FII(SH:601138) Xinda Securities·2025-05-05 10:01Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to benefit significantly from the AI wave, with multiple growth engines contributing to its expansion [1][3] - In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit of 23.216 billion yuan, up 10.34% year-on-year [1] - The first quarter of 2025 saw a revenue of 160.415 billion yuan, representing a year-on-year growth of 35.16%, with a net profit of 5.231 billion yuan, up 24.99% year-on-year [1] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 7.28% and a net margin of 3.82%, with slight declines of 0.78 percentage points and 0.59 percentage points year-on-year respectively [1] - The company's cloud computing business revenue reached 319.377 billion yuan in 2024, growing by 64.37% year-on-year, marking its first time exceeding 50% of total revenue [3] - AI server revenue saw a year-on-year increase of over 150%, accounting for more than 40% of cloud computing revenue [3] Business Segments - The telecommunications and mobile network equipment segment achieved stable growth, with revenue of 287.898 billion yuan in 2024 [3] - The company is positioned to benefit from the ongoing evolution of AI terminals and the high-end trend in related products [3] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 802.738 billion yuan, 935.562 billion yuan, and 1,035.357 billion yuan respectively, with year-on-year growth rates of 32%, 17%, and 11% [3] - Net profit forecasts for the same years are 28.638 billion yuan, 34.491 billion yuan, and 36.494 billion yuan, with growth rates of 23%, 20%, and 6% respectively [3]