FII(SH:601138) CAITONG SECURITIES·2025-10-31 12:57Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant revenue increase of 38.40% year-on-year for the first three quarters of 2025, achieving a total revenue of 603.93 billion yuan and a net profit of 22.49 billion yuan, up 48.52% year-on-year [7] - The growth is primarily driven by strong demand in the AI server and related business sectors, with a notable acceleration in performance in Q3 2025 [7] - The cloud computing business continues to grow rapidly, with Q3 2025 revenue from cloud services increasing by over 75% year-on-year, and GPU AI server revenue growing more than five times year-on-year [7] - The company is expected to generate revenues of 1,007.81 billion yuan, 1,573.17 billion yuan, and 1,817.89 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 35.06 billion yuan, 59.93 billion yuan, and 76.22 billion yuan [7] Financial Performance - The company's revenue for 2023 is projected at 476.34 billion yuan, with a revenue growth rate of -6.9%, followed by 609.14 billion yuan in 2024 with a growth rate of 27.9% [6] - The net profit for 2023 is estimated at 21.04 billion yuan, with a net profit growth rate of 4.8%, increasing to 23.22 billion yuan in 2024 with a growth rate of 10.3% [6] - Earnings per share (EPS) is expected to rise from 1.06 yuan in 2023 to 1.77 yuan in 2025, and further to 3.02 yuan in 2026 [6] Market Performance - The company has shown a market performance of -36% over the last 12 months, compared to a 19% increase in the consumer electronics sector and a 74% increase in the Shanghai Composite Index [4]