FII(SH:601138) China Post Securities·2025-06-25 07:44Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing strong growth in AI server demand, driven by continuous capital expenditure from cloud vendors to enhance AI computing infrastructure. The revenue from the cloud computing segment increased by over 50% year-on-year in Q1 2025, with AI servers and general servers also seeing over 50% growth [4] - The company is transitioning its product offerings from 100G/200G to 400G/800G switches, with a forecast that 800G switches will become mainstream by 2025. The company is increasing its market share in high-end products [5] - Revenue projections for the company are estimated at 768.28 billion yuan, 922.87 billion yuan, and 1,112.57 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 28.94 billion yuan, 35.07 billion yuan, and 41.83 billion yuan for the same years [6] Company Overview - The latest closing price of the company's stock is 20.29 yuan, with a total market capitalization of 402.9 billion yuan. The company has a debt-to-asset ratio of 51.8% and a price-to-earnings ratio of 17.34 [3]