24Q1业绩超预期，AI业绩弹性持续释放

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company's Q1 2024 performance exceeded expectations, with revenue of 1186.9 billion yuan, a year-over-year increase of 12.09%, and a net profit attributable to shareholders of 41.85 billion yuan, up 33.77% year-over-year [1][2]. - The AI segment continues to show strong performance, with AI server revenue nearly doubling year-over-year and accounting for almost 40% of total server revenue [1][2]. - The cloud computing business is benefiting from increased capital expenditure in AI, projected to grow significantly in 2024, with major cloud service providers expected to increase their spending [2]. Financial Performance Summary - For Q1 2024, the company reported a gross margin of 7.64%, an increase of 0.28 percentage points year-over-year [1]. - The forecasted net profit for 2024, 2025, and 2026 is expected to be 250 billion yuan, 300 billion yuan, and 352 billion yuan respectively [2]. - The company's revenue is projected to grow from 600.19 billion yuan in 2024 to 720.23 billion yuan in 2025, and further to 828.26 billion yuan in 2026, reflecting a growth rate of 26% in 2024 [3][7]. Business Segment Analysis - The cloud computing segment is expected to capture a larger market share due to the company's leading position in server shipments and a comprehensive service offering [2]. - The AI server business is projected to continue benefiting from the demand for high-performance computing driven by emerging AI applications [2]. - The network communication segment is also expected to grow, with significant increases in the sales of high-capacity switches and routers [2].