FII(SH:601138) Xinda Securities·2024-08-04 14:00Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company reported a significant increase in revenue and profit for Q2 2024, achieving a revenue of 147.4 billion yuan, a year-over-year increase of 46.1%, and a net profit of 4.55 billion yuan, up 12.9% year-over-year [3] - The company is positioned as a key player in the AI industry, benefiting from the growth of AI technologies and its unique capabilities in providing a full-service AI supply chain [3] - Future projections indicate a positive outlook for the company, with expected net profits of 26.46 billion yuan, 32.72 billion yuan, and 36.63 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-over-year growth rates of 26%, 24%, and 12% [3] Financial Performance Summary - For H1 2024, the company anticipates total revenue of 266.09 billion yuan, representing a year-over-year growth of 28.7%, and a net profit of 8.74 billion yuan, up 22% year-over-year [3] - The company’s total revenue for 2022 was 511.85 billion yuan, which decreased to 476.34 billion yuan in 2023, but is projected to rebound to 558.27 billion yuan in 2024, with a growth rate of 17.2% [4] - The gross profit margin is expected to remain stable, with projections of 8.3% in 2024, 8.2% in 2025, and 8.1% in 2026 [4]