毛利率持续提升，期间费用略有上升。前三季度公司毛利率26.81%，同比增长0.94 个pct，公司毛利率提升的主要原因系自研产品比重提升。前三季度公司销售/管理/研发费用营收占比分别为6.45%/3.03%/12.22%，去年同期分别为5.89%/2.54%/11.07%，公司费用占比有所提升，主要系收入增速放缓趋势下，费用刚性所致，但整体来看费用比例较为稳定。Incident: Recently, the company released its report for the third quarter of 2024. In the first three quarters, the company achieved operating income of 8.041 billion yuan, an increase of 3.65%; net profit attributable to owners of the parent company of 0.77 billion yuan, an increase of 2.57% year on year; net profit attributable to owners of the parent company deducted 0.445 billion yuan for non-recurring profit and loss, an increase of 8.66% year on year. In the third quarter of a single quarter, the company achieved operating income of 2.329 billion yuan, a year-on-year decrease of 1.19%; net profit to mother was 0.206 billion yuan, an increase of 0.41% over the previous year.
Overall performance was in line with expectations, and investment returns continued to rise. (1) In the first three quarters, the company achieved operating income of 8.041 billion yuan, an increase of 3.65% year on year; net profit attributable to owners of the parent company was 0.77 billion yuan, an increase of 2.57% year on year. In the third quarter of a single quarter, the company achieved operating income of 2.329 billion yuan, a year-on-year decrease of 1.19%; net profit to mother was 0.206 billion yuan, an increase of 0.41% over the previous year. On the one hand, the company's third quarter was a traditional low season; on the other hand, downstream demand was still in the early stages of recovery, so the performance was stable and basically in line with expectations. (2) The company's investment income during the reporting period was 0.412 billion yuan, an increase of 82.03% over the previous year. The main reason was the increase in net profit of the joint ventures Haiguang Information and Zhongke Xingtu. In particular, Haiguang Information contributed greatly to the company's investment income. Haiguang Information achieved operating income of 2.374 billion yuan in the third quarter of 2024, up 78.33% year on year; net profit to mother 0.672 billion yuan, up 199.90% year on year; after deducting non-net profit of 0.657 billion yuan, up 205.85% year on year.
The continued high growth in the performance of Haiguang Information also confirms that domestic computing power demand is still high, and that the company and Haiguang Information have business collaboration, which is expected to continue to benefit from the growing trend in domestic computing power demand.
Gross margin continued to rise, and expenses increased slightly during the period. The company's gross profit margin in the first three quarters was 26.81%, an increase of 0.94 pcts over the previous year. The main reason for the increase in the company's gross margin was the increase in the proportion of self-developed products. The revenue share of the company's sales/management/R&D expenses in the first three quarters was 6.45%/3.03%/12.22%, respectively, and 5.89%/2.54%/11.07% in the same period last year. The company's share of expenses increased, mainly due to cost rigidity under the slowing trend of revenue growth, but overall, the cost ratio was relatively stable.
Computing power is still being invested, and demand for domestic servers is still booming. Currently, domestic computing power is still being invested. Various regions have introduced policies to support the construction of computing power infrastructure, compounded by overseas science and technology sanctions, and demand for domestic computing power is still high. As a leading domestic server company, the company has a deep layout in the computing power industry, and is expected to continue to benefit from the trend of computing power construction and domestic substitution.
The company's profit forecast and investment rating: The company's overall performance is in line with expectations. The domestic computing power demand is still booming, and domestic computing power demand is still booming. We expect the company's net profit to the mother for 2024-2026 to be 2,301, 28.33, and 3.395 billion yuan, respectively, corresponding to EPS of 1.57, 1.94 and 2.32 yuan, respectively. The current stock price corresponds to the 2024-2026 PE values of 38.44, 31.23, and 26.06 times, respectively, maintaining the “Highly Recommended” rating.
Risk warning: Risk that computing power construction falls short of expectations, business development falls short of expectations, and operating conditions fall short of expectations.
