AI服务器需求旺盛，提升业务稳健性

Investment Rating - The report maintains a "Buy" rating with a target price of 72.83 CNY [1][3]. Core Views - The AI boom has led to a significant increase in downstream demand, enhancing the stability of the company's business. The rapid development of AI large models since 2023 has resulted in a swift rise in demand for AI servers from major internet clients, while local governments are actively accelerating the construction of intelligent computing centers. In the context of a slowdown in general server growth due to macroeconomic factors, AI servers have become the core growth point for the company, improving overall business stability [1]. - Diversified channels are aiding the company's supply capacity recovery. The company has established strategic agreements or product sales with domestic AI chip companies such as Cambricon, Haiguang Information, and Suiruan Technology, enabling it to continuously provide products for domestic demand. Additionally, Nvidia's compliant H20 chip for the Chinese market is expected to start supplying in Q2 2024, which is likely to stabilize the company's supply capacity as internet clients are expected to make purchases [1]. - The rapid advancement in the training and inference demands of large models is expected to drive the company's business to exceed expectations. As 2024 approaches, leading clients are increasing their investments in generative video large models and ultra-large parameter models, which will maintain a rapid growth in computing power demand for AI large models. As a leading AI server manufacturer, the company is poised to benefit from the explosive demand from major clients, achieving better-than-expected growth [1]. Financial Summary - The company’s revenue is projected to grow from 75.307 billion CNY in 2023 to 97.403 billion CNY in 2025, reflecting a growth rate of 8% and 13% respectively [2]. - Operating profit (EBIT) is expected to increase from 2.577 billion CNY in 2023 to 3.906 billion CNY in 2025, with growth rates of 19% and 20% respectively [2]. - Net profit attributable to shareholders is forecasted to rise from 2.306 billion CNY in 2023 to 3.497 billion CNY in 2025, with growth rates of 11% and 21% respectively [2]. - Earnings per share (EPS) are expected to be 1.57 CNY in 2023, 1.96 CNY in 2024, and 2.38 CNY in 2025, indicating year-on-year growth of 11%, 26%, and 21% respectively [1][2].