FII(601138) 新浪财经·2025-05-11 21:05Core Insights - In 2024, the company achieved a revenue growth of 27.9% year-on-year, with a net profit attributable to shareholders increasing by 10.3% [1] - The revenue for 2024 reached 609.135 billion yuan, driven primarily by significant growth in the cloud computing sector [1] - The first quarter of 2025 continued to show high growth in revenue and profit, although gross margin experienced a decline [1] Revenue and Profit Analysis - For Q1 2025, the company reported a revenue of 160.415 billion yuan, reflecting a year-on-year increase of 35.16% but a quarter-on-quarter decrease of 7.15% [1] - The net profit attributable to shareholders for Q1 2025 was 5.231 billion yuan, marking a year-on-year increase of 24.99% and a quarter-on-quarter decrease of 35.23% [1] Cloud Computing Business - The cloud computing segment generated revenue of 319.377 billion yuan in 2024, representing a year-on-year growth of 64.37% and accounting for 52.5% of total revenue for the first time [1] - The gross margin for the cloud computing business was 4.99%, showing a slight decline of 0.09 percentage points year-on-year [1] Communication and Mobile Network Equipment - Revenue from communication and mobile network equipment reached 287.898 billion yuan in 2024, with a year-on-year growth of 3.20%, contributing 47.3% to total revenue [1] - The gross margin for this segment was 9.56%, down by 0.24 percentage points year-on-year [1] Industrial Internet Business - The industrial internet business reported revenue of 0.094 billion yuan in 2024, a significant decline of 42.92% year-on-year, representing only 0.2% of total revenue [1] - The gross margin for the industrial internet segment was 45.79%, down by 4.02 percentage points year-on-year [1] Investment Outlook - The company maintains an "outperform the market" rating, anticipating rapid growth in cloud computing and AI server businesses due to large-scale infrastructure development [1] - Projected revenues for 2025-2027 are 796.377 billion yuan, 962.288 billion yuan, and 1,151.385 billion yuan respectively [1]