FII(601138) 民生证券·2024-08-15 01:00Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company reported a revenue of 226.1 billion yuan for the first half of 2024, representing a year-on-year growth of 28.7%. The net profit attributable to shareholders was 8.7 billion yuan, up 22.0% year-on-year [1]. - The AI server business experienced significant growth due to increased demand for cloud infrastructure, with cloud computing revenue rising by 60% year-on-year [1]. - The company is actively investing in technology research and development, with R&D expenditures reaching 4.876 billion yuan in the first half of 2024 [1]. - The company has established nine "lighthouse factories" to lead the transformation of the manufacturing industry through industrial internet solutions [1]. - The company expects revenues of 558.6 billion yuan, 652.2 billion yuan, and 736.1 billion yuan for 2024, 2025, and 2026, respectively, with net profits projected at 26 billion yuan, 36.5 billion yuan, and 41.9 billion yuan [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 226.1 billion yuan, a 28.7% increase year-on-year, and a net profit of 8.7 billion yuan, a 22.0% increase year-on-year [1]. - For the second quarter of 2024, revenue reached 147.4 billion yuan, marking a 46.1% year-on-year increase [1]. Business Segments - The AI server segment saw revenue growth exceeding 230% year-on-year, with AI servers accounting for 43% of server revenue [1]. - The communication and mobile network equipment business grew by 20% year-on-year in Q2, with revenue from AI server-related high-speed switches increasing by 70% [1]. Strategic Initiatives - The company is focusing on the digital economy and AI development opportunities, enhancing its R&D capabilities and forming strategic partnerships to strengthen its position in the industrial AI sector [1]. - The "2+2" strategy aims to create new advantages in the industrial AI field through strategic investments and mergers [1].