FII(601138) 光大证券·2025-03-13 00:10Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company achieved a revenue of 609.1 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][3] - The cloud computing business continues to grow rapidly, with revenue exceeding 50% of total revenue for the first time, driven by a significant increase in AI server sales [1][2] - The acquisition of Guangzhou Tianying aims to accelerate the company's layout in the high-end medical device sector, enhancing its capabilities in intelligent manufacturing [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 609.1 billion yuan and a net profit of 23.216 billion yuan, with a projected net profit of 30.677 billion yuan for 2025 [3][4] - The revenue growth rate for 2024 is 27.88%, with forecasts of 17.41% and 12.63% for 2025 and 2026, respectively [4][10] Business Segments - The cloud computing segment saw over 50% revenue growth year-on-year, with AI server revenue increasing by more than 150% [1][2] - Revenue from cloud service providers grew over 80%, while brand server revenue increased by more than 70% due to heightened AI server procurement [2] Valuation and Forecast - The report projects a net profit of 30.677 billion yuan for 2025 and 35.410 billion yuan for 2026, with corresponding P/E ratios of 13X and 12X [3][4] - The company is positioned to benefit significantly from the growth in AI server demand driven by AIGC developments [3]