FY2024年报点评：业绩&指引超预期，硬件+软件一前一后构筑发展曲线

Investment Rating - The investment rating for the company is "Buy (Maintain)" [2] Core Insights - The company's fundamentals have exceeded expectations in multiple areas, with a clearer outlook for its hardware business [2] - The performance and guidance have surpassed expectations, with Q1 revenue guidance set at $240 billion ±5, which is also above market expectations [2] - Supply and demand dynamics are stronger than anticipated, as the company faces a surge in demand that its supply chain cannot currently meet, especially following the release of new products [2] - The inference business is performing better than expected, with 40% of FY24 revenue coming from inference-related activities, alleviating previous concerns about this segment [2] Financial Performance - For FY24, the company reported total revenue of $60.9 billion, a year-on-year increase of 126%, and a Non-GAAP net profit of $32.3 billion, up 286% year-on-year [5] - In Q4 FY24, the company achieved revenue of $22.1 billion, a year-on-year increase of 265% and a quarter-on-quarter increase of 22%, with a Non-GAAP net profit of $12.8 billion, up 491% year-on-year [5] - The forecast for Non-GAAP net profit for FY25 and FY26 has been raised to $62.1 billion and $66.8 billion, respectively, with a projected Non-GAAP net profit of $74.3 billion for FY27 [6] Key Financial Ratios - The company has a price-to-earnings (P/E) ratio of 32 for FY25, 29 for FY26, and 26 for FY27 based on the closing price on February 23 [6] - The return on invested capital (ROIC) is projected to be 97% for FY25 and 100% for FY26, indicating strong profitability [9] - The gross margin is expected to be 75% for FY25 and 74% for FY26, reflecting the company's strong pricing power [9] Cash Flow Projections - Operating cash flow is projected to increase significantly from $28.1 billion in FY25 to $76.7 billion in FY27 [8] - The company is expected to maintain a positive cash flow trend, with net cash increases projected for the upcoming years [8]