FII(SH:601138) Guoxin Securities·2024-08-05 00:31Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5] Core Views - The company reported a preliminary net profit growth of 22.04% year-on-year for the first half of 2024, with revenue reaching 266.09 billion yuan, a year-on-year increase of 28.69% [3][5] - The strong performance is attributed to the robust demand for AI servers, with the company's cloud computing business showing significant growth [3][5] - The company expects the contribution of AI to cloud computing revenue to increase from 30% in 2023 to 40% in 2024, with AI servers capturing a 40% share of the global market [3][5] Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 560.85 billion yuan, 676.67 billion yuan, and 755.65 billion yuan respectively, with net profit estimates of 26.03 billion yuan, 35.72 billion yuan, and 40 billion yuan [3][5] - The company anticipates a significant increase in earnings per share (EPS) from 1.31 yuan in 2024 to 2.01 yuan in 2026 [3][5] - The price-to-earnings (P/E) ratio is projected to decrease from 17.0 in 2024 to 11.1 in 2026, indicating a favorable valuation trend [3][5] Business Growth and Strategy - The company is focusing on the entire AI industry value chain, including GPU modules and AI server design, to leverage its manufacturing and R&D capabilities [3][5] - Plans to launch a new generation of servers are underway, with existing product orders showing strong visibility [3][5] - The company aims to provide comprehensive solutions from front-end to back-end in the AI server market, enhancing its competitive edge [3][5]