公司报告 | 季报点评 Q3 归母净利润同比增长 19.75%，看好公司 AI to B 未来落地前景 事件：2024 年 10 月26 日，公司披露2024 年三季报告。2024 年前三季度公司 实现营收 224.50 亿元，同比增长 0.77%。实现归母净利润 25.45 亿元，同比 降低 1.74%，实现扣非归母净利润 22.61 亿元，同比降低 5.87%。 点评：2024Q3 公司营收实现营收 75.83 亿元，同比下降 0.80%。实现归母净 利润 7.35 亿元，同比增长 19.75%，实现扣非归母净利润 4.99 亿元，同比降 低 22.91%。公司持续重配研发，前三季度研发费用达29.63 亿元，同比增长 7.86%。 AI+物联网助力工业升级，深入沉淀电力行业。1）公司打造融合"智能制造+ 智能物流"的智慧工厂，通过建设机器人调度平台，实现 130 余台 AGV 的调 度，运行面积达 14万㎡，自该系统建立以来，实现了自原材料上线至成品下 线的流程自动化搬运，人工搬运减少超 95%，大大提高了生产效率。2）公司 推进电力行业业务发展，以"安全生产、AI 感知、多系统融合、大数据分析" 为设 ...

前三季度 公司实现营业收入224.5亿元 同比增长0.77%实现规模经历润25.45亿元 同比下滑1.74%实现扣非规模经历润22.61亿元 同比下滑5.87%单三季度看 实现营收75.83亿 同比小幅下滑0.8% 实现规模净利润7.35亿元,同比增长19.75亿元。其中,第三季度,公司持有的金融产品及股权受资本市场提振有一定收益。若剔除非经常性损益影响,公司单三季度实现扣非净利润4.99亿元,同比下滑22.91%。今年以来,人民币汇率下跌回升,公司其内汇兑小付亏损, 去年同期损益较多影响公司单三季度的盈利表现毛利率方面受大环境需求走弱影响公司前三季度毛利率40.81%相比上年度小幅下滑0.46%现金流方面公司前三季度现金收入比达106.7%在压力环境下公司依然坚持可持续高质量的业务发展 与此同时公司近些年持续降低资产负债率财务状况整体健康稳健为未来根据宏观环境和市场变化灵活调整经营策略提供一定的空间业务方面今年以来公司海外业务的修复与内需状况的那个国内的那个经济状况形成对冲总体保持平稳发展三季度公司国内业务延续上半年的 表现其中政府业务有所齐稳受中央项目建设的带动社会治理领域的应急行业大交通领域的数字化升级 ...

前三季度 公司实现营业收入224.5亿元 同比增长0.77%实现规模经历润25.45亿元 同比下滑1.74%实现扣非规模经历润22.61亿元 同比下滑5.87%单三季度看 实现营收75.83亿 同比小幅下滑0.8% 实现规模净利润7.35亿元,同比增长19.75亿元。其中,第三季度,公司持有的金融产品及股权受资本市场提振有一定收益。若剔除非经常性损益影响,公司单三季度实现扣非净利润4.99亿元,同比下滑22.91%。今年以来,人民币汇率下跌回升,公司其内汇兑小付亏损, 去年同期损益较多影响公司单三季度的盈利表现毛利率方面受大环境需求走弱影响公司前三季度毛利率40.81%相比上年度小幅下滑0.46%现金流方面公司前三季度现金收入比达106.7%在压力环境下公司依然坚持可持续高质量的业务发展 与此同时公司近些年持续降低资产负债率财务状况整体健康稳健为未来根据宏观环境和市场变化灵活调整经营策略提供一定的空间业务方面今年以来公司海外业务的修复与内需状况的那个国内的那个经济状况形成对冲总体保持平稳发展三季度公司国内业务延续上半年的 表现其中政府业务有所齐稳受中央项目建设的带动社会治理领域的应急行业大交通领域的数字化升级 ...

需求延续疲软收入端偏弱,等待未来国内市 2024 年 10 月 25 日，公司发布三季报，前三季度实现营收 224.50 亿元，同比增长 0.77%；实现归母净利润 25.45 亿元， 同比下降 1.74%。单 Q3 公司实现营收 75.83 亿元，同比微 降 0.80%；实现归母净利润 7.35 亿元，同比增长 19.75%。 海外业务与内需形成对冲，收入端总体平稳，阶段性偏弱。 单三季度，国内主业延续上半年表现，其中政府业务有所企 稳，企业业务受限承压，分销业务探底，创新业务增速较上 半年有提升，海外业务表现稳健。 毛利率下降，费用管控相对较好，前三季度和单三季度毛利 率分别为 40.81%、39.90%，同比分别下降 1.84pct、2.37pct， 预计受大环境需求偏弱影响。前三季度研发、销售、管理、 财务费用率分别为 13.20%、15.67%、3.53%、-1.08%，同 比提升 0.93pct、提升 0.29pct、下降 0.35pct、提升 0.31pct。 单三季度持有的金融产品及股权受资本市场提升有一定收 益，剔除非经常性损益影响，单三季度实现归母扣非净利润 4.99 亿，同比下降 22. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The debt reduction policy is expected to positively impact the collection of receivables and the advancement of new projects [3] - The company reported a revenue of 22.45 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.77%, and a net profit attributable to shareholders of 2.545 billion yuan, a year-on-year decrease of 1.74% [3] - The company is focusing on enhancing system capabilities with minimal investment, particularly around digital transformation [3] Financial Performance Summary - Revenue (in million yuan): - 2022A: 30,565 - 2023A: 32,218 - 2024E: 32,991 - 2025E: 36,739 - 2026E: 41,657 [5] - Net Profit (in million yuan): - 2022A: 2,324 - 2023A: 7,362 - 2024E: 3,439 - 2025E: 3,901 - 2026E: 4,675 [5] - EPS (in yuan): - 2022A: 0.79 - 2023A: 2.31 - 2024E: 1.04 - 2025E: 1.18 - 2026E: 1.42 [5] - PE Ratios: - 2024E: 15.75 - 2025E: 13.88 - 2026E: 11.58 [3][5] Market Outlook - The company expects revenue improvement in the fourth quarter due to market recovery and strategic positioning in emergency and public welfare projects [3] - The government debt reduction initiative is anticipated to enhance local government investment capabilities in the digital economy, which may boost demand for the company's services [3]

Zhejiang Dahua Technology Co., Ltd. 2024 Third Quarter Report Stock Code: 002236 Stock Name: Dahua Technology Announcement No.: 2024-077 Zhejiang Dahua Technology Co., Ltd. 2024 Third Quarter Report 3. Whether the Q3 report has been audited. □ Yes No This document is a translated version of the Chinese version 2024 Q3report("2024 年第三季度报告"), and the published Q3Report in the Chinese version shall prevail. 1 The Company and all members of the Board of Directors hereby guarantee that the information disclosed ...

Revenue and Profit - Revenue for Q3 2024 was RMB 7.58 billion, a decrease of 0.80% year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was RMB 735.42 million, an increase of 19.75% year-over-year[2] - Total revenue for the current period reached 22.45 billion yuan, compared to 22.28 billion yuan in the same period last year[16] - Net profit attributable to the parent company's owners increased to 24.03 billion yuan from 23.33 billion yuan[15] - Net profit attributable to parent company shareholders was RMB 2,545,010,271.97, a slight decrease compared to the previous period[17] - Sales revenue from goods and services was RMB 23,953,796,287.86, slightly higher than the previous period's RMB 23,883,101,840.08[18] Cash Flow - Operating cash flow for the first nine months of 2024 was negative RMB 124.92 million, a decrease of 109.43% year-over-year[2] - Net cash flow from investing activities decreased by 341.57% year-over-year, mainly due to increased expenditures on large bank deposits[6] - Net cash flow from financing activities decreased by 178.97% year-over-year, mainly due to the receipt of RMB 5.096 billion in raised funds in the same period last year and increased dividends this year[6] - Operating cash flow was negative at RMB -124,915,721.70, a significant decline from RMB 1,325,252,238.48 in the previous period[18] - Investment cash flow was negative at RMB -4,467,251,871.49, reflecting increased investment activities compared to the previous period[19] - Financing cash flow was negative at RMB -2,508,935,214.64, a reversal from the positive RMB 3,177,228,808.38 in the previous period[19] - Cash and cash equivalents decreased by RMB 7,017,949,935.93, ending the period at RMB 8,862,709,659.02[19] Assets and Liabilities - Total assets as of the end of Q3 2024 were RMB 50.98 billion, a decrease of 3.59% compared to the end of the previous year[2] - Total assets decreased to 50.98 billion yuan from 52.88 billion yuan at the beginning of the period[15] - Current liabilities decreased to 13.41 billion yuan from 16.31 billion yuan[14] - Non-current liabilities decreased to 618.51 million yuan from 687.63 million yuan[14] - Cash and cash equivalents decreased to 8.97 billion yuan from 15.97 billion yuan[13] - Accounts receivable increased to 17.18 billion yuan from 16.28 billion yuan[13] - Inventory increased to 6.02 billion yuan from 5.33 billion yuan[13] - The company's total assets stood at RMB 15,880,659,594.95 at the beginning of the period, decreasing to RMB 8,862,709,659.02 by the end[19] Shareholders and Dividends - Total number of ordinary shareholders at the end of the reporting period: 182,930[9] - Largest shareholder: Fu Liquan, holding 31.10% of shares, totaling 1,023,868,980 shares[9] - China Mobile Communications Group Co., Ltd. holds 8.90% of shares, totaling 293,103,400 shares[9] - Zhu Jiangming holds 4.82% of shares, totaling 158,669,490 shares[9] - Chen Ailing holds 2.16% of shares, totaling 71,262,813 shares[9] - Hong Kong Securities Clearing Company Limited holds 2.05% of shares, totaling 67,632,357 shares[9] - China Securities Finance Corporation Limited holds 1.20% of shares, totaling 39,611,241 shares[9] - Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 ETF holds 1.17% of shares, totaling 38,501,630 shares[9] - China Construction Bank Corporation - E Fund CSI 300 ETF holds 0.77% of shares, totaling 25,240,743 shares[9] - Total cash dividend distribution for the first half of 2024: RMB 602,144,984.38, with a dividend of RMB 1.84 per 10 shares[11] Expenses and Investments - Operating costs increased to 20.48 billion yuan from 19.68 billion yuan year-over-year[16] - R&D expenses rose to 2.96 billion yuan, up from 2.75 billion yuan in the previous year[16] - Investment income increased by 325.33% year-over-year, mainly due to increased investment income from equity investments[5] - Total operating expenses increased to RMB 26,046,228,742.46, up from RMB 24,317,259,121.35 in the previous period[18] Earnings and Comprehensive Income - Basic earnings per share were RMB 0.78, down from RMB 0.82 in the previous period[18] - Total comprehensive income attributable to parent company shareholders was RMB 2,594,231,497.71, showing minimal change from the previous period[17] Monetary Funds and Prepayments - Monetary funds decreased by 43.87% compared to the beginning of the year, mainly due to the purchase of large bank deposits and repayment of loans[5] - Prepayments increased by 79.47% compared to the beginning of the year, mainly due to increased prepayments for raw materials[5] - Short-term borrowings increased by 35.26% compared to the beginning of the year, mainly due to an increase in bill discounting[5]

一、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开的 第八届董事会第五次会议审议通过了《关于为子公司提供担保的议案》。根据公 司实际业务发展需要，公司拟在 2024 年为合并范围内的部分子公司提供担保， 担保总额度不超过人民币 1,360,000 万元。其中，对资产负债率低于 70%的子公 司提供担保额度 104,200 万元，对资产负债率高于 70%的子公司提供担保额度 1,255,800 万元。在上述额度范围内，公司管理层可根据实际经营情况对子公司 之间的担保金额进行调剂。上述事项已经公司 2023 年度股东大会审议通过。具 体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关 于为子公司提供担保的公告》（公告编号：2024-025）。 二、担保进展情况 证券代码：002236 证券简称：大华股份 公告编号：2024-076 浙江大华技术股份有限公司 关于为子公司提供担保的进展公告 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。 1、近日，公司向汇丰银行（中国）有限公司杭 ...

证券代码：002236 证券简称：大华股份 公告编号：2024-074 浙江大华技术股份有限公司 关于为子公司提供担保的进展公告 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、担保情况概述 浙江大华技术股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开的 第八届董事会第五次会议审议通过了《关于为子公司提供担保的议案》。根据公 司实际业务发展需要，公司拟在 2024 年为合并范围内的部分子公司提供担保， 担保总额度不超过人民币 1,360,000 万元。其中，对资产负债率低于 70%的子公 司提供担保额度 104,200 万元，对资产负债率高于 70%的子公司提供担保额度 1,255,800 万元。在上述额度范围内，公司管理层可根据实际经营情况对子公司 之间的担保金额进行调剂。上述事项已经公司 2023 年度股东大会审议通过。具 体内容详见公司刊登于《证券时报》和巨潮资讯网（www.cninfo.com.cn）的《关 于为子公司提供担保的公告》（公告编号：2024-025）。 二、担保进展情况 1、近日，公司向招商银行股份有限公司杭州分 ...

证券代码：002236 证券简称：大华股份 公告编号：2024-075 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 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 （股） 持股 比例 本次质押变 动前质押股 份数量 （股） 本次质押变 动后质押股 份数量 （股） 占其所 持股份 比例 占公 司总 股本 比例 已质押股份情况 未质押股份情况 已质押股份 限售和冻 结、标记数 量（股） 占已质 押股份 比例 未质押股份 限售和冻结 数量（股） 占未质 押股份 比例 傅利泉 1,023,868,980 31.10% 176,700,000 154,200,000 15.06% 4.68% 126,000,000 81.71% 641,901,735 73.81% 陈爱玲 71,262,813 2.16% 31,800,000 31,800,000 44.62% 0.97% 31,800,000 100% 21,647,110 54.85% 陈建峰 3,609,210 0.11% 0 0 0.00% 0.00% 0 0% 225,330 6.24% 来 ...