FII(SH:601138) Hua Er Jie Jian Wen·2025-09-19 01:49Core Viewpoint - Industrial Fulian's stock price has surged over 200% year-to-date, driven by the AI investment boom, and Goldman Sachs' latest report may provide a new boost to this "trillion-dollar giant" [1] Group 1: Growth Drivers - The company is expected to enter a strong profit growth cycle starting from Q3 2025, benefiting from increased market share in AI servers, modular AI data center construction, and a new smartphone product cycle [1][2] - Industrial Fulian's first-mover advantage in rack-level AI servers will enhance its market share in AI infrastructure, supported by its partnership with Dongyuan Electric, which accelerates AI data center deployment [1][8] - The company has a comprehensive product portfolio and strong R&D capabilities, with next-generation rack-level AI servers set to launch in Q4 2025, minimizing losses during product transitions [6][7] - The global production bases and diverse customer base, including U.S. and Chinese cloud service providers, will support significant revenue growth from AI servers starting in Q3 2025, while operating expenses are expected to decrease [7] Group 2: Financial Forecasts - Goldman Sachs raised net profit forecasts for 2025-2027 by 3%/3%/4%, reaching RMB 33.632 billion, RMB 52.161 billion, and RMB 66.240 billion respectively, significantly above market expectations [2][12] - Operating profit margin is projected to improve from 4.2% in 2025 to 4.3% in 2027, while operating expense ratio is expected to decline from 1.9% in 2025 to 1.2% in 2027 [12] - Revenue forecasts for 2025 and 2026 are set at RMB 945.957 billion and RMB 1,432.428 billion, respectively, exceeding Bloomberg consensus estimates by 8% and 17% [12] Group 3: Valuation Adjustments - Goldman Sachs adjusted the target price for Industrial Fulian to RMB 77.2, a 13% increase, reflecting a new target P/E ratio of 29.4, up from 26.9, indicating a revaluation of the AI server supply chain [2][13] - The current target P/E ratio aligns with historical peak valuations, suggesting strong future fundamentals driven by AI server demand [13]