1、Asia Pacific Equity Research28 August 2025Inspur-AOverweight000977.SZ,000977 CHImproved visibility on AI deployment with domestic chip solutions ramping-up;maintain OWPrice(27 Aug 25):Rmb66.28Price Target(Dec-26):Rmb70.00Prior(Jun-26):Rmb59.00ChinaTechnologyBilly Feng AC(86-21)6106 SAC Registration

2、Number:S1730520030005Ri Xu(86-21)6106 SAC Registration Number:S1730522100001Cherry Liu(86-21)6106-SAC Registration Number:S1730521090001J.P.Morgan Securities(China)Company LimitedKey Changes(FYE Dec)PrevCurAdj.EPS-25E(Rmb)1.491.19Adj.EPS-26E(Rmb)2.342.26Quarterly Forecasts(FYE Dec)Adj.EPS(Rmb)2024A2

3、025E2026EQ10.210.31A0.43Q20.200.23A0.49Q30.470.360.71Q40.680.290.63FY1.561.192.26Style ExposureSources for:Style Exposure J.P.Morgan Global Markets Strategy;all other tables are company data and J.P.Morgan estimates.See page 6 for analyst certification and important disclosures,including non-US anal

4、yst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor i

5、n making their investment decision.Inspurs share price has risen by 45%since April(in-line with the A-share Tech index),thanks to the improving sentiment around ChinasAI deployment.Even though the procurement of overseas chips could be a near-term headwind,we expect Inspur to benefit from the rampin

6、g-up in volumes of domestic GPU solutions.Of note,the key domestic AI chip vendor,Cambricon(688256 CH,non-covered)just reported 59%/92%QoQ growth in its 2Q25 sales/net profit.Currently,we model Inspurs sales/earnings CAGR at 18%/29%over 2025-27E to reflect a gradually improving profitability profile