Haitong Securities·2024-08-22 04:38Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a revenue of 546.744 billion yuan for the first half of 2024, representing a year-on-year increase of 3%, with a net profit attributable to shareholders of 80.201 billion yuan, up 5.3% year-on-year [3] - The gross margin improved to 30.81%, an increase of 2 percentage points year-on-year [3] - The company has exceeded its annual target for intelligent computing scale, achieving 19.6 EFLOPS, surpassing the initial goal of 17 EFLOPS [4] - The company is focusing on 40 industries and has launched 17 self-developed industry models under its "AI+" initiative [4] Financial Performance and Forecast - The company expects to achieve revenues of 1.06 trillion yuan, 1.10 trillion yuan, and 1.15 trillion yuan for the years 2023, 2024, and 2025 respectively, with net profits of 139.791 billion yuan, 147.873 billion yuan, and 156.254 billion yuan for the same years [11] - The projected P/B ratio for 2024 is between 1.7 and 1.9, corresponding to a reasonable value range of 106.56 yuan to 119.09 yuan [11] - The company plans to increase its dividend payout, proposing a dividend of 2.38 yuan for the first half of 2024, which is a 7% increase year-on-year [11] Market Performance - The company’s revenue growth in the government and enterprise market was 7.3%, with DICT business revenue increasing by 8.4% [10] - The mobile cloud revenue grew by 19.3%, indicating strong performance in this segment [10] - The personal market revenue was 255.179 billion yuan, showing a slight decline of 1.6% year-on-year, primarily due to a decrease in ARPU [23]