FII(601138) 民生证券·2024-03-13 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - In 2023, the company achieved revenue of 476.34 billion yuan, a year-on-year decline of 6.9%, while net profit attributable to shareholders increased by 4.8% to 21.04 billion yuan [1]. - The demand for AI servers is driving significant growth in the company's cloud computing business, with revenue reaching 194.31 billion yuan in 2023, and AI servers accounting for approximately 30% of this revenue [1]. - The company is positioned as a leader in the AI server market, benefiting from strong partnerships with major server brands and cloud service providers [1]. - The report forecasts revenue growth for the company from 2024 to 2026, estimating revenues of 529.46 billion yuan, 576.50 billion yuan, and 629.28 billion yuan respectively, with net profits projected at 23.47 billion yuan, 26.06 billion yuan, and 28.18 billion yuan [2]. Financial Summary - 2023 revenue: 476.34 billion yuan, with a growth rate of -6.9% [2]. - 2023 net profit: 21.04 billion yuan, with a growth rate of 4.8% [2]. - Projected 2024 revenue: 529.46 billion yuan, with a growth rate of 11.2% [2]. - Projected 2024 net profit: 23.47 billion yuan, with a growth rate of 11.6% [2]. - Projected P/E ratios for 2024, 2025, and 2026 are 19x, 17x, and 16x respectively [2].