,973,091,410.60 yuan, an increase from 1,831,647,423.82 yuan at the beginning of the period[30] - The company's total assets as of September 30, 2024, were 11,984,455,494.60 yuan, compared to 10,968,682,487.07 yuan at the beginning of the period[31] - Total owner's equity is 9,786,997,971.19 yuan, slightly down from 9,788,762,415.05 yuan in the previous period[32] - Total liabilities and owner's equity amount to 11,984,455,494.60 yuan, up from 10,968,682,487.07 yuan in the previous period[32] Financial Expenses and Investment Income - Financial expenses increased by 51.63% in the first three quarters, mainly due to foreign exchange losses of 29.2171 million yuan[9] - Investment income decreased by 39.82% in the first three quarters, primarily due to the absence of a one-time gain from the disposal of CDN-VIDEO LLC in the previous year[9] - Asset disposal income increased by 1777.07% in the first three quarters, driven by higher gains from the disposal of non-current assets[9] - Exchange rate fluctuations caused a foreign exchange loss of 41.6136 million yuan in Q3 2024[15] - Cumulative foreign exchange loss for the first three quarters of 2024 was 29.2171 million yuan[15] - Excluding foreign exchange losses, net profit attributable to shareholders for Q3 2024 would have been 173.4599 million yuan, a quarter-on-quarter increase of 15.31%[15] - Excluding foreign exchange losses, net profit attributable to shareholders for the first three quarters of 2024 would have been 458.2748 million yuan, a year-on-year increase of 22.99%[15] - Financial expenses for the current period are -72,056,310.66 yuan, compared to -148,967,405.50 yuan in the previous period[33] - Fair value change income for the current period is 53,631,510.11 yuan, up from 42,798,798.90 yuan in the previous period[34] Cash Flow and Financing Activities - Net cash flow from financing activities increased by 427.59% year-over-year, primarily due to increased bank borrowings[10] - Operating cash flow increased to 757,248,989.95 yuan, up 5.1% YoY from 720,624,412.92 yuan[36] - Sales revenue from goods and services decreased slightly to 3,798,066,926.60 yuan, down 2.1% YoY from 3,877,659,212.71 yuan[36] - Cash received from tax refunds dropped significantly to 1,254,132.68 yuan, down 83% YoY from 7,359,517.65 yuan[36] - Cash received from other operating activities rose to 105,952,880.62 yuan, up 47.5% YoY from 71,846,183.05 yuan[36] - Cash outflow for purchasing goods and services decreased to 2,215,115,563.59 yuan, down 5.2% YoY from 2,336,605,387.87 yuan[36] - Investment cash inflow decreased to 4,246,340,008.72 yuan, down 31.2% YoY from 6,169,126,143.77 yuan[37] - Cash outflow for investments increased to 5,083,847,383.38 yuan, up 29.9% YoY from 7,250,383,290.96 yuan[37] - Net cash flow from financing activities surged to 312,692,414.45 yuan, up 427.6% YoY from 59,268,250.34 yuan[37] - Cash and cash equivalents at the end of the period stood at 1,498,902,406.34 yuan, up 14.2% YoY from 1,312,509,728.70 yuan[37] Share Repurchase and Incentive Plans - The company repurchased and canceled 665,825 restricted shares at a price of 3.81 yuan per share, totaling 2,536,793.25 yuan[16] - 173 incentive recipients were granted 5,560,880 stock options in the fourth exercise period, and 148 incentive recipients were granted 4,360,700 restricted shares in the fourth unlocking period[16] - The company canceled 678,568 stock options that expired unexercised in the third exercise period[16] - The company canceled 527,500 second-class restricted shares that were granted but not yet vested, and 240 incentive recipients were granted 15,380,000 second-class restricted shares in the first vesting period[17][18] - The actual amortization cost of the 2020 stock option and restricted stock incentive plan in Q3 2024 was -3.7143 million yuan, with a cumulative amortization cost of 120.1185 million yuan[17] - The actual amortization cost of the 2023 restricted stock incentive plan in Q3 2024 was 16.6453 million yuan, with a cumulative amortization cost of 85.9167 million yuan[18] - The remaining cost of the 2023 restricted stock incentive plan is 27.4858 million yuan, with 7.2543 million yuan to be recognized in 2024 (October-December) and 20.2315 million yuan in 2025[18] Financial Investments and Credit Lines - The company and its subsidiaries are authorized to use up to 5 billion yuan of idle funds to purchase medium and low-risk financial products[20] - The company invested 50 million yuan in a structured deposit with Ningbo Bank, with an expected annualized return rate of 1.5%-2.8% and an expected return of 628,800-1,173,700 yuan[21] - The company invested 50 million yuan in a structured deposit with China Merchants Bank, with an actual return of 192,200 yuan and an annualized return rate of 1.85%-2.3%[22] - The company entered into a currency swap agreement with a bank, with an initial investment amount of 16,267.93 million yuan, accounting for 1.70% of the company's net assets at the end of the reporting period, and recorded a fair value change loss of 273.43 million yuan[23] - The company applied for a comprehensive credit line from multiple banks, including Shanghai Bank, China Merchants Bank, and Industrial and Commercial Bank of China, with the credit period extended to one year from the date of approval by the board[24] Audit and Financial Management - The company decided to continue appointing ShineWing Certified Public Accountants as its financial and internal control audit institution for the year 2024[25] - The company closed a dedicated settlement account for cash management of idle raised funds at Guangfa Bank Shanghai Waitan Branch, as the cash management products had matured and there were no further plans for use[26] - The company changed the implementation entity of the "Cloud Security Platform Upgrade Project" from the company and its subsidiaries to the company and Xiamen Wangsu Co., Ltd., excluding Hong Kong Shenjia Technology Co., Ltd.[27] - The company provided a maximum of 600 million yuan in joint liability guarantee for its wholly-owned subsidiary Xiamen Wangsu's credit agreement with China Merchants Bank Shanghai Branch[29] Research and Development Expenses - Research and development expenses for the current period are 334,679,326.34 yuan, a decrease from 350,610,572.03 yuan in the previous period[33] Miscellaneous - The company's Q3 report was unaudited[38]

证券代码：300017 证券简称：网宿科技 公告编号：2024-077 2024年前三季度，公司继续执行业务高质量发展、深化拓展海外市场、持续 推进降本增效的经营策略。以客户为中心，快速响应市场需求，着力于自身产品 性能及服务能力的提升，进一步推进海外"能力圈"建设，为客户拓展全球化业 务提供支持；持续优化内部运营管理，将AI融入公司产品、技术开发环节，提高 研发效率，持续优化人员成本。2024年前三季度，公司实现营业收入360,979.85 万元，同比增长2.64%；毛利额109,921.69万元，同比增长1.91%；归属于上市公 司股东的净利润42,905.77万元，同比增长0.79%；归属于上市公司股东的扣除非 经常性损益后的净利润30,362.89万元，同比增长3.24%。 经与会董事审议认为，《2024年第三季度报告》能够真实、准确、完整地反 映公司第三季度的经营管理情况，不存在虚假记载、误导性陈述和重大遗漏。公 司董事、监事和高级管理人员均对《2024年第三季度报告》出具了书面确认意见。 具体内容详见公司同日披露于巨潮网（http://www.cninfo.com.cn）上的 《2024年第三季度 ...

表决结果：以3票赞成，0票反对，0票弃权获得通过。 特此公告。 网宿科技股份有限公司监事会 网宿科技股份有限公司(以下简称"公司")第六届监事会第十七次会议通 知于 2024 年 10 月 22 日以电子邮件方式发出，会议于 2024 年 10 月 25 日上午 11：00 以电话会议方式召开。本次会议应到监事 3 人，实到监事 3 人。本次会 议的召集、召开程序符合《公司法》和《公司章程》的有关规定。本次会议由监 事会主席刘菁女士主持。与会监事对议案进行审议并形成如下决议： 一、审议并通过《2024 年第三季度报告》 经审核，监事会认为：董事会编制和审核公司2024年第三季度报告的程序符 合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn/） 上的《2024年第三季度报告》。 证券代码：300017 证券简称：网宿科技 公告编号：2024-079 网宿科技股份有限公司 第六届监事会第十七次会议决议公告 本公司及监事会全体成员保证公告内容真实、 ...

网宿科技股份有限公司 关于 2020 年股票期权与限制性股票激励计划股票期权第四个行 证券代码：300017 证券简称：网宿科技 公告编号：2024-076 权期采用自主行权模式的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、网宿科技股份有限公司（以下简称"公司"）2020 年股票期权与限制性 股票激励计划（以下简称"本次激励计划"）授予股票期权的期权代码：036430， 期权简称：网宿 JLC8。 2、本次激励计划分四期行权，本次为第四个行权期。本次可行权的激励对 象共 173 名，可行权的股票期权数量为 5,560,880 份，占公司目前总股本的比例 为 0.2278%。 3、本次行权采用自主行权模式。 4、本次股票期权实际可行权期间为 2024 年 10 月 25 日至 2025 年 6 月 11 日。 5、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 公司于 2024 年 7 月 10 日召开的第六届董事会第十三次会议审议通过《关于 公司<2020 年股票期权与限制性股票激励计划>第四个行权期/解锁期行权/解锁 条件成 ...

证券代码：300017 证券简称：网宿科技 公告编号：2024-075 网宿科技股份有限公司 关于使用自有资金购买理财产品的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 经网宿科技股份有限公司（以下简称"公司"）于 2023 年 11 月 30 日召开的第 六届董事会第八次会议及 2023 年 12 月 11 日召开的 2023 年第五次临时股东大会审 议，同意公司及子公司在不影响正常生产经营且可以有效控制风险的前提下，使用 金额不超过人民币 50 亿元（含等值外币）的自有资金购买包括但不限于商业银行、 证券公司、基金公司或信托机构等金融机构发行的中、低风险的理财产品。购买理财 产品的额度自股东大会审议通过之日起 12 个月内可滚动使用，投资期限至 2024 年 12 月 10 日。具体内容见公司于 2023 年 12 月 2 日公告的《关于调整使用闲置自有 资金购买理财产品的额度并延长投资期限的公告》（公告编号：2023-144）。 一、理财产品的基本情况 自前次《关于使用自有资金购买理财产品的进展公告》（公告编号：2024-063） 披露后，公司使用 ...

部分股票期权注销完成的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300017 证券简称：网宿科技 公告编号：2024-074 网宿科技股份有限公司 关于 2020 年股票期权与限制性股票激励计划 网宿科技股份有限公司（以下简称"公司"）于 2024 年 7 月 10 日召开了第 六届董事会第十三次会议、第六届监事会第十四次会议，审议通过《关于调整公 司<2020 年股票期权与限制性股票激励计划>授予激励对象、股票期权数量暨回 购注销部分限制性股票的议案》，公司董事会决定取消授予股票期权的 2 名离职 人员激励对象资格并注销授予其的股票期权合计 32,000 份，另外，因公司 2020 年股票期权与限制性股票激励计划授予股票期权的激励对象中有 5 人在第四个 行权期对应的个人绩效考核结果为不合格，根据公司《2020 年股票期权与限制 性股票激励计划》规定，公司决定注销其持有的第四个行权期对应的股票期权 290,680 份。 公司于 2024 年 8 月 19 日召开了第六届董事会第十四次会议、第六届监事会 第十五次会议，审议通过《关于注销公司<2 ...