FII(601138) 信达证券·2024-08-17 16:30Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The company's performance in the first half of 2024 met expectations, with a revenue of 266.09 billion yuan, representing a year-over-year increase of 28.69%, and a net profit attributable to shareholders of 8.739 billion yuan, up 22.04% year-over-year [2][3] - The demand for AI servers is strong, with cloud computing revenue growing by 60% year-over-year, and AI servers accounting for 43% of total server revenue, with a year-over-year increase of over 230% [2][3] - The company is well-positioned in the computing power industry, with projected net profits of 25.242 billion yuan, 32.218 billion yuan, and 37.192 billion yuan for 2024E, 2025E, and 2026E respectively, indicating growth rates of 20%, 28%, and 15% [3] Financial Summary - In the first half of 2024, the company achieved a total revenue of 2660.91 billion yuan, with a second-quarter revenue of 1474.03 billion yuan, reflecting a year-over-year growth of 46.11% [2] - The company's gross profit margin is projected to be 7.7% for 2024E, with a return on equity (ROE) of 16.3% [3][4] - The earnings per share (EPS) for 2024E is estimated at 1.27 yuan, with a price-to-earnings (P/E) ratio of 16.58 [3][4]