FII(SH:601138) Changjiang Securities·2024-05-07 01:32Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 118.7 billion yuan for Q1 2024, representing a year-on-year growth of 12%. The net profit attributable to shareholders was 4.185 billion yuan, up 33.77% year-on-year, while the net profit excluding non-recurring items was 4.272 billion yuan, reflecting a growth of 33.22% year-on-year [5][6]. - The company's cloud computing business accounted for nearly 50% of its revenue in Q1 2024, with AI servers making up almost 40% of that segment, showing a year-on-year increase of approximately two times. The demand for generative AI servers has also surged, increasing nearly threefold year-on-year [6]. - The company is expected to benefit significantly from the ramp-up of NVIDIA's AI products, with plans to participate in the manufacturing of GB200 modules and complete systems for major clients starting in the second half of 2024. This is supported by the company's long-term partnerships with NVIDIA and other leading cloud service providers [6]. - The company's strategic positioning and strong customer relationships are key factors in its ability to capitalize on the AI wave, with a focus on high-end intelligent manufacturing and industrial internet, as well as new ventures in big data and robotics [6]. Financial Summary - The company forecasts net profits attributable to shareholders of 24.470 billion yuan, 29.983 billion yuan, and 34.857 billion yuan for the years 2024, 2025, and 2026, respectively [6].