FII(SH:601138) Guoxin Securities·2024-03-18 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a net profit growth of 4.82% in 2023, with a strong momentum in AI server growth [5] - The revenue for 2023 was 476.34 billion yuan, a year-over-year decrease of 6.94%, while the net profit was 21.04 billion yuan, reflecting a year-over-year increase of 4.82% [3][5] - The cloud computing business is expected to benefit significantly from the explosive growth in global AI computing demand, with a projected net profit growth of 14.1% for 2024 [3][5] Financial Performance and Forecast - Revenue (in million yuan): - 2022: 511,850 - 2023: 476,340 - 2024E: 525,369 (YoY +10.3%) - 2025E: 590,902 (YoY +12.5%) - 2026E: 674,791 (YoY +14.2%) [3] - Net Profit (in million yuan): - 2022: 20,073 - 2023: 21,040 (YoY +4.8%) - 2024E: 24,004 (YoY +14.1%) - 2025E: 28,212 (YoY +17.5%) - 2026E: 32,875 (YoY +16.5%) [3] - Gross Margin for 2023 was 8.06%, an increase of 0.80 percentage points year-over-year [3] - The company’s PE ratio is projected to decrease from 24.7 in 2022 to 15.1 by 2026 [3] Business Segments - The cloud computing segment generated revenue of 194.31 billion yuan in 2023, with a gross margin of 5.08% [3] - The communication and mobile network equipment segment reported revenue of 278.98 billion yuan, with a gross margin of 9.80% [3] - The industrial internet segment had revenue of 1.646 billion yuan, with a high gross margin of 49.81% [3]