FII(601138) 天风证券·2025-02-23 06:09Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 609.135 billion yuan in 2024, representing a year-on-year growth of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1][4]. - The AI server revenue grew over 150% year-on-year, significantly contributing to the overall revenue growth, with cloud computing business revenue exceeding 50% of total revenue for the first time [2][3]. - The company is expected to maintain strong growth in the coming years, with projected net profits of 33.021 billion yuan in 2025 and 39.207 billion yuan in 2026 [4][12]. Financial Performance - In Q4 2024, the company reported a revenue of 1727.62 billion yuan, a year-on-year increase of 17.11%, and a net profit of 80.75 billion yuan, up 6.88% year-on-year [1]. - The cloud service segment saw a revenue growth of over 50% year-on-year, with AI server revenue now accounting for over 40% of total server revenue [2][3]. - The company’s overall revenue is projected to reach 822.332 billion yuan in 2025, with a growth rate of 35% [12]. Industry Insights - The cloud computing industry is experiencing significant investment from major players, with AWS expected to exceed 80 billion in data center expansions [3]. - The demand for AI servers is driven by the increasing need for computational power and advanced technologies, with the company being a key supplier to top-tier cloud service providers [3][4]. - The network communication sector is also benefiting from the growth in data traffic and high bandwidth services, with a notable increase in revenue from high-speed switches [3].