紫光股份：ICT龙头企业，深化全栈智算能力

Investment Rating - The report assigns a "Buy-B" rating for the company, marking the first coverage of the stock [2][3]. Core Insights - The company has maintained a stable performance in its operations, with significant growth expected in the AI and ICT sectors, particularly benefiting from the domestic intelligent computing network construction [3][20]. - The company is positioned as a leader in the government and enterprise sectors, with ongoing expansion in operator and international business [3][20]. Summary by Sections Company Market Performance - As of December 3, 2024, the closing price is 25.00 CNY, with a total share capital of 2.86 billion shares and a circulating market value of 71.50 billion CNY [2]. Financial Data - As of September 30, 2024, the company reports a net asset per share of 5.79 CNY and undistributed profits per share of 3.72 CNY [2]. - The projected net profits for 2024-2026 are 2.40 billion CNY, 2.87 billion CNY, and 3.49 billion CNY, respectively, with year-on-year growth rates of 14.1%, 19.4%, and 21.8% [2][3]. Business Performance - For the first three quarters of 2024, the company achieved a revenue of 58.84 billion CNY, a year-on-year increase of 6.56%, and a net profit of 1.58 billion CNY, up 2.65% [3][20]. - The company’s revenue for Q3 2024 was 20.89 billion CNY, reflecting an 8.97% year-on-year growth, with a net profit of 581 million CNY, up 12.06% [3][20]. Growth Logic - The company is benefiting from the rapid deployment of intelligent computing centers and supercomputing centers, with a strong demand from the internet and government sectors [3][20]. - The company has successfully expanded its operator business, winning multiple major equipment procurement projects from leading telecom operators [3][20]. Profit Forecast and Investment Recommendations - The company is expected to see a revenue increase from 83.06 billion CNY in 2024 to 104.83 billion CNY in 2026, with corresponding growth rates of 7.4%, 12.0%, and 12.7% [3][71]. - The earnings per share (EPS) are projected to be 0.84 CNY, 1.00 CNY, and 1.22 CNY for 2024, 2025, and 2026, respectively [2][71].