Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a total operating revenue of 7.118 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 23.93%. However, the net profit attributable to the parent company was 673 million yuan, a decrease of 10.58% year-on-year [1] - The company has shown good cost control, although profit margins are slightly under pressure. In Q3 2024, the operating revenue grew by 14.41% year-on-year, while the net profit decreased by 37.37% [1] - The company has successfully expanded its urban intelligence and financial technology businesses, with significant contributions from acquisitions and partnerships [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved total operating revenue of 7.118 billion yuan, up 23.93% year-on-year, while the net profit attributable to the parent company was 673 million yuan, down 10.58% [1] - The sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2024 were 6.94%, 5.79%, and 8.82%, respectively, all showing a decrease compared to the previous year [1] - The company has maintained its leading position in the domestic smart financial equipment market for 16 consecutive years, with operations in over 120 countries and regions [1] Earnings Forecast - The forecasted net profits attributable to the parent company for 2024-2026 are 1.102 billion yuan, 1.256 billion yuan, and 1.437 billion yuan, respectively. The expected EPS for the same period is 0.44 yuan, 0.51 yuan, and 0.58 yuan [1][2] - The current stock price of 12.32 yuan corresponds to a PE ratio of 27.8, 24.4, and 21.3 for 2024-2026, which is lower than the average PE of comparable companies [1][2]

Group 1: Financial Performance - In the first three quarters, the company achieved operating revenue of 7.118 billion yuan, a year-on-year increase of 23.93%, primarily due to the consolidation of 中金支付, 广电五舟, and 中数智汇, as well as increased revenue from domestic financial equipment and computing power projects [1] - The net profit attributable to the parent company was 673 million yuan, a decrease compared to the same period last year, mainly due to the decline in 中科江南's performance, delays in overseas order deliveries, and share-based payment expenses [2] Group 2: Strategic Acquisitions and Business Expansion - The acquisitions of 中金支付, 中数智汇, and 广电五舟 have boosted revenue and profit growth, with 中金支付 holding an internet payment license and providing cross-border payment services [2] - The company is actively exploring opportunities in the global international payment market and aims to enhance its core competitiveness in digital payment, supply chain finance, and consumer finance [2] Group 3: Data Utilization and Development - The company has established a comprehensive public data development and utilization platform in line with national policies, focusing on data application businesses and digital investment platforms [2] - Recent policies on public data are expected to guide the development of the data element ecosystem, with the company planning to expand its public data operations and services [2] Group 4: Smart Transportation and Digital Economy - The company is extending its smart transportation strategy from rail transit to highways and urban roads, securing multiple orders across various provinces [3] - The company has established digital economy investment and operation companies in several cities, actively participating in smart city projects and digital government initiatives [4] Group 5: International Market and Orders - The domestic market for smart financial equipment remains stable, benefiting from positive factors such as network renovations [3] - The company is accelerating its international strategy, with significant orders received in Latin America and Eastern Europe, laying a solid foundation for future growth [3]

证券代码：002152 证券简称：广电运通 公告编号：临 2024-057 广电运通集团股份有限公司 第七届监事会第七次（临时）会议决议公告 本公司及监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。 广电运通集团股份有限公司（以下简称"公司"）第七届监事会第七次（临时）会议于 2024 年 10 月 30 日以通讯方式召开。召开本次会议的通知及相关资料已于 2024 年 10 月 28 日以电话、电子邮件等方式送达各位监事。2024 年 10 月 30 日，3 位监事均对本次会议审议 事项进行了表决。本次会议的召开符合《公司法》和《公司章程》等有关规定。会议经审议 通过了如下决议： 1 广电运通集团股份有限公司 二、审议通过了《关于调整 2024 年度日常关联交易预计额度的议案》 经审核，监事会认为：本次调整日常关联交易预计额度的决策程序符合法律、行政法规 及《公司章程》的规定，并以市场公允价为定价依据，遵循了公开、公平、公正的原则，不 存在损害公司和股东利益的情形，因此，监事会同意本次调整 2024 年度日常关联交易预计 额度事项。 表决结果：3 票同意，0 票反对， ...

证券代码：002152 证券简称：广电运通 公告编号：临 2024-058 广电运通集团股份有限公司 关于调整 2024 年度日常关联交易预计额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 广电运通集团股份有限公司（以下简称"公司"）于2024年3月28日召开第七届董事会 第四次会议及第七届监事会第三次会议，审议通过了《关于2024年度日常关联交易预计的议 案》，于2024年4月25日、5月15日分别召开第七届董事会第五次（临时）会议及第七届监事 会第四次（临时）会议、2024年第一次临时股东大会，审议通过了《关于增加2024年度日常 关联交易预计额度的议案》，预计2024年度公司及控股子公司与关联人发生的日常关联交易 金额总计不超过69,470万元。（详见公司于2024年3月30日、2024年4月26日、2024年5月16 日刊登在《证券时报》《中国证券报》《上海证券报》《证券日报》及巨潮资讯网 www.cninfo.com.cn上的相关公告） 2024年8月，公司通过收购广州广电五舟科技股份有限公司（证券简称：广电五舟，证 券代码：831619 ...

证券代码：002152 证券简称：广电运通 公告编号：临 2024-056 广电运通集团股份有限公司 第七届董事会第九次（临时）会议决议公告 董事会同意公司本次调整 2024 年度日常关联交易预计额度事项。本次调整日常关联交易 预计额度后，2024 年度公司及控股子公司与关联人发生的日常关联交易预计金额总计不超过 39,770 万元。 由于此项议案涉及的交易为关联交易，关联董事邓家青、赵倩、钟勇回避了表决。 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。 广电运通集团股份有限公司（以下简称"公司"）第七届董事会第九次（临时）会议于 2024 年 10 月 30 日以通讯方式召开。召开本次会议的通知及相关资料已于 2024 年 10 月 28 日以电话、电子邮件等方式送达各位董事。2024 年 10 月 30 日，9 位董事均对本次会议审议 事项进行了表决。本次会议的召开符合《公司法》及《公司章程》的有关规定。会议经审议 通过如下决议： 一、审议通过了《2024 年第三季度报告》 本议案已经公司董事会审计与合规委员会事前审议通过，并同意提交公司董事会审议。 表决 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,411,154,457.79, representing a year-over-year increase of 14.41%[2] - Net profit attributable to shareholders decreased by 37.37% to ¥174,631,228.29 for the same period[2] - The net profit after deducting non-recurring gains and losses fell by 55.73% to ¥112,462,711.61[2] - The total revenue for the third quarter of 2024 was CNY 7,118,048,959.29, an increase of 24% compared to CNY 5,743,570,120.15 in the same period last year[16] - Total operating revenue for the period reached approximately 6.4 billion, an increase from 4.8 billion in the previous period, reflecting a growth of about 32.5%[17] - Net profit for the period was approximately 781.1 million, down from 931.6 million, indicating a decrease of about 16.2%[17] - The company reported a basic earnings per share of 0.27, down from 0.30 in the previous period, reflecting a decrease of about 10%[18] - The total comprehensive income for the period was approximately 859.3 million, compared to 775.6 million, showing an increase of about 10.8%[18] Assets and Liabilities - Total assets increased by 5.30% to ¥27,537,128,753.19 compared to the end of the previous year[3] - The total assets at the end of the reporting period amounted to CNY 27,537,128,753.19, up from CNY 26,152,346,590.93 at the beginning of the period, reflecting a growth of approximately 5.3%[15] - Current assets totaled CNY 19,870,514,688.95, an increase from CNY 18,805,026,903.71, indicating a growth of about 5.66%[14] - The total liabilities increased to CNY 12,613,955,928.84 from CNY 11,732,540,170.72, which is an increase of about 7.5%[15] - The company's equity attributable to shareholders rose to CNY 12,297,230,487.14 from CNY 12,004,190,080.10, indicating an increase of approximately 2.4%[15] Cash Flow - The cash flow from operating activities showed a net outflow of ¥1,040,561,757.13, a decline of 31.51% year-over-year[5] - The total cash inflow from operating activities was approximately 7.2 billion, compared to 5.8 billion in the previous period, marking an increase of about 24.2%[19] - The cash outflow from operating activities totaled CNY 8,240,013,204.36, an increase from CNY 6,590,116,215.44 in the previous year, resulting in a net cash flow from operating activities of -CNY 1,040,561,757.13 compared to -CNY 791,220,133.41 last year[20] - The total cash inflow from financing activities was CNY 2,310,596,363.77, a substantial increase from CNY 411,011,546.89, with a net cash flow from financing activities of CNY 987,077,431.55 compared to -CNY 332,526,602.30 last year[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 84,137[8] - Guangzhou Digital Technology Group Co., Ltd. holds 50.01% of the shares, amounting to 1,242,044,254 shares, with 360,000,000 shares pledged[8] - The top ten shareholders collectively hold 54.58% of the total shares[9] - The number of shares held by the top ten unrestricted shareholders totals 1,242,044,254 shares[9] - The company has not disclosed any changes in the top ten shareholders due to margin trading activities[10] - The shareholding structure indicates a significant concentration of ownership among state-owned entities[8] Acquisitions and Investments - The company acquired 10% of Guangzhou Guangdian Wuzhou Technology Co., Ltd. for a total transaction amount of approximately ¥56,999,751.98, at a price of ¥4.5170 per share[12] - After the acquisition, the company holds 26.23% of Guangzhou Guangdian Wuzhou, with a total of 33,104,340 shares, and has voting rights corresponding to 45.36% of the total[12] - The company aims to enhance its capabilities in general computing and AI computing infrastructure through this acquisition[12] Other Financial Metrics - Research and development expenses increased to approximately 627.8 million, up from 542.6 million, representing a growth of about 15.7%[17] - The company's tax expenses for the period were approximately 89.6 million, slightly down from 91.9 million, indicating a decrease of about 2.5%[17] - Other comprehensive income after tax was approximately 78.2 million, compared to a loss of 156.1 million in the previous period, showing a significant recovery[17] - Investment income for the period was approximately 109.7 million, significantly up from 52.9 million, indicating an increase of about 107.5%[17] Audit Status - The report indicates that the third-quarter financial statements have not been audited[21]

证券代码：002152 证券简称：广电运通 公告编号：临 2024-055 广电运通集团股份有限公司 关于控股股东非公开发行可交换公司债券 一、基本情况 广州数科集团于 2024 年 4 月 26 日完成本期可交换债券的发行，债券简称"24 广州数 字科技 EB"，债券代码"117222"，实际发行规模为 30 亿元，债券期限为 3 年。（详见公 司于 2024 年 4 月 29 日刊登在《证券时报》《中国证券报》《上海证券报》《证券日报》及 巨潮资讯网 www.cninfo.com.cn 上的相关公告） 本期债券换股的初始价格为 14.52 元/股。在本期可交换债券存续期内，因公司实施 2023 年度权益分派，"24 广州数字科技 EB"的换股价格自 2024 年 5 月 30 日起由 14.52 元/股调 整为 14.32 元/股。（详见公司于 2024 年 5 月 25 日刊登在《证券时报》《中国证券报》《上 海证券报》《证券日报》及巨潮资讯网 www.cninfo.com.cn 上的相关公告） 根据《广州数字科技集团有限公司 2024 年面向专业投资者非公开发行科技创新可交换 公司债券（第一期）募集说 ...

Investment Rating - The report assigns an "Outperform" rating to the company [1][7]. Core Views - The company focuses on financial technology and urban intelligence, achieving rapid revenue growth in H1 2024. It has established a digital economy ecosystem through the integration of AI elements such as algorithms, computing power, data, and scenarios, centered around the aiCore System [4][5]. - In H1 2024, the company reported revenue of 4.707 billion yuan, a year-on-year increase of 29.45%, and a net profit attributable to shareholders of 498 million yuan, up 5.20% year-on-year [4][6]. - The financial technology segment remains a leader in the market, with H1 2024 revenue of 3.028 billion yuan, a 29.30% increase year-on-year, while the urban intelligence segment achieved revenue of 1.678 billion yuan, growing 29.71% year-on-year [4][5]. Summary by Sections Financial Performance - The company expects total revenue to reach 10.702 billion yuan in 2024, with a year-on-year growth of 18.3%, and net profit to be 1.098 billion yuan, growing 12.4% [6][10]. - The projected earnings per share (EPS) for 2024 is 0.44 yuan, with a price-to-earnings (P/E) ratio of 27-30 times, indicating a reasonable value range of 11.88-13.20 yuan [7][9]. Business Segments - Financial Technology: The company has maintained its leading position in the smart financial equipment market for 16 consecutive years, with a total of over 310,000 technical service devices as of H1 2024. It is expanding into new domestic and overseas markets [4][5]. - Urban Intelligence: The company has secured significant construction projects, including a 575 million yuan digital government project in Guangzhou, contributing to its revenue growth in this segment [5][6]. Mergers and Acquisitions - The company has been actively pursuing quality acquisition targets to enhance its business depth and breadth. Notable acquisitions include Zhongjin Payment in April 2023 and Zhongshuzhihui in December 2023, aimed at expanding its internet payment and data element business [5][6].

证券代码：002152 证券简称：广电运通 公告编号：临 2024-054 广电运通集团股份有限公司 三、本次交易终止对公司的影响 2023年10月，公司通过广州产权交易所公开挂牌转让汇通金科51%的股份，挂牌底价为 18,110.203968万元。2023年12月，江苏运发实业投资有限公司（以下简称"江苏运发"）以 181,102,039.68元摘牌并签署了《股份转让合同》。（详见公司于2023年12月27日刊登在《证 券时报》《中国证券报》《上海证券报》《证券日报》及巨潮资讯网www.cninfo.com.cn上的 相关公告） 2024年8月27日，公司收到全国中小企业股份转让系统有限责任公司于2024年8月22日出 具的《关于汇通金科特定事项协议转让申请的确认函》（股转函【2024】2395号）。公司已 分别于2024年9月2日、9月10日向江苏运发出具《关于敦促支付汇通金科项目股权转让款的 函》及《关于要求支付汇通金科项目剩余股权款项的催告函》，敦促、催告江苏运发支付股 份交易价款及相应违约金，江苏运发均未回复函件及履行付款义务。（详见公司于2024年9 月14日刊登在《证券时报》《中国证券报》《上海 ...

证券代码：002152 证券简称：广电运通 公告编号：临 2024-053 广电运通集团股份有限公司 关于收到中标通知书的公告 4、招标代理机构：中电商务（北京）有限公司 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。 广电运通集团股份有限公司（以下简称"公司"）于近日收到中电商务（北京）有限公 司出具的《中标通知书》，公司为中国邮政集团有限公司国芯智能柜台采购项目（包 1：国 芯智能柜台（穿高柜式）和包 2：国芯智能柜台（大堂式））的中标人，现将有关内容公告 如下： 一、中标项目情况 1、项目编号：CECOM-2024-BD02-0620 2、项目名称：中国邮政集团有限公司国芯智能柜台采购项目（包 1：国芯智能柜台（穿 高柜式）和包 2：国芯智能柜台（大堂式）） 3、招标人：中国邮政集团有限公司 三、风险提示 公司尚未与采购单位签订正式项目合同，项目最终结算金额以签订的项目合同相关商务 条款为准。敬请广大投资者注意投资风险。 特此公告！ 广电运通集团股份有限公司 5、中标人：广电运通集团股份有限公司 6、中标排名：包 1 和包 2 的中标排名均为第一名（根据 ...