FII(SH:601138) Xinda Securities·2025-08-10 13:52Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing significant growth driven by AI computing demand and expanding its cloud computing business, with a projected revenue increase of 32% in 2025 [2] - The company has established a solid R&D and manufacturing advantage in the AI server market, with a notable increase in revenue from AI servers and cloud service providers [2] - The company is expected to maintain strong revenue growth in the coming years, with estimated revenues of 804.63 billion, 987.60 billion, and 1,087.14 billion yuan for 2025, 2026, and 2027 respectively [2][3] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, with a net profit of 12.11 billion yuan, up 38.61% [1] - The second quarter of 2025 saw revenues of 200.35 billion yuan, a 35.92% increase year-on-year, and a net profit of 6.88 billion yuan, reflecting a 51.13% growth [1] - The company's gross margin for the first half of 2025 was 6.60%, a slight decrease of 0.13 percentage points year-on-year [1] Revenue and Profit Forecast - The company is projected to have revenues of 804.63 billion yuan in 2025, with a year-on-year growth of 32.1%, and net profits of 30.39 billion yuan, reflecting a growth of 30.9% [3] - For 2026 and 2027, revenues are expected to reach 987.60 billion yuan and 1,087.14 billion yuan, with net profits of 40.54 billion yuan and 45.09 billion yuan respectively [3]