FII(601138) 中银国际·2025-05-14 05:45Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth in revenue and net profit, with a projected revenue of RMB 609.14 billion in 2024, representing a year-on-year increase of 27.88%, and a net profit of RMB 23.22 billion, up 10.34% year-on-year [8] - The cloud computing segment is anticipated to show strong growth, with revenue expected to exceed RMB 3.19 trillion in 2024, a year-on-year increase of 64.37%, marking a significant contribution to overall revenue [8] - The company is focusing on advanced product development and has a diversified performance elasticity that is expected to accelerate [5] Financial Summary - The company’s projected revenue for 2025 is RMB 756.42 billion, with a growth rate of 24.2% [7] - The expected net profit for 2025 is RMB 29.37 billion, reflecting a growth rate of 26.5% [7] - The company’s EBITDA for 2025 is projected to be RMB 39.10 billion, with a corresponding PE ratio of 13.0 times [5][7] - The company’s gross margin for 2024 is expected to be 7.28%, a decrease of 0.78 percentage points year-on-year [8] - The company’s total market capitalization is approximately RMB 382.68 billion [3]