CITIC Securities: Maintains Industrial Fulian's "Hold" rating, optimistic about the future outlook of the AI server business.

CICC Securities Research Report pointed out that Industrial Fulian achieved operating income of 360.76 billion yuan in the first half of 2025, an increase of 35.58% year-on-year, mainly due to the continuous growth of the AI server market and the company continuously increasing its market share among major customers. The efficiency and yield indicators of the company's GB200 series products have significantly improved, and the launch of the GB300 new product is expected to further release the company's revenue and profit growth potential. The outlook for the company's AI server business is optimistic. In the first half of the year, the revenue of the company's 800G high-speed switch increased nearly three times compared to the full year of 2024. With the continuous increase in demand for computing power and network bandwidth for AI training and inference models, the demand for high-speed switches will continue to grow. The bank expects the company's net profit attributable to the parent company to be 31.618 billion yuan, 45.665 billion yuan, and 53.732 billion yuan in 2025, 2026, and 2027, respectively, with corresponding current market value PEs of 38X, 26X, and 22X, maintaining a "hold" rating.