Changjiang Securities: Industrial Fulian's performance exceeds expectations, maintains a "buy" rating.

The research report of Changjiang Securities pointed out that Industrial Fulian is expected to achieve a net profit attributable to the owners of the parent company of 12.8 billion to 13.8 billion yuan in the second quarter, an increase of 86% to 101% year-on-year; and to achieve a net profit attributable to the owners of the parent company of 23.4 billion to 24.4 billion yuan in the first half of the year, an increase of 93% to 101%. It is expected to achieve a second-quarter non-net profit of 12.4 billion to 13.4 billion yuan, an increase of 84% to 99% year-on-year; and to achieve non-net profit of 22.7 billion to 23.7 billion yuan for the first half of the year, an increase of 94% to 103%. The company has achieved a net profit of over 10 billion yuan for three consecutive quarters, and its performance has exceeded expectations. The trend of accelerated release of AI computing power has been further established. The company has established deep technical collaboration relationships with top global customers, with leading companies in the global industry such as NVIDIA, Amazon Web Services, Microsoft, Google, Oracle, ByteDance, Alibaba, and Tencent in its cloud computing business. This deep binding customer structure and joint research and development model constitute competitive barriers that are difficult to replicate for the company. It is expected that the company will achieve a net profit attributable to the parent company of 60.1 billion, 79.2 billion, and 99.5 billion yuan in 2026-2028, and maintain a "buy" rating for the company.