浙江大华技术股份有限公司 关于控股股东、实际控制人部分股份解除质押的公告 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。 浙江大华技术股份有限公司（以下简称"公司"）近日接到公司控股股东、实 际控制人傅利泉先生的通知，获悉傅利泉先生所持有本公司的部分股份质押情况 发生变更，具体事项如下： 一、股东部分股份解除质押的基本情况 | 股东名称 | 是否为控股股东 或第一大股东及 | 本次解除质 押数量 | 占其所持 | 占公司总 | 起始日期 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股份比例 | 股本比例 | | | | | | 其一致行动人 | （股） | | | | | | | 傅利泉 | 是 | 16,000,000 | 1.56% | 0.49% | 2024/5/28 | 2024/12/2 | 招商证券资 产管理有限 | | | | | | | | | 公司 | 证券代码：002236 证券简称：大华股份 公告编号：2024-081 注：1、公司 2 ...

证券代码：002236 证券简称：大华股份 公告编号：2024-080 浙江大华技术股份有限公司 关于实际控制人股份质押延期购回的公告 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。 浙江大华技术股份有限公司（以下简称"公司"）近日接到公司实际控制人之 一陈爱玲女士的通知，获悉陈爱玲女士所持有本公司的股份质押情况发生变更， 具体事项如下： 一、股东股份质押延期购回的基本情况 1、陈爱玲女士本次股份质押延期购回的基本情况 | 股东 | 是否为控 股股东或 | 本次延期 | 占其所 | 占公司 | 是否为 | 是否 为补 | 质押起始 | | 延期后质押到 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 第一大股 | 购回数量 | 持股份 | 总股本 | | | | 原质押到期日 | | 质权人 | 质押用 | | 名称 | 东及其一 | （股） | 比例 | 比例 | 限售股 | 充质 | 日 | | 期日 | | 途 | | | | | | ...

Investment Rating - The report assigns a "增持" (Overweight) rating to the company, indicating a positive outlook for its stock performance relative to the market index [5] Core Views - The company's business development remains stable, with overseas market demand continuing to grow [4] - Domestic G-end business has stabilized, with emergency and transportation digital upgrade sectors showing strong growth [4] - Overseas business remains robust, driven by infrastructure demand in BRICS and Belt and Road countries [4] - The company expects overall revenue to maintain positive growth in Q4 2024 [4] - Gross margin is expected to stabilize and gradually increase starting from Q4 2024, with further improvement anticipated in 2025 [4] - The company is strengthening the application of large models and deepening cooperation with China Mobile, with 12 standardized scenario solutions already developed [5] Financial Performance - 2024Q1-Q3 revenue reached 22.45 billion yuan, a year-on-year increase of 0.77% [4] - 2024Q1-Q3 net profit attributable to the parent company was 2.545 billion yuan, a year-on-year decrease of 1.74% [4] - 2024Q3 revenue was 7.583 billion yuan, a year-on-year decrease of 0.80%, while net profit attributable to the parent company increased by 19.75% to 735 million yuan [4] - Gross margin for 2024Q1-Q3 was 40.81%, a year-on-year decrease of 1.84 percentage points [4] - Net profit margin for 2024Q1-Q3 was 11.58%, a year-on-year decrease of 0.57 percentage points [4] - The company forecasts net profit attributable to the parent company of 3.183 billion yuan, 3.582 billion yuan, and 4.037 billion yuan for 2024-2026, respectively [5] Strategic Developments - The company is implementing its "Dahua Think 2.0" strategy, focusing on AI large models and multi-dimensional perception technologies [5] - Significant progress has been made in energy and intelligent manufacturing sectors [5] - The company is deepening cooperation with China Mobile, particularly in IoT platform construction [5] Financial Projections - Revenue is projected to grow from 33.157 billion yuan in 2024E to 38.652 billion yuan in 2026E, with year-on-year growth rates of 2.9%, 8.2%, and 7.7%, respectively [3] - Net profit attributable to the parent company is expected to grow from 3.183 billion yuan in 2024E to 4.037 billion yuan in 2026E, with year-on-year growth rates of -56.8%, 12.5%, and 12.7%, respectively [3] - Gross margin is forecasted to remain stable at around 40.7%-41.6% from 2024E to 2026E [3] - ROE is expected to gradually increase from 8.8% in 2024E to 9.6% in 2026E [3] - EPS is projected to grow from 0.97 yuan in 2024E to 1.23 yuan in 2026E [3]

会议以 9 票同意，0 票反对，0 票弃权，审议通过《关于增加公司注册资本 及修订<公司章程>的议案》 证券代码：002236 证券简称：大华股份 公告编号：2024-078 浙江大华技术股份有限公司 第八届董事会第九次会议决议公告 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。 一、董事会会议召开情况 浙江大华技术股份有限公司（以下简称"公司"）第八届董事会第九次会议 通知于 2024 年 11 月 13 日发出，并于 2024 年 11 月 15 日以现场结合通讯表决的 方式在公司会议室召开，会议应参与表决的董事 9 名，实际参与表决的董事 9 名。公司监事及部分高级管理人员列席了会议，符合《公司法》和《公司章程》 的规定。会议由董事长傅利泉先生主持。 二、董事会会议审议情况 公司 2022 年股权激励计划的第二个行权期的行权条件已经达成，可行权期 限为 2024 年 7 月 11 日起至 2025 年 7 月 10 日止。自 2024 年 7 月 11 日至 2024 年 11 月 14 期间，激励对象累计已行权且完成股份过户登记的股数为 2,250,1 ...

浙江大华技术股份有限公司 关于增加公司注册资本及修订《公司章程》的公告 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。 浙江大华技术股份有限公司（以下简称"公司"）于 2024 年 11 月 15 日召 开第八届董事会第九次会议，审议通过了《关于增加公司注册资本及修订<公司 章程>的议案》。具体情况公告如下： 一、注册资本变更情况 公司于 2022 年 5 月 16 日召开了 2021 年度股东大会，审议通过了《2022 年 股票期权与限制性股票激励计划（草案）》以及《关于提请股东大会授权董事会 办理股权激励相关事宜的议案》等与 2022 年股权激励有关的事项，并授权董事 会办理本次股权激励计划涉及的修改《公司章程》、公司注册资本变更登记等事 宜。 证券代码：002236 证券简称：大华股份 公告编号：2024-079 | 序号 | 修订前条款 | | 修订后条款 | | | --- | --- | --- | --- | --- | | 1 | 第六条 | 公司注册资本为人民币 | 第六条 | 公司注册资本为人民币 | | | 3,292,334,310 | ...

浙江大华技术股份有限公司 简式权益变动报告书 上市公司名称：浙江大华技术股份有限公司 信息披露义务人一：傅利泉 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 信息披露义务人二：陈爱玲 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 信息披露义务人四：来利金 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 股份变动性质：被动稀释、股份减持（已履行披露义务）等导致持股比例降低 签署日期：二〇二四年十一月十五日 1 上市地点：深圳证券交易所 股票简称：大华股份 股票代码：002236 信息披露义务人声明 一、本报告书系依据《中华人民共和国证券法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第 15 号—权益变动报告书》及相关法律、 法规和规范性文件编写。 信息披露义务人三：陈建峰 住 所：浙江省杭州市****** 通讯地址：浙江省杭州市滨江区滨兴路 1399 号 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据相关规定，本报告书已全面披露了信息披露义务人在浙江大华技术 ...

Investment Rating - The report maintains a "Buy" rating for Dahua Technology Co., Ltd. (002236.SZ) with an expected stock price increase of over 15% relative to the industry index in the next six months [10]. Core Views - The company reported a slight revenue growth of 0.77% year-on-year for the first three quarters of 2023, with total revenue reaching 22.45 billion yuan. However, the net profit attributable to shareholders decreased by 1.74% year-on-year to 2.545 billion yuan [1]. - The gross margin for the first three quarters was 40.81%, showing a slight decline of 0.46% year-on-year. The company’s strategic investments in AI and public cloud services are expected to support future growth [2][3]. - The collaboration with China Mobile has shown steady progress, with joint efforts in standard product integration and AI technology cooperation [3]. Financial Summary - Revenue is projected to grow from 32.22 billion yuan in 2023 to 48.49 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 17.3% [1]. - Net profit is expected to increase from 7.362 billion yuan in 2023 to 5.450 billion yuan in 2026, with a notable fluctuation in growth rates [1]. - The report highlights an expected EPS of 1.21 yuan in 2024, increasing to 1.66 yuan by 2026, with corresponding P/E ratios decreasing from 13.8 to 10.1 over the same period [1][3].

Investment Rating - The report maintains a "Recommend" rating for Dahua Technology (002236 SZ) [5] Core Views - Dahua Technology achieved total operating revenue of 22 45 billion yuan in the first three quarters of 2024, a year-on-year increase of 0 77% Net profit attributable to the parent company was 2 545 billion yuan, a year-on-year decrease of 1 74% [2] - In Q3 2024, the company's main business revenue was 7 583 billion yuan, a year-on-year decrease of 0 8%, while net profit attributable to the parent company increased by 19 75% year-on-year to 735 million yuan [2] - Domestic business is recovering, with government projects partially implemented in Q3 and more expected in Q4 The company expects positive year-on-year growth in domestic revenue in Q4 2024 [3] - Overseas business grew by 9 08% in H1 2024, contributing significantly to revenue and profit The company expects continued growth in overseas revenue in Q4 2024 [3] - The company has launched a series of enterprise digital transformation solutions, including the Dahua Xinghan large model and industry-specific small models, which are expected to become new growth drivers [3] Financial Forecasts - The report forecasts EPS for 2024-2026 to be 1 09 yuan, 1 32 yuan, and 1 52 yuan respectively [3] - The PE ratio is expected to be 15x, 12x, and 11x for 2024-2026 based on the closing price on October 30, 2024 [3] - Revenue is projected to grow from 32 218 billion yuan in 2023 to 42 470 billion yuan in 2026, with growth rates of 5 4%, 6 3%, 10 6%, and 12 1% respectively [4][6] - Net profit attributable to the parent company is expected to increase from 7 362 billion yuan in 2023 to 5 012 billion yuan in 2026, with growth rates of 216 7%, -51 3%, 21 6%, and 14 9% respectively [4][6] Business Segments - Government business improved in Q3 2024, with some emergency projects implemented and more expected in Q4 [3] - Enterprise business saw growth in industrial and commercial enterprises and energy sectors, but declined in intelligent building due to macroeconomic factors [3] - Overseas business grew significantly in Europe, Southeast Asia, Mexico, and Brazil, but slowed in Australia, Latin America, Africa, and the Middle East The company has exited the US market [3] Strategic Initiatives - The company has developed a multi-modal fusion industry vision model (Dahua Xinghan) and industry-specific small models, integrating AI with its smart IoT platform [3] - The company is focusing on four major business directions: safety production, production execution, detection and measurement, and green low-carbon [3] - Overseas strategy includes channel sinking, expanding system integrator customers, and promoting solutions for smart cities, transportation, energy, buildings, and education [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on its Q3 performance, but there is potential for recovery in downstream sectors due to policy catalysts [4] - The company is expected to benefit from the ongoing digital transformation and the AI wave, with improvements in model capabilities and cost efficiency [3] - The macroeconomic uncertainty has led to a downward adjustment in the company's earnings forecast for 2024-2026 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 22.45 billion yuan, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a decline of 1.74% year-on-year [4] - In Q3 alone, the company reported revenue of 7.583 billion yuan, a decrease of 0.8% year-on-year and a 12.69% decline quarter-on-quarter [4] - The gross profit margin for Q3 was 39.90%, down 2.37 percentage points year-on-year [4] Earnings Forecast and Valuation - The company's revenue projections for 2024, 2025, and 2026 are 32.927 billion yuan, 36.714 billion yuan, and 41.303 billion yuan, respectively [1] - The net profit attributable to shareholders is forecasted to be 3.303 billion yuan in 2024, 3.980 billion yuan in 2025, and 4.764 billion yuan in 2026 [1] - The P/E ratios for the forecasted years are 16.4 for 2024, 13.6 for 2025, and 11.4 for 2026 [1] Market Position and Business Segments - The company has seen a recovery in its overseas business, which has helped offset pressures in its domestic operations [4] - Government business segments, particularly in social governance and digital upgrades in transportation, are showing positive growth [4] - The company has a strong position in the machine vision sector and is expected to benefit from the implementation of edge AI scenarios [3]

上 市 公 司 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 16.45 | | 一年内最高/最低（元） | 21.90/12.95 | | 市净率 息率（分红/股价） | 1.5 5.33 | | 流通 A 股市值（百万元） | 34,562 | | 上证指数 / 深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 10.86 | | 资产负债率 % | 27.52 | | | 3,292/2,101 | ...