FII(SH:601138) Ping An Securities·2025-07-08 03:02Investment Rating - The report maintains a "Recommended" rating for the company [1][10]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 11.958 billion yuan and 12.158 billion yuan for the first half of 2025, representing a year-on-year growth of 36.84% to 39.12% [4][9]. - The second quarter net profit is projected to be between 6.727 billion yuan and 6.927 billion yuan, with a year-on-year increase of 47.72% to 52.11% [4][9]. - The significant growth in performance is attributed to the surge in AI-related business, with AI server revenue increasing by over 60% year-on-year in the second quarter [9][10]. - The company maintains a leading position in the market due to its strong relationships with major clients and its ability to develop products collaboratively [10]. Financial Performance Summary - Revenue for 2025 is projected to be 717.968 billion yuan, with a year-on-year growth of 17.9% [7][12]. - Net profit for 2025 is estimated at 29.210 billion yuan, reflecting a year-on-year increase of 25.8% [7][12]. - The gross margin is expected to be 6.7% in 2025, while the net margin is projected at 4.1% [7][12]. - Earnings per share (EPS) for 2025 is forecasted to be 1.47 yuan [7][12]. Business Segment Performance - The cloud computing business is experiencing rapid growth, with overall revenue increasing by over 50% year-on-year in the second quarter [9][10]. - The AI server segment's revenue is expected to grow significantly, driven by the demand for hyper-scale AI cabinet products [9][10]. - The company is also focusing on smart manufacturing and AI integration, which is expected to drive steady growth in its telecommunications and mobile network equipment business [9][10]. Market Position and Outlook - The company is positioned as a leader in high-end intelligent manufacturing of electronic devices, benefiting from advanced technology and a global customer base [10]. - The rapid development of the AI industry is expected to continue driving demand for computing power, high-speed network communication equipment, and servers, which will benefit the company's core businesses [10].