FII(601138) 信达证券·2024-11-02 08:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 436.37 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 32.71%. The net profit attributable to shareholders was 15.14 billion yuan, up 12.28% year-over-year. In the third quarter alone, revenue reached 170.28 billion yuan, a 39.53% increase year-over-year, with net profit at 6.40 billion yuan, a 1.24% increase year-over-year [1][2] - The company's cloud computing business saw significant growth, with overall revenue increasing by 71% year-over-year. AI server revenue surged by 228%, accounting for 45% of total server revenue. The data center's 400G/800G high-speed switches also experienced a year-over-year growth of 128% in the third quarter [2] - The company is positioned as a leading player in the AI server and switch ODM market, poised to benefit from the growth of cloud computing. The upcoming mass production of the GB200 is expected to enhance its market share in AI servers and switches [2][3] Financial Summary - For 2024E, the company is projected to achieve a net profit of 23.71 billion yuan, reflecting a year-over-year growth of 12.7%. The expected revenues for 2024E, 2025E, and 2026E are 616.70 billion yuan, 813.65 billion yuan, and 980.35 billion yuan, respectively, with growth rates of 29.5%, 31.9%, and 20.5% [3][4] - The gross profit margin is expected to be 7.4% in 2024E, with a return on equity (ROE) of 15.6% [4] - The earnings per share (EPS) is projected to be 1.19 yuan for 2024E, with a price-to-earnings (P/E) ratio of 19.85 [4]