TF Securities: Industrial Fulian's revenue and net profit hit record highs for 24 years, maintaining a "buy" rating

Jinshi data news on February 24th, TF Securities recently pointed out in a research report that Industrial Fulian's 24-year revenue and net profit hit record highs, with AI server revenue increasing by over 150%. In 2024, the revenue growth of the cloud computing zone showed a significant year-on-year increase, achieving over 50% growth compared to the same period last year, accounting for over 50% of the company's overall revenue for the first time. AI server revenue grew by more than 1.5 times compared to the same period last year, with the proportion of overall server revenue increasing from 30% to over 40%. General server revenue grew by 20% compared to the same period last year, outperforming the overall market trend. In terms of customer categories, cloud service provider server revenue grew by over 80% compared to the same period last year, accounting for over half of the overall server revenue for the first time; brand server revenue also grew by over 70% compared to the same period last year, driven by increased AI server purchases from North American Tier-1 brand customers. A 25-year 25XPE is given, with a target market capitalization of 825 billion, maintaining a 'buy' rating.