浪潮信息：业绩高速增长，算力基础设施布局进一步完善

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][10]. Core Views - The company has achieved rapid revenue growth, with a reported revenue of 831.26 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 72.26%. The net profit attributable to shareholders reached 12.94 billion yuan, up 67.05% year-on-year [5][6]. - The company is actively expanding its product line and enhancing customer satisfaction, which has contributed to its strong performance. The increase in production and delivery capabilities has also supported rapid business growth [6][9]. - The company plans to acquire a 100% stake in a network technology firm to further enhance its computing infrastructure layout, which is expected to strengthen its competitive position in the market [7][9]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 831.26 billion yuan, a 72.26% increase year-on-year, and a net profit of 12.94 billion yuan, a 67.05% increase year-on-year. The non-recurring net profit was 11.55 billion yuan, showing a significant growth of 176.67% [5][6]. - In Q3 2024, the company achieved revenues of 410.62 billion yuan, with net profits of 6.97 billion yuan and a non-recurring net profit of 7.34 billion yuan, reflecting year-on-year growth rates of 76.05%, 51.09%, and 75.18% respectively [6]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 6.70%, down 2.97 percentage points year-on-year. The operating expense ratio was 4.33%, a decrease of 3.08 percentage points year-on-year [6]. - The company’s inventory increased significantly, reaching 38.509 billion yuan by the end of Q3 2024, a year-on-year growth of 82.50%, which is expected to support product delivery in Q4 [6]. Future Projections - The report adjusts the profit forecasts for 2024-2026, estimating net profits of 24.74 billion yuan for 2024, 31.66 billion yuan for 2025, and 39.07 billion yuan for 2026. The corresponding EPS estimates are 1.68 yuan, 2.15 yuan, and 2.65 yuan [10]. - The company is positioned to benefit from the growing demand for large-scale computing power driven by advancements in AI and big data, reinforcing its status as a leader in the global server industry [10].