FII(SH:601138) Changjiang Securities·2025-08-18 02:12Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has entered a performance release period, with significant growth in revenue and net profit for the first half of 2025. Revenue reached 360.76 billion yuan, a year-on-year increase of 35.58%. Net profit attributable to shareholders was 12.11 billion yuan, up 38.61% year-on-year [5][6] Financial Performance - In the first half of 2025, the company achieved a total operating income of 360.76 billion yuan, representing a 35.58% increase year-on-year - The net profit attributable to shareholders was 12.11 billion yuan, reflecting a year-on-year growth of 38.61% - The net profit attributable to shareholders after deducting non-recurring gains and losses was 11.67 billion yuan, with a year-on-year increase of 36.73% [5][6] Business Segments - In the cloud computing sector, the product structure continues to optimize, with AI servers steadily increasing their share. Overall server revenue grew over 50% in Q2, with cloud service provider server revenue up over 150% and AI server revenue increasing by over 60% - The company has established a solid R&D and intelligent manufacturing advantage in the AI server field, with increasing customer stickiness and growing technical and production advantages [11] - In the telecommunications and mobile network equipment sector, the demand for high-end smartphones driven by AI is rising, with the company's precision components business seeing a 17% year-on-year increase in shipment volume in the first half of the year [11] Strategic Positioning - The company benefits from a favorable strategic positioning that aligns with industry trends, focusing on high-end intelligent manufacturing and industrial internet while actively developing new businesses in big data and robotics - The company has deep cooperation with leading global clients in both telecommunications and cloud computing sectors, including Cisco, Huawei, Nvidia, and AWS, which strengthens its market position [11]