FII(601138) 华安证券·2025-05-21 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 160.4 billion yuan in Q1 2025, representing a year-on-year increase of 35% and a quarter-on-quarter decrease of 7%. The net profit attributable to shareholders was 5.2 billion yuan, up 25% year-on-year but down 35% quarter-on-quarter [4] - The cloud computing business maintained strong momentum, with revenue growth exceeding 50% year-on-year in Q1 2025, driven by AI and general servers [5] - The company is expected to benefit from the growth in AI demand, with revenue projections for 2025-2027 adjusted to 758.7 billion, 955.8 billion, and 1,195.1 billion yuan respectively [7] Financial Performance Summary - In 2024, the company achieved a revenue of 609.1 billion yuan, a year-on-year increase of 28%, and a net profit of 23.2 billion yuan, up 10% year-on-year [4] - The cloud computing revenue reached 319.4 billion yuan in 2024, growing 64% year-on-year and accounting for over half of total revenue [6] - The company’s gross profit margin is projected to decline from 7.3% in 2024 to 6.3% in 2027 [9] - The earnings per share (EPS) are forecasted to be 1.47, 1.79, and 2.27 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 8 [7][9]