FiberHome(SH:600498) Changjiang Securities·2024-04-19 05:31Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The report highlights that the national guidance on advanced computing infrastructure construction, with operators as key players, is expected to continuously drive the upward trend in the server industry [6]. - Yangtze Computing, a subsidiary of the company, is identified as a significant supplier of servers to operators, with an anticipated increase in market share, potentially unlocking revenue and profit growth for the company [6]. - China Mobile's recent procurement announcements indicate a substantial increase in demand for PC and AI servers, with a projected procurement scale of approximately 264,500 units for 2024, surpassing previous years' totals [5][6]. Financial Projections - The company is projected to achieve net profits of 450 million, 701 million, and 1 billion yuan for the years 2023, 2024, and 2025, respectively, reflecting year-on-year growth rates of 11%, 56%, and 43% [6]. - The report provides a price-to-earnings (PE) ratio forecast of 43x, 28x, and 19x for the same years [6]. Market Position - Yangtze Computing has consistently increased its market share in the operator sector, having been selected multiple times in procurement processes by major operators such as China Mobile, China Unicom, and China Telecom [7]. - The company has developed a range of advanced server products, including high-end liquid-cooled servers, which have achieved industry-leading performance metrics [7].