FII(601138) 国投证券·2024-08-07 05:30Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of CNY 25.73 [6][8] Core Viewpoints - The company's revenue and net profit for the first half of 2024 increased by 28.69% and 22.04% YoY, respectively, driven by strong demand for AI servers [2][3] - AI server revenue grew at an accelerated pace, contributing significantly to overall revenue and profitability [3] - The company's global layout and high-quality customer resources have strengthened its leading position in the industry [4] - The company has increased R&D investment and is scaling up its "Lighthouse Factory" model, focusing on upstream AI industry value chain components [5] Financial Performance - H1 2024 revenue reached CNY 266.091 billion, a 28.69% YoY increase, with net profit attributable to shareholders of CNY 8.739 billion, up 22.04% YoY [2] - The company's gross margin improved to 8.1% in 2023, with a net profit margin of 4.4% [9] - ROE stood at 15.0% in 2023, with an expected increase to 18.0% by 2026 [9] Industry and Market Position - Global AI server shipments exceeded 1.25 million units in 2023, a 47% YoY increase, with expectations to reach 1.94 million units in 2024 [3] - The company's AI server factory was recognized as a "Lighthouse Factory" by the World Economic Forum, the first of its kind globally [4] - The company has deepened collaborations with major global server brands and cloud service providers, enhancing its industry position [4] Future Outlook - Revenue is projected to grow from CNY 556.365 billion in 2024 to CNY 796.499 billion in 2026, with net profit expected to increase from CNY 25.603 billion to CNY 38.25 billion over the same period [8] - The company is expected to maintain a PE ratio of 16.0x in 2024, decreasing to 10.7x by 2026 [9] - The company's digital transformation and AI server production capabilities are expected to drive future growth [5]