紫光股份：积极推进收购事项，深化“AI in ALL”战略

Investment Rating - The investment rating for the company is "Accumulate" [1][4]. Core Views - The company is actively advancing its acquisition of Xinhua San and has seen a continuous increase in its market share for PC server procurement from China Mobile [3]. - The company's revenue for 2023 reached 77.308 billion yuan, a year-on-year increase of 4.39%, with the ICT infrastructure and services business contributing 51.506 billion yuan, up 10.15% [3]. - The company maintains stable expense and gross profit margins, with a gross profit margin of 19.6% in 2023 [3]. - The "AI in ALL" strategy is being deepened, enhancing the company's capabilities in digital infrastructure and AI applications [3]. Summary by Sections Market Data - Closing price: 21.96 yuan - Total shares: 2860.08 million - Net assets: 34,360.47 million yuan - Total assets: 84,605.41 million yuan - Net asset per share: 12.01 yuan [2]. Financial Performance - Revenue forecast for 2024-2026 is 87.854 billion, 98.670 billion, and 108.550 billion yuan respectively, with expected growth rates of 13.6%, 12.3%, and 10.0% [5]. - Net profit attributable to the parent company for the same period is projected to be 2.498 billion, 2.911 billion, and 3.372 billion yuan, with growth rates of 18.8%, 16.5%, and 15.8% [5]. - The company’s gross profit margin is expected to slightly increase to 19.7% in 2024 and reach 20.4% by 2026 [5]. Strategic Initiatives - The company is enhancing its full-stack ICT infrastructure capabilities and has made significant advancements in AI applications, including the launch of a 51.2T 800G CPO silicon photonic data center switch [3]. - The company is focusing on expanding its market share in the ICT sector, with a notable increase in revenue from its subsidiary Xinhua San [3].