Huaan Securities·2024-05-16 03:02Investment Rating - The investment rating for the company is "Buy" [3][14]. Core Insights - The company's cloud business is significantly driven by AI, with AI-related revenue experiencing triple-digit year-on-year growth, indicating a potential recovery in growth rates and a return to double-digit growth [3]. - The company has repurchased $4.8 billion worth of shares this quarter, with an expected total of approximately $12.5 billion in share buybacks for the fiscal year 2024, reflecting strong operational confidence [3]. - The strategic and organizational adjustments of the company are becoming clearer, with rapid expansion in overseas markets and enhanced overall profitability [3]. Financial Projections - Revenue projections for FY2025, FY2026, and FY2027 are estimated at 1,017.2 billion, 1,097.3 billion, and 1,174.4 billion respectively, with adjusted net profits expected to be 157.0 billion, 171.6 billion, and 186.0 billion respectively [3][17]. - The corresponding price-to-earnings ratios for FY2025, FY2026, and FY2027 are projected to be 17, 16, and 13 respectively [3][17].