FII(601138) 国金证券·2024-08-14 00:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][7]. Core Insights - In H1 2024, the company achieved a revenue of 266.09 billion RMB, a year-on-year increase of 28.69%, and a net profit attributable to shareholders of 8.739 billion RMB, up 22.04% year-on-year. Q2 alone saw revenues of 147.403 billion RMB, growing 46.11% year-on-year and 24.19% quarter-on-quarter [1]. - The cloud computing revenue surged by 60% year-on-year in H1 2024, with AI server revenue increasing over 230%, indicating strong demand driven by North American cloud vendors' investments in AI [1]. - The communication and mobile network equipment segment also experienced high single-digit growth, with Q2 revenue growth reaching 20% year-on-year, supported by the rollout of 400G and 800G high-speed switches [1]. Summary by Relevant Sections Financial Performance - The company forecasts revenues of 561.6 billion RMB, 665.9 billion RMB, and 757.2 billion RMB for 2024, 2025, and 2026 respectively, with net profits projected at 25.3 billion RMB, 31 billion RMB, and 35.9 billion RMB for the same years [1][3]. - The expected P/E ratios for 2024, 2025, and 2026 are 16, 13, and 12 respectively, indicating a favorable valuation trend [1]. Market Trends - The report highlights a significant increase in AI server shipments, projected to reach 1.67 million units in 2024, a 41.5% increase year-on-year, reflecting the growing demand for AI-related infrastructure [1]. - The company is well-positioned to meet the demand for next-generation AI servers, with sufficient production capacity and high visibility of downstream orders [1]. Segment Analysis - The cloud computing segment accounted for 55% of total revenue in Q2 2024, with a year-on-year growth exceeding 70% [1]. - The high-speed switch revenue related to AI servers grew by 70% year-on-year, contributing significantly to the overall revenue growth in the communication and mobile network equipment segment [1].