神州数码：华为计算业务高增，数云+分销稳中有升

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Insights - The company reported a revenue of 62.56 billion yuan for the first half of 2024, representing a year-over-year increase of 12.5%, and a net profit attributable to shareholders of 5.1 billion yuan, up 17.5% year-over-year [4]. - The self-branded product business showed strong growth, with revenue reaching 2.66 billion yuan, a 45.5% increase year-over-year, and the gross margin improved by 1.7 percentage points [4]. - The company has established a strong customer base in key industries, including major telecommunications operators and banks [4]. - The IT distribution and value-added services segment also saw revenue growth of 9.8% year-over-year, with microelectronics distribution revenue increasing by 39.7% [4]. - The company is focusing on research and development, with R&D expenses rising by 25% year-over-year [5]. Financial Summary - For the first half of 2024, the company achieved total revenue of 62.56 billion yuan, with a year-over-year growth rate of 12.5% [6]. - The net profit attributable to shareholders for the same period was 5.1 billion yuan, reflecting a year-over-year increase of 17.5% [6]. - The company expects revenues of 124.61 billion yuan, 131.54 billion yuan, and 139.63 billion yuan for the years 2024, 2025, and 2026, respectively [5][6]. - The projected net profits for the same years are 14.0 billion yuan, 16.1 billion yuan, and 19.7 billion yuan [5][6].