服务器需求好，对应服务器存储需求提升，叠加服务器存储涨价，Q3 公司收入和利润同环比大幅成长，Q3 收入和扣非继续创历史新高。24Q3 revenue increased 58% in the loop and 23% off the loop, continuing to hit a record high in a single quarter.
1) 24Q1-Q3: Revenue 16.5 billion yuan, +116% YoY, net profit to mother 0.364 billion yuan, +68% YoY, less 0.42 billion yuan, +213% YoY. Gross profit margin 5%, +1pcts year over year, net profit margin 2%, yoy-1pcts, minus non-net interest rate 3%, yoy+1pcts. Non-recurring profit and loss - -0.06 billion yuan, mainly profit and loss of -0.08 billion yuan from changes in fair value of shares held in Microchip Nano and Ningbo Silicon Electronics.
2) 24Q3: Revenue 8.7 billion yuan, +164% YoY, +58% month-on-month, net profit 0.21 billion yuan, +417% YoY, +46% month-on-month, +216% month-on-month, +23% month-on-month, gross profit margin 5%, flat year-on-year, -2pcts, net profit margin 2%, YoY +1pcts, flat month-on-month, +1pcts month-on-month. The inventory at the end of 24Q2 was 1.64 billion yuan, and the inventory at the end of 24Q3 was 1.68 billion yuan.
Demand for servers was good, in response to increased demand for server storage, compounded by increases in server storage prices. Q3's revenue and profit grew sharply year on month, and Q3 revenue and deductions continued to reach record highs.
Advanced memory & computing power dual drive, scarce card slots, profoundly benefiting from the AI wave.
In May of this year, the company announced that its wholly-owned subsidiary Co-Chuangtai received a “Dealer Confirmation Letter” from AMD, agreeing to co-purchase with AMD's designated dealers, and the company confirmed that it had become an AMD dealer.
The AMD processors stored and distributed by Hynix on behalf of the company all represent the most advanced storage and computing power in the world. The Internet and server customers covered by the company are the biggest consumers of AI hardware in mainland China. The company's card space is scarce, and will benefit deeply from the AI wave.
Enter storage modules to open up room for long-term growth.
In 2023, the company began deploying enterprise-grade storage modules. At present, it has completed R&D and trial production of enterprise-level DDR4, DDR5, and Gen4 eSDs. The product has excellent performance and is used in cloud computing storage (data center servers) and other fields. It has now completed the certification and adaptation of some major domestic server platforms and has officially entered mass production. The mainland enterprise storage module market has long been monopolized by overseas, and domestic demand is strong, and the company helps replace domestic products.
Investment advice: Shannon Xinchuang is the fifth largest distributor of electronic components in mainland China, and is also Hynix's largest cloud service storage agent. Customers have covered mainstream cloud vendors, represented high-end memory such as DDR5, and added sales of AMD products, advanced card slots, and advanced computing power and memory; the new business enterprise SSD layout is expected to generate revenue for more than 1 year and 24 years, opening up room for long-term growth. The net profit for 24/25/26 was previously estimated to be 0.39/0.51/0.57 billion yuan. Considering factors such as strong demand for server storage, the net profit for 24/25/26 was adjusted to 0.51/0.59/0.65 billion yuan, corresponding to the PE valuation of 33/28/26, maintaining the “buy” rating.
Risk warning events: New market development falls short of expectations, increased industry competition, risk of high supplier dependency, risk of a high share of the company's overseas business, risk of lagging data information
