Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q3 2024 revenue reached 9,682 million yuan, a year-on-year increase of 127.75%, with net profit attributable to shareholders of 230 million yuan, up 53.82% year-on-year [3] - The company's revenue for the first three quarters of 2024 was 22,208 million yuan, a year-on-year increase of 73.07%, while net profit attributable to shareholders was 76 million yuan, a year-on-year decrease of 78.44% [3] - The company's Q3 net profit growth turned positive, indicating improved efficiency and quality, with sales/management/R&D expense ratios decreasing year-on-year and quarter-on-quarter [4] - The company has achieved a full-stack layout in the HarmonyOS ecosystem, benefiting from its prosperity, with subsidiaries launching new intelligent products and commercial versions in multiple industries [4] - The company's subsidiaries, Softcom Computing and Zhitong International, have seen significant growth in server and PC businesses, with Mechanical Revolution PC shipments increasing by 86% year-on-year in Q2 2024 [7] Financial Performance and Forecast - The company's revenue for 2024-2026 is forecasted to be 30,355/34,242/38,541 million yuan, with net profit attributable to shareholders of 571/828/1,113 million yuan, and EPS of 0.60/0.87/1.17 yuan per share [7] - The company's ROE is expected to be 5%/7%/9% for 2024-2026, with P/E ratios of 106/73/55X [8] - The company's gross margin is projected to be 16%/16%/17% for 2024-2026, with sales net margins of 2%/2%/3% [10] Business Highlights - The company has launched AI servers based on Ascend, including the A800I, A800T A2, and A900P A2 series, and has seen continuous growth in ODM business for PCs [7] - The company's subsidiaries have released SwanLinkOS 5, an open-source HarmonyOS AI PC, and have completed over 50 commercial device adaptations in various industries [4] - The company has over 15,000 HarmonyOS native applications and services, with significant improvements in performance, battery life, and camera clarity [4]
软通动力：2024年三季报点评：Q3业绩同比高增，华为生态领军成长可期