神州数码：战略业务加速成长

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Insights - The company reported a total revenue of 91.6 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 8.81%. The net profit attributable to shareholders reached 890 million yuan, with a year-on-year increase of 5.04% [5][6]. - The strategic business segments are experiencing accelerated growth, particularly in cloud services and software, which saw a revenue increase of 47% year-on-year, reaching 2.07 billion yuan. The self-owned brand product business also grew by 32% to 3.87 billion yuan, driven by demand in finance, government, and telecommunications sectors [5][6]. - The company is advancing its AI-driven cloud integration strategy and has made significant progress in overseas business expansion, continuously exploring new growth opportunities [6]. Financial Performance - The gross margin for cloud services and software increased by 6.3 percentage points, with gross profit reaching 370 million yuan, a substantial growth of 126% year-on-year. The total profit for this segment rose by 32% to 76 million yuan [6]. - The self-owned brand product business also saw a gross margin increase of 1.7 percentage points, with gross profit of 430 million yuan, reflecting a year-on-year growth of 57% [6]. - The IT distribution and value-added services segment achieved a revenue of 879 billion yuan, maintaining both revenue and profit growth, supported by a recovery in the Asia-Pacific market for AI and PC consumption [6]. Future Projections - The company is expected to achieve net profits of 1.38 billion yuan, 1.63 billion yuan, and 1.91 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 17, 14, and 12 times [6].