FY24Q3当季度收入略不及预期，上调全财年收入指引约2%

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative return of over 20% within six months compared to the S&P 500 index [10]. Core Insights - The company reported Q3 FY2024 revenue of $3.85 billion, a year-over-year increase of 200% and a quarter-over-quarter increase of 5%, slightly below Bloomberg consensus expectations of $3.86 billion. Net profit reached $402 million, up 369% year-over-year, with non-GAAP EPS at $6.65, reflecting a 308% increase [2]. - The company has raised its full-year revenue guidance for FY2024 from a range of $14.3 billion to $14.7 billion to a new range of $14.7 billion to $15.1 billion, representing an approximate 2% increase. The expected revenue for Q4 FY2024 is projected to be between $5.1 billion and $5.5 billion [4]. Financial Performance - The revenue breakdown for Q3 shows that enterprise/channel vertical revenue was $1.88 billion, accounting for 49% of total revenue, with a year-over-year growth of 190% and a quarter-over-quarter growth of 26%. OEM and large data center vertical market revenue was $1.94 billion, making up 50% of Q3 revenue, with a year-over-year growth of 22% but a quarter-over-quarter decline of 10% [2]. - The company held cash and cash equivalents totaling $252 million as of March 31, 2024, with total bank debt and convertible notes amounting to $1.863 billion. Operating cash flow was negative at $1.52 billion, primarily due to expanded production and inventory [2]. Product Development and Outlook - The company is focusing on large-scale plug-and-play solutions, particularly utilizing liquid cooling and ENRC technology, which can save up to 40% in energy costs while optimizing system performance in data centers. The new 100KW rack offers 2 to 3 times the power density compared to traditional racks [4]. - The company is optimistic about its performance for FY2024 and has adjusted its revenue expectations upward. GAAP EPS is expected to be between $7.20 and $8.05, while non-GAAP EPS is projected to be between $7.62 and $8.42 for Q4 FY2024 [4].