FII(SH:601138) Guoyuan Securities·2024-08-23 08:32Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company is expected to benefit significantly from the growing demand for AI hardware and edge deployment, driven by the expansion of computing power needs across various industries [4][5] - The company's revenue for H1 2024 reached 266.09 billion yuan, a year-on-year increase of 28.69%, with a net profit of 8.74 billion yuan, up 22.04% year-on-year [2][3] Revenue and Profit Growth - In Q2 2024, the company achieved revenue of 147.40 billion yuan, representing a year-on-year growth of 46.11% and a quarter-on-quarter increase of 24.19% [2][3] - The AI hardware segment, particularly AI servers, saw revenue growth exceeding 230%, contributing significantly to overall revenue [3] Business Segments Performance - Cloud computing business benefited from the increasing demand for AI hardware, with a revenue growth of 60% year-on-year, and AI servers accounted for 43% of total server revenue [3] - The communication and mobile network equipment segment also experienced growth, with 400/800G high-speed switches seeing a revenue increase of 30% year-on-year [3] Future Profitability Forecast - The company is projected to achieve net profits of 25.65 billion yuan, 29.90 billion yuan, and 34.53 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 17x, 15x, and 13x [5][6]