24Q1业绩实现稳健增长，不断深化“连接+算力”业务布局

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][14]. Core Views - The company achieved steady growth in Q1 2024, with operating revenue of 30.578 billion yuan, a year-on-year increase of 4.93%, and a net profit attributable to shareholders of 2.741 billion yuan, up 3.74% year-on-year [2][3]. - The company is transitioning from a full connectivity model to a "connectivity + computing power" strategy, expanding its market presence and focusing on AI development [3][8]. - The company has increased its R&D investment, with R&D expenses reaching 6.38 billion yuan in Q1 2024, accounting for 20.9% of operating revenue, which supports innovation and product competitiveness [3][8]. Financial Summary - Revenue and Profit Forecasts: The company is projected to achieve net profits of 10.264 billion yuan, 11.429 billion yuan, and 12.777 billion yuan for 2024, 2025, and 2026, respectively [3][8]. - Key Financial Metrics: - Operating revenue for 2022 was 122.954 billion yuan, with a growth rate of 7.4%. For 2023, it is expected to be 124.251 billion yuan, with a growth rate of 1.1% [2][3]. - The net profit attributable to shareholders for 2022 was 8.08 billion yuan, with a growth rate of 18.6%, and is projected to be 9.326 billion yuan for 2023, with a growth rate of 15.4% [2][3]. - The company's P/E ratio is projected to decrease from 17.9 in 2022 to 11.3 by 2026, indicating potential valuation improvement [2][3]. Business Strategy - The company is focusing on expanding its presence in the domestic and international markets, particularly in the government and enterprise sectors, which have shown a return to rapid growth [3][8]. - In the connectivity domain, the company is advancing in next-generation ICT technologies such as 5G-A and 6G, while in the computing power domain, it is developing comprehensive solutions that include hardware infrastructure and AI applications [3][8].