FII(601138) 中银国际·2025-05-14 04:27Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady growth with a focus on optimizing its product structure and enhancing operational efficiency, supported by strong performance in its cloud computing and telecommunications segments [3][8] - Revenue and net profit for 2024 are projected to be RMB 609.14 billion and RMB 23.22 billion, respectively, reflecting year-on-year growth rates of 27.88% and 10.34% [8] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of RMB 7,564.19 billion, RMB 9,126.78 billion, and RMB 10,552.89 billion for 2025, 2026, and 2027, respectively [5][7] Financial Summary - The company’s main revenue for 2023 is RMB 476.34 billion, with a projected growth rate of 27.9% for 2024 [7][25] - The EBITDA for 2024 is expected to be RMB 32.23 billion, with a net profit of RMB 23.22 billion [7][25] - The projected earnings per share (EPS) for 2025 is RMB 1.48, with a corresponding price-to-earnings (P/E) ratio of 13.0 [5][25] - The company’s gross margin for 2024 is expected to be 7.28%, with a net profit margin of 3.81% [8][25] Business Segments - The cloud computing segment is anticipated to show robust growth, with revenues expected to exceed RMB 3,193.77 billion in 2024, marking a year-on-year increase of 64.37% [8] - The telecommunications and mobile network equipment segment is also projected to grow steadily, with revenues of RMB 2,878.98 billion in 2024 [8] - The company is focusing on AI server products, which have seen revenue growth exceeding 150%, becoming a core growth driver [8]