24Q1自主品牌业务加速

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a Q1 2024 revenue of 29.27 billion yuan, a year-over-year increase of 7.95%, and a net profit attributable to shareholders of 235 million yuan, up 12.35% year-over-year [6] - The cloud and digital business revenue reached 1.68 billion yuan in Q1 2024, with high-value cloud services (MSP + ISV) generating 366 million yuan, a significant increase of 127% year-over-year [6] - The gross margin reached 4.57%, the highest in three years, attributed to the increased revenue share from high-margin cloud services and self-owned brand businesses [6] - Financial expenses surged by 433.4% year-over-year to 221 million yuan, primarily due to the completion of the Shenzhen Bay headquarters and currency exchange losses [6] - The company has sufficient cash reserves of 5.56 billion yuan, a 30% increase year-over-year, providing stable funding for distribution and digital transformation businesses [6] Financial Summary - For 2024E, the company expects total revenue of 124.61 billion yuan, with a net profit of 14.03 billion yuan, reflecting a year-over-year growth of 19.8% [8] - The projected earnings per share for 2024E is 2.10 yuan, with a PE ratio of 14x [8] - The company’s operating revenue for 2023 was 119.62 billion yuan, with a net profit of 1.17 billion yuan, indicating a growth of 16.7% year-over-year [9]