FII(SH:601138) Ping An Securities·2025-08-15 10:22Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company focuses on AI development, showcasing its technological and production advantages [1] - In the first half of 2025, the company achieved operating revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.61% year-on-year [5][9] - The demand for high-end AI servers is expected to surge due to the continuous growth in capital expenditure by North American cloud service providers [9] - The company is strengthening its strategic collaboration with top technology firms in North America and Asia-Pacific [9] - The overall gross margin and net margin for the first half of 2025 were 6.60% and 3.36%, respectively [9] Financial Summary - The company’s projected operating revenues for 2025-2027 are 826.59 billion yuan, 1,044.55 billion yuan, and 1,286.02 billion yuan, respectively, with year-on-year growth rates of 35.7%, 26.4%, and 23.1% [7][12] - The net profit attributable to shareholders is expected to reach 31.73 billion yuan in 2025, 42.12 billion yuan in 2026, and 52.26 billion yuan in 2027, with corresponding year-on-year growth rates of 36.7%, 32.8%, and 24.1% [7][12] - The company’s earnings per share (EPS) are projected to be 1.60 yuan in 2025, 2.12 yuan in 2026, and 2.63 yuan in 2027 [7][12] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 27.1x, 20.4x, and 16.4x, respectively [10][12] Business Performance - The company’s AI server revenue grew over 60% year-on-year, with the GB200 series product shipments increasing quarter by quarter [9][10] - The overall server revenue increased by over 50%, and the revenue from cloud service provider servers surged by over 150% [9] - The company’s precision components business saw a 17% year-on-year increase in shipment volume due to the popularity of certain client models [9]