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科技:重点央企资产盘点系列(二)-中国电子核心资产盘点
ZHONGTAI SECURITIES·2024-11-13 10:11

Industry Investment Rating - The report does not explicitly mention an investment rating for the industry [1][2] Core Views - China Electronics Corporation (CEC) is a key pillar in China's electronic information industry, focusing on national cybersecurity and digital economy development [2] - CEC has undergone four major development stages, evolving from foundational electronic industry to market-oriented reforms, and now focusing on core technological innovation and integration into the Greater Bay Area [6] - CEC is strategically positioned in emerging industries such as AI, new materials, and brain-computer interfaces, with significant advancements in AI-powered operating systems and high-generation substrate glass production [10][11] - The company has strong financials, with 2023 revenue reaching 2505.4 billion yuan and a net profit margin of 5.0% [15][16] - CEC is actively promoting mixed-ownership reforms, particularly in core assets, to enhance its market influence and lead the innovation ecosystem in the network and information industry [17] Company Analysis CEC's Strategic Focus - CEC is focusing on next-generation information technology, AI, new materials, and brain-computer interface technologies to support modern industrial system construction [11] - The company is leveraging its full industry chain advantages, including Feiteng chips and CECSTACK intelligent computing cloud platforms, to meet diverse industry computing needs [12] - CEC has made significant progress in AI applications, with China Software and Kylin Software launching AI knowledge assistants and AI-powered operating systems [10][11] - In new materials, Rainbow Group has developed high-generation substrate glass and special glass production lines, enhancing China's market share in display panels and automotive displays [10][11] - CEC is also advancing in brain-computer interface technology, collaborating with universities to develop proprietary chips for high-precision brain signal acquisition [10][11] Financial Performance - CEC employs 189,000 people and reported 2023 revenue of 2505.4 billion yuan, with a total profit and tax of 125.4 billion yuan [15][16] - The company's total assets stand at 4336 billion yuan, with a net asset value of 455.15 billion yuan and an asset return rate of 2.8% [15][16] Subsidiaries and Listed Companies - CEC has 24 listed companies, including China Great Wall, China Software, and Shenzhen Kaifa, which are key platforms for its strategic initiatives [1][21] - These companies span various sectors such as integrated circuits, software, and cybersecurity, with significant contributions to CEC's overall performance [21][30] - Notable subsidiaries include Feiteng Technology, which has sold over 8.5 million CPU chips, and Kylin Software, a leader in secure operating systems [38] Non-Listed Assets - CEC also holds valuable non-listed assets, such as China Electronics International Information Service and China Zhenhua Electronics Group, which play crucial roles in its industrial layout [35][40][41] - These assets are involved in areas like electronic component distribution, industrial internet, and advanced manufacturing, further strengthening CEC's market position [36][40][41] Strategic Initiatives - CEC is actively integrating into the Greater Bay Area, leveraging regional advantages to drive digital technology and cybersecurity developments [6] - The company is focusing on building a self-reliant "PK" system for computer basic software and hardware, enhancing its capabilities in cybersecurity and information technology [17] - CEC's mixed-ownership reforms aim to foster collaboration between state-owned and private capital, creating a synergistic innovation ecosystem in the network and information industry [17]