FII(SH:601138) China Post Securities·2025-08-26 08:05Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Insights - The company reported a strong performance in the first half of 2025, achieving 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][6] - The demand for high-end AI servers is surging, driven by significant capital expenditure growth from North American cloud service providers, with AI cloud infrastructure investments expected to increase [6][7] - The GB200 series is seeing continuous improvement in yield rates, and the GB300 series is expected to enter substantial shipment phases in the second half of the year, which will support the company's AI server business profitability [7][9] Financial Performance - The company forecasts operating revenues of 882.92 billion yuan, 1,235.84 billion yuan, and 1,668.09 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 33.43 billion yuan, 47.52 billion yuan, and 62.39 billion yuan for the same years [9][11] - The projected growth rates for operating revenue are 44.95% in 2025, 39.97% in 2026, and 34.98% in 2027 [11] - The company’s earnings per share (EPS) is expected to rise from 1.68 yuan in 2025 to 3.14 yuan in 2027, reflecting strong profitability growth [11]