According to the Guohai Securities Research Report, IFF's demand for AI computing power is driving performance growth, and revenue from cloud computing and network equipment continues to rise high. 2026Q3 net profit to mother was 16.63 billion yuan, +60.4% year on year; 2026Q1-3 net profit to mother was 40.37 billion yuan, +79.6% year over year. 2026Q3 cloud computing business revenue was +75% year over year and +25% month over month. The company's GPU and ASIC work hand in hand, and have become an important engine for diversified growth in the sector's business. Employee shareholding is tied to the core team, and the three-year profit target anchors long-term growth. The company has achieved a forward-looking card position on the VeraRubin platform, and its delivery capacity and deep integration with the supply chain have stabilized its position in the first tier of the industry. The subsequent gradual mass production and delivery of VeraRubin is expected to drive continued growth in the company's performance. Maintain a “buy” rating.

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