FII(601138) 国信证券·2024-11-04 14:01Investment Rating - The report maintains an "Outperform" rating for the company [1][3][14] Core Views - The company reported a 33% year-on-year revenue growth in the first three quarters, with a significant increase in AI server revenue contributing to this growth [1] - The third quarter saw a record high in revenue, with a 39.53% year-on-year increase, although net profit was impacted by foreign exchange effects [1] - The cloud computing business is expected to benefit from the rapid development of AI and the large-scale construction of computing infrastructure globally [1] Revenue and Profit Summary - For the first three quarters of 2024, the company achieved a revenue of 436.37 billion yuan, a year-on-year increase of 32.71%, and a net profit of 15.14 billion yuan, up 12.28% year-on-year [1][2] - The third quarter revenue reached 170.28 billion yuan, marking a 39.53% increase year-on-year and a 15.52% increase quarter-on-quarter [1] - AI server revenue grew by 228% year-on-year, accounting for 45% of total server revenue in the first three quarters [1] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 581.09 billion yuan, 680.14 billion yuan, and 765.78 billion yuan respectively, with corresponding net profits of 24.75 billion yuan, 29.03 billion yuan, and 33.87 billion yuan [1][2] - The company's price-to-earnings (P/E) ratios for the next three years are projected to be 16.6, 14.1, and 12.1 respectively [1][2] Business Segment Performance - The cloud computing segment's revenue grew by 71% year-on-year, with AI server revenue significantly driving this growth [1] - The telecommunications and mobile network equipment segment also saw steady growth, particularly in high-speed switches and Smart NIC/DPU boards, with a 128% year-on-year increase in 400/800G switch revenue in the third quarter [1]