信创服务器和昇腾服务器营收高增：2024 年前三季度，自有品牌产品业务营收38.7 亿元，同比增长32%。信创业务收入实现32 亿元，同比增长56%；AI 服务器业务收入实现7 亿元，同比大幅增长226%。2024 年前三季度，公司数云服务及软件业务收入累计实现20.7 亿元，同比增长47%；毛利率提升6.3 个百分点，毛利额实现3.7 亿元，同比大幅增长126%。2024 年前三季度，神州数码IT 分销与增值服务收入实现879 亿元，保持收入利润双增长，毛利率实现正向提升，毛利额实现32 亿元，同比增长11%。Event: On October 30, 2024, the company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved revenue of 91.6 billion yuan, a year-on-year increase of 9%; net profit to mother of 0.894 billion yuan, a year-on-year increase of 5%; net profit after deducting non-return to mother of 0.861 billion yuan, an increase of 2% year-on-year. The results are in line with market expectations.
Key points of investment
Interest expenses affected apparent profit, and the profit growth rate after addition was in line with market expectations: in Q3 2024, the company achieved revenue of 29 billion yuan, up 1.60% year on year; net profit to mother was 0.384 billion yuan, a decrease of 7.93% year on year; net profit after deducting non-return to mother was 0.406 billion yuan, a decrease of 2.07% year on year. Q3 net profit decreased year-on-year, mainly due to the current interest expenses of the Shenzhen building of about 60 million. After adding back, Q3 net profit to mother was 0.444 billion yuan, up 6% year on year; net profit after deducting non-return to mother was 0.466 billion yuan, up 12% year on year.
Strong revenue growth for Xinchuang Server and Shengteng Server: In the first three quarters of 2024, the private brand product business revenue was 3.87 billion yuan, an increase of 32% over the previous year. Xinchuang's business revenue reached 3.2 billion yuan, up 56% year on year; AI server business revenue reached 0.7 billion yuan, a significant increase of 226% year over year. In the first three quarters of 2024, the company's digital cloud service and software business revenue reached 2.07 billion yuan, an increase of 47% over the previous year; gross margin increased 6.3 percentage points, and gross profit reached 0.37 billion yuan, a significant increase of 126% over the previous year. In the first three quarters of 2024, Shenzhou Digital IT's revenue from distribution and value-added services achieved 87.9 billion yuan, maintained both revenue and profit growth, achieved a positive increase in gross margin, and achieved 3.2 billion yuan in gross profit, an increase of 11% over the previous year.
The buyback shows confidence and is optimistic about the company's long-term development: the company plans to buy back the company's shares through centralized bidding transactions for subsequent employee stock ownership plans and/or equity incentive plans. The total amount of this repurchase was 0.2-0.4 billion yuan, and the repurchase price was no more than 43 yuan/share. It accounts for approximately 1.39% of the company's total share capital. The sources of funding for this share repurchase are the company's own capital and special loan funds for stock repurchase. The company has obtained a “Loan Commitment Letter” from Industrial Bank, and the loan capital is no more than 0.2 billion yuan.
Profit forecast and investment rating: Demand for domestic computing power construction is strong, and the company's own-brand business revenue is growing rapidly. At the same time, the company's cloud business continues to grow rapidly with the support of AI. Based on this, we maintain our 2024-2026 net profit forecast of 1.471/1.737/1.944 billion yuan, maintaining a “buy” rating.
Risk warning: Localization policies fall short of expectations; technological development falls short of expectations; industry competition intensifies.
