FII(601138) 天风证券·2024-08-06 05:00Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company's performance in H1 2024 met expectations, with revenue reaching 266.1 billion, a year-on-year increase of 28.69%, and a net profit attributable to shareholders of 8.74 billion, up 22.04% year-on-year [1][3] - The AI server product revenue is experiencing accelerated growth, benefiting from strong demand in the AI sector [1][2] - The cloud computing business is seeing robust growth, with a significant increase in revenue from AI servers, which now account for nearly 30% of the company's cloud computing products [2][1] Financial Performance - In Q2 2024, the company achieved revenue of 147.4 billion, a year-on-year increase of 46% and a quarter-on-quarter increase of 24% [1] - The net profit for Q2 2024 was 4.55 billion, reflecting a year-on-year increase of 13% and a quarter-on-quarter increase of 9% [1] - The sales net profit margin for Q2 2024 was 3.1%, showing a decline compared to the previous year [1] Industry Outlook - North American cloud service providers continue to invest heavily in AI, with expectations for significant long-term returns [2] - The global cloud service market is projected to see a substantial increase in capital expenditure, particularly in AI, which is expected to rise from 25% to 39% of total capital expenditures [2] - The company is well-positioned in the cloud computing sector, maintaining a leading market share in server shipments and benefiting from a comprehensive service offering [2]