FII(601138) 长江证券·2025-05-14 14:15Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by the growth in AI server demand. In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year. For Q1 2025, revenue reached 160.415 billion yuan, a 35.16% increase year-on-year, with a net profit of 5.231 billion yuan, up 24.99% year-on-year [5][12] Financial Performance - In 2024, the company's revenue from cloud computing was 319.377 billion yuan, growing 64.37% year-on-year, while the gross margin was 4.99%, a decrease of 0.09 percentage points. Revenue from communication and mobile network equipment was 287.899 billion yuan, up 3.2% year-on-year, with a gross margin of 9.56%, down 0.24 percentage points. Industrial internet revenue fell by 42.92% to 0.094 billion yuan, with a gross margin of 45.79%, down 4.02 percentage points [12] - The company expects net profits attributable to shareholders to reach 27.246 billion yuan, 35.181 billion yuan, and 38.859 billion yuan for 2025, 2026, and 2027, respectively [12] Business Strategy - The company is benefiting from the AI wave and has established a "2+2" new strategy, focusing on high-end intelligent manufacturing and industrial internet while actively developing new businesses in big data (including metaverse computing power and energy storage) and robotics. The company has deep collaborations with leading global clients in various sectors, including Cisco, Huawei, Nvidia, and AWS [12]