Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and profit, indicating sustained high demand for computing power in the domestic market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 80.192 billion yuan, a year-on-year increase of 90.05%, and a net profit attributable to shareholders of 799 million yuan, up 34.87% year-on-year [1]. - In Q2 2025, the company recorded revenue of 33.334 billion yuan, a year-on-year growth of 36.30%, and a net profit of 336 million yuan, reflecting a 15.63% increase year-on-year [1]. - The company's gross margin in Q2 2025 was 6.09%, an increase of 2.64 percentage points quarter-on-quarter, while the net profit margin was 1.01%, up 0.03 percentage points quarter-on-quarter [1]. Market Position - The company maintains a leading position in the server market, with its server and storage products consistently ranking among the top globally [1]. - In Q1 2025, the company held the second-largest global market share in servers and the largest in China, while its storage installation capacity ranked among the top three globally and first in China [1]. Innovation and Development - The company has been increasing its R&D investment to drive innovation in computing power and algorithms [2]. - In 2025, the company launched the Yuan Brain R1 inference server, which supports 16 standard PCIe double-width cards, and introduced the Yuan Brain CPU inference server for efficient deployment of new generation inference models [2]. - The company also rolled out the Yuan Brain Enterprise Intelligence DeepSeek integrated machine and the EPAI platform to facilitate AI application development across various industries [2]. Liquid Cooling Strategy - The company has adopted a comprehensive strategy for liquid cooling, leading the domestic market in this area for four consecutive years [3]. - The Yuan Brain computing factory, which began operations in early 2025, has improved the load capacity of air-cooled cabinets to 50kW and liquid-cooled cabinets to 130kW, achieving a PUE value below 1.1 [3]. Investment Outlook - As a leading domestic server manufacturer, the company is expected to benefit from the growth of the AI industry and increasing demand for liquid cooling solutions [3]. - The projected EPS for 2025 and 2026 are 2.05 yuan and 2.72 yuan, with corresponding PE ratios of 31 and 23 times [3].

2025 年 9 月 4 日 投资要点： 卢芷心 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn | 收盘价(元) | 62.64 | | --- | --- | | 总市值（亿元） | 922.15 | | 总股本(亿股) | 14.72 | | 流通股本(亿股) | 14.70 | | ROE（TTM） | 12.23% | | 12 月最高价(元) | 69.15 | | 12 月最低价(元) | 30.68 | SAC 执业证书编号： S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 评 报 告 资料来源：东莞证券研究所，iFinD 买入（维持） 浪潮信息（000977）2025 年半年报业绩点评 公 司 点 公司业绩双位数增长，服务器龙头地位稳固 事件：公司发布2025年半年报。 点评： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于 ...

晨会纪要 核心结论 分析师 【宏观】如何看待后市宏观叙事的变化？ 往后看，我们认为股票和债市有望逐步"脱钩"，市场提前定价盈利修复与 资本流入预期。与此同时资产面临再配置逻辑：一是美联储有望重启降息后， 美元弱势周期引发全球资本再配置，二是居民超额储蓄有望进一步流向股 市。短期来看，情绪尚未达到极端亢奋，但关注微观交易拥挤带来的风格再 平衡，叙事向消费、有色、其他创新产业（创新药、固态电池等）倾斜。 【国防军工】西锐（2507.HK）首次覆盖报告：人群渗透提升，领航高端消 费 公司边际上正逐步推进产能扩张，以及服务网络建设，伴随未来交付能力& 产品矩阵丰富度提升，业绩端有望实现加速，预计 25/26/27 公司分别实现 净利润 1.7/2.1/2.6 亿美元，对应 PE14.0/11.2/9.2X，看好后续估值持续修复， 以及潜在业绩催化，首次覆盖给予"买入"评级。 【电子】盛科通信（688702.SZ）2025 年半年报点评：深耕交换机芯片领 域，高端产品持续推进 我们预计公司 2025 年-2027 年营业收入为 13.53 亿元、17.76 亿元、21.95 亿元，同比增长 25.1%、31.3%、23 ...

浪潮信息（000977.SZ）2025 年半年报点评 公司点评 | 浪潮信息 业绩持续增长，下游需求确定性高 业绩摘要：2025 年上半年，公司实现营业收入 801.92 亿元（YoY+91%）， 实现归母净利润 7.99 亿元（YoY+34%）。其中，公司 2025Q2 单季度实现营 业收入 333.34 亿元（YoY+36%），归母净利润 3.36 亿元（YoY+16%）。 我们认为：公司作为服务器行业的头部企业，长期与重点客户保持良好的商 务关系，在 AI 服务器领域技术储备较为充足。公司的合同负债等指标进一 步表明下游客户正持续加大算力基础设施领域的投入，在此背景下，公司有 望获得确定性较高、弹性较大的增长。 投资建议：我们预计公司 2025 年-2027 年归母净利润为 26.38 亿元、31.85 亿元、46.18 亿元，维持"买入"评级。 风险提示：下游需求不及预期；公司海外供应链稳定性不及预期；人工智能 技术落地和商业化不及预期；宏观经济不及预期。 核心数据 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown continuous high revenue growth, leading the liquid cooling field standard construction [6] - The company's server business is leading the global market, with significant revenue contributions from server products [6] - The company is focusing on AI technology integration and innovation, enhancing its competitive advantage in the intelligent computing sector [6] Financial Performance Summary - In H1 2025, the company achieved revenue of 80.192 billion yuan, a year-on-year increase of 90.05% [6] - The adjusted net profit attributable to the parent company was 799 million yuan, with a year-on-year growth of 34.87% [6] - The gross profit margin for H1 2025 was 4.55%, showing a decline compared to previous periods [6] - The company is expected to generate revenues of 156.036 billion yuan, 176.488 billion yuan, and 196.135 billion yuan for the years 2025, 2026, and 2027 respectively [4][6] Market Position and Product Development - The company maintains a leading position in the server and storage market, ranking second globally in server market share and first in China as of Q1 2025 [6] - The company has launched several innovative products, including the Yuan Brain R1 inference server and high-end storage solutions, enhancing its product portfolio [6] - The company has been recognized as the top player in the liquid cooling server market in China for four consecutive years [6] Profitability Forecast - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is 2.811 billion yuan, 3.231 billion yuan, and 3.806 billion yuan respectively [4][6] - The expected earnings per share (EPS) for the same years are projected to be 1.91 yuan, 2.20 yuan, and 2.59 yuan respectively [4][6]