FII(601138) 平安证券·2025-05-06 07:58Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expected stock performance that will outperform the market by 10% to 20% over the next six months [1][13]. Core Insights - The company benefits from the global demand for AI computing power, leading to steady growth in its performance. In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [4][8]. - For Q1 2025, the company reported a revenue of 160.415 billion yuan, reflecting a year-on-year growth of 35.16%, and a net profit of 5.231 billion yuan, which is a 24.99% increase year-on-year [4][8]. Financial Performance Summary - Revenue and Profit Growth: The company is projected to achieve revenues of 717.968 billion yuan in 2025, with a year-on-year growth of 17.9%, and net profits of 29.210 billion yuan, reflecting a growth of 25.8% [6][11]. - Profit Margins: The gross margin is expected to be 6.7% in 2025, while the net margin is projected at 4.1% [11]. - Earnings Per Share (EPS): The EPS is forecasted to be 1.47 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 12.3 [6][11]. Business Segment Performance - Cloud Computing: The cloud computing segment saw a revenue increase of over 50%, with AI server revenue growing by more than 150%, making it a core growth driver for the company [8][9]. - Telecommunications Equipment: The telecommunications and mobile network equipment business achieved stable revenue growth of 3.20%, with significant increases in high-speed switch sales [9]. Valuation Metrics - The report adjusts the earnings forecast for 2025-2027, with EPS estimates of 1.47 yuan, 1.73 yuan, and 2.09 yuan respectively, leading to P/E ratios of 12.3X, 10.4X, and 8.7X based on the closing price as of April 30 [9][11].