Group 1 - The core viewpoint of the report is that Industrial Fulian (601138.SH) is rated as a "buy" due to strong financial performance and growth prospects [1] - The company reported impressive net profit performance in Q4 2025, with significant year-on-year profit growth expected for 2025 [1] - Strong capital expenditure momentum from North American cloud service providers is expected to drive high growth in the cloud computing business [1] - Accelerated AI cluster construction is anticipated to benefit the communication and mobile network equipment business significantly [1] Group 2 - The nuclear power construction boom has led to equipment manufacturers being extremely busy, with orders already scheduled until 2028 [1] - Employees are working in three shifts, and production lines are operating 24 hours a day to meet the demand [1]

电子 | 证券研究报告 — 调整盈利预测 2026 年 1 月 30 日 601138.SH 买入 原评级：买入 市场价格:人民币 57.60 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (9.5) (11.7) (28.7) 168.5 相对上证综指 (12.9) (16.6) (32.2) 140.6 (23%) 44% 111% 178% 245% 312% Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 工业富联 上证综指 | 发行股数 (百万) | 19,858.20 | | --- | --- | | 流通股 (百万) | 19,858.20 | | 总市值 (人民币 百万) | 1,143,832.08 | | 3 个月日均交易额 (人民币 百万) | 11,809.55 | | 主要股东 | | | 中堅企業有限公司 | 36.73% | 资料来源：公司公告， Wind ，中银证券 以 2026 年 1 月 29 日收市价为标准 相 ...

电子 | 证券研究报告 — 调整盈利预测 2026 年 1 月 30 日 601138.SH 买入 原评级：买入 市场价格:人民币 57.60 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (9.5) (11.7) (28.7) 168.5 相对上证综指 (12.9) (16.6) (32.2) 140.6 (23%) 44% 111% 178% 245% 312% Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 工业富联 上证综指 | 发行股数 (百万) | 19,858.20 | | --- | --- | | 流通股 (百万) | 19,858.20 | | 总市值 (人民币 百万) | 1,143,832.08 | | 3 个月日均交易额 (人民币 百万) | 11,809.55 | | 主要股东 | | | 中堅企業有限公司 | 36.73% | 资料来源：公司公告， Wind ，中银证券 以 2026 年 1 月 29 日收市价为标准 电 ...

据交易所数据显示，截至1月30日午间收盘，主力资金流出前20的股票分别为： 蓝色光标（-16.38亿元）、 北方稀土（-13.21亿元）、 紫金矿业（-12.56亿 元）、铜陵有色（-12.32亿元）、 洛阳钼业（-11.28亿元）、 浙文互联（-10.48亿元）、 江波龙（-9.78亿元）、 工业富联（-9.75亿元）、 包钢股份（-9.32 亿元）、 天齐锂业（-8.97亿元）、 赣锋锂业（-8.84亿元）、 华友钴业（-8.41亿元）、 特变电工（-8.31亿元）、 隆基绿能（-7.99亿元）、 江西铜业（-7.31 亿元）、 洲际油气（-6.35亿元）、 中兴通讯（-6.28亿元）、五 粮 液（-6.16亿元）、 中国铝业（-6.10亿元）、 利欧股份（-6.09亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 蓝色光标 | -3.59 | -16.38亿元 | 文化传妙 | | 北方稀土 | -8.72 | -13.21亿元 | 小金属 | | 紫金矿业 | -8.33 | -12.56亿元 | 有色金属 | | 铜 ...

南财投研通数据显示，1月29日，券商给予上市公司目标价共11次，按最新收盘价计算，目标价涨幅排名居前的 公司有宁德时代、中国中铁、上海家化，目标价涨幅分别为75.79%、53.99%、52.17%，分别属于电池、基础建 设、化妆品行业。 | | | 01月29日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 嚴高目标价 | 目标涨幅 | | | | | | (元) | (%) | | 300750 | 宁德时代 | 东吴证券 | 置入 | 601.00 | 75.79 | | 601390 | 中国中铁 | 国泰海通证券 | 增持 | 9.07 | 53.99 | | 600315 | 上海家化 | 华泰证券 | 买入 | 33.34 | 52.17 | | 300115 | 长盈精密 | 国泰海通证券 | 增持 | 54.45 | 41.72 | | 603876 | 鼎胜新材 | 东吴证券 | 派 | 24.00 | 39.29 | | 601138 | 工业富联 | 中国国际金融 | 跑赢 ...

Core Viewpoint - Industrial Fulian is experiencing significant profit growth driven by the AI wave, with projected net profit for 2025 expected to reach between 351 billion to 357 billion yuan, marking an increase of over 100 billion yuan year-on-year, representing a growth rate of approximately 50% [2][4] Financial Performance - For 2025, the company anticipates a net profit of 351 billion to 357 billion yuan, an increase of 119 billion to 125 billion yuan compared to the previous year, reflecting a year-on-year growth of 51% to 54% [4] - In Q4 2025, the expected net profit is projected to be between 126 billion to 132 billion yuan, an increase of 45 billion to 51 billion yuan year-on-year, with a growth rate of 56% to 63% [4][6] - The company also expects a non-GAAP net profit of 340 billion to 346 billion yuan for 2025, up by 106 billion to 112 billion yuan year-on-year, indicating a growth of 45% to 48% [6] Business Segments - The cloud computing segment is a major contributor, with server revenue expected to grow over 1.8 times year-on-year in 2025, and AI server revenue projected to increase by over 3 times [7] - The 800G and above high-speed switch business is expected to see a staggering year-on-year revenue increase of 13 times [7] - The precision components segment is also expected to achieve double-digit growth in shipment volume compared to the previous year, reinforcing the company's diversified business foundation [7] R&D Investment - The company is increasing its R&D investment, with 76.06 billion yuan allocated in the first three quarters of 2025, reflecting a year-on-year increase of 4.73 billion yuan [10] Market Position - Industrial Fulian's market capitalization stands at 1.14 trillion yuan, firmly within the trillion-yuan club, with a stock price increase of nearly 3 times in 2025 [3][10] - The company has established a global presence in smart manufacturing and supply chain management, with eight internal and six external world-class "lighthouse factories" [9][10]

证券研究报告 | 行业策略 gszqdatemark 2026 01 29 年 月 日 计算机 2026 年度策略：锚定 AI 未来，共启科技新篇 金融科技：新工具+新货币，重塑金融新范式。1）新工具：牛市先锋，优 选炒股软件。2026 年全球流动性合理充裕，国内保持适度宽松基调；同 时，险资兜住下行风险，存款搬家也有望成为重要增量。2026 年我们看好 指数继续上攻，炒股软件是牛市先锋，成交活跃下选择肌肉记忆票，牛市 有望持续受益，建议关注同花顺、东方财富、九方智投、指南针等。2）新 货币：数字人民币与人民币国际化双轮驱动。数字人民币 2.0 在 1 月 1 日 正式实施，从 M0 到 M1 的货币属性跃迁。同时，人民币国际化持续推进， 《人民币跨境支付系统业务规则》将自 2026 年 2 月 1 日起施行，加大拓 展 CIPS 网络力度是工作重点。数字人民币建议关注收单方、清算机构以 及银行做数币支付系统厂商，如新大陆、新国都、拉卡拉等；人民币国际 化核心受益方包括 CIPS 相关厂商。 AI 应用：C 端看巨头起舞，B 端是最后一公里的赛跑。1）在即将到来的 2026，模型端的进步仍然值得期待：采用 s ...

公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 工业富联(601138) 投资评级 买入 上次评级 买入 证券研究报告 相关研究 [Table_OtherReport] 工业富联 2025 三季报点评：Q3 净利润 突破百亿，AI 业务大幅提升 工业富联 2025 半年报点评：净利润处 于预告上限，AI CapEx 增长核心受益 工业富联 25H1 业绩预告点评：Q2 归母 净利润同比增长约 50%，AI 业务持续释 放业绩 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 工业富联 2025 业绩预增点评：Q4 业绩继续 高增，AI 驱动进入加速兑现期 [Table_ReportDate] 2026 年 1 月 29 日 | [Table_Profit] 重要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 工业富联(601138) 投资评级 买入 上次评级 买入 相关研究 [Table_OtherReport] 工业富联 2025 三季报点评：Q3 净利润 突破百亿，AI 业务大幅提升 工业富联 2025 半年报点评：净利润处 于预告上限，AI CapEx 增长核心受益 工业富联 25H1 业绩预告点评：Q2 归母 净利润同比增长约 50%，AI 业务持续释 放业绩 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 工业富联 2025 业绩预增点评：Q4 业绩继续 高增，AI 驱动进入加速兑现期 [Table_ReportDate] 2026 年 1 月 29 日 | [Table_Profit] 重要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业 ...

Core Viewpoint - Foxconn Industrial Internet Co., Ltd. (Industrial Fulian) announced a significant increase in its 2025 annual performance, with both annual and fourth-quarter operating results expected to grow substantially. However, due to a downward adjustment in industry valuation, China International Capital Corporation (CICC) lowered its target price by 18% [1][8]. Financial Performance - For Q4 2025, the company expects a net profit attributable to shareholders of 12.6 billion to 13.2 billion yuan, an increase of 4.5 billion to 5.1 billion yuan year-on-year, representing a growth of 56% to 63%. After excluding non-recurring gains and losses, the expected net profit is 12.4 billion to 13 billion yuan, with a year-on-year increase of 37 billion to 43 billion yuan, marking a growth of 43% to 50% [3][10]. - For the full year 2025, the company anticipates a net profit attributable to shareholders of 35.1 billion to 35.7 billion yuan, an increase of 11.9 billion to 12.5 billion yuan compared to 2024, reflecting a growth of 51% to 54%. After excluding non-recurring gains and losses, the expected net profit is 34 billion to 34.6 billion yuan, up 10.6 billion to 11.2 billion yuan year-on-year, indicating a growth of 45% to 48% [4][11]. Business Segments - The cloud computing sector is particularly strong, with server revenue from cloud service providers expected to grow over 1.8 times year-on-year in 2025. In Q4, this business is projected to grow over 30% quarter-on-quarter and over 2.5 times year-on-year. AI servers are identified as a core growth driver, with revenue expected to increase over 3 times year-on-year in 2025, and over 50% quarter-on-quarter in Q4 [5][11]. - In the communication and mobile network equipment sector, the company’s high-speed switch business continues to show robust growth. Revenue from switches above 800G is expected to increase by 13 times year-on-year in 2025, with Q4 showing a growth of over 4.5 times year-on-year. This growth is attributed to strong demand from the AI industry [12]. Market Position and Future Outlook - CICC provided an objective evaluation of Industrial Fulian's performance, indicating that the earnings forecast aligns with previous expectations. The upcoming release of NVIDIA's next-generation Rubin cabinet is expected to enhance the company's market position, with potential for increased shipment volumes and profit margins due to higher complexity and integration [6][12]. - CICC has cautiously adjusted the company's 2025 net profit forecast down by 2.7% to 35.5 billion yuan, while maintaining a 2026 net profit forecast of 75.8 billion yuan and introducing a 2027 forecast of 89.8 billion yuan. The current stock price corresponds to a price-to-earnings ratio of 15.9 times for 2026 and 13.4 times for 2027 [7][13].