1H24 扣非稳健增长，推进全栈智算 | --- | --- | |-----------------------------|--------------| | 华泰研究 中报点评 | | | 2024 年 8 月 27 日│中国内地 | 通信设备制造 | 研究员 王兴 SAC No. S0570523070003 wangxing@htsc.com SFC No. BUC499 +(86) 21 3847 6737 研究员 高名垚 SAC No. S0570523080006 gaomingyao@htsc.com SFC No. BUP971 +(86) 21 2897 2228 联系人 王珂 SAC No. S0570122080148 wangke020520@htsc.com +(86) 755 8249 2388 联系人 唐攀尧 SAC No. S0570124040002 tangpanyao@htsc.com +(86) 755 8249 2388 1H24 扣非净利润稳健增长，聚焦 AIGC 市场持续深化栈智算布局 根据公司 24 年中报，公司 1H24 营收/归母净利润/扣非归母净利润分 ...

Investment Rating - The report maintains a "Recommend" rating for Unisplendour Corporation (000938) with a target price of 26.7 RMB, compared to the current price of 19.28 RMB [1] Core Views - Unisplendour's performance showed significant quarter-over-quarter improvement, with H3C (a subsidiary) delivering stable results [1] - Revenue and profit improved notably in Q2 2024, with AIGC applications driving growth [2] - H3C's domestic government and enterprise business grew by 8.31% YoY, while its international business saw a 61.22% YoY increase in H3C branded products and services [2] - The company's Lingxi Intelligent Computing Solution is leading in the industry, with strong market share in Ethernet switches and data center switches [2] - The report adjusted the profit forecast for 2024-2026, expecting net profit attributable to the parent company to grow at 20.8%, 19.4%, and 15.3% respectively [2] Financial Performance - In H1 2024, Unisplendour achieved revenue of 37.951 billion RMB, a 5.29% YoY increase, with net profit attributable to the parent company of 1 billion RMB, a 2.13% YoY decrease [1] - Q2 2024 revenue was 20.945 billion RMB, a 7.32% YoY increase and 23.16% QoQ growth, with net profit attributable to the parent company of 587 million RMB, a 0.60% YoY increase and 41.82% QoQ growth [2] - H3C's revenue in H1 2024 was 26.428 billion RMB, a 5.75% YoY increase, with net profit of 1.82 billion RMB [2] - The company's gross margin in H1 2024 was 19.03%, a 1.29 pct YoY decrease, while net margin was 4.55%, a 0.45 pct YoY decrease [2] Business Highlights - Unisplendour's "AI for ALL" strategy is driving innovation in computing power, network connectivity, and intelligent storage [2] - The company holds the top market share in China's Ethernet switch, enterprise network switch, and campus switch markets, and ranks second in the data center switch market [2] - H3C's domestic government and enterprise business contributed 20.212 billion RMB in revenue, while its international business generated 1.198 billion RMB [2] Financial Forecast - Revenue is expected to grow from 86.129 billion RMB in 2024E to 108.221 billion RMB in 2026E, with YoY growth rates of 11.4%, 12.3%, and 11.8% respectively [3] - Net profit attributable to the parent company is forecasted to increase from 2.541 billion RMB in 2024E to 3.498 billion RMB in 2026E, with YoY growth rates of 20.8%, 19.4%, and 15.3% [3] - EPS is projected to grow from 0.89 RMB in 2024E to 1.22 RMB in 2026E [3] Valuation - The report assigns a 30x PE multiple for 2024, based on comparable company valuations and the company's historical PE average of 32.31x over the past five years [2] - The target price of 26.7 RMB implies a 38.5% upside from the current price of 19.28 RMB [1]

紫光股份（000938.SZ）2024 年半年报点评 H1 业绩稳健增长，AI 时代深耕全栈智算 2024 年 08 月 27 日 ➢ 事件：2024 年 8 月 27 日，公司发布 24 年半年报，上半年实现营收 379.51 亿元， 同比增长 5.29%；实现归母净利润 10.00 亿元，同比下降 2.13%；扣非归母净利润为 8.94 亿元，同比增长 5.78%。单季度看，2Q24 实现收入 209.45 亿元，同比增长 7.32%；归 母净利润 5.87 亿元，同比增长 0.60%；扣非归母净利润为 5.51 亿元，同比增长 8.46%。 ➢ 公司业绩符合预期，新华三营业利润同比增长 13%。1）分业务看：24H1 ICT 基础 设施及服务实现收入 261 亿元，同比增长 5.43%，营收占比 68.92%；IT 产品分销与供 应链服务实现收入 136.16 亿元，同比增长 6.26%，营收占比 35.88%。2）新华三 24H1 收入 264 亿元，同比增长 5.75%；营业利润 20 亿元，同比增长 12.91%；净利润 18 亿 元，同比减少 0.17%。新华三国内政企业务收入 202 亿元，同 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥37,950,866,107.59, representing a 5.29% increase compared to ¥36,045,364,005.88 in the same period last year[10]. - The net profit attributable to shareholders of the listed company was ¥1,000,362,167.74, a decrease of 2.13% from ¥1,022,130,981.77 in the previous year[10]. - The net profit after deducting non-recurring gains and losses was ¥893,590,930.35, which is an increase of 5.78% compared to ¥844,737,847.92 in the same period last year[10]. - The net cash flow from operating activities was -¥3,219,179,295.21, a decline of 45.85% from -¥2,207,167,063.62 in the previous year[10]. - The total assets at the end of the reporting period were ¥88,804,125,344.75, reflecting a 1.76% increase from ¥87,264,490,585.74 at the end of the previous year[10]. - The net assets attributable to shareholders of the listed company were ¥34,575,430,355.86, up 1.85% from ¥33,946,454,949.38 at the end of the previous year[10]. - The basic earnings per share for the first half of 2024 was ¥0.3498, down 2.13% from ¥0.3574 in the same period last year[10]. - The diluted earnings per share also stood at ¥0.3498, reflecting a decrease of 2.13% compared to ¥0.3574 in the previous year[10]. - The weighted average return on equity was 2.91%, down from 3.16% in the previous year[10]. - The cost of goods sold increased to ¥30.73 billion, up 6.99% from ¥28.72 billion in the same period last year[54]. - The company's financial expenses decreased by 31.59% to ¥223.36 million, primarily due to reduced exchange losses from its subsidiary[54]. - The company's total revenue for the reporting period reached ¥37,950,866,107.59, representing a year-over-year increase of 5.29%[57]. - Domestic revenue accounted for 96.59% of total revenue, amounting to ¥36,657,090,288.30, with a growth of 6.00% compared to the previous year[56]. - International revenue decreased by 11.51% to ¥1,293,775,819.29, constituting 3.41% of total revenue[56]. - The gross profit margin for the information technology sector was 19.03%, a decrease of 1.29% from the previous year[57]. Research and Development - The company's R&D investment reached 5.299 billion yuan in 2022 and 5.643 billion yuan in 2023, with R&D personnel accounting for 40% of total employees[25]. - The company has filed over 14,000 patent applications, with more than 90% being invention patents[25]. - The company is committed to innovation-driven development, continuously enhancing its core competitiveness in the face of new digital technology integration trends[19]. - The company plans to enhance its R&D capabilities to maintain competitiveness in rapidly evolving technologies such as cloud computing and AI[73]. - The company has a significant focus on research and development, with important projects exceeding RMB 100 million in capitalized development costs[172]. Market Position and Strategy - The company maintains a leading position in the global cloud computing infrastructure and industry smart application services, providing a full-stack ICT infrastructure including network devices, servers, storage products, cloud computing services, cybersecurity products, and smart terminals[14]. - In 2023, the company held a market share of 32.9% in China's Ethernet switch market, 30.9% in enterprise routers, 27.4% in enterprise WLAN, 15.8% in X86 servers, 19.7% in GPU servers, 10.0% in security hardware, and 18.8% in hyper-converged infrastructure[22]. - The company has established strategic partnerships with numerous internet companies, deploying network products and servers widely across major internet enterprises in China[24]. - The company plans to expand its market presence and invest in new technologies to drive future growth[59]. - The company is actively involved in the construction of data centers and advanced network architectures for major financial institutions, including the People's Bank of China and various stock exchanges[24]. Operational Efficiency - The company will focus on improving operational efficiency to mitigate rising costs associated with its expanding workforce[74]. - The company has implemented risk control measures for foreign exchange hedging, including strict adherence to management guidelines and regular monitoring of market conditions[66]. - The company has not reported any significant changes in its operational strategies or market expansion plans during the reporting period[92]. Environmental and Social Responsibility - The company has planted over 42,000 trees as part of its "Green Pursuer" initiative to promote environmental sustainability[85]. - The company is involved in a biodiversity protection project in collaboration with the China Green Foundation, utilizing AI technology to enhance monitoring and data collection in nature reserves[86]. Corporate Governance and Compliance - The company has fulfilled its commitment regarding the avoidance of related party transactions and competition during the reporting period[87]. - The company has committed to maintaining the independence of its operations, assets, and finances from its controlling shareholder[88]. - The controlling shareholder has promised to avoid any substantial competition with the company’s main business[89]. - The company has not reported any penalties or rectifications during the reporting period[92]. - The integrity status of the company and its controlling shareholders remains good, with no significant debts overdue[92]. Financial Management - The company has established a joint liability guarantee framework to support its subsidiaries[105]. - The guarantees provided do not involve related parties[107]. - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[98]. - The company has no overdue amounts for entrusted financial management[114]. - The company has not reported any major related party transactions during the reporting period[100]. Future Outlook - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[150]. - The company is preparing for the 2024 first extraordinary general meeting to discuss the major asset acquisition plan[118].

股票简称：紫光股份 股票代码：000938 公告编号：2024－051 紫光股份有限公司 关于 2024 年半年度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、资产减值准备计提情况 根据《企业会计准则》及公司会计政策的相关规定，紫光股份有限公司（以下简 称"公司"）对合并报表范围内截至 2024 年 6 月 30 日的应收账款、其他应收款、存 货、合同资产等资产进行了全面清查，对应收款项回收的可能性、各类存货的可变现 净值、各类资产减值的可能性等进行了充分的评估和分析，认为部分资产存在一定的 减值迹象，公司对存在减值迹象的资产计提了资产减值准备，2024 年 1-6 月累计计 提金额为人民币 506,655,572.34 元，具体情况如下： | 项目 | 2024 | 年 1-6 月发生额 | | 计提资产减值说明 | | --- | --- | --- | --- | --- | | | | （元） | | | | 坏账损失 | | 142,254,831.66 | 期应收款、应收票据等进行了坏账准备计提 | 公司按照预期损失模 ...

股票简称：紫光股份 股票代码：000938 公告编号：2024－052 紫光股份有限公司 关于重大资产购买的进展公告 本公司及董事会全体成员保证信息披露的内容真实、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、紫光股份有限公司（以下简称"公司"）拟由全资子公司紫光国际信息 技术有限公司（以下简称"紫光国际"）以支付现金的方式向 H3C Holdings Limited （以下简称"HPE 开曼"）购买所持有的新华三集团有限公司（以下简称"新华 三"）29%股权，以支付现金的方式向 Izar Holding Co（与 HPE 开曼合称"交易 对方"）购买所持有的新华三 1%股权，合计购买新华三 30%股权（以下简称"本 次交易"）。 2、截至本公告披露日，公司已取得《经修订和重述的卖出期权行权股份购 买协议》项下约定作为本次交易交割先决条件的中国政府机构出具的文件和/或 批准，公司正在积极有序推进本次交易交割相关工作。除公司于 2024 年 6 月 28 日披露的《紫光股份有限公司重大资产购买报告书（草案）（修订稿）》（以下 简称"《重组报告书》"）中已披露的风险因素外，公司尚未发现可能导 ...

| 非经营性资金 | | | 上市公司核算的会 | 2024 年初占用 | 2024 | 年 1-6 月 占用累计发生 | 2024 年 1-6 | 月 2024 | 年 1-6 月偿 | 2024 | 年 6 月 30 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 计科目 | 资金余额 | | 金额（不含利 息） | 占用资金的利 息（如有） | | 还累计发生额 | | 日期末占用资 金余额 | 原因 | 占用性质 | | 现大股东及其 | | | | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | | | | 小 计 | | | | | | | | | | | | | | | 前大股东及其 | | | | | | | | | | | | | | | 附属企业 | | | | | | | | | | | | | | | 计 小 | | | | ...

紫光股份有限公司（以下简称"公司"）第九届董事会第三次会议，于 2024 年 8 月 7 日以书面方式发出通知，于 2024 年 8 月 16 日在紫光大楼四层会议室召开。会 议由董事长于英涛先生主持，会议应到董事 7 名实到 7 名，符合《紫光股份有限公 司章程》的规定，3 名监事列席了会议。 经审议、逐项表决，会议做出如下决议： 一、通过关于 2024 年度日常业务外汇套期保值额度的议案 第九届董事会第三次会议决议公告 股票简称：紫光股份 股票代码：000938 公告编号：2024－045 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光股份有限公司 具体内容详见同日披露的《关于 2024 年度日常业务外汇套期保值额度的公告》。 表决结果：赞成 7 票，反对 0 票，弃权 0 票。 本议案需经公司 2024 年第二次临时股东大会审议通过。 二、通过《关于开展外汇套期保值业务可行性分析报告》 鉴于公司开展外汇套期保值业务是以业务背景为依托、以规避和防范汇率风险 为目的，有利于降低汇率大幅波动对公司经营造成的不良影响，同意公司编制的《关 于开展外汇套期保值 ...

紫光股份有限公司 关于 2024 年度应收账款保理额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 紫光股份有限公司（以下简称"公司"）2024 年 8 月 16 日召开的第九届董事会 第三次会议审议通过了关于 2024 年度应收账款保理额度的议案，现将具体情况公告 如下： 股票简称：紫光股份 股票代码：000938 公告编号：2024－047 2023 年 12 月 8 日，公司第八届董事会第三十四次会议审议通过了《关于开展应 收账款保理业务的议案》，同意公司及纳入合并报表范围的下属子公司 2024 年度与 国内外商业银行、商业保理公司等具备相关业务资格的机构开展总额不超过人民币 60 亿元的应收账款保理业务，保理方式为应收账款债权无追索权保理方式和应收账 款债权有追索权保理方式，保理融资利息将根据市场费率水平由双方协商确定。 根据业务发展需要，为加速公司及子公司流动资金周转、提高资金使用效率、降 低应收账款管理成本、优化资产负债结构及经营性现金流状况，董事会同意公司及纳 入合并报表范围的下属子公司增加 2024 年度应收账款保理额度。本次调整后， ...

紫光股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、担保情况概述 紫光股份有限公司（以下简称"公司"）全资子公司紫光国际信息技术有限公司 （以下简称"紫光国际"）拟以支付现金方式购买 H3C Holdings Limited 和 Izar Holding Co 合计持有的新华三集团有限公司（以下简称"新华三"）30%股权（以下简称"本 次交易"）。 公司 2024 年 5 月 24 日召开的第八届董事会第三十八次会议及 2024 年 6 月 28 日召开的 2024 年第一次临时股东大会审议通过了《关于本次交易债权融资及相关担 保事宜的议案》，为满足本次交易的资金需求，同意公司全资子公司紫光国际向银行 申请不超过 100 亿元人民币或等值的美元借款，公司和紫光国际为上述借款提供担 保。具体内容详见公司于 2024 年 5 月 25 日在巨潮资讯网等披露的《第八届董事会 第三十八次会议决议公告》（公告编号：2024-023）、《关于子公司申请银行借款及担 保情况的公告》（公告编号：2024-028）及于 2024 ...