单季度业绩持续修复，受益于国内外算力需求高景气

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.33 CNY, maintaining the rating [1]. Core Views - The company is positioned to benefit from a new growth cycle in server demand and a recovery in downstream demand, with expectations for increased investment value in the accelerating trend of computing infrastructure [8]. - The company has shown strong quarterly performance recovery, with Q1 2024 revenue of 17.607 billion CNY, a year-on-year increase of 85.32%, and a net profit of 306 million CNY, up 64.39% year-on-year [2][3]. - The company is focusing on smart computing represented by cloud computing, big data, and artificial intelligence, with continuous innovation in R&D, production, delivery, and service models [3]. Financial Performance Summary - In 2023, the company reported total revenue of 65.867 billion CNY, a decrease of 5.41% year-on-year, and a net profit of 1.783 billion CNY, down 14.54% year-on-year [2]. - The revenue from servers and components was 65.240 billion CNY, a decline of 5.53% year-on-year, while IT terminals and components revenue increased by 29.77% to 393 million CNY [3]. - The company maintained a strong market position, ranking second globally in server market share and first in China, with significant growth in AI computing demand expected to drive future performance [4][7]. Future Projections - Revenue projections for 2024-2026 are 77.906 billion CNY, 90.086 billion CNY, and 106.353 billion CNY, respectively, with net profits expected to be 2.285 billion CNY, 2.896 billion CNY, and 3.640 billion CNY [8]. - The company is expected to achieve a dynamic price-to-earnings ratio of 35 times by 2024, reflecting strong growth potential in the AI computing sector [8].