FII(601138) 华安证券·2024-11-07 05:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The demand for AI servers is strong, and revenue from cloud computing continues to grow [1] - In the first three quarters of 2024, the company achieved revenue of 436.4 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 15.1 billion yuan, a year-on-year increase of 12% [1] - The company's cloud computing business revenue grew by 71% year-on-year in the first three quarters of 2024, with AI server revenue increasing by 228% year-on-year, accounting for 45% of total server revenue [1] - The company expects 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][4] Financial Performance Summary - In Q3 2024, the company achieved revenue of 170.3 billion yuan, a quarter-on-quarter increase of 16% and a year-on-year increase of 40% [1] - The net profit for Q3 2024 was 6.4 billion yuan, with a quarter-on-quarter increase of 41% and a year-on-year increase of 1% [1] - The gross profit margin is projected to be 7.3% for 2024, with a return on equity (ROE) of 15.4% [4][5] - The earnings per share (EPS) for 2024 is expected to be 1.27 yuan, with a price-to-earnings (P/E) ratio of 19 [4]