口 浪潮信息20240423_智能速览 2024年04月24日 12:35 关键词 PE估值 风险 全文摘要 本次电话会议是国海证券对浪潮信息的年度业绩解读电话会议。会议强调了仅符合国海证券投资者适当 性管理要求的客户和受邀客户可以使用本次会议，并且会议内容不构成任何投资建议。会议介绍了浪潮 信息在2023年的业绩表现，包括收入和净利润的下降以及毛利率的预测。另外，会议还讨论了全球和国 内AI服务器需求的增长趋势以及通用服务器行业的复苏预期。最后，国海证券维持了对浪潮信息的买入 评级，并预计公司的PE估值可达到30倍以上。 章节速览 ● 00:00 浪潮信息2023业绩解读交流 下降。 ● 03:15 公司投资逻辑及毛利率预测 本文讨论了公司投资逻辑和毛利率的预测。去年四季度公司收入和净利润同比增长，毛利率达到较高水 平。供货策略和市场因素是去年毛利率提升的原因。预测今年互联网占比可能下降，政企客户对AI需求 可能增加。一季度毛利率可能受压力，但整体持乐观态度。 ● 05:41 全球和国内AI服务器需求增长 全球和国内AI服务器需求持续增长，互联网资本开支不断上升，服务器ODM厂商指引AI服务器翻倍增 长。运 ...

证券研究报告 | 年报点评报告 2024年04月21日 浪潮信息（000977.SZ） 23 年业绩符合预期，AIGC 大浪潮下有望逐步受益 事件：4月19日晚，公司发布《2023年年度报告》，实现营业收入658.67亿元，同比 买入（维持） 降低5.41%（调整后）；归母净利润17.83亿元，同比降低14.54%（调整后），符合市 股票信息 场预期。 行业 计算机设备 23年业绩符合预期，单Q4盈利能力显著提升。1）报告期内，公司实现营业收入658.67 亿元，同比降低5.41%（调整后）；其中，服务器及部件业务实现收入652.40亿元，同 前次评级 买入 比降低5.53%。同时，公司实现归母净利润17.83亿元，同比降低14.54%（调整后）； 4月19日收盘价(元) 35.85 扣非归母净利润 11.18 亿元，同比降低 35.87%（调整后），符合市场预期。2）单 Q4 总市值(百万元) 52,776.04 来看，公司实现营业收入177.70亿元，同比增长5.34%；归母净利润9.96亿元，同比 总股本(百万股) 1,472.14 增长84.47%；扣非归母净利润6.89亿元，同比增长103.13%。 ...

公 司 研 究 浪潮信息（000977.SZ）：产线充沛， 2024年4月23日 推荐/维持 占据国内 AI 服务器制高点 东 浪潮信息 公司报告 兴 证 券 本篇专题从AI服务器生产制造角度，跟踪浪潮信息在原材料库存-产线建设-AI 公司简介： 股 服务器产品储备等三个环节的最新发展动态。我们认为，受益于全球 AI 产业 浪潮信息是全球领先的 IT 基础架构产品、 份 大趋势，公司AI服务器相关业务有望迎来加速发展期。 方案及服务提供商，业务覆盖计算、存储、 有 网络三大关键领域，提供云计算、大数据、 限 净资产收益率有望稳中向好。2013.6-2015.5 期间，公司市值从 52 亿元上涨 人工智能、边缘计算等在内的全方位数字化 公 至423亿元，累计涨幅713%。公司市值提升主要与公司净资产收益率好转以 解决方案。 资料来源：公司公告、恒生聚源 司 及市场流动性放松相关。2013-2015年，公司平均年净资产收益率达到16.8%， 处于上市以来最快成长期，主要受益于公司抓住云计算、国产化带来的巨大市 未来3-6个月重大事项提示： 证 券 场机会，并推出了双路、四路、八路等市场有竞争力的服务器产品；从A股 ...

Investment Rating - The investment rating for the company is to "maintain attention" due to its solid position in the domestic server market and potential benefits from increasing computing power demand [5]. Core Viewpoints - The company has released its annual report for 2023, showing a revenue of 65.867 billion yuan, a year-on-year decrease of 5.41%, and a net profit attributable to shareholders of 1.783 billion yuan, down 14.54% year-on-year. However, in Q4 2023, the company achieved a revenue of 17.770 billion yuan, a year-on-year increase of 5.34%, and a net profit of 999.6 million yuan, up 84.47% year-on-year [1]. - The company is seizing opportunities in the intelligent development sector, launching a new generation of G7 computing platforms and AI servers, which significantly enhance performance [2][3]. - The demand for computing power is expected to rise significantly due to the advancements in generative artificial intelligence, with a projected compound annual growth rate of 33.9% for intelligent computing power in China from 2022 to 2027 [4]. Financial Performance Summary - In 2023, the company reported a revenue of 65.867 billion yuan, with a year-on-year growth rate of -5.41%. The projected revenues for 2024, 2025, and 2026 are 73.836 billion yuan, 84.395 billion yuan, and 95.366 billion yuan, respectively, with growth rates of 12.10%, 14.30%, and 13.00% [6]. - The net profit attributable to shareholders for 2024, 2025, and 2026 is expected to be 1.951 billion yuan, 2.499 billion yuan, and 2.998 billion yuan, with year-on-year growth rates of 9.42%, 28.13%, and 19.95% [6]. - The company's earnings per share (EPS) for the next three years are projected to be 1.33 yuan, 1.70 yuan, and 2.04 yuan, with a three-year compound annual growth rate (CAGR) of 18.92% [5]. Market Position and Product Development - The company ranks second globally and first in China in server market share, and it is also among the top three in storage market share globally [3]. - The company has introduced a new AI Ethernet switch, X400, specifically designed for generative AI, marking a significant advancement in AI network performance [3].

[Table_Page] 年报点评|计算机 证券研究报告 [浪Table_潮Title] 信息（000977.SZ） [公Tab司le_I评nves级t] 增持 当前价格 35.85元 外部环境影响 23 年营收，24 年营收有望 合理价值 39.13元 前次评级 增持 恢复平稳增长 报告日期 2024-04-21 [ 核Tabl 心e_Su 观mm 点ary] ： 相[Ta对ble市_Pi场cQu表ote现]  公司披露2023年年报。23年营业收入658.7亿元，同比减少5.4%； 57% 归母净利润 17.8 亿元，同比减少 14.5%，毛利率与净利率分别为 39% 10.0%、2.7%，相较22年分别下降1.13PCT、0.29PCT。 21%  2023年，公司营收同比减少或与AI服务器的销售波动相关。23年10 3% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 月，美国商务部公布了对于先进计算和超级计算产品出口管制政策的 -15% 更新修正案，更进一步限制包括英伟达高端AI芯片的出口。浪潮的AI -33% 服务器有较大比例搭载的是英伟达 AI 芯片。我们 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [4][8]. Core Views - The company reported a revenue of 65.867 billion yuan in 2023, a year-on-year decrease of 5.41%, and a net profit attributable to shareholders of 1.783 billion yuan, down 14.54% year-on-year [4][5]. - In Q4 2023, the company achieved a significant profit increase, with a net profit of 996 million yuan, marking an 84.47% year-on-year growth, ending a negative growth trend since Q4 2022 [5][6]. - The company is positioned as a global leader in the server industry, benefiting from the demand for computing power driven by AIGC trends [6][8]. Financial Summary - Revenue and Profit: The company’s revenue for 2023 was 65.867 billion yuan, with a projected increase to 75.468 billion yuan in 2024, reflecting a year-on-year growth of 14.6% [5][10]. - Profitability: The gross margin for 2023 was 10.0%, with an expected increase to 11.1% in 2024. The net profit margin was 2.7% in 2023, projected to rise to 2.8% in 2024 [5][11]. - Earnings Per Share (EPS): The diluted EPS for 2023 was 1.21 yuan, with forecasts of 1.45 yuan for 2024 and 1.77 yuan for 2025 [5][11]. Market Position and Strategy - The company has launched a new generation of AI training servers, significantly improving performance metrics, and is actively developing AI software infrastructure to support large model applications [8][10]. - The company’s market share in the global server industry remains strong, ranking second globally and first in China, with a focus on cloud computing and AI technologies [6][8]. Future Outlook - The company is expected to benefit from the growing demand for computing power, with projections indicating a rise in net profit to 2.142 billion yuan in 2024 and 2.605 billion yuan in 2025 [8][10]. - The report highlights the potential for the company to capitalize on the AIGC market, which is anticipated to drive significant growth in the computing power sector [6][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue growth of 84% in Q4 2023, driven by a rich supply and growth in demand for AI computing power [4] - The company is expected to benefit from the increasing demand for AI servers and related infrastructure, with a projected recovery in gross margin in 2024 [4][6] Financial Performance Summary - In 2023, the company reported a total revenue of 65.867 billion yuan, a year-on-year decrease of 5.41%, and a net profit attributable to shareholders of 1.783 billion yuan, down 14.54% [3] - For Q4 2023, the company reported revenue of 17.770 billion yuan, a year-on-year increase of 5.34%, and a net profit of 999.6 million yuan, up 84.47% [4] - The gross margin for Q4 2023 was 11.05%, an increase of 2.51 percentage points year-on-year [4] Market Outlook - The global AI computing market is expected to see continued growth, with major Chinese telecom companies initiating large-scale procurement of AI servers [2] - The company is positioned to benefit from the recovery in general server demand and the increasing need for digital and intelligent solutions in various sectors [4][5] Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 2.410 billion yuan, 3.324 billion yuan, and 4.336 billion yuan, respectively, with corresponding EPS of 1.64 yuan, 2.26 yuan, and 2.95 yuan [7][8]

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation and product differentiation [8]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [9]. Topic 4: Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [10]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [11]. - Employee training programs were expanded, leading to a 20% improvement in productivity [12]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [13]. - Launched a recycling program that has successfully diverted 50% of waste from landfills [14]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [15]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [16]. - Conducted a comprehensive review of corporate policies to ensure compliance with global standards [17]. - Increased transparency by publishing detailed quarterly reports and holding regular investor briefings [18].

浪潮电子信息产业股份有限公司 2023 年年度报告全文 浪潮电子信息产业股份有限公司 2023 年年度报告 2024 年 4 月 1 浪潮电子信息产业股份有限公司 2023 年年度报告全文 2023 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 公司负责人彭震、主管会计工作负责人胡雷钧及会计机构负责人（会计 主管人员）许燕燕声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的 实质性承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当 理解计划、预测与承诺之间的差异。 公司在管理层讨论与分析中描述了公司经营中可能存在的风险及应对措 | --- | --- | |--------------------------------------------------------------------|----------------------| | | ...

上 市 公 司 计算机 2024 年04月 20 日 浪潮信息 (000977) 公 司 研 究 ——业绩符合预期，看好 AI 算力长期需求 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司发布23年业绩公告。公司报告期内，实现营业收入658.67亿元，yoy -5.4%；实现 归母净利润 17.83 亿元，yoy -14.5%。23Q4 单季度实现营业收入 177.70 亿元，yoy 证 市场数据： 2024年04月19日 +5.3%；实现归母净利润9.96亿元，yoy +84.5%。业绩符合预期。 券 收盘价（元） 35.85 研 一年内最高/最低（元） 66.22/26.62  毛利率短期承压，预计逐步恢复。据公司年报，报告期内公司整体毛利率 10.04%，较去 究 市净率 2.9 报 息率（分红/股价） - 年同期-1.14pct，主要系 23 年客户结构短期变化导致毛利率整体波动，预计随着供需不 告 流通A股市值（百万元） 52708 平衡逐步缓解，毛利率逐步恢复。 上证指数/深证成指 3065.26/9279.46 注：“息率”以最近一年已公布分红计算  费用 ...