2024年08月28日 计算机 浪潮信息(000977.SZ) 业绩高速增长，布局全栈AI能力把握大模型产业发展机遇 推荐 ( 维持) 事项： 股价:31.02元 主要数据 | --- | --- | |-------------------|----------------------------------| | 行业 | 计算机 | | 公司网址 | www.ieisystem.com | | 大股东/持股 | 浪潮集团有限公司/31.93% | | 实际控制人 | 山东省人民政府国有资产监督管理委 | | | 员会 | | 总股本(百万股) | 1,472 | | 流通A股(百万股) | 1,470 | | 流通B/H股(百万股) | | | 总市值(亿元) | 457 | | 流通A股市值(亿元) | 456 | | 每股净资产(元) | 12.50 | | 资产负债率(%) | 70.3 | 行情走势图 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@ping ...

浪潮信息（000977.SZ） 24H1 业绩符合预期，AIGC 大浪潮有望核心受益 | --- | |----------------------------------------------------------------------| | 事件：8 月 24 日，公司发布《2024 年半年度报告》，实现营业收入 420.64 | | 增长 68.71%；归属于上市公司股东的净利润 5.97 亿元，同比增长 90.56% | | 预期。 | | --- | |------------------------------------------------------------------------------| | 24H1 业绩符合预期，服务器行业需求或显著改善。1）2024 | | 收入 420.64 亿元，同比增长 68.71%；归母净利润为 5.97 亿元，同比增长 | | 其中，单 Q2 来看，二季度营收为 244.57 亿元，同比增长 58.84% | | 亿元，同比大幅增长 152.61%，在上年低基数的基础上显著修复。2） | | 服务器行业市场需求逐步改善，公司紧抓行业上行机遇 ...

证券研究报告 非金融公司|公司点评|浪潮信息（000977） 受益 AI 算力需求营收利润高速增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 浪潮信息发布2024年半年度报告，2024年上半年公司实现营收420.64亿元，同比增长68.71%； 归母净利润 5.97 亿元，同比增长 90.56%；扣非归母净利润 4.22 亿元，同比扭亏；毛利率为 7.74%，同比下降 3.66pct。2024 年第二季度公司实现营收 244.57 亿元，同比增长 58.49%； 归母净利润 2.91 亿元，同比增长 129.01%；扣非归母净利润 1.82 亿元，同比增长 213.48%； 毛利率为 7.50%，同比下降 2.92pct。 |分析师及联系人 陈安宇 SAC：S0590523080004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月27日 浪潮信息(000977) 受益 AI 算力需求营收利润高速增长 | --- | --- | --- | |-------|------------ ...

Investment Rating - The report maintains an "Overweight" rating for Inspur Information (000977 SZ) [1] Core Views - Inspur Information's H1 2024 performance showed significant recovery, with robust demand for AI computing power in downstream markets [3] - Overseas business expanded rapidly, with overseas sales revenue reaching 12 264 billion yuan in H1 2024, a YoY increase of 171 54% [4] - Gross margin faced pressure, but cost control remained stable, with overall expense ratios showing effective management [4] - Contract liabilities and inventory levels were high, indicating strong demand for AI computing power, with contract liabilities increasing by 5 8 billion yuan compared to the end of 2023 [4] - The company's server and storage products maintained leading global market shares, benefiting from the AIGC trend [4] Financial Performance Summary - H1 2024 revenue reached 42 064 billion yuan, a YoY increase of 69 63%, with net profit attributable to shareholders of 597 million yuan, up 83 53% YoY [3] - Q2 2024 revenue was 24 457 billion yuan, a YoY increase of 58 49%, with net profit attributable to shareholders of 291 million yuan, up 129 01% YoY [3] - Asset impairment losses in H1 2024 reached 302 million yuan, higher than previous years, impacting reported profits [3] Market Position - Inspur Information ranked second globally and first in China for server market share in Q1 2024 [4] - The company was among the top three globally and first in China for storage installation capacity in Q1 2024 [4] - It held the top position in China for liquid-cooled server market share in 2023 and edge server market share in 2023 [4] Financial Forecasts - Revenue for 2024-2026 is projected to be 757 96/864 81/978 31 billion yuan, with YoY growth rates of 15 08%/14 10%/13 12% [4] - Net profit attributable to shareholders is expected to be 2 138/2 549/3 041 billion yuan for 2024-2026, with YoY growth rates of 19 93%/19 23%/19 31% [4] - EPS for 2024-2026 is forecasted to be 1 45/1 73/2 07 yuan, with corresponding P/E ratios of 22/18/15 times [4] Valuation Metrics - The current P/E ratio is 22 42, with a P/B ratio of 2 87 [1] - The company's total market capitalization is 46 63725 billion yuan, with a circulating market capitalization of 46 58166 billion yuan [1]

2024 年 08 月 26 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] 布局"AI+"全栈能力，海外收入同比增长 172% ——浪潮信息（000977）2024 年半年报点评 最近一年走势 相对沪深 300 表现 2024/08/23 表现 1M 3M 12M 浪潮信息 -16.1% -18.5% -21.9% 沪深 300 -3.3% -8.6% -10.0% 市场数据 2024/08/23 当前价格（元） 31.68 52 周价格区间（元） 26.62-44.79 总市值（百万） 46,637.24 流通市值（百万） 46,581.65 总股本（万股） 147,213.51 流通股本（万股） 147,038.04 日均成交额（百万） 721.20 近一月换手（%） 2.16 相关报告 设备*刘熹》——2024-07-10 算机设备*刘熹》——2024-05-05 算机设备*刘熹》——2024-04-21 《浪潮信息（000977）点评报告："AI+通用"双 主营高增，算力出海打开新篇章（买 ...

2024 年 08 月 27 日 公司点评 买入/维持 浪潮信息(000977) 目标价: 昨收盘:31.60 业绩高速增长，行业地位持续领先 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 浪潮信息 沪深300 ◼ 股票数据 总股本/流通(亿股) 14.72/14.72 总市值/流通(亿元) 465.19/465.19 12 个月内最高/最低价 (元) 44.79/26.62 相关研究报告 <>--2024-05-07 <<业绩稳步增长，充分受益人工智能 算力需求>>--2023-04-13 <>--2023-02-15 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 事件：公司发布 2024 年中报，收入 420.64 亿元，同比增长 68.71%； 归母净利润 5.97 亿元，同比增长 90.56%。 服务器需求增长迅速，费用率进一步降低。2024 年上半年，公司 毛利率为 7.74%，相对于去年同期下降了 3.66pct ...

公司快报 2024 年 08 月 27 日 浪潮信息(000977.SZ) 中报业绩高增，以全栈能力满足 AI 算力需求 事件概述： 近日，浪潮信息发布《2024 年半年度报告》。上半年，公司实现营业 收入 420.64 亿元，同比增长 68.71%；实现归母净利润为 5.97 亿元， 同比增长 90.56%；扣非归母净利润 4.22 亿元。归母净利润与扣非归 母净利润与此前发布的业绩快报区间保持一致，营收增速高于业绩快 报中 60%的初步测算。 单季度业绩维持高增长趋势，服务器产业链龙头地位稳固 2023 年第四季度以来，公司单季度业绩维持高增长态势。2023 年 Q4 实现营业收入 177.70 亿元（YoY+6.04%），归母净利润 9.96 亿元 （YoY+86.52%）；2024 年 Q1 实现营业收入 176.07 亿元（YoY+85.32%）， 归母净利润 3.06 亿元（YoY+64.39%）；2024 年 Q2 实现营业收入 244.57 亿元（YoY+58.49%），归母净利润 2.91 亿元（YoY+129.01%）。我们认 为，单季度业绩持续高增长，或为公司全年的业绩高增奠定基础。 截 ...

证 券 研 究 报 告 浪潮信息（000977）2024 年半年报点评 强推（维持） 海内外服务器需求高增，24H1 营收创纪录 目标价：36.5 元 当前价：31.60 元 事项： ❖ 8 月 23 日，公司披露 2024 年半年报。2024H1，公司实现营业收入 420.64 亿 元，同比增长 68.71%；归母净利润 5.97 亿元，同比增长 90.56%；扣非净利润 4.22 亿元，同比增长 3779.50%。 评论： ❖ 营收创历史纪录，归母净利实现高增。2024Q2 单季，公司实现营业收入 244.57 亿元，同比增长 58.49%；归母净利润 2.91 亿元，同比增长 129.01%。2024H1， 公司服务器销售额同比+70.02%，公司主营业务收入创历史新高，主要原因是 客户需求增加，服务器销售增长所致。归母净利润同比实现高增，但与 2022 年相比，同期仍下滑 37.42%。报告期内，公司实现销售毛利率 7.74%，同比减 少 3.66 pct，销售净利率 1.37%，同比增长 0.11pct。 ❖ 算力需求高景气，服务器龙头地位稳固。据 Gartner 报告，2024Q1，全球服务 器市 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company achieved significant revenue growth in the first half of 2024, with total revenue reaching 42.064 billion yuan, representing a year-on-year increase of 68.7%. The domestic revenue was 29.800 billion yuan, up 46.9%, while overseas revenue surged to 12.264 billion yuan, marking a 171.5% increase. This growth is attributed to rising demand for customer servers [2]. - The company has a robust order backlog, with unfulfilled revenue obligations amounting to 13.957 billion yuan as of June 30, 2024, of which 13.743 billion yuan is expected to be recognized as revenue in 2024. This positions the company for continued growth in the second half of the year [2]. - Despite a decline in gross margin to 7.74%, down 3.6 percentage points year-on-year, the company effectively managed its expenses. Sales expenses were 0.694 billion yuan (1.7% of revenue), management expenses were 0.309 billion yuan (0.7%), and R&D expenses were 1.369 billion yuan (3.3%). The net profit for the period was 0.597 billion yuan, with a net profit margin of 1.4%, reflecting a 0.2 percentage point increase year-on-year [2]. Financial Projections - The company is expected to benefit from the global AI industry trend, with projected revenues of 82.667 billion yuan, 96.619 billion yuan, and 109.209 billion yuan for 2024, 2025, and 2026, respectively. Corresponding net profits are forecasted to be 2.323 billion yuan, 2.816 billion yuan, and 3.393 billion yuan, with price-to-earnings ratios of 20, 17, and 14 times [2][3].

Financial Performance - Revenue for the first half of 2024 reached 42.06 billion yuan, a 68.71% increase year-over-year[12] - Net profit attributable to shareholders was 597.01 million yuan, up 90.56% compared to the same period last year[12] - Basic earnings per share (EPS) increased by 89.49% to 0.4055 yuan per share[12] - Total assets grew by 31.18% to 63.12 billion yuan as of the end of the reporting period[12] - Operating cash flow improved by 13.02%, with a net outflow of 4.50 billion yuan[12] - Weighted average return on equity (ROE) rose to 3.27%, up 1.37 percentage points year-over-year[12] - Revenue increased by 68.71% to 42.06 billion yuan, driven by higher customer demand and server sales growth[31] - Operating costs rose by 75.57% to 38.81 billion yuan, primarily due to increased server sales[31] - Overseas revenue surged by 171.54% to 12.26 billion yuan, accounting for 29.16% of total revenue[32] - Server and component sales grew by 70.02% to 41.88 billion yuan, representing 99.57% of total revenue[32] - Domestic revenue increased by 45.97% to 29.80 billion yuan, but its share of total revenue decreased to 70.84%[32] - R&D investment decreased slightly by 2.16% to 1.36 billion yuan[31] - Cash and cash equivalents decreased by 414.16% to -3.17 billion yuan, mainly due to reduced financing activities[31] - Inventory increased by 10.82% to 31.91 billion yuan, now accounting for 50.54% of total assets[35] - Short-term borrowings rose by 2.71% to 4.40 billion yuan, representing 6.97% of total assets[35] - Contract liabilities increased significantly by 8.27% to 7.73 billion yuan, now accounting for 12.24% of total assets[35] - The company's current ratio decreased by 24.40% to 1.58, and the quick ratio dropped by 39.22% to 0.62 compared to the previous year-end[83] - The company's asset-liability ratio increased by 8.34% to 70.34% as of the reporting period[83] - The company's adjusted net profit (excluding non-recurring gains and losses) for the reporting period was 421.78 million yuan, compared to a loss of 1.17 million yuan in the same period last year[83] - The company's EBITDA to total debt ratio improved by 2.03% to 7.15% compared to the previous year[83] - The company's interest coverage ratio increased by 51.89% to 4.01 compared to the same period last year[83] - The company's monetary funds decreased from 12.01 billion yuan at the beginning of the period to 8.86 billion yuan at the end of the reporting period[86] - The company's inventory increased significantly from 19.11 billion yuan to 31.91 billion yuan during the reporting period[86] - The company's total assets increased from 48.12 billion yuan to 63.12 billion yuan, while total liabilities rose from 29.83 billion yuan to 44.40 billion yuan[86][87] - The company's short-term borrowings more than doubled, increasing from 2.05 billion yuan to 4.40 billion yuan during the reporting period[87] - Total liabilities increased to 44.4 billion yuan, up from 29.84 billion yuan in the previous period[88] - Current liabilities rose to 36.94 billion yuan, compared to 21.26 billion yuan previously[88] - Non-current liabilities decreased to 7.46 billion yuan from 8.57 billion yuan[88] - Total assets grew to 63.12 billion yuan, up from 48.12 billion yuan[88] - Owner's equity increased to 18.72 billion yuan, up from 18.28 billion yuan[88] - Monetary funds decreased to 4.66 billion yuan from 7.51 billion yuan[89] - Accounts receivable increased to 18.53 billion yuan from 15.75 billion yuan[90] - Inventory rose to 11.35 billion yuan from 10.7 billion yuan[90] - Short-term borrowings increased to 4.1 billion yuan from 2.05 billion yuan[90] - Total equity decreased slightly to 14.99 billion yuan from 15.11 billion yuan[91] - Total operating revenue for the first half of 2024 reached 42,063,540,640.03 yuan, compared to 24,931,889,961.00 yuan in the same period of 2023, representing a significant year-over-year increase[93] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 597,013,592.01 yuan, up from 313,293,684.33 yuan in the same period of 2023[94] - R&D expenses for the first half of 2024 amounted to 1,369,382,214.76 yuan, slightly decreasing from 1,424,035,110.72 yuan in the same period of 2023[93] - The company's basic earnings per share (EPS) for the first half of 2024 stood at 0.4055, compared to 0.2140 in the same period of 2023[94] - Total comprehensive income for the first half of 2024 was 629,507,266.93 yuan, up from 355,300,208.24 yuan in the same period of 2023[94] - Operating costs for the first half of 2024 were 38,807,098,153.54 yuan, compared to 22,102,869,513.42 yuan in the same period of 2023[93] - The company's financial expenses for the first half of 2024 were -52,343,530.39 yuan, compared to -115,576,955.56 yuan in the same period of 2023[93] - Total assets impairment loss for the first half of 2024 was -302,336,069.31 yuan, compared to -167,759,137.34 yuan in the same period of 2023[93] - The company's operating profit for the first half of 2024 was 602,695,173.60 yuan, up from 309,927,424.45 yuan in the same period of 2023[93] - Total other comprehensive income after tax for the first half of 2024 was 51,922,638.86 yuan, compared to 55,279,481.15 yuan in the same period of 2023[94] - Sales revenue from goods and services received in cash for the first half of 2024 was RMB 47.76 billion, a significant increase from RMB 27.68 billion in the same period of 2023[98] - Net cash flow from operating activities for the first half of 2024 was negative RMB 4.50 billion, an improvement from negative RMB 5.17 billion in the same period of 2023[98] - Net cash flow from investing activities for the first half of 2024 was negative RMB 101.80 million, compared to negative RMB 439.30 million in the same period of 2023[99] - Net cash flow from financing activities for the first half of 2024 was positive RMB 1.36 billion, a decrease from positive RMB 6.60 billion in the same period of 2023[99] - Total comprehensive income for the first half of 2024 was RMB 71.94 million, a significant decrease from RMB 475.60 million in the same period of 2023[97] - Cash and cash equivalents at the end of the first half of 2024 were RMB 8.76 billion, down from RMB 10.03 billion at the end of the same period in 2023[99] - Parent company's sales revenue from goods and services received in cash for the first half of 2024 was RMB 34.09 billion, up from RMB 21.81 billion in the same period of 2023[100] - Parent company's net cash flow from operating activities for the first half of 2024 was negative RMB 3.79 billion, an improvement from negative RMB 3.97 billion in the same period of 2023[100] - Parent company's net cash flow from investing activities for the first half of 2024 was negative RMB 69.15 million, compared to positive RMB 143.15 million in the same period of 2023[102] - Parent company's net cash flow from financing activities for the first half of 2024 was positive RMB 992.70 million, down from positive RMB 6.40 billion in the same period of 2023[102] - Total owner's equity at the end of the period was RMB 18,722,711,522.48, an increase of RMB 438,129,701.07 compared to the beginning of the period[106] - Comprehensive income for the period was RMB 648,936,230.87, contributing significantly to the increase in owner's equity[105] - Undistributed profits increased by RMB 405,636,026.15 during the period, reaching RMB 9,223,677,172.44 at the end of the period[106] - Minority shareholders' equity decreased by RMB 19,428,963.94, ending at RMB 318,477,924.80[106] - Capital reserve remained unchanged at RMB 6,822,428,774.61 throughout the period[106] - The company's share capital remained stable at RMB 1,472,135,122.00 during the reporting period[106] - Other comprehensive income increased by RMB 51,922,638.86, reaching RMB 149,686,323.28 at the end of the period[106] - The company did not issue any new shares or reduce capital during the reporting period[105] - No significant changes in accounting policies or prior period errors were reported[105] - The company did not engage in any major capital restructuring or profit distribution activities during the period[106] - Total comprehensive income for the period reached RMB 368.57 billion, with a net profit of RMB 355.30 billion[108] - Owner's equity increased by RMB 133.21 billion due to capital contributions from ordinary shareholders[108] - The company's total assets at the end of the period amounted to RMB 17.91 trillion[109] - Unallocated profits decreased by RMB 119.44 billion due to profit distribution[111] - Comprehensive income for the parent company was RMB 71.94 billion[111] - Capital reserve increased by RMB 124.78 billion from owner contributions[108] - Total liabilities at the end of the period stood at RMB 17.60 trillion[109] - The company's equity attributable to owners of the parent company was RMB 15.11 trillion at the beginning of the period[110] - Profit distribution to owners amounted to RMB 191.38 billion[111] - Other comprehensive income decreased by RMB 28.37 billion[109] - Total owner's equity at the end of the period reached RMB 15,776,815,083.88, reflecting an increase from the previous year[115] - Comprehensive income for the period amounted to RMB 475,600,469.31[113] Market Position and Product Performance - Server market share: Global second, China first in Q1 2024[17] - Storage installation capacity: Global top three, China first in Q1 2024[17] - Liquid-cooled server: China first in 2023[17] - Edge server: China first in 2023[17] - "Yuan 1.0" model: 245.7 billion parameters with 44.8% computational efficiency in 2021[20] - "Yuan 2.0-M32" model: Achieved performance comparable to 70 billion parameter LLaMA3 with only 3.7 billion activated parameters, consuming 1/19th of the computational resources[20] - New AI server NF5698G7: Features multi-open and green energy-saving characteristics[23] - Liquid-cooled data center solution: Achieves PUE as low as 1.1[23] - Super AI Ethernet switch X400: Performance improved by 1.6x compared to traditional RoCE networks[23] - AI storage solution: Optimized for generative AI applications, enhancing data aggregation and model training efficiency[23] Innovation and Technology - The company has implemented a full-stack liquid cooling strategy, with all server products now supporting cold plate liquid cooling, reducing PUE to nearly 1 and saving over 30% of data center space[24] - The company has developed a vacuum-based CDU (Coolant Distribution Unit) that eliminates the risk of coolant leakage by maintaining negative pressure in the secondary side of the liquid cooling system[25] - The company holds over 500 core patents in liquid cooling technology and has participated in the formulation and release of more than 10 design standards for cold plate and immersion liquid cooling[25] - The company has reduced the average new product development cycle from 1.5 years to 8 months, a 50% reduction, with the fastest time from customer request to prototype delivery being 3 months[28] - The company's intelligent supply chain system has reduced order delivery cycles from 15 days to 5-7 days, even with over 95% of business being customized, and achieved a record of delivering 10,000 cloud servers in 8 hours[28] - The company's smart manufacturing system has improved material preparation efficiency by 4 times, with the fastest time from receiving a request to material preparation being 5 minutes[28] - The company's intelligent customer service platform, powered by the "Yuan" large model, has achieved a resolution rate of over 80% for common issues and reduced average resolution time by 65%[29] - The company has released the open-source "Yuan 2.0" large model, which has attracted nearly 10,000 developers and facilitated the creation of numerous popular applications[26] - The company has established a global cloud-based factory system, with 14 factories worldwide operating under unified standards, processes, and quality control[28] - The company has initiated nearly 20 standards and white papers through the Open Computing Standards Committee (OCTC), focusing on green, intelligent, and high-quality development of data centers[26] Subsidiaries and Investments - The company's subsidiary, Jinan Oriental United Technology Development Co., Ltd., achieved a net profit of 123.343 million yuan with total assets of 14.0189179 billion yuan[48] - The company's subsidiary, Suzhou Yuanbrain Intelligent Technology Co., Ltd., generated a net profit of 93.314 million yuan with total assets of 2.7792406 billion yuan[49] - The company's subsidiary, Inspur (Beijing) Electronic Information Industry Co., Ltd., reported a net loss of 162.8636 million yuan with total assets of 1.6665773 billion yuan[48] - The company's subsidiary, Shandong Yingxin Computer Technology Co., Ltd., achieved a net profit of 144.514 million yuan with total assets of 369.1936 million yuan[49] - The company's subsidiary, Zhengzhou Yunha