FII(601138) 信达证券·2025-02-25 07:38Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company is significantly benefiting from the AI growth trend, with notable revenue increases in its cloud computing segment, which has surpassed 50% of total revenue for the first time [5]. - The company is positioned in a growth phase, with expectations for rapid expansion in the AI server market, driven by partnerships with major clients and the release of new products [5]. - Revenue and profit forecasts for the company are optimistic, with projected revenues of 609.14 billion, 804.10 billion, and 1,040.30 billion for 2024E, 2025E, and 2026E respectively, reflecting year-over-year growth rates of 27.9%, 32.0%, and 29.4% [5]. Financial Summary - Total revenue for 2024 is expected to be 609.14 billion, with a year-over-year growth of 27.9% [4][5]. - Net profit attributable to shareholders is projected to be 232.16 billion for 2024, with a year-over-year growth of 10.3% [4][5]. - The company's gross margin is expected to be around 7.4% in 2024, with a return on equity (ROE) of 15.3% [4][5]. - Earnings per share (EPS) is forecasted to be 1.17 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.85 [4][5].