2024-02-27 16:00Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company's FY24 Q3 performance shows continuous improvement, with total revenue of $15.721 billion (YoY +3%, QoQ +9%), gross profit of $2.601 billion (YoY flat, QoQ +3%), and a net profit of $337 million (YoY -23%, QoQ +35%) [2] - The smart device segment generated revenue of $12.362 billion (YoY +6.9%, QoQ +7.4%), with an operating profit of $911 million and a market share of 24.0% [2] - The infrastructure solutions segment reported revenue of $2.473 billion (YoY -13.4%, QoQ +23.5%), with a net operating loss of $38 million [2] - The solutions services segment achieved revenue of $2.021 billion (YoY +10.1%, QoQ +5.4%), with an operating profit of $412 million [2] - The company expects revenue growth driven by AI and new product launches, particularly in the PC and server segments [2] Summary by Sections Financial Performance - FY24 Q3 total revenue: $15.721 billion, gross profit: $2.601 billion, net profit: $337 million [2] - FY2024-2026 revenue projections: $56.012 billion, $59.945 billion, $65.257 billion, with corresponding net profits of $914 million, $1.234 billion, and $2.005 billion [3] Segment Analysis - Smart Devices: Revenue of $12.362 billion, operating profit of $911 million, with a market share of 24.0% [2] - Infrastructure Solutions: Revenue of $2.473 billion, operating loss of $38 million, with significant growth in storage business [2] - Solutions Services: Revenue of $2.021 billion, operating profit of $412 million, benefiting from increased demand for service solutions [2] Earnings Forecast - Expected EPS for FY2024-2026: $0.08, $0.10, $0.17, reflecting anticipated recovery in PC business and growth in AI-related server sales [2][3]