Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a strong potential for price appreciation [3]. Core Views - The company has signed multiple cloud service cooperation agreements with leading clients, laying a foundation for global expansion in its cloud services business [1][2]. - The company has experienced significant revenue growth, with a 67.11% year-on-year increase in revenue for the first three quarters of 2024, and a 184.46% increase in net profit [1][2]. - The company is focusing on enhancing its computing power capabilities by planning to build a large-scale computing service cluster and purchasing AI servers [1][2]. Financial Performance - For the first three quarters of 2024, the company achieved revenue of 5.395 billion, a 67.11% increase year-on-year, and a net profit of 557 million, up 184.46% [1]. - In Q3 2024, the company reported revenue of 1.817 billion, a 30.81% increase year-on-year, and a net profit of 199 million, reflecting a 140.63% growth [1][2]. - The gross margin for Q3 2024 reached 18.62%, an increase of 5.47 percentage points compared to the same period last year, driven by a shift towards higher-margin products [2]. Business Segments - The data storage segment has seen steady growth due to an improved product matrix and expanded sales channels, with increasing revenue from storage devices [2]. - The AIoT terminal business has benefited from rising downstream demand, with significant growth in revenue from overseas smart security products [2]. - The server remanufacturing segment has shown improved production capacity and sales efficiency, contributing positively to overall performance [2]. - The computing cloud services segment is expanding with breakthroughs in cross-border e-commerce cloud, cloud phones, and cloud computing [2]. Future Outlook - The company is expected to continue its robust growth trajectory, with projected EPS of 3.21, 4.95, and 6.66 for 2024, 2025, and 2026 respectively, indicating strong earnings potential [3][4]. - The projected revenue for 2024 is estimated at 8.085 billion, reflecting a year-on-year growth of 73.6% [4]. - The company is positioned as a leader in the domestic server remanufacturing market, with emerging businesses like computing cloud services expected to drive future revenue growth [3].

证券代码：300857 证券简称： 协创数据 公告编号：2024-103 协创数据技术股份有限公司 2024 年第四次临时股东会决议公告 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。 特别提示： 本次股东会无否决议案的情形。 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2024年11月13日（星期三）14:30 （2）网络投票起止时间：2024年11月13日 其中，通过深圳证券交易所交易系统网络投票的具体时间为2024 年11月13日上午9:15-9:25，9:30-11:30，下午13:00-15:00;通过深 圳证券交易所互联网投票系统进行投票的具体时间为：2024年11月13 日9:15至15:00期间的任意时间。 2、现场会议召开地点：广东省深圳市福田区深南大道6023号耀 华创建大厦1座12层1209号房会议室。 3、会议召开方式：现场表决和网络投票相结合。 4、会议召集人：公司第三届董事会。 5、会议主持人：董事长耿康铭先生。 6、本次会议的召开符合《中华人民共 ...

广东信达律师事务所 股东会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11&12F.,TAIPINGFINANCETOWER,YITIANROAD6001,FUTIAN,SHENZHEN,CHINA 电话(Tel.)：(0755)88265288 邮政编码：518038 网址(Website)：www.sundiallawfirm.com 传真(Fax.)：(0755)88265537 广东信达律师事务所 关于协创数据技术股份有限公司 2024年第四次临时股东会 法律意见书 信达会字（2024）第300号 致：协创数据技术股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）《上市公司股东大会规 则》（下称"《股东大会规则》"）等法律、法规、规范性文件及现行有效的《协创 数据技术股份有限公司章程》（下称"《公司章程》"）的规定，广东信达律师事务所 （下称"信达"）接受贵公司的委托，指派万威世律师、赖凌云律师（下称"信 达律师"）出席贵公司 2024 年第四次临时股东会（下称"本次股东会"），在进 行必要验证工作的基础上，对贵公司本次股东会的召集、召开程序、出席会议人 员 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has demonstrated robust revenue growth, achieving a total revenue of 5.395 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 67.11%. The net profit attributable to shareholders reached 557 million yuan, up 184.46% year-on-year [1]. - The company is expanding its computing power business, which is expected to open new growth opportunities. It has signed multiple cloud service cooperation agreements with leading clients, laying a solid foundation for its global strategy [3]. - The AIOT terminal segment has seen a continuous increase in high-margin product sales, and the overseas smart security business is gaining a larger share. The V-SaaS video cloud service is also experiencing significant user growth and an increase in ARPU [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 8.086 billion yuan, with a year-on-year growth rate of 73.6%. The net profit is expected to reach 790 million yuan, reflecting a growth rate of 174.8% [4]. - The overall gross margin for Q3 2024 was reported at 18.62%, an increase of 5.47 percentage points year-on-year, indicating a significant improvement in profitability [2]. - The company's earnings per share (EPS) is projected to grow from 1.17 yuan in 2023 to 3.22 yuan in 2024, with a net asset return rate expected to rise to 24.6% in 2024 [4][12].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 105.66 CNY, compared to the current price of 73.30 CNY [1]. Core Insights - The company has shown steady revenue growth, achieving 5.39 billion CNY in revenue for the first three quarters of 2024, a year-on-year increase of 67%. The net profit attributable to shareholders reached 560 million CNY, up 184% year-on-year [1]. - The report highlights the continuous improvement in the company's high-margin new business segments, particularly in data storage and AIOT terminal sales, which have seen significant growth in overseas markets [1]. - The company is actively expanding its cloud services, with notable growth in user numbers and ARPU (Average Revenue Per User) for its V-SaaS video cloud service [1]. - The report emphasizes the company's strategic partnerships with major clients in the cloud business, indicating a strong potential for future growth in its computing power services [1]. Financial Performance Summary - For Q3 2024, the company reported revenue of 1.817 billion CNY, a year-on-year increase of 31%, with a net profit of 200 million CNY, reflecting a 141% year-on-year growth [1]. - The financial forecast estimates revenues of 8.399 billion CNY, 12.455 billion CNY, and 15.753 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at 827 million CNY, 1.305 billion CNY, and 1.698 billion CNY for the same years [2][6]. - The report indicates a significant increase in earnings per share (EPS), projected to be 3.37 CNY in 2024, 5.32 CNY in 2025, and 6.92 CNY in 2026 [2][6].

2024 年 11 月 01 日 公司点评 买入/维持 协创数据(300857) 目标价: 昨收盘:73.35 Q3 业绩高速增长，算力业务落地加速 ◼ 走势比较 (20%) 28% 76% 124% 172% 220% 23/10/3124/1/1224/3/2524/6/624/8/1824/10/30 协创数据 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.45/2.45 总市值/流通(亿元) 179.89/179.38 12 个月内最高/最低价 (元) 95/27.3 相关研究报告 <<毛利率大幅提升，云服务领域持续 突破>>--2024-08-29 <<业绩超出预期，算力服务器再制造 初具规模>>--2024-04-29 <<深耕物联网终端和数据存储，尽享 AI 时代红利>>--2024-03-26 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wangjy@tpyzq.com 分析师登记编号：S1190523090002 事件：公司发布 2024 年三季报。前三季度，公司实 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company has achieved rapid growth in revenue and net profit in the first three quarters of 2024, with revenue reaching 5.395 billion yuan, a year-on-year increase of 67%, and net profit attributable to shareholders reaching 557 million yuan, a year-on-year increase of 184% [3][8] - The company focuses on "cloud-edge-end" integrated smart storage and smart IoT product lines, continuously launching competitive products and upgrading its business model to provide cloud platform services [3][5] - The company is well-positioned in the server remanufacturing business, leveraging strong supply chain management and high R&D investment to create a competitive advantage [7][8] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 7.11 billion yuan and a net profit of 655 million yuan, with an EPS of 2.67 yuan [9][13] - The company’s revenue is projected to grow at rates of 70%, 38%, and 28% for the years 2024, 2025, and 2026 respectively, driven by strong demand in the data storage and IoT sectors [8][9] - The gross margin is expected to improve, particularly in the data storage business, with projections of 13% for 2024-2026 [8][10] Business Segmentation - The company’s revenue from data storage devices is projected to grow by 70% in 2024, with a gross margin of 13% [10] - The IoT smart terminal segment is expected to grow by 20% in 2024, maintaining a gross margin of 20% [10] - Other business segments are anticipated to grow at a rate of 42% in 2024, with a stable gross margin of 20% [10] Market Positioning - The company has established long-term partnerships with notable tech firms such as Lenovo, Xiaomi, and LG, enhancing its market presence [7] - The rise of AI and cloud computing is expected to drive demand for high-performance storage solutions, positioning the company favorably in the evolving market landscape [5][8]

证券研究报告·公司点评报告·消费电子 协创数据（300857） 2024 年三季报点评：业绩增速亮眼，算力业 务进展不断 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3148 | 4658 | 8243 | 10511 | 12607 | | 同比（ % ） | 6.37 | 47.95 | 76.97 | 27.52 | 19.93 | | 归母净利润（百万元） | 130.91 | 287.29 | 788.60 | 1,087.93 | 1,435.97 | | 同比（ % ） | 3.67 | 119.46 | 174.50 | 37.96 | 31.99 | | EPS- 最新摊薄（元 / 股） | 0. ...

证券代码：300857 证券简称：协创数据 公告编号：2024-098 协创数据技术股份有限公司 第三届监事会第二十七次会议决议公告 关于会计政策变更的公告 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。 一、监事会会议召开情况 协创数据技术股份有限公司（以下简称"公司"）第三届监事会 第二十七次会议通知于 2024 年 10 月 22 日通过电子邮件、专人送达 的方式通知了全体监事。会议于 2024 年 10 月 25 日以通讯表决方式 召开。本次会议应出席监事 3 名，实际出席监事 3 名。会议由监事会 主席胡志宇先生召集并主持。本次会议的召开符合《中华人民共和国 公司法》等法律、法规、规范性文件和《公司章程》的有关规定，会 议合法、有效。 二、监事会会议审议情况 具 体 内 容 详 见 公 司 于 2024 年 10 月 29 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的《关于公司及子公司向银行及其他 金融机构申请授信暨开展融资租赁业务的公告》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。本议案获得通过。 三、备查 ...

证券代码：300857 证券简称：协创数据 公告编号：2024-101 协创数据技术股份有限公司 关于召开2024年第四次临时股东会的通知 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。 协创数据技术股份有限公司（以下简称"公司"）于2024年10月 25日召开第三届董事会第三十次会议，审议通过了《关于提请召开 2024年第四次临时股东会的议案》，决定于2024年11月13日（星期三） 召开公司2024年第四次临时股东会，现将有关事项通知如下： 一、召开会议的基本情况 （一）股东会届次：2024年第四次临时股东会。 （二）股东会的召集人：第三届董事会。 （三）会议召开的合法、合规性：本次临时股东会的召集程序符 合有关法律、行政法规、规范性文件和《公司章程》的有关规定。 （四）会议召开的日期、时间： 1.现场会议召开日期、时间：2024年11月13日（星期三）14:30 2.网络投票起止日期、时间：2024年11月13日 其中，通过深圳证券交易所交易系统网络投票的具体时间为2024 年11月13日9:15-9:25，9:30-11:30，13:00-15:00; ...