FII(SH:601138) Shanxi Securities·2025-08-13 06:29Investment Rating - The report maintains a "Buy-A" rating for the company [1][8]. Core Views - The company's revenue has experienced rapid growth driven by AI servers and high-speed switches, with a 35.58% year-on-year increase in revenue for the first half of 2025 [4][5]. - The company has seen a significant increase in contract liabilities, which supports future growth certainty, with contract liabilities reaching 2.008 billion yuan, up 474.32% from the end of last year [5]. - The demand for AI servers continues to be strong, contributing to the company's robust performance in the cloud computing sector [6][7]. Financial Performance - In the first half of 2025, the company achieved revenue of 360.76 billion yuan and a net profit of 12.113 billion yuan, representing year-on-year growth of 35.58% and 38.61%, respectively [4]. - The gross margin for the first half of 2025 was 6.60%, a slight decrease of 0.13 percentage points compared to the same period last year [5]. - The company’s earnings per share (EPS) for 2025-2027 are projected to be 1.56, 2.01, and 2.61 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 25.47, 19.78, and 15.19 [8][10]. Market Position and Growth Drivers - The company is positioned as a leading ODM manufacturer for AI servers, benefiting from the increasing demand in the AI infrastructure market [7][8]. - The company has expanded its market share among major clients, with server revenue growth exceeding 50% in the cloud computing business and over 150% for cloud service providers [6][8]. - The company’s inventory has increased to 1229.49 billion yuan, up 44.20% from the end of last year, indicating proactive stock management in anticipation of future orders [5].