FII(601138) 华创证券·2025-04-09 07:41Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][21]. Core Insights - The company is projected to achieve a revenue of 159 billion to 161 billion yuan in Q1 2025, representing a year-over-year increase of 34.0% to 35.6%, with a midpoint estimate of 160 billion yuan [6]. - The forecasted net profit attributable to the parent company for Q1 2025 is between 5.2 billion to 5.3 billion yuan, reflecting a year-over-year growth of 24.4% to 26.8%, with a midpoint of 5.25 billion yuan [6]. - The company has established a comprehensive global production capacity to adapt to market changes, with significant investments in automation and high-precision manufacturing in various regions, including mainland China [6][7]. Financial Performance - The company reported a historical high in both revenue and net profit for Q1 2025, driven by strong demand in the AI server market, with revenue growth exceeding 50% in the cloud computing segment [6][7]. - The projected total revenue for 2024 to 2026 is expected to be 609.14 billion yuan, 767.55 billion yuan, and 949.78 billion yuan, respectively, with year-over-year growth rates of 27.9%, 26.0%, and 23.7% [6][7]. - The net profit attributable to the parent company is forecasted to be 23.22 billion yuan in 2024, 29.44 billion yuan in 2025, and 35.66 billion yuan in 2026, with growth rates of 10.3%, 26.8%, and 21.2% respectively [6][7]. Market Position - The company is a leading global server manufacturer, benefiting from partnerships with major players like Microsoft, AWS, and NVIDIA, which enhances its competitive strength in the AI server market [6][7]. - The global AI server market is projected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, indicating a significant opportunity for the company [6][7].