FII(601138) 国泰君安·2024-04-26 05:32Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.00 CNY [4][12]. Core Insights - The company is positioned as a leader in AI servers and communication equipment, with expected revenue growth rates of 17% in 2024, 16% in 2025, and 16% in 2026, reaching revenues of 555.91 billion CNY, 645.06 billion CNY, and 746.28 billion CNY respectively [3][9]. - The company is benefiting from the rapid growth in AI server shipments driven by the demand for computing power, with a significant increase in collaboration with major global server brands and cloud service providers [3][19]. - The company has established itself as a benchmark in the industry with its "Lighthouse Factory" initiative, enhancing its competitive advantage in the manufacturing sector [3][23]. Summary by Sections 1. Profit Forecast and Valuation - The company is expected to see a significant increase in AI server and high-speed switch shipments, with cloud service equipment projected to grow at rates of 25%, 20%, and 19% from 2024 to 2026 [9][10]. - The estimated gross margins for cloud service equipment are expected to improve to 5.2%, 5.4%, and 5.6% over the same period [9][10]. - The company’s net profit is projected to be 25.53 billion CNY in 2024, 30.87 billion CNY in 2025, and 35.68 billion CNY in 2026, with EPS of 1.29 CNY, 1.55 CNY, and 1.80 CNY respectively [9][10]. 2. Global High-End Manufacturing Leader, AI-Driven Rapid Development - The company has a comprehensive cloud computing business that has been strategically positioned to capture opportunities in AI computing power [19][20]. - The company has been proactive in developing advanced cooling technologies to support the increasing demands of AI computing [20][21]. - The company has a market share exceeding 75% in high-speed switches and routers, with significant growth expected from the introduction of 800G switches in 2024 [22][23]. 3. Industrial Internet Continues to Empower, "Lighthouse Factory" Creates Global Benchmark - The company has established nine world-class "Lighthouse Factories" and is recognized for its contributions to digital transformation across various industries [23][25]. - The company’s AI server factory has been recognized as the world's first AI server "Lighthouse Factory," significantly enhancing production efficiency and reducing costs [26].