FII(SH:601138) Ge Long Hui A P P·2025-08-13 05:39Core Viewpoint - The report from Zhongyin Securities indicates that Industrial Fulian is expected to achieve steady revenue and net profit growth in the first half of 2025, driven by breakthroughs in cloud computing and stable growth in communication and network equipment [1] Revenue and Profitability - In the first half of 2025, the company achieved a gross margin of 6.60%, a year-on-year decrease of 0.13 percentage points, while the gross margin for the second quarter of 2025 was 6.50%, reflecting a year-on-year increase of 0.50 percentage points and a quarter-on-quarter decrease of 0.23 percentage points [1] Cloud Services and AI Infrastructure - The company anticipates that the capital expenditure of the four major cloud service providers in North America will experience rapid year-on-year growth in 2025, with a significant increase in the proportion of investment in AI cloud infrastructure, which will drive demand for high-end AI servers [1] Switch Business Growth - In the first half of 2025, revenue from 800G high-speed switches grew nearly threefold compared to the total revenue for 2024 [1] Market Position and Competitive Edge - The company has strengthened its market share among core customer groups through deepened cooperation and optimized product structure, solidifying its competitiveness in the global high-performance computing and AI infrastructure sectors [1] Future Outlook - Given the expected continued upturn in global AI infrastructure demand, the company is advancing the research and development of advanced products, with diverse performance elasticity likely to accelerate [1]