FII(SH:601138) Shanxi Securities·2025-11-06 10:18Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Insights - The company is experiencing strong demand for AI servers, leading to continuous high growth in revenue and net profit. The revenue for the first three quarters of 2025 reached 603.93 billion yuan, a year-on-year increase of 38.40%, while the net profit attributable to shareholders was 22.49 billion yuan, up 48.52% year-on-year [8][6] - The company is expected to capture a significant share of the GB series servers market as a leading global ODM manufacturer for AI servers. EPS forecasts for 2025-2027 are 1.78, 2.79, and 3.75 yuan, respectively, with corresponding PE ratios of 42.3, 27.0, and 20.1 times [6][8] Financial Performance - For the first three quarters of 2025, the company's gross margin was 6.76%, remaining stable. The net profit margin improved to 3.73%, an increase of 0.26 percentage points year-on-year [8] - The cloud computing business saw revenue growth of over 65% year-on-year in the first three quarters of 2025, with a quarterly revenue increase of over 150% in the cloud service provider segment [5][9] - The company’s contract liabilities reached 2.538 billion yuan by the end of September 2025, reflecting strong customer order demand, with inventory increasing by 33.93% compared to June 2025 [8][9] Market Data - As of November 5, 2025, the closing price was 75.24 yuan, with a market capitalization of 1,494.13 billion yuan. The highest and lowest prices for the year were 83.88 yuan and 14.58 yuan, respectively [3][6] - The basic and diluted earnings per share for the year ending September 30, 2025, were both 1.13 yuan, with a net asset return rate of 13.91% [3][6]