重要内容提示： 本次会议是否有否决议案：无 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603019 证券简称：中科曙光 公告编号：2024-049 一、 会议召开和出席情况 曙光信息产业股份有限公司 (一) 股东大会召开的时间：2024 年 11 月 11 日 (二) 股东大会召开的地点：北京市海淀区中关村软件园 36 号楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 6,200 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 516,010,595 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 35.2832 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事长李国杰先生主持，会议采用现场 投票与网络投票相结合的表决方式，大会的通知、召开、 ...

2024 年第二次临时股东大会的 法律意见书 植德京(会)字[2024]0142 号 二〇二四年十一月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于曙光信息产业股份有限公司 北京植德律师事务所 关于曙光信息产业股份有限公司 2024 年第二次临时股东大会的 法律意见书 植德京（会）字[2024]0142 号 致：曙光信息产业股份有限公司 北京植德律师事务所（以下简称"本所"）接受曙光信息产业股份有限公司 （以下简称"公司"）的委托，指派律师出席并见证公司 2024 年第二次临时股东 大会（以下简称"本次股东大会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民 ...

Key Points Industry Overview 1. **Global Cloud Computing Market Capital Expenditure**: The global cloud computing market is expected to reach $400 billion in fiscal year 2024, with the next quarter seeing an investment of $150 billion. It is projected to exceed $600 billion in fiscal year 2025. [doc id='2'] 2. **Google Cloud's Performance**: Google Cloud stands out in this sector with a year-over-year growth rate of 35%, the highest among all cloud services. [doc id='2'] 3. **Amazon's Capital Expenditure**: Amazon's capital expenditure reached $200.13 billion in the third quarter, a year-over-year increase of 88%. [doc id='2'] 4. **Chinese Internet Giants' Capital Expenditure**: Alibaba, Baidu, and Tencent have shown rapid growth trends, with Alibaba's capital expenditure reaching 226 billion yuan in the first half, a year-over-year increase of more than 100%. [doc id='2'] 5. **Impact of US Export Controls**: The US Department of Commerce's additional export control regulations, effective April 4, 2024, aim to make it more difficult for China to obtain AI chips and related manufacturing tools, impacting companies like NVIDIA and AMD. [doc id='2'] Company Overview 1. **Zhongke Shuguang's Core Assets**: Zhongke Shuguang owns multiple core assets, including Haiguang Information, Zhongke Shuguang, and Shuguang Shudian. [doc id='3'] 2. **Market Value of Zhongke Shuguang and Its Core Assets**: As of November 9, Haiguang Information's market value exceeded 300 billion yuan, Zhongke Shuguang's market value was 35 billion yuan, China Trust's market value was 35 billion yuan, and Shuguang Shudian's market value was 14.5 billion yuan. Zhongke Shuguang holds 27.96% of Haiguang Information, 15.7% of Zhongke Yutai, and 62.07% of Shuguang Shudian, with a total scale exceeding 1 trillion yuan. [doc id='3'] 3. **Valuation of Zhongke Shuguang**: With an expected net profit of 20 billion yuan in 2024, Zhongke Shuguang's total valuation could reach 600 billion yuan, significantly higher than the current market valuation. [doc id='3']

Investment Rating - The report maintains a "Buy" rating for Sugon (603019 SH) [1] Core Views - Sugon achieved steady growth in revenue and net profit in Q3 2024 with total revenue of 8 041 billion yuan up 3 65% YoY and net profit attributable to shareholders of 770 million yuan up 2 57% YoY [1] - The company increased R&D investment by 14 49% YoY in the first three quarters of 2024 focusing on long-term R&D achievements [1] - Sugon is expected to benefit from the domestic substitution wave in the computing industry with its comprehensive product portfolio covering high-end computers storage security and data center products [1] - The company has invested in multiple high-quality assets forming a full industry chain layout from chips to cloud computing and is expected to strengthen its industry leadership through business synergies [1] Financial Performance - In Q3 2024 Sugon's revenue was 2 329 billion yuan down 1 19% YoY while net profit attributable to shareholders was 206 million yuan up 0 41% YoY [1] - The company's revenue for 2024E is forecasted to be 16 190 billion yuan with a YoY growth of 12 8% and net profit attributable to shareholders is expected to reach 2 159 billion yuan up 17 6% YoY [2] - Sugon's EPS for 2024E is projected to be 1 48 yuan with a P/E ratio of 36 8x [2] Industry and Competitive Position - The domestic computing industry is accelerating driven by AI and localization trends with Sugon positioned as a leading player in the domestic computing power sector [1] - Sugon's valuation is higher than peers such as Inspur Information (000977 SZ) and Unisplendour (000938 SZ) reflecting its leading position in the industry [2] Future Outlook - The report forecasts Sugon's net profit attributable to shareholders for 2024-2026 to be 2 159 billion yuan 2 616 billion yuan and 3 166 billion yuan respectively with EPS of 1 48 yuan 1 79 yuan and 2 16 yuan [2] - The company's ROE is expected to increase from 10 4% in 2024E to 12 1% in 2026E indicating improving profitability [5]

Investment Rating - The report assigns a "Buy" rating to the company for the first time, indicating a positive outlook on its future performance [1][3] Core Views - The company's revenue for the first three quarters of 2024 reached 8.041 billion yuan, a year-on-year increase of 3.65%, with net profit attributable to shareholders of 770 million yuan, up 2.57% year-on-year [1] - The company's gross margin remained stable, with a Q3 gross margin of 28.20%, an increase of 2.71 percentage points year-on-year and 2.42 percentage points quarter-on-quarter [1] - The company's investment in Haishen Information (holding 27.96%) contributed significantly, with Haishen's revenue reaching 6.137 billion yuan in the first three quarters, a year-on-year increase of 55.64%, and net profit attributable to shareholders of 1.526 billion yuan, up 69.22% year-on-year [1] - The company's liquid cooling server business, through its subsidiary Shuguang Shuchuang (indirectly holding 62.07%), is expected to benefit from the growing demand for AI-driven high-performance computing, with the domestic liquid cooling server market projected to grow at a CAGR of 47.6% from 2023 to 2028 [1][7] Industry Analysis - The server industry in 2024 is influenced by structural demand changes, with overseas markets and Huawei partners showing strong growth, while domestic internet companies are increasing capital expenditures, driving demand for white-label servers [1] - The domestic AI chip supply has not fully met market demand, but with the improvement in performance and capacity release of domestic chips, AI server demand is expected to rebound rapidly by 2025 [1] - The report highlights that the company's gross margin performance in Q3 was significantly better than its peers, reflecting the differentiation in its product and layout strategy [1] Financial Projections - The report forecasts the company's EPS for 2024-2026 to be 1.34 yuan, 1.69 yuan, and 2.13 yuan, respectively, with corresponding P/E ratios of 56.26x, 44.76x, and 35.47x based on the closing price of 75.60 yuan on November 7, 2024 [3] - Revenue is expected to grow from 15.382 billion yuan in 2024 to 20.435 billion yuan in 2026, with net profit increasing from 1.966 billion yuan in 2024 to 3.119 billion yuan in 2026 [4] - The company's gross margin is projected to remain stable, with a slight increase from 26.88% in 2024 to 26.29% in 2026, while net margin is expected to improve from 12.78% in 2024 to 15.26% in 2026 [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [3][10][19]. Core Insights - The company's performance in the first three quarters of 2024 met expectations, with a revenue of 8.041 billion yuan, a year-on-year increase of 3.65%, and a net profit attributable to shareholders of 770 million yuan, up 2.57% year-on-year [2][3]. - Investment income saw significant growth, reaching 412 million yuan, a year-on-year increase of 82.03%, primarily driven by the profitability of associated companies [2][3]. - The gross margin improved to 26.81%, an increase of 0.94 percentage points year-on-year, attributed to a higher proportion of self-developed products [3]. Financial Performance Summary - Revenue and Profitability: - For the first three quarters, revenue was 8.041 billion yuan, with a net profit of 770 million yuan [2]. - The third quarter alone saw revenue of 2.329 billion yuan, a decrease of 1.19% year-on-year, but net profit increased by 0.41% to 206 million yuan [2]. - Future Profit Projections: - Expected net profits for 2024, 2025, and 2026 are projected at 2.301 billion yuan, 2.833 billion yuan, and 3.395 billion yuan, respectively, with corresponding EPS of 1.57, 1.94, and 2.32 yuan [3][5]. - Valuation Metrics: - The current stock price corresponds to PE ratios of 38.44, 31.23, and 26.06 for the years 2024, 2025, and 2026, respectively [3][5].

Investment Rating - The report maintains a "Recommend" rating for Sugon (603019 SH) [1] Core Views - Sugon achieved steady growth in the first three quarters of 2024, with revenue increasing by 3 65% YoY to RMB 8 041 billion and net profit attributable to shareholders growing by 2 57% YoY to RMB 770 million [2][3] - The company continues to deepen its layout in the computing power field, promoting the interconnection of computing resources and industrial openness [6] - Sugon is actively seizing development opportunities in the era of large models, with its computing power industry layout providing a strong foundation [6] Financial Performance Revenue and Profit - Q3 2024 revenue decreased by 1 19% YoY to RMB 2 329 billion, while net profit attributable to shareholders increased by 0 41% YoY to RMB 206 million [3] - Gross margin improved by 0 93 percentage points YoY to 26 81% in the first three quarters of 2024 [3] - Operating expense ratio increased by 2 67 percentage points YoY to 21 29%, with R&D expense ratio rising by 1 15 percentage points to 12 22% [3] R&D and Innovation - R&D expenses reached RMB 983 million in the first three quarters of 2024, a 14 49% YoY increase [4] - The company launched new products including FlashNexus all-flash storage and upgraded ParaStor distributed storage, achieving significant performance improvements [4] - SugonRI 2 0 industrial solution features self-developed SugonC++ programming language and a rich industrial knowledge base [5] Industry and Market Position - Sugon is a leading ICT infrastructure solutions provider in China, with a strong focus on computing power services [7] - The company is accelerating the integration of high-performance computing, intelligent computing, and general-purpose computing to meet diverse application needs [6] - Sugon is building a new ecosystem of "domestic computing power + domestic software" through enhanced industrial collaboration [6] Future Outlook - The company is expected to achieve net profits of RMB 2 181 billion, RMB 2 656 billion, and RMB 3 290 billion in 2024, 2025, and 2026 respectively [7] - EPS is forecasted to be RMB 1 49, RMB 1 82, and RMB 2 25 for 2024-2026, with corresponding P/E ratios of 41 1x, 33 7x, and 27 2x [7] - Gross margin is projected to increase from 29 3% in 2024 to 31 9% in 2026, while net margin is expected to grow from 14 0% to 15 4% over the same period [10]

Investment Rating - The report maintains an "Outperform" rating for the company [4][5]. Core Insights - The company reported Q3 2024 results that met market expectations, with a revenue of 8.04 billion yuan for the first three quarters, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 770 million yuan, up 2.6% year-on-year [4]. - The gross margin showed a steady increase, reaching 28.20% in Q3 2024, which is an improvement of 2.71 percentage points compared to the same period last year, indicating enhanced order quality and industry chain collaboration [4]. - The company's strategic investments in various high-quality assets across the computing power industry chain are expected to drive sustained growth, covering upstream chip production to downstream cloud service providers [4]. - The next-generation product, the Haiguang DCU, is progressing well and is designed to meet the high demand for AIGC, achieving compatibility with major AI models and positioning the company at a leading level domestically [5]. - The establishment of a "National Integrated Computing Power Service Platform" is enhancing the company's influence and operational capabilities in various cities [5]. - The company is projected to achieve net profits of 2.26 billion, 2.66 billion, and 3.12 billion yuan for the years 2024 to 2026, benefiting from its core infrastructure and AI computing power [5]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 8.04 billion yuan, with a year-on-year growth rate of 3.7% [7]. - The net profit attributable to shareholders for the same period was 770 million yuan, reflecting a year-on-year increase of 2.6% [7]. - The projected revenues for 2024, 2025, and 2026 are 16.82 billion, 18.97 billion, and 21.94 billion yuan respectively, with corresponding net profits of 2.26 billion, 2.66 billion, and 3.12 billion yuan [7][9].

2024 年 10 月 29 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 国产算力领军者，前三季度业绩保持稳健 ——中科曙光（603019）2024 年三季报点评 最近一年走势 事件: 10 月 28 日，公司发布 2024 年三季报： 2024 年前三季度，公司实现营收 80.41 亿元，同比+3.65%；实现归母 净利润 7.70 亿元，同比+2.57%；扣非归母净利润4.45亿元，同比+8.66%。 投资要点: 2024Q3 业绩相对稳健，未来或受益公司服务器上游转型 2024Q3，实现营收 23.29 亿元，同比-1.19%；归母净利润 2.06 亿 元，同比+0.41%；扣非后归母净利润 0.79 亿元，同比-24.55%。 相对沪深 300 表现 2024/10/28 表现 1M 3M 12M 中科曙光 25.0% 26.4% 51.0% 我们认为：2024Q3，公司业绩保持相对稳健，扣非后归母净利润暂 时承压，主要系公司业务结构调整所致。未来，随着公司向服务器上游 转型至成熟阶段， ...

F源证券 计算机/计算机设备 业绩稳定增长，高端计算生态日益完善 中科曙光（603019.SH） 2024 年 10 月 29 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 | | S0790520080001 | 证书编号： S0790520090001 | 国内智算领军，维持"买入"评级 我们维持公司 2024-2026 年归母净利润预测为 21.00、26.01、32.50 亿元，对应 EPS 为 1.44、1.78、2.22 元/股，当前股价对应 2024-2026 年 PE 为 37.8、30.5、 24.4 倍，考虑公司国产高端计算生态日益完善，维持"买入"评级。 业绩稳定增长，盈利能力持续提升 （1）2024 年前三季度公司实现营业收入 80.41 亿元，同比增长 3.65%；实现归 母净利润 7.70 亿元，同 ...