CITIC Securities: The diversified performance elasticity of Industrial Fulian is expected to be accelerated, maintaining a "buy" rating.

The report from Bank of China Securities pointed out that in 2024, the revenue and net profit of Industrial Fulian will grow steadily. In the first quarter of 2025, the company's product structure further optimized, and operational efficiency steadily improved. In terms of cloud computing business, the sector's operating income increased by more than 50% year-on-year. In terms of product categories, the operating income of AI servers and general servers both increased by more than 50% year-on-year. In terms of customer categories, the operating income of cloud service provider servers increased by more than 60% year-on-year, and the operating income of brand customer servers increased by more than 30% year-on-year. In terms of communication and mobile network equipment, the company closely follows the trends of the digital economy and AI development, relying on cutting-edge technology and research and development capabilities, actively promoting strategic layout, and effectively achieving stable shipments to customers. Considering the continuous upward trend in the global AI infrastructure, the company continues to advance in advanced product research and development, and the potential for diversified performance elasticity is expected to accelerate, maintaining a "buy" rating.