FII(601138) 信达证券·2025-05-05 12:23Investment 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 engines driving growth [1][3] - The cloud computing business is experiencing high growth, with AI server revenue increasing dramatically [3] - The company has established strong R&D and manufacturing advantages in the AI server sector, leading to increased customer loyalty [3] Financial Performance Summary - In 2024, the company achieved a total revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1] - The gross profit margin and net profit margin for 2024 were 7.28% and 3.82%, respectively, showing a decrease of 0.78 percentage points and 0.59 percentage points year-on-year [1] - For Q1 2025, the company reported revenue of 1604.15 billion yuan, a year-on-year increase of 35.16%, and a net profit of 5.231 billion yuan, up 24.99% year-on-year [1] Business Segment Performance - The cloud computing segment's revenue reached 319.377 billion yuan in 2024, growing by 64.37% year-on-year, and accounted for over 50% of total revenue for the first time [3] - AI server revenue saw a year-on-year increase of over 150%, making up more than 40% of the cloud computing segment's revenue [3] - The telecommunications and mobile network equipment business achieved stable growth, with a 10% increase in shipments of 5G terminal precision components in 2024 [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 projections for the same years are 28.638 billion yuan, 34.491 billion yuan, and 36.494 billion yuan, with year-on-year growth rates of 23%, 20%, and 6% [3]