FII(601138) 山西证券·2024-08-07 23:30Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a strong potential for price appreciation over the next 6-12 months [2][4]. Core Insights - The company is experiencing robust growth in revenue and net profit driven by strong demand for AI servers, with a projected 40% growth in AI server revenue for the year [1][3]. - The company has a comprehensive AI server supply chain, covering everything from GPU modules to data centers, which positions it well in the market [1]. - The company is expected to capture a significant share of the global AI server market, with projections indicating it will hold 40% of the market share [1][5]. Financial Performance - For the first half of 2024, the company reported revenue of 266.09 billion yuan, a year-on-year increase of 28.69%, and a net profit of 8.739 billion yuan, up 22.04% [3]. - The second quarter of 2024 saw revenue of 147.40 billion yuan, reflecting a year-on-year growth of 46.11% and a quarter-on-quarter increase of 24.19% [3]. - The company's earnings per share (EPS) for 2024 is projected to be 1.31 yuan, with corresponding price-to-earnings (P/E) ratios of 15.56, 12.70, and 11.12 for the years 2024, 2025, and 2026 respectively [1][6]. Market Performance - The company's stock closed at 20.40 yuan, with a year-to-date high of 29.47 yuan and a low of 12.63 yuan [1]. - The circulating A-shares market capitalization is approximately 405.19 billion yuan, with a total market capitalization of about 405.31 billion yuan [1]. Future Projections - The company is expected to see continued growth in EPS, with forecasts of 1.61 yuan for 2025 and 1.83 yuan for 2026 [1][6]. - Revenue projections for the upcoming years are 564.01 billion yuan for 2024, 679.82 billion yuan for 2025, and 767.29 billion yuan for 2026, indicating a strong growth trajectory [6].