Guolian Securities·2024-08-20 02:03Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 62.487 billion yuan for the first half of 2024, representing a year-on-year growth of 2.94%. The net profit attributable to shareholders was 5.732 billion yuan, up 4.76% year-on-year, while the net profit excluding non-recurring items was 4.964 billion yuan, growing by 1.11% year-on-year. The net cash flow from operating activities reached 7 billion yuan, an increase of 8.94% year-on-year. The net profit margin improved to 9.14%, up 0.26 percentage points year-on-year, indicating a continuous enhancement in profitability [11][12] - The company's enterprise business experienced rapid growth, with revenue from this segment reaching 9.172 billion yuan, a significant increase of 56.09% year-on-year, primarily driven by a surge in server and storage product shipments. The gross margin for the enterprise business was 21.77%, down 5.74 percentage points year-on-year due to changes in revenue structure [11][12] - The international market achieved double-digit growth, with revenue increasing by 10.44% year-on-year, accounting for 31.09% of total revenue. Notably, revenue from the Asian market (excluding China) grew by 22.76% year-on-year, with a gross margin of 36.02%, up 2.64 percentage points year-on-year [11][12] Financial Performance Summary - For the first half of 2024, the company's gross margin was 40.47%, down 2.75 percentage points year-on-year, influenced by changes in the revenue mix. The company expects revenue for 2024-2026 to be 130.263 billion yuan, 137.894 billion yuan, and 146.786 billion yuan, with year-on-year growth rates of 4.84%, 5.86%, and 6.45% respectively. The net profit attributable to shareholders is projected to be 9.855 billion yuan, 10.355 billion yuan, and 10.907 billion yuan for the same period, with growth rates of 5.67%, 5.08%, and 5.33% respectively [11][12][14]