Guosen Securities: Maintains Industrial Fulian's "Outperform" rating, AI servers drive high growth in cloud computing business.

Guosen Securities research report pointed out that Industrial Fulian's revenue in 2024 increased by 27.9% year-on-year, and net profit attributable to the parent increased by 10.3% year-on-year; In the first quarter of 2025, revenue and profit continued to grow rapidly, although the gross profit margin decreased slightly. In 2024, the revenue of the cloud computing business was 319.377 billion yuan, accounting for 52.5%, exceeding half of the company's total revenue for the first time, with a gross profit margin of 4.99%. In terms of product structure, in 2024, the revenue of AI servers increased by over 150% year-on-year, accounting for over 40% of the revenue of the cloud computing business; the revenue of general servers increased by 20% year-on-year; and in Q1 2025, the revenue of AI servers and general servers both increased by over 50% year-on-year. By the end of 2024, the company had completed the construction of 8 self-built lighthouse factories domestically and empowered 5 lighthouse factories externally. Among them, in 2024, the company added two world-class lighthouse factories, and empowered two lighthouse factories externally, further expanding the company's influence in the field of intelligent manufacturing. It is optimistic that the company will benefit from the rapid growth of AI servers and other cloud computing businesses brought about by the large-scale construction of AI infrastructure, and maintains an "outperform the market" rating.