FII(SH:601138) Great Wall Securities·2025-07-11 06:34Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Insights - The company is experiencing rapid growth in its cloud computing business, particularly driven by AI server demand, with a projected net profit increase of 36.84% to 39.12% year-on-year for the first half of 2025 [1][9]. - The company is optimizing its product structure, with significant revenue growth in AI servers and cloud service provider servers, which saw over 60% and more than 150% year-on-year growth, respectively [2][3]. - The company is expanding its global supply chain and production capacity, with a focus on AI integration in smart manufacturing, leading to robust growth in its communications and mobile network equipment business [3]. Financial Summary - The company's projected revenue for 2025 is 773.19 billion yuan, with a year-on-year growth rate of 26.9% [1]. - The net profit attributable to the parent company is expected to reach 30.79 billion yuan in 2025, reflecting a year-on-year growth of 32.6% [1]. - The company's return on equity (ROE) is projected to improve from 14.9% in 2023 to 18.5% by 2027 [1]. Business Performance - The company anticipates a significant increase in net profit for the second quarter of 2025, with estimates ranging from 67.27 billion to 69.27 billion yuan, marking a year-on-year growth of 47.72% to 52.11% [2]. - The AI server segment is expected to continue driving revenue growth, supported by increasing demand for high-performance computing solutions [9]. - The company is enhancing its market share among major clients, leveraging its advanced AI computing capabilities and robust supply chain [2][3].