Core Insights - The company reported significant growth in Q2 2025, with a revenue increase of 31.84% year-on-year and a net profit surge of 194% year-on-year [1] - The data center switch business experienced substantial growth due to rising demand for internet data centers and accelerated delivery [2] - The company is enhancing its product structure through innovation and market expansion, with a notable increase in overseas revenue [3] - Cost reduction and efficiency measures have led to improved profitability, with a net profit margin increase [4] - The company is positioned to benefit from strong demand in the AI infrastructure sector, with projected revenue growth for 2025-2027 [5] Financial Performance - In H1 2025, the company achieved a revenue of 6.649 billion yuan, with a net profit of 452 million yuan [1] - Q2 2025 saw a revenue of 4.113 billion yuan, representing a 41.99% year-on-year increase and a 62.19% quarter-on-quarter increase [1] - The data center switch sales increased by 333.07% year-on-year to 111,300 units, with revenue growth of 110.05% to 3.596 billion yuan [2] Market Dynamics - The demand for AI infrastructure is driving the need for computing power, with major internet clients increasing capital expenditures [2] - The company holds a third-place market share in China's data center switch market and leads in the 200G/400G segment [2] - The company has established a large partner network internationally, with overseas revenue growing by 48.46% to 1.145 billion yuan [3] Cost Management - The company has implemented cost reduction measures, resulting in a decrease in sales and R&D expenses [4] - The sales expense ratio decreased by 5.07 percentage points, contributing to a net profit margin increase of 3.75 percentage points to 6.8% [4] Investment Outlook - The company is expected to achieve revenues of 15.413 billion yuan, 20.438 billion yuan, and 26.494 billion yuan for 2025-2027, with corresponding net profits of 1.219 billion yuan, 1.804 billion yuan, and 2.482 billion yuan [5] - The company is rated as "Buy" based on its strong market position and growth potential in the AI infrastructure sector [5]

2025 年 09 月 29 日 服务器算力业务未来可期，政企业务表现亮眼 买入(维持) 事件 | 分析师：何鹏程 | S1050525070002 | | --- | --- | | hepc@cfsc.com.cn | | | 联系人：石俊烨 | S1050125060011 | | shijy@cfsc.com.cn | | | 基本数据 | 2025-09-26 | | --- | --- | | 当前股价（元） | 44.47 | | 总市值（亿元） | 2127 | | 总股本（百万股） | 4784 | | 流通股本（百万股） | 4027 | | 52 周价格范围（元） | 28.66-48 | | 日均成交额（百万元） | 5698.38 | 市场表现 -20 0 20 40 60 80 100 (%) 中兴通讯 沪深300 资料来源：Wind，华鑫证券研究 ▌运营商业务稳步发展，政企业务板块表现亮眼 运营商网络板块，2025 年上半年，公司运营商网络营业收入 350.64 亿元，同比减少 5.99%，主要由于无线接入产品收入 下降、服务器及存储收入增长综合影响；毛利率 52.94%，同 比 ...

这是阿里云投资最直接受益的环节，主要为AI计算提供硬件和环境支撑。 数据中心的高效运行离不开以下关键技术和部件。 三、行业应用与生态伙伴 这些公司将阿里云的云计算和AI能力与具体行业场景结合，推动技术落地。 在2025云栖大会上，阿里宣布正推进3800亿元AI基础设施建设并计划追加投入，目标2032年阿里云全球数 据中心能耗规模较2022年提升10倍，其产业链上的核心合作伙伴备受关注。 数据港：被认为是阿里云最核心的IDC（互联网数据中心）供应商，深度绑定阿里云业务。 浪潮信息：作为国内AI服务器的领军企业，是阿里云服务器的核心供应商，尤其在AI服务器领域占 比很高。 杭钢股份：与阿里巴巴集团有重磅合作，共同投资158亿元建设浙江云计算数据中心项目。 润建股份：与阿里云合作共建"中国-东盟智算云"项目，负责提供算力服务器。 二、关键部件与技术供应商 光模块：光迅科技是阿里云数据中心光模块的核心供应商。中际旭创作为全球光模块龙头，也被视为 阿里云800G等高速光模块的主力供应商。 网络设备：锐捷网络是阿里云数据中心交换机的核心供应商，市场份额较高。 液冷温控：随着算力密度提升，散热至关重要。英维克是数据中心精密 ...

Core Viewpoint - The report from Tianfeng Securities indicates that Feiling Kesi's net profit attributable to shareholders for the first half of 2025 (25H1) was 21.88 million yuan, a year-on-year decline of 71.32% [1]. Financial Performance - In Q2 2025, the net profit attributable to shareholders was 11.17 million yuan, reflecting a year-on-year decrease of 73.49% [1]. - The overall gross margin for the first half of 2025 was 13.47%, down 4.16 percentage points from the same period last year [1]. - The gross margin for Q2 2025 was 13.85%, showing a quarter-on-quarter improvement but a year-on-year decline of 4.89 percentage points [1]. Investment and Future Outlook - The company has increased its investment in research and development, including servers and related businesses, which is expected to enhance profitability once these initiatives yield results [1]. - With the continuous evolution of AI, there is a sustained increase in demand for ICT-related products, positioning the company to capitalize on market opportunities in infrastructure hardware [1]. - The company is focusing on a diversified product layout, including CT, IT, high-end PCBA, and automotive electronics, which may benefit from industry growth driven by AI [1]. Profit Forecast - The net profit attributable to shareholders for 2025 and 2026 has been adjusted to 70 million yuan and 120 million yuan, respectively, down from previous estimates of 220 million yuan and 290 million yuan [1]. - The forecast for net profit attributable to shareholders in 2027 is set at 180 million yuan, with corresponding PE valuations for 2025-2027 at 107, 64, and 43 times, respectively [1]. - The rating for the company remains "Accumulate" [1].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 722 million yuan in the first half of 2025, a year-on-year decrease of 12.39%, and a net profit attributable to shareholders of 21.88 million yuan, down 71.32% year-on-year [1] - In Q2, the company achieved a revenue of 432 million yuan, a year-on-year increase of 3.59% and a quarter-on-quarter increase of 49.03%, with a net profit of 11.17 million yuan, down 73.49% year-on-year [2] - The overall gross margin for the first half of the year was 13.47%, a decrease of 4.16 percentage points year-on-year, while Q2 gross margin was 13.85%, showing a quarter-on-quarter improvement but a year-on-year decline of 4.89 percentage points [3] - The data center switch business saw significant growth, with sales revenue increasing by approximately 119% year-on-year in the first half of 2025, driven by AIGC [4] - The company is expanding its product layout to capture opportunities in AI, forming a multi-dimensional business system that includes CT communication, IT computing, high-end PCBA manufacturing, and automotive electronics [5] Financial Data and Valuation - The company’s projected net profits for 2025 and 2026 are adjusted to 70 million yuan and 120 million yuan, respectively, with a forecast of 180 million yuan for 2027 [5] - The corresponding PE ratios for 2025 to 2027 are projected to be 107, 64, and 43 times [5] - The company’s revenue is expected to decline by 11.80% in 2023, 19.09% in 2024, and 5.50% in 2025, before increasing by 36.25% in 2026 and 34.15% in 2027 [11]

Core Viewpoint - Zhejiang's private economy is a hallmark of its development, showcasing a blend of traditional culture and modern technology, with significant contributions from various leading companies in sectors like digital solutions, silk production, and robotics [1][24]. Group 1: Private Economy and Government Support - The government in Zhejiang acts as a partner to private enterprises, fostering a conducive environment for innovation and growth [2]. - Policies have been implemented to support the health of the private economy, including the establishment of three key lists for major projects and mechanisms to address investment issues [4][5]. Group 2: Company Innovations and Achievements - Xinhua San Group has developed a comprehensive computing service platform, becoming a benchmark for Zhejiang's computing infrastructure and industry empowerment [4]. - Wan Shili Group has integrated AI technology into silk production, significantly enhancing efficiency and product offerings, while also promoting cultural heritage [12][20]. - Yun Shen Chu Technology has captured 85% of the domestic market for power inspection robots, showcasing its leadership in robotics [14]. - Xian Na Optoelectronics is pioneering third-generation photovoltaic technology with perovskite solar panels, achieving a conversion efficiency of 18% [16][28]. Group 3: Cultural and Historical Significance - The legacy of Zhejiang's silk industry is deeply rooted in its history, with modern enterprises like Wan Shili continuing to honor and innovate within this tradition [17][20]. - The entrepreneurial spirit in Zhejiang is characterized by resilience and a commitment to cultural values, as seen in the stories of founders and their journeys [18][21]. Group 4: Contribution to National Strategies - Zhejiang's private enterprises play a crucial role in supporting national strategies, including participation in major events and initiatives that highlight Chinese culture and innovation [24][28]. - The focus on green transformation is evident, with companies like Wan Shili and Xian Na Optoelectronics leading efforts in sustainable practices and technologies [25][26]. Group 5: Future Outlook - The ongoing development of the private economy in Zhejiang is expected to continue, with a strong emphasis on innovation and high-quality growth, positioning it as a vital player in China's modernization efforts [29][30].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company's revenue returned to growth in 25H1, driven by a doubling of government and enterprise business under the influence of the AI wave, becoming the core engine for performance [2][6] - Despite a short-term adjustment in gross margin due to changes in business structure, effective cost control has maintained the company's profitability [2] - The company is firmly executing its "Connection + Computing Power" strategy, with strong momentum exhibited in its second growth curve, represented by computing power businesses such as servers and switches, and terminal businesses like AI smartphones and cloud computers [2][6] Summary by Sections Revenue and Profitability - In 25H1, the company achieved revenue of 71.55 billion yuan, a year-on-year increase of 14.5%, while net profit attributable to shareholders was 5.06 billion yuan, down 11.8% year-on-year [6] - In 25Q2, revenue reached 38.58 billion yuan, up 20.9% year-on-year and 17.0% quarter-on-quarter, with net profit of 2.60 billion yuan, down 12.9% year-on-year but up 6.2% quarter-on-quarter [6] Business Performance - The government and enterprise business saw a remarkable performance, with revenue of 19.25 billion yuan in 25H1, a year-on-year increase of 109.9% and a quarter-on-quarter increase of 105.0%, accounting for 26.9% of total revenue, up 14.1 percentage points year-on-year [2][6] - The company capitalized on opportunities in the domestic market, particularly in the financial and power sectors, leading to significant growth in server and storage revenue [2] - The operator network business revenue increased by 5.99% year-on-year, while consumer business revenue grew by 7.6% year-on-year [2] Cost Management and Margins - The gross margin for 25H1 was 32.5%, down 8.0 percentage points year-on-year, primarily due to the increased proportion of lower-margin government and enterprise business [2] - The company effectively controlled expenses, with R&D, sales, and management expense ratios at 6.1%, 3.0%, and 17.7%, respectively, showing year-on-year reductions [2] Strategic Development - The "Connection + Computing Power" strategy is deepening, with significant achievements in the computing power sector, including large-scale sales of server and storage products to leading internet companies [2] - The company launched AI-integrated smartphones and maintained a leading position in the global market for smart home devices and cloud computers [2] Profit Forecast and Investment Advice - The company is expected to achieve net profits of 8.73 billion yuan, 9.13 billion yuan, and 9.72 billion yuan for 2025-2027, with corresponding year-on-year growth rates of 3.8%, 4.6%, and 6.5% [2][6] - The report maintains a "Buy" rating based on the company's strong performance and strategic direction [2][9]

Group 1: Overseas Strategy Research - The current AH premium level still has some room to decline, with the narrowing mainly contributed by traditional industries. Traditional industries like real estate and banking still have room for further narrowing, while emerging industries such as semiconductors and hardware are expected to see a gradual narrowing in the future. A-share first-listed companies have a greater downward space for AH premium [3]. Group 2: Strategy Special Report - The structural recovery continues, with AI + overseas expansion being the core prosperity clues in the second-quarter reports. The performance growth of all A non-financial oil and petrochemical (All A two non) slowed down in 25Q2, but the prosperity clues within the technology growth sector accelerated their spread. The global AI industry resonance and overseas expansion are the core prosperity clues. Mid-cap growth stocks have outstanding performance growth, and the prosperity of hard technology and non-banking sectors is dominant [5][6]. Group 3: Industry Strategy - Comprehensive - Interferon α1b, suitable for the Chinese population, has the advantages of low antigenicity and few adverse reactions. It can be used for common viral diseases and malignant tumors, especially in children. The market is mainly in China and India, with a good competitive landscape. Some injections have been included in the medical insurance, and future demand is expected to increase [10]. Group 4: Industry Tracking Report - Military - The military parade demonstrated the high prosperity of the military industry. New and advanced military equipment was showcased, reflecting China's military technological innovation and strategic deterrence capabilities. The industry demand is highly certain, and with the acceleration of reform and innovation, it is expected to maintain high prosperity. Recommended stocks include AVIC Shenyang Aircraft, AVIC Optoelectronics, etc. [13][14][15]. Group 5: Industry Special Research - Household Appliances - The domestic subsidy effect continues, but the marginal effect is decreasing, and the tariff impact on exports is expected to ease. The overseas revenue proportion of the household appliance sector is increasing, and many companies are expanding into new fields. The performance of some companies in Q2 exceeded expectations, mainly in small household appliances and cleaning appliances. Four investment lines are recommended [18][19][20]. Group 6: Industry Strategy - Textile and Apparel - In 2025, the cumulative export of textiles and clothing in China and Vietnam increased year-on-year. In Q2, the revenue growth of many companies slowed down or declined, and the profit margin was under greater pressure. The short-term tariff impact will end at the end of the year, and future order prosperity is the core variable. Recommended stocks include Bailong Eastern, Jiuxing Holdings, etc. [25][26][27]. Group 7: Industry Tracking Report - Social Services - The investment view recommends AI applications, new retail and renovation, and emotional and experiential consumption stocks. The performance of the retail and consumer service sectors last week was ranked 9th and 14th respectively. Key industry information and company announcements were updated [29][30][31]. Group 8: Industry Semi-annual Report - Textile and Apparel - In 25H1, the Hong Kong stock sports sector led the industry in revenue and net profit growth, while the A-share brand performance was divided. The market expectations for brands after the semi-annual reports were mostly revised downwards, but the sports sector showed more resilience. Four investment lines are recommended [34][35][37]. Group 9: Industry Weekly Report - Petroleum - This week, crude oil trading returned to fundamental factors. The probability of interest rate cuts in the US has increased in the medium and long term, and the demand for crude oil has weakened. Recommended stocks include Xin凤鸣, Tongkun Co., Ltd., etc. [39]. Group 10: Company Semi-annual Report Comment - Quicktron Intelligent - The company achieved steady growth in 25H1, with high growth in contract liabilities laying a foundation for future growth. Benefiting from the high prosperity of the downstream AI industry, the demand for its main business continues to grow. The TCB prototype is expected to be launched within this year, expanding the semiconductor packaging map [40][41][42]. Group 11: Company Semi-annual Report Comment - Runhe Software - In 2025H1, the company's non-recurring profit increased significantly, and the intelligent IoT business maintained high prosperity. The company is making efforts in open-source Hongmeng, open-source Euler, and enterprise-level AI to create new driving forces, and is building an AI full-stack technology system [44][45][46]. Group 12: Overseas Report - China Everbright Holdings - The company is a leader in the private equity industry, with both the asset and liability sides showing improvement inflection points. It focuses on technological innovation and is gradually entering the harvest period. A "buy" rating is given for the first coverage, with a target price of HK$14.18 [49][50][51]. Group 13: Company First Coverage - Hanbell Precise Machinery - The company is a leader in the compressor industry, with healthy operating indicators and strong cash flow generation ability. The demand for data centers is surging, and the demand for magnetic levitation compressors is expanding. The company is expected to benefit from the industry's development, and a "buy" rating is given for the first coverage [54][55][56]. Group 14: Company Semi-annual Report Comment - Ruijie Networks - The company's data center business accounts for more than 50% of its revenue, showing strong income elasticity. The net profit margin shows an inflection point trend, and the expense ratio has decreased. A "buy" rating is maintained, with an upward adjustment of the performance forecast [59][60][61]. Group 15: Company Semi-annual Report Comment - Zhonggong International - The company's semi-annual report shows a decline in net profit but an improvement in gross profit margin and cash flow. Newly signed contracts increased by 33%. It has technical and brand advantages in细分 fields, and its investment and operation business in engineering has achieved multi-point breakthroughs. A "buy" rating is maintained [62][63][64]. Group 16: Company Semi-annual Report Comment - Jiuli Special Material - The company's overseas revenue exceeded domestic revenue in the first half of 2025, indicating significant international development achievements. The composite pipe orders were released, and the welding pipe gross profit margin decreased. The power equipment industry is booming, and the alloy company continues to grow. A "buy" rating is maintained [68][69][70]. Group 17: Company Semi-annual Report Comment - MEI Airtech - The company's operation is stable, and its performance is growing steadily. It actively responds to the overseas expansion of new energy and accelerates global layout to expand downstream markets. Solid-state batteries require higher cleanliness, and the company's clean equipment is expected to benefit first. A "buy" rating is maintained [72][73][74]. Group 18: Company Semi-annual Report Comment - Haimuxing - The company's performance was under pressure in 25H1, but it is expected to improve in the future. Its globalization strategy has achieved remarkable results, and its non-lithium battery business is advancing steadily. With sufficient orders, it has strong performance elasticity. A "buy" rating is given [77][78][79]. Group 19: Company First Coverage - FAW Jiefang - The company is a leading enterprise in China's commercial vehicle industry. Its 2025 semi-annual report was under pressure, but with the recovery of the domestic and overseas markets, its profitability is expected to improve. It is accelerating overseas layout to enhance its profitability. A "buy" rating is given for the first coverage [80][81][83]. Group 20: Company Semi-annual Report Comment - Shenzhou Information - The company's revenue increased steadily in the first half of 2025, and its profit in Q2 significantly reduced losses. Its financial software and service business grew steadily against the trend, and its large customer strategy achieved remarkable results. It has deeply explored the "AI + finance" application, and two strategic products have been implemented in scenarios. A "buy" rating is maintained [84][85][86]. Group 21: Company Semi-annual Report Comment - SAIC Motor - The company's reform results are emerging, and its performance is stabilizing and rebounding. The Huawei project is progressing smoothly, and the first model of the SAIC Shangjie brand is worth looking forward to. A "buy" rating is maintained [89][90]. Group 22: Company Semi-annual Report Comment - China World Trade Center - The company's revenue and profit decreased year-on-year in 2025H1, and the rent and occupancy rate of each business format fluctuated. The China World Trade Center supports its core revenue. A "buy" rating is maintained [92][93][94].

Core Viewpoint - The company's data center business has shown significant growth, with data center switches experiencing a year-on-year increase of 110%, contributing to over 50% of total revenue, leading to accelerated performance growth [1][2]. Group 1: Financial Performance - The company maintained an "overweight" rating, adjusting revenue expectations for 2025-2027 to 14.659 billion, 17.857 billion, and 21.274 billion yuan, with net profits of 1.082 billion, 1.599 billion, and 2.122 billion yuan respectively [2]. - In the first half of 2025, the company reported revenue of 6.649 billion yuan, a year-on-year increase of 31.84%, primarily driven by data center switches, which generated 3.539 billion yuan, reflecting a 110% year-on-year growth [2]. - The overall gross margin decreased by 2.79 percentage points to 33.19%, influenced by the gross margin of data center switches at 20.79%, down 6.85 percentage points year-on-year [3]. Group 2: Cost and Profitability - The company achieved a remarkable net profit of 4.52 billion yuan in the first half of 2025, a year-on-year increase of 194%, with a net profit margin of 8.38%, nearing the quarterly high since its listing in 2022 [3]. - The expense ratios for sales, management, finance, and R&D were 10.23%, 4.65%, 0.06%, and 11.53% respectively, showing a decrease in most areas, which contributed to the improvement in net profit [3].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 108.78 CNY [6][12]. Core Insights - The company's revenue for the first half of 2025 (25H1) reached 6.649 billion CNY, representing a year-on-year increase of 31.84%, primarily driven by the data center switch segment, which saw a remarkable growth of 110% [2][12]. - The data center business now accounts for over 50% of total revenue, indicating significant revenue elasticity [12]. - The report projects revenue growth for 2025-2027 to be 14.659 billion CNY, 17.857 billion CNY, and 21.274 billion CNY, respectively, with net profit estimates of 1.082 billion CNY, 1.599 billion CNY, and 2.122 billion CNY [12][13]. Financial Summary - Total revenue is forecasted to grow from 11.542 billion CNY in 2023 to 21.274 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 19.1% [4][13]. - Net profit attributable to the parent company is expected to rebound from 401 million CNY in 2023 to 2.122 billion CNY in 2027, reflecting a significant recovery and growth trajectory [4][13]. - The company's earnings per share (EPS) is projected to increase from 0.50 CNY in 2023 to 2.67 CNY in 2027 [4][13]. Market Performance - The current stock price is 91.54 CNY, with a 52-week price range of 30.60 CNY to 103.61 CNY [7]. - The company has a total market capitalization of 72.816 billion CNY [7]. - The stock has shown strong performance with a 12-month absolute increase of 310% and a relative increase of 257% compared to the index [11]. Profitability Metrics - The gross margin for the company is projected to be 33.19%, with a slight year-on-year decline of 2.79 percentage points [12]. - The net profit margin is expected to improve, reaching 10% by 2027, up from 3.5% in 2023 [12][13]. - Return on equity (ROE) is forecasted to rise significantly from 9.4% in 2023 to 36.9% in 2027 [4][13]. Valuation - The report suggests a price-to-earnings (P/E) ratio of 80 for 2025, indicating a strong valuation compared to peers [12][14]. - The company’s price-to-book (P/B) ratio is currently at 15.4, reflecting its market valuation relative to its book value [8][12]. Conclusion - The report highlights the company's robust growth potential driven by the data center segment, improved profitability metrics, and favorable market conditions, supporting the "Accumulate" rating and the target price of 108.78 CNY [6][12].