FII(601138) 长江证券·2024-11-04 07:23Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Insights - The company reported a significant increase in revenue and profit for the third quarter of 2024, with total revenue reaching 436.373 billion yuan, a year-on-year growth of 32.71%, and a net profit attributable to shareholders of 15.141 billion yuan, up 12.28% year-on-year [4][5]. - The third quarter alone saw revenue of 170.282 billion yuan, representing a 39.53% increase year-on-year, while net profit was 6.402 billion yuan, a growth of 1.24% year-on-year [4][5]. - Excluding foreign exchange impacts, the net profit growth for the third quarter would have been 11% [4]. - The company is experiencing robust growth in its cloud computing segment, with a 71% year-on-year increase in revenue, and AI server revenue soaring by 228%, accounting for 45% of total server revenue [4][5]. - The company is expected to participate in the GB200 module and complete machine manufacturing for major clients starting in the fourth quarter, which could lead to a significant increase in market share and performance in 2025 [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 436.373 billion yuan, a 32.71% increase year-on-year, and a net profit of 151.41 billion yuan, up 12.28% year-on-year [4][5]. - The third quarter's revenue was 170.282 billion yuan, with a net profit of 64.02 billion yuan, reflecting a 39.53% and 1.24% year-on-year growth, respectively [4][5]. Business Segments - The cloud computing revenue grew by 71% year-on-year, with AI server revenue increasing by 228%, indicating a strong demand for AI-related services [4][5]. - The company’s general server revenue also saw a 22% increase, driven by a 76% growth in revenue from CSP manufacturers [4][5]. - The network communication business experienced significant growth, particularly in 400/800G high-speed switches and SmartNIC/DPU board cards, with a 128% increase in revenue for the third quarter [4][5]. Future Outlook - The company is positioned to gain a larger market share in the GB200 supply chain due to its long-term partnerships with major players like Nvidia and overseas cloud vendors [5]. - The strategic focus on high-end intelligent manufacturing and industrial internet, along with new ventures in big data and robotics, is expected to create a second growth curve for the company [5]. - Projected net profits for 2024, 2025, and 2026 are estimated at 23.675 billion yuan, 30.983 billion yuan, and 33.761 billion yuan, respectively [5].