According to the Huachuang Securities Research Report, IFF's performance was in line with expectations, and AI servers and high-speed connectivity continued to thrive. 2026H1 net profit to mother was 23.740 billion yuan, and Q2 net profit to mother was 13.146 billion yuan. Demand for AI computing power continues to be released. Next-generation products from leading customers are expected to gradually enter mass production in the second half of the year, and the company is expected to continue to benefit. In terms of high-speed connectivity, shipments of data center switches above 800G have continued to grow rapidly, and the Netcom business is expected to benefit from AI data center network upgrades. The company's net profit from 2026 to 2028 is estimated to be 640.73/861.95/108.932 billion yuan. Maintain a “strong” rating.

According to the Huachuang Securities Research Report, IFF's performance was in line with expectations, and AI servers and high-speed connectivity continued to be booming. 2026H1 net profit to mother was 23.740 billion yuan, and Q2 net profit to mother was 13.146 billion yuan. Demand for AI computing power continues to be released. Next-generation products from leading customers are expected to gradually enter mass production in the second half of the year, and the company is expected to continue to benefit. In terms of high-speed connectivity, shipments of data center switches above 800G have continued to grow rapidly, and the Netcom business is expected to benefit from AI data center network upgrades. The company's net profit from 2026 to 2028 is estimated to be 640.73/861.95/108.932 billion yuan. Maintain a “strong” rating.