Hygon Information Technology (SH:688041) Minsheng Securities·2024-10-16 04:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company achieved a revenue of 6.137 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 55.64%. The net profit attributable to shareholders reached 1.526 billion yuan, up 69.22% year-on-year [2]. - The company is focused on the general computing market, with high-end processor products that have established a strong reputation due to their unique advantages in functionality, performance, ecosystem, and security, leading to rapid revenue growth [2]. - Continuous optimization and iteration of products have enhanced the company's competitive edge, with self-developed high-end processors showing strong performance and compatibility with existing software ecosystems [2]. - The company is building a domestic complete machine ecosystem by collaborating with major domestic server manufacturers, which is expected to drive innovation and development in the industry [2]. - The company forecasts net profits of 1.958 billion yuan, 2.594 billion yuan, and 3.397 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 55.0%, 32.5%, and 30.9% [2][3]. Financial Summary - For 2023, the company expects total revenue of 6.012 billion yuan, with a growth rate of 17.3%. By 2024, revenue is projected to reach 8.929 billion yuan, reflecting a growth rate of 48.5% [3][7]. - The net profit attributable to shareholders is anticipated to be 1.263 billion yuan in 2023, increasing to 1.958 billion yuan in 2024, with a growth rate of 55.0% [3][7]. - The company's PE ratio is projected to decrease from 215 in 2023 to 139 in 2024, indicating an improving valuation as earnings grow [3][7].