神州数码：自主品牌收入高增，接连斩获头部客户大单

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [10]. Core Insights - The company has achieved significant revenue growth in its self-owned brand segment, securing major contracts with leading clients, particularly in the telecommunications and banking sectors [4]. - For the first three quarters of 2024, the company reported a revenue of 91.57 billion yuan, representing an 8.81% year-on-year increase, and a net profit attributable to shareholders of 0.894 billion yuan, up 5.04% year-on-year [2][3]. - The company is positioned as a core partner in the "Kunpeng + Ascend" ecosystem, benefiting from the ongoing push for domestic computing power and innovation [4]. Summary by Sections Financial Performance - The company’s three main business segments have shown robust growth: 1. Cloud services and software revenue reached 2.07 billion yuan, up 47% year-on-year, with a gross margin increase of 6.3 percentage points [3]. 2. Self-owned brand product revenue totaled 3.87 billion yuan, a 32% increase year-on-year, with a gross margin rise of 1.7 percentage points. Notably, the Xinchuang business generated 3.2 billion yuan, up 56%, and AI server revenue surged by 226% to 700 million yuan [3]. 3. IT distribution and value-added services revenue grew steadily, with a gross profit of 3.2 billion yuan, an 11% increase year-on-year [3]. Market Developments - The company has recently won significant contracts, including a major server procurement project with China Telecom, capturing 11% and 10% of the respective bidding packages [4]. - The self-owned brand, Shenzhou Kuntai, has gained high recognition from industry leaders, with expectations for continued revenue growth driven by the increasing demand for AI computing power and the ongoing promotion of domestic innovation [4]. Future Projections - Revenue forecasts for the company are optimistic, with expected revenues of 125.94 billion yuan, 132.82 billion yuan, and 140.37 billion yuan for 2024, 2025, and 2026 respectively. Net profits are projected to be 1.405 billion yuan, 1.692 billion yuan, and 1.942 billion yuan for the same years [4][6].