FII(601138) 华安证券·2024-11-07 01:10Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The demand for AI servers is strong, leading to continuous growth in cloud computing revenue. In the first three quarters of 2024, the company's cloud computing business revenue increased by 71% year-on-year, with AI server revenue growing by 228%, accounting for 45% of total server revenue [1][2] - The company achieved a revenue of 436.4 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 33%. The net profit attributable to the parent company was 15.1 billion yuan, a year-on-year increase of 12% [1] - The report forecasts the company's operating revenue for 2024-2026 to be 571.6 billion, 594.5 billion, and 615.3 billion yuan, with net profits of 25.3 billion, 28 billion, and 30.1 billion yuan respectively [1][2] Financial Performance - In Q3 2024, the company achieved a revenue of 170.3 billion yuan, a quarter-on-quarter increase of 16% and a year-on-year increase of 40%. The net profit for the same period was 6.4 billion yuan, with a quarter-on-quarter growth of 41% and a year-on-year growth of 1% [1] - The company's total market capitalization is 480.4 billion yuan, with a circulating market capitalization of 480.3 billion yuan [1] - The report provides key financial metrics for 2025E and 2026E, including operating revenue, net profit, and key ratios such as gross margin and ROE [2]