关于分红方面，工业富联今年首次实施中期分红，合计派发约65.51亿元，分红总额占公司2025年半年度净利润的54.08%，释放出公司持 续增强股东回报能力与意愿的信号。公司称，未来对股东的现金回报的力度有机会稳步增强。 2025年前三季度，工业富联实现营业收入6039.31亿元，同比增长38.40%；实现归母净利润224.87亿元，同比增长48.52%。 工业富联表示，无须过度解读市场传闻，公司将继续拓展与客户的多元合作，实现稳健交付，提升利润质量，做到一季比一季好。 针对云服务商业务，工业富联表示，客户对AI算力需求十分强劲。从需求端角度，因云服务商整体提高资本支出，AI服务器整体出货量 有望优于先前预期。目前，公司对主要的大型云服务商客户都已经逐步覆盖，整体订单需求持续向上，公司相关产能持续扩充。 工业富联还表示，公司在ASIC方向持续拓展，与多家主要CSP在系统整合及整机柜方案上的合作已进入实质性推进阶段，很多案子都已 经进入出货阶段。同时，公司在客户ASIC AI服务器产品上也会提供相关的高速交换机产品。此外，液冷产品的导入也取得了一定成效， 也在陆续进行客户认证，导入客户ASIC服务器机柜。 工业富 ...

证券研究报告 | 策略点评 2025 年 11 月 14 日 [Table_Main] 策略点评 证券分析师 程强 相关研究 科技成长延续偏弱调整 [Table_Summary] 投资要点： 摘要。2025 年 11 月 14 日周五，A 股市场低开后震荡调整，上证失守 4000 点关 口；国债期货市场震荡走势；商品指数下跌，工业品相对偏弱。 一、市场行情分析 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 1）股票市场：震荡调整，上证失守 4000 点关口 图 1：市场小幅缩量调整 资料来源：Wind，德邦研究所 外部因素影响或居多，维持均衡配置建议。今日市场在昨日大幅上涨后快速调整， 我们认为外部因素影响居多，美联储 12 月议息会议临近，鹰派表态或持续压制风 请务必阅读正文之后的信息披露和法律声明 缩量震荡调整，午后走弱。今日 A 股市场早盘低开，早盘沪指一度震荡翻 ...

| | | 11月14日重要公告摘要 | | --- | --- | --- | | 类型 | 公司 | 主要内容 | | | 合富中国 | 14个交易日累计涨幅256%明显高于同期行业及上证指数涨幅 下周一起停 牌核查 | | | 工业富联 | GB300在第三季度实现量产 与客户在CP0与1.6T交换机联合开发并取得订 | | 今日聚焦 | | 북 | | | 大智慧 | 原告王功伟已撤诉 | | | 天孚通信 | 控股股东天孚仁和拟询价转让850万股 占总股本1.09% | | 投资8条的 | 瑞德智能 | 拟1000万元增资发电厂机器人细分领域龙头昱拓智能 | | 股权变动 | 深桑达 A | 拟公开挂牌转让中电洲际80%股权 首次挂牌转让底价不低于18.57亿元 | | 增减持&回购 | 中电港 | 国家集成电路基金10月31日至11月13日合计减持1%公司股份 | | 经营&业绩 | 复星医药 | 控股子公司药品获美国FDA注册批准 | | 融资&定增 | 四方精创 | 拟发行H股股票并在香港联合交易所有限公司主板上市 | | 股价异动 | 石大胜华 | 公司静态市盈率高于行业市盈率水平 | | ...

Core Viewpoint - Industrial Fulian has addressed rumors regarding a reduction in cabinet shipments and performance expectations, stating that current customer project progress and delivery schedules are normal, with no official announcements made regarding order adjustments [1] Group 1: Financial Performance - In Q3 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.37 billion yuan, marking a 62.04% increase, both achieving historical highs for a single quarter [2] - For the first three quarters of 2025, the company achieved revenue of 603.93 billion yuan, a year-on-year growth of 38.4%, and a net profit of 22.49 billion yuan, up 48.52%, nearing last year's total [2] Group 2: Business Growth Drivers - The growth in performance is attributed to the expanding AI server market, large-scale delivery of AI cabinet products for next-generation data centers, and strong demand for AI computing power, leading to an increase in market share among major clients [2] - The cloud computing business saw revenue growth exceeding 65% year-on-year in the first three quarters of 2025, with Q3 alone showing over 75% growth [3] Group 3: AI Demand and Market Outlook - Industrial Fulian noted strong customer demand for AI computing power, with global capital expenditure from major cloud service providers expected to grow by 65% in 2025, reaching over 600 billion USD in 2026, indicating long-term growth potential for AI infrastructure [4] - The company has successfully covered major cloud service providers, with overall order demand continuing to rise [4] Group 4: Product Development and Efficiency - The GB200 product is being shipped smoothly, and the GB300 achieved mass production in Q3, with rising yield and testing efficiency [4] - The company anticipates that decreasing unit costs and improving yield will positively support gross margins in Q4, maintaining confidence in delivery efficiency [4] Group 5: Stock Performance - As of November 14, Industrial Fulian's stock price has increased by 204.79% year-to-date, although it experienced a decline of 5.47% to 64.27 yuan per share, with a total market capitalization of 1.28 trillion yuan [3][5]

★ 宏观动态 ★ 据共产党员网11月14日消息，为进一步提高公务员录用体检工作科学化规范化水平，中央组织部、国家卫生健 康委组织医学专家对公务员录用体检有关项目检查标准进行了调整：地中海贫血（地贫基因携带者、静止型、 轻型）且血红蛋白高于90g/L，合格；有多囊肾表现，未伴有尿蛋白阳性或肾功能不全的，合格；单纯慢性淋 巴细胞性甲状腺炎（又称为桥本甲状腺炎），合格。通知要求，各地区各部门要高度重视，指导体检医疗机构 准确把握、认真执行公务员录用体检的程序、项目和标准，做到标准清晰、操作规范、适用规定科学合理，依 法依规做好公务员录用体检工作。 欧盟将取消小包裹免税政策，外交部回应 11月14日，外交部发言人林剑主持例行记者会。 法新社记者提问，欧盟成员国已经同意取消对小包裹的免税 政策，主要是针对廉价的中国商品涌入欧盟，外交部对此有何评论？ "具体问题建议你向中方的主管部门了 解。"林剑强调，我们希望欧盟方面能够坚持市场经济原则，为包括中国企业在内的各国企业提供公平、透 明、非歧视的营商环境。 商务部等四部门发布关于进一步加强二手车出口管理工作的通知 11月14日，商务部、工业和信息化部 、公安部、海关总署关于 ...

【导读】工业富联回应 " 订单或展望下调 " 传闻：客户项目进度与交付节奏正常 中国基金报记者 邱德坤 11 月 14 日，工业富联发布公告称，针对市场传闻公司订单或展望下调、近期股价表现、未来分红等事项，公司高管在 11 月 13 日召开 的业绩说明会上予以回应。 11 月 14 日收盘，工业富联股价报 64.27 元 / 股，跌幅达 5.47% ，总市值为 1.28 万亿元。 现有客户项目进度与交付节奏正常 近期，市场传闻工业富联下调机柜出货与业绩预期。 工业富联回应称，针对市场上有关 " 订单或展望下调 " 的传闻，公司没有发布任何相关口径的回复。目前，公司的客户项目进度与交付节 奏正常。 工业富联透露，公司各个重点项目推进顺利，对应产线、测试与交付能力均按计划运作，将继续拓展与客户的多元化合作，实现稳健交 付，提升利润质量。 同时，工业富联正在进行多项新品协同开发，包括在算力密度、电源能效及系统可靠性等方面实现全面升级，以及在供电架构、散热效率 与集成强度等方面实现优化。 工业富联称： " 后续，公司相关产品也会成为高端 AI 服务器交付的核心增长引擎之一。 " 工业富联预计， ASIC （专用集成电 ...

Core Viewpoint - Industrial Fulian (601138.SH) has clarified that there are no adjustments to order forecasts despite market rumors, and current project progress and delivery schedules are normal [1] Group 1: Order and Project Progress - The company has not released any statements regarding rumors of order or outlook downgrades, and the progress of existing customer projects is on track [1] - Key projects are advancing smoothly, with production lines, testing, and delivery capabilities operating as planned [1] Group 2: New Product Development - The company is making significant progress with new products, with multiple collaborative developments underway [1] - New products feature upgrades in computing density, power efficiency, and system reliability, particularly in power supply architecture, heat dissipation efficiency, and integration strength [1] - These new products are expected to become a core growth engine for the company's high-end AI server deliveries in the future [1] Group 3: Business Strategy and Outlook - The company emphasizes the importance of not overinterpreting market rumors and aims to continue expanding diverse collaborations with clients [1] - The focus is on achieving steady deliveries and improving profit quality, with a goal of better performance each quarter [1]

今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 海南自贸区 | 4.63 | 国家大基金持股 | -3.07 | | 赛马概念 | 1.65 | 存储芯片 | -2.94 | | 自由贸易港 | 1.59 | AI PC | -2.92 | | 特色小镇 | 1.55 | 同花顺果指数 | -2.76 | | 幽门螺杆菌概念 | 1.50 | AI手机 | -2.67 | | 民营医院 | 1.35 | 中国AI 50 | -2.51 | | 福建自贸区 | 1.30 | 拼多多概念 | -2.36 | | 流感 | 1.24 | 共封装光学(CPO) | -2.30 | | 医药电商 | 1.24 | 小红书概念 | -2.29 | | 禽流感 | 1.21 | EDR概念 | -2.29 | 资金面上看，今日同花顺果指数概念板块获主力资金净流出40.89亿元，其中，18股获主力资金净流 出，9股主力资金净流出超亿元，净流出资金居首的是工业富联，今日主力资金净流出17.60亿元，净流 出资金居前的还有东山精 ...

证券之星消息，11月14日消费电子板块较上一交易日下跌3.49%，协创数据领跌。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。消费电子板块个股涨跌见下表： 从资金流向上来看，当日消费电子板块主力资金净流出34.75亿元，游资资金净流入7.18亿元，散户资金 净流入27.57亿元。消费电子板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300857 | 协创数据 | 149.00 | -7.52% | 14.43万 | | 21.61亿 | | 601138 | 工业富联 | 64.27 | -5.47% | 155.05万 | | 100.96 Z | | 000021 | 深科技 | 24.74 | -5.43% | 95.39万 | | 23.86亿 | | 002426 | ...

Summary of Foxconn Industrial Internet Co. Ltd. Conference Call Company Overview - **Company**: Foxconn Industrial Internet Co. Ltd. (601138.SS) - **Industry**: Greater China Technology Hardware - **Market Cap**: US$179.54 billion - **Current Share Price**: Rmb67.99 - **Price Target**: Rmb82.00, implying a 21% upside from the current price [2][4][6] Key Financial Highlights - **9M25 Profit**: Achieved 97% of the full-year profit target for 2024, indicating strong execution and scale benefits [2] - **Revenue Growth**: - 3Q25 overall server revenue increased by 75% YoY, with expectations for further acceleration in 4Q25 [9] - CSP server revenue up 2.1x YoY in 3Q25, expected to sustain similar growth in 4Q25 [9] - CSP GPU AI server revenue increased by over 5x YoY in 3Q25, with another expected increase of over 5x in 4Q25 [9] - **Earnings Estimates**: - Raised by 4% for 2025, 21% for 2026, and 31% for 2027, reflecting enhanced processing yield and product mix [4][33] Strategic Insights - **AI Server Expansion**: - The company is expected to widen its AI data center infrastructure offerings from AI GPU-centric to AI ASIC server customers in 2026 and beyond [2] - Management aims to increase AI server assembly share towards a 40% target, which is anticipated to drive profits higher [16][17] - **Product Offerings**: - Extended offerings include various types of board assemblies for AI server rack systems, enhancing customer exposure [17] - New customer wins expected from hyperscalers, Nvidia cloud partners, and sovereign AI [5] Market Position and Valuation - **Valuation Metrics**: - New price target implies P/E ratios of 27x for 2026 and 21x for 2027, which is compelling compared to Chinese AI hardware peers [4] - Bull case price target raised from Rmb79.00 to Rmb123.00, implying a 41x P/E for 2026 [36] - Bear case price target raised from Rmb28.20 to Rmb44.00, implying a 15x P/E for 2026 [37] Upcoming Catalysts - **Tech Day**: Hon Hai, the parent company, will host its annual Tech Day on November 21, with expectations for new project announcements [5] - **4Q25 Outlook**: Anticipated top-line growth of over 15% YoY with further margin expansion [5] Risks and Considerations - **Potential Risks**: - Slower-than-expected development in AI business and lower-than-expected shipments of consumer products could impact growth [16][37] - Increased competition in manufacturing and lower-than-expected demand in 5G and data centers are also potential risks [27] Conclusion Foxconn Industrial Internet Co. Ltd. is positioned for significant growth driven by its AI server offerings and strategic expansions. The company has demonstrated strong execution and is expected to benefit from favorable market conditions, although it must navigate potential risks associated with competition and demand fluctuations.