FII(SH:601138) Huachuang Securities·2025-10-31 13:51Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][22]. Core Insights - The company has reported strong performance in Q3 2025, driven by significant growth in AI server and switch businesses, with Q3 revenue reaching 2,431.72 million yuan, a year-over-year increase of 42.81% [7]. - The cloud computing segment has shown remarkable growth, with a revenue increase of over 65% year-to-date and a quarterly growth exceeding 75%, primarily due to the demand for AI cabinet products [7]. - The report revises the net profit forecasts for 2025-2027 upwards to 356.53 billion yuan, 663.64 billion yuan, and 875.86 billion yuan respectively, reflecting the robust performance and market conditions [7]. Financial Summary - Total revenue projections for the company are as follows: 609,135 million yuan for 2024, 884,010 million yuan for 2025, 1,221,009 million yuan for 2026, and 1,593,448 million yuan for 2027, with respective growth rates of 27.9%, 45.1%, 38.1%, and 30.5% [3][8]. - The net profit attributable to the parent company is forecasted to be 23,216 million yuan in 2024, increasing to 87,586 million yuan by 2027, with growth rates of 10.3%, 53.6%, 86.1%, and 32.0% [3][8]. - The earnings per share (EPS) are projected to rise from 1.17 yuan in 2024 to 4.41 yuan in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 67 to 18 over the same period [3][8].