FII(SH:601138) Huachuang Securities·2026-03-11 13:41Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][21]. Core Insights - The company achieved a total revenue of 902.89 billion yuan in 2025, representing a year-on-year increase of 48.22%. The net profit attributable to shareholders reached 35.29 billion yuan, up 51.98% year-on-year [1][2]. - The cloud computing business saw significant growth, with revenue reaching 602.68 billion yuan, a year-on-year increase of 88.70%, driven by strong demand for AI servers [6][7]. - The company’s high-speed switch business also experienced robust growth, with revenue from 800G and above switches increasing by 13 times year-on-year [6][7]. - The report adjusts the forecast for net profit attributable to shareholders for 2026-2028 to 66.28 billion yuan, 87.34 billion yuan, and 109.53 billion yuan, respectively [6][7]. Financial Summary - Total revenue for 2025 was 902,887 million yuan, with a projected growth rate of 44.7% for 2026 and 31.0% for 2027 [2][7]. - The net profit attributable to shareholders for 2025 was 35,286 million yuan, with expected growth rates of 87.8% for 2026 and 31.8% for 2027 [2][7]. - Earnings per share (EPS) for 2025 was 1.78 yuan, projected to increase to 3.34 yuan in 2026 and 4.40 yuan in 2027 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 30 in 2025 to 10 by 2028, indicating potential value appreciation [2][7].