24H1 业绩稳健提升，新华三国际业务增长亮眼：24H1 新华三实现营业收入264.28 亿元，同比增长5.75%，实现归母净利润18.20 亿元基本持平。其中：1）国内政企业务收入202.12 亿元，同比增长8.31%，新华三以全栈数字化解决方案，助力多家央国企打造了具备开创性和创新性的数字化应用。2）国际业务实现营业收入11.98 亿元，同比增长9.51%，H3C 品牌产品及服务收入4.16 亿元，同比增长61.22%。2024 年上半年，新华三持续加速海外市场深度与广度覆盖，自有品牌产品与服务规模保持高速增长。3）国内运营商业务实现营业收入50.19 亿元，同比降低4.14%，主要系招采节奏影响。其他子公司方面，1）紫光云：24H1 营收5.73 亿元，同比降低4.91%，归母净利润-1.32 亿元。Description of the event
Recently, the company announced its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 37.951 billion yuan, an increase of 5.29% year on year; net profit to mother was 1 billion yuan, a decrease of 2.13% year on year, after deducting 0.894 billion yuan of non-net profit, an increase of 5.78% year on year.
Incident comments
24H1's performance improved steadily, and Xinhuasan's international business grew brilliantly: 24H1 achieved revenue of 26.428 billion yuan, an increase of 5.75% over the previous year, and achieved a basic flat net profit of 1.82 billion yuan. Among them: 1) Domestic government and enterprise revenue was 20.212 billion yuan, an increase of 8.31% over the previous year. With full-stack digital solutions, Xinhua 3 helped many central state-owned enterprises build pioneering and innovative digital applications. 2) The international business achieved revenue of 1.198 billion yuan, an increase of 9.51% year on year, and revenue from H3C brand products and services of 0.416 billion yuan, an increase of 61.22% year on year. In the first half of 2024, Xinhua 3 continued to accelerate the depth and breadth of overseas market coverage, and the scale of its own brand products and services maintained rapid growth. 3) The domestic operator business achieved revenue of 5.019 billion yuan, a year-on-year decrease of 4.14%, mainly due to the pace of recruitment. In terms of other subsidiaries, 1) Ziguangyun: 24H1's revenue was 0.573 billion yuan, a year-on-year decrease of 4.91%, and net profit to mother was 0.132 billion yuan.
2) Ziguang Digital: 24H1's revenue was 10.54 billion yuan, up 5.38% year on year, and net profit to mother was 0.124 billion yuan. 3) Ziguang Software: 24H1's revenue was 1.316 billion yuan, a year-on-year decrease of 16.78%, and net profit loss to mother was 0.508 million yuan.
Profitability declined slightly, and the results of cost reduction and efficiency were remarkable: by product, 24H1's ICT infrastructure and services achieved a gross profit margin of 24.37%, a year-on-year decrease of 1.06 pct; IT product distribution and supply chain services achieved a gross profit margin of 5.82%, a year-on-year decrease of 1.64 pct. The gross margin fluctuated slightly due to changes in revenue structure and product structure. 24H1's sales expense rate/management expense rate/R&D expense rate/financial expense ratio were 4.9%/1.1%/5.6%/0.7%, respectively, compared with -1.0pct/-0.2pct/-1.5pct/-1.0pct. The company continuously optimizes the organizational structure, improves operational efficiency, and has achieved remarkable results in cost management.
It has strong competitiveness in the ICT equipment field by firmly building computing power and connecting “double cornerstone” full-stack capabilities. 24H1 launched a full-stack, full-scale “Lingxi” intelligent computing solution, continued to upgrade technology and product innovation, promote the expansion of full-stack products and solutions, and launched innovative products such as Aofei Computing Platform 3.0, G7 series modular heterogeneous computing power servers, and S12500 AI series cluster switches. 24Q1 continues to lead the industry in market share of many switch products and maintains strong competitiveness. The acquisition of the three shares in Xinhua is progressing smoothly. The settlement is expected to be completed in an orderly manner, and it is expected that it will lead to increased profits, and the development prospects are worth looking forward to. In the second half of 2024, the company will continue to deepen AI applications, fully embed AI in product development processes; promote the “AI for ALL” strategy to support customers' digital transformation and intelligent upgrading; give full play to the company's core advantages in the field of computing power and connectivity, so that “computing power × connectivity” can fully amplify the value of intelligent computing resources.
Profit forecast and investment advice: 24H1's performance has achieved steady growth, and many switch products continue to lead the market share.
Gross margin declined slightly year-on-year, and the results of cost reduction and efficiency were remarkable. Profitability improvements can be expected in the second half of the year. The “AI in All” strategy continues to gain strength, and the overseas business performance is impressive. The acquisition of H3C is progressing smoothly, and it is expected that it will continue to benefit from the wave of computing power. Without considering the impact of the acquisition of the remaining shares of Xinhua 3, the company's net profit from 2024-2026 is estimated to be 2.425 billion yuan, 2.87 billion yuan, and 3.284 billion yuan, corresponding to year-on-year growth rates of 15%, 18%, and 14%, corresponding to PE 22 times, 19 times, and 16 times, maintaining a “buy” rating, and is highly recommended.
Risk warning
1. The digital transformation of the industry fell short of expectations;
2. The acquisition progress of Xinhua's three shares fell short of expectations.
