FII(601138) 上海证券·2024-11-06 10:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth, with a focus on two main themes: cloud computing and network communication [1] - In Q3 2024, the company achieved operating revenue of 436.37 billion yuan, a year-on-year increase of 32.71%, and a net profit attributable to shareholders of 15.14 billion yuan, up 12.28% [1] - The company's revenue and net profit for Q3 increased by 39.53% and 1.24% respectively, indicating strong growth driven by cloud computing and network communication businesses [1] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 170.28 billion yuan, a year-on-year increase of 39.53%, and a net profit of 6.40 billion yuan, reflecting a growth of 1.24% [1] - The company’s cloud computing revenue grew by 71% year-on-year, with AI server revenue increasing by 228% [1] - The company’s operating revenue for the first three quarters of 2024 is projected to be 598.85 billion yuan, with a year-on-year growth of 21.35% [2] Future Outlook - The company is expected to benefit from the acceleration of AI infrastructure development and the ongoing prosperity of AI applications [1] - Revenue projections for 2024-2026 are 598.85 billion yuan, 723.81 billion yuan, and 787.08 billion yuan respectively, with corresponding year-on-year growth rates of 21.35%, 24.42%, and 8.74% [2] - The net profit for the same period is projected to be 25.53 billion yuan, 31.77 billion yuan, and 36.40 billion yuan, with growth rates of 21.3%, 24.4%, and 14.6% respectively [2]