FII(601138) 国海证券·2024-11-02 16:38Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a strong revenue growth of 40% year-on-year in Q3 2024, driven by robust performance in AI server sales [2][3]. - For the first three quarters of 2024, the company achieved a revenue of 436.37 billion yuan, representing a year-on-year increase of 32.71%, and a net profit attributable to shareholders of 15.14 billion yuan, up 12.28% year-on-year [2][3]. - The AI server segment saw a remarkable revenue growth of 228% year-on-year, contributing to 48% of the total server revenue in Q3 2024 [3][4]. Financial Performance Summary - In Q3 2024, the company reported a revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52% [2]. - The net profit attributable to shareholders for Q3 2024 was 6.40 billion yuan, showing a year-on-year growth of 1.24% and a quarter-on-quarter increase of 40.58% [2]. - The gross margin for the first three quarters of 2024 was 6.82%, a decrease of 1.14 percentage points year-on-year, while the net margin was 3.47%, down 0.63 percentage points year-on-year [3]. Market Data - As of November 1, 2024, the current stock price is 23.68 yuan, with a 52-week price range of 12.63 to 29.47 yuan [3]. - The total market capitalization is approximately 470.47 billion yuan [3]. Business Segment Performance - The AI server segment accounted for 48% of server revenue in Q3 2024, with a year-on-year growth of 128% for 400/800G switches [4][6]. - The company's cloud computing business experienced a revenue growth of 71% year-on-year in the first three quarters of 2024 [3]. - The network communication business, focusing on 400/800G switches and SmartNIC/DPU cards, also showed significant growth, with a 200% year-on-year increase in revenue for SmartNIC/DPU cards [6][4]. Future Outlook - The company is expected to benefit from the increasing demand for AI computing power globally, with projected revenues of 553.95 billion yuan, 677.21 billion yuan, and 782.95 billion yuan for 2024, 2025, and 2026 respectively [8][9]. - The earnings per share (EPS) are forecasted to be 1.23 yuan, 1.53 yuan, and 1.78 yuan for the years 2024, 2025, and 2026 respectively [9][8].