FII(601138) 海通证券·2024-11-12 06:36Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights strong growth in AI servers driven by increased demand for cloud infrastructure, with a year-on-year revenue growth of 71% in the cloud computing business and a remarkable 228% growth in AI server revenue [5]. - The company has shown robust financial performance with a revenue of 436.37 billion yuan for the first three quarters, representing a year-on-year increase of 32.71%, and a net profit of 15.14 billion yuan, up 12.28% year-on-year [4]. - The report anticipates continued revenue growth, projecting revenues of 610.74 billion yuan, 789.46 billion yuan, and 927.72 billion yuan for 2024, 2025, and 2026 respectively [6][11]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52%. The net profit for the same period was 6.40 billion yuan, up 1.24% year-on-year and 40.57% quarter-on-quarter [4]. - The gross margin for Q3 2024 was 6.97%, showing a year-on-year decrease of 2.32 percentage points but an increase of 0.96 percentage points from the previous quarter [4]. Market Trends - The report notes a significant increase in capital expenditures from North American cloud providers, with Amazon, Microsoft, Google, and META showing year-on-year growth rates of 88%, 50%, 62%, and 41% respectively [6]. - The demand for high-speed network equipment has surged, with revenue from 400/800G high-speed switches increasing by 128% year-on-year and 27% quarter-on-quarter in Q3 2024 [5]. Revenue Projections - The company is expected to achieve revenues of 610.74 billion yuan in 2024, with a year-on-year growth rate of 28.22%, and further growth projected for the following years [11]. - The report provides a valuation range for the company, suggesting a target price of 23.51 to 29.39 yuan based on a price-to-earnings ratio of 20-25 times for 2024 [6].