FII(SH:601138) Guoxin Securities·2025-07-08 09:26Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a year-on-year growth in net profit of 36.84% to 39.12% for the first half of 2025, with preliminary estimates indicating a net profit of 119.58 to 121.58 billion yuan [1]. - The cloud computing business is experiencing rapid growth, with overall revenue increasing by over 50% year-on-year in the second quarter, and AI server revenue growing by over 60% [2]. - The company is benefiting from the increasing demand for AI infrastructure, with significant growth in its AI server and high-speed switching products [3]. Financial Forecasts - Revenue projections for 2025-2027 are 840.37 billion yuan, 1,130.38 billion yuan, and 1,429.68 billion yuan respectively, with net profit estimates of 30.51 billion yuan, 39.17 billion yuan, and 50.12 billion yuan [4][5]. - The company's earnings per share (EPS) are forecasted to be 1.54 yuan in 2025, increasing to 2.52 yuan by 2027 [5]. - The price-to-earnings (P/E) ratios are projected to be 15.6, 12.2, and 9.5 for the years 2025, 2026, and 2027 respectively [5].