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

证券代码：000977 证券简称：浪潮信息 公告编号：2024-028 浪潮电子信息产业股份有限公司 关于聘任公司董事会秘书的公告 特此公告。 浪潮电子信息产业股份有限公司董事会 二〇二四年八月二十三日 附件（许燕燕女士个人简历及联系方式如下）： 简历： 许燕燕女士，1981 年生，管理学学士，注册会计师，现任公司财务负责人。 不存在不得被提名为高级管理人员的情形；未受过中国证监会及其他有关部门的 处罚和证券交易所纪律处分、不存在被市场禁入或被公开认定不适合任职期限尚 未届满的情形；不存在因涉嫌犯罪被司法机关立案侦查或涉嫌违法违规被中国证 监会立案稽查、尚未有明确结论的情形；与其他持有公司 5%以上股份的股东、实 际控制人、公司其他董事、监事和高级管理人员不存在关联关系；未持有本公司 股份；不是失信被执行人；符合有关法律、行政法规、部门规章、规范性文件、 《股票上市规则》及交易所其他相关规定等要求的任职资格。 联系方式： 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大遗漏。 浪潮电子信息产业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 8 月 23 ...

| 2024年1-6月占用累 | 2024年1-6月 | 2024年6月30 | 上市公司核 | 2024年1-6月占用 | 2024年期初占用资金余额 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 算的会计科 | 占用形成原因 | 占用性质 | 计发生金额（不含 | 偿还累计发生 | 日期末占用资 | 资金的利息(如有) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 目 | 利息） | 金额 | 金余额 | 应收账款 | 经营性往来 | 0.01 | - | 0.01 | - | 浪潮智能终端有限公司 | 兄弟公司 | | | | | | 应收账款 | 经营性往来 | - | 1,906.64 | 1,897.38 | 9.26 | 山东浪潮云服务信息科技有限公司 | 兄弟公司 | 应收账款 | 经营性往来 | 浪潮数字(山东)建设运营有限公司 | 兄弟公司 | - | 0.10 | - | 0.10 | | 预付款项 ...

关于公司 2024 年度第七期超短期融资券发行情况公告 | 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 | | --- | | 误导性陈述或者重大遗漏。 | 浪潮电子信息产业股份有限公司（以下简称"公司"）于 2023 年 4 月 11 日 召开的第八届董事会第二十九次会议审议通过了《关于公司拟注册发行超短期融 资券的议案》，上述议案已经 2023 年 5 月 12 日召开的公司 2022 年度股东大会 审议通过，详细内容分别于 2023 年 4 月 12 日、2023 年 5 月 13 日披露于《中国 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 现将具体发行情况公告如下： 证券代码：000977 证券简称：浪潮信息 公告编号：2024-025 浪潮电子信息产业股份有限公司 2023 年 8 月 18 日，公司发行超短期融资券的申请已经中国银行间市场交易 商协会注册通过（中市协注〔2023〕SCP356 号），核定公司超短期融资券注册金 额为 50 亿元，注册 ...

| 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 | | --- | | 误导性陈述或者重大遗漏。 | 证券代码：000977 证券简称：浪潮信息 公告编号：2024-024 浪潮电子信息产业股份有限公司 关于公司 2024 年度第六期超短期融资券发行情况公告 2023 年 8 月 18 日，公司发行超短期融资券的申请已经中国银行间市场交易 商协会注册通过（中市协注〔2023〕SCP356 号），核定公司超短期融资券注册金 额为 50 亿元，注册额度自通知书落款之日起 2 年内有效。 现将具体发行情况公告如下： 公司 2024 年度第六期超短期融资券于 2024 年 8 月 5 日在全国银行间债券 市场公开发行，发行金额为 10 亿元人民币，每张面值为 100 元人民币，发行利 率为 1.95%，由招商银行股份有限公司担任主承销商及簿记管理人、北京银行股 份有限公司担任联席主承销商。本次发行所募集的资金于 2024 年 8 月 6 日全部 到账。 本 期 超 短 期 融 资 券 发 行 的 相 关 文 件 内 容 详 见 公 司 在 中 国 货 币 网 （www.chinamone ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资概述 近日，浪潮电子信息产业股份有限公司（以下简称"浪潮信息"或"公司"） 全资子公司北京安达元脑科技有限公司（以下简称"安达元脑"）作为有限合伙 人于 2024 年 6 月 13 日与安信乾宏投资有限公司（以下简称"安信乾宏"）签署 《国证潮新（厦门）股权投资基金合伙企业（有限合伙）合伙协议》，拟共同投 资设立国证潮新（厦门）股权投资基金合伙企业（有限合伙）（以下简称"国证 潮新基金"、"本基金"或"合伙企业"）。国证潮新基金认缴出资总额为人民币 14,990 万元，其中,安达元脑作为有限合伙人以自有资金认缴出资 10,000 万元， 占比 66.71%；安信乾宏以普通合伙人身份认缴出资 4,990 万元，占比 33.29%。 具体内容详见公司于 2024 年 6 月 15 日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于全资子公司与专业机构共同投资的公告》（公告编号：2024-019）。 二、与专业机构共同投资的进展 公司于近日收到基金管理人安信乾宏的通知，合伙企业已完成工商登记 ...

[Table_MainInfo] 公司研究/信息设备/电脑与外围设备 证券研究报告 浪潮信息（000977）公司研究报告 2024 年 07 月 25 日 投资评级 优于大市 首次 覆盖 股票数据 | --- | |-------------| | 37.80 | | 26.62-53.43 | | 1472/1470 | | 55647/55575 | | | [Table_QuoteInfo] 浪潮信息 海通综指 -38.77% -28.77% -18.77% -8.77% 1.23% 11.23% 2023/7 2023/10 2024/1 2024/4 | --- | --- | --- | --- | |-------------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（%） | 5.1 | 0.0 | 3.1 | | 相对涨幅（%） | 6.8 | 5.1 | 6.0 | | 资料来源：海通证券研究所 | | | | | 分析师 Tel:(021)23183969:杨林 | | | ...

浪潮电子信息产业股份有限公司（以下简称"公司"）于 2023 年 4 月 11 日 召开的第八届董事会第二十九次会议审议通过了《关于公司拟注册发行超短期融 资券的议案》，上述议案已经 2023 年 5 月 12 日召开的公司 2022 年度股东大会 审议通过，详细内容分别于 2023 年 4 月 12 日、2023 年 5 月 13 日披露于《中国 证 券 报 》《 证 券 时 报 》《 证 券 日 报 》《 上 海 证 券 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）。 2023 年 8 月 18 日，公司发行超短期融资券的申请已经中国银行间市场交易 商协会注册通过（中市协注〔2023〕SCP356 号），核定公司超短期融资券注册金 额为 50 亿元，注册额度自通知书落款之日起 2 年内有效。 现将具体发行情况公告如下： 证券代码：000977 证券简称：浪潮信息 公告编号：2024-022 浪潮电子信息产业股份有限公司 关于公司 2024 年度第五期超短期融资券发行情况公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、 误导性陈述或者重大 ...

计算机设备 分析师:唐月 登记编码:S0730512030001 tangyue@ccnew.com 021-50586737 算力需求增长,龙头持续受益 ——浪潮信息(000977)公司点评报告 发布日期:2024 年 07 月 17 日 投资要点: 证券研究报告-公司点评报告 增持(首次) | --- | --- | |----------------------|----------------------| | 收盘价(元) | 39.10 | | 一年内最高/最低(元) | 50.60/27.48 | | 沪深 300 指数 | 3,498.28 | | 市净率(倍) | 3.15 | | 流通市值(亿元) | 574.87 | | 基础数据(2024-03-31) | | | 每股净资产(元) | 12.42 | | 每股经营现金流(元) | -2.37 | | 毛利率(%) | 8.08 | | 净资产收益率_摊薄(%) | 1.68 | | 资产负债率(%) | 62.74 | | 总股本/流通股(万股) | 147,213.51/147,024.3 | | B 股/H 股(万股) | 0.0 ...