FII(601138) 民生证券·2024-10-31 15:30Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company has experienced strong growth, with a revenue of 436.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.7%. The net profit attributable to shareholders reached 15.1 billion yuan, up 12.3% year-on-year [1] - The AI server business has seen explosive growth, significantly driving overall performance. Revenue from cloud computing increased by 71% year-on-year, with AI server revenue soaring by 228% [1] - The company has successfully captured opportunities in the AI wave, increasing the proportion of AI servers in its revenue to 48% [1] - The demand for AI servers is robust, with predictions indicating that the AI server market will dominate, reaching an estimated value of 187 billion USD in 2024, a 69% increase year-on-year [1] - The company has made breakthroughs in AI inference technology, with NVIDIA's chips expected to contribute over 10 billion USD in revenue due to strong demand [1] - The company has also seen significant growth in its data center 400/800G switch revenue, with a year-on-year increase of 128% [1] - The company is expected to benefit from the growing demand for computing power and network upgrades, with projected revenues of 558.6 billion, 652.2 billion, and 736.1 billion yuan for 2024, 2025, and 2026 respectively [1][2] Financial Summary - For 2023, the company reported total revenue of 476.34 billion yuan, with a projected increase to 558.57 billion yuan in 2024, reflecting a growth rate of 17.3% [2][5] - The net profit attributable to shareholders is expected to rise from 21.04 billion yuan in 2023 to 26.02 billion yuan in 2024, marking a growth rate of 23.7% [2][5] - The earnings per share (EPS) is projected to increase from 1.06 yuan in 2023 to 1.31 yuan in 2024 [2][6] - The company's price-to-earnings (P/E) ratio is expected to decrease from 23 in 2023 to 19 in 2024, indicating improved valuation [2][6]