Equity Research Report Foxconn Industrial Internet (601138 CH) AI Server Revenue Multiplied, 1H24 Earnings Hit Record High Huatai Research Announcement Comment Rating (Maintain): BUY Target price (RMB): 30.00 12 August 2024 │ China (Mainland) Consumer Electronics 1H24: revenue/NP hit record high on robust AI server demand growth FII has released its preliminary earnings results, with 1H24 revenue/attributable net profit (NP) of RMB266,091/8,739mn (up 28.7/22.0% yoy), which put the figures for 2Q24 at RMB147 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a strong potential for price appreciation over the next 6-12 months [2][4]. Core Insights - The company is experiencing robust growth in revenue and net profit driven by strong demand for AI servers, with a projected 40% growth in AI server revenue for the year [1][3]. - The company has a comprehensive AI server supply chain, covering everything from GPU modules to data centers, which positions it well in the market [1]. - The company is expected to capture a significant share of the global AI server market, with projections indicating it will hold 40% of the market share [1][5]. Financial Performance - For the first half of 2024, the company reported revenue of 266.09 billion yuan, a year-on-year increase of 28.69%, and a net profit of 8.739 billion yuan, up 22.04% [3]. - The second quarter of 2024 saw revenue of 147.40 billion yuan, reflecting a year-on-year growth of 46.11% and a quarter-on-quarter increase of 24.19% [3]. - The company's earnings per share (EPS) for 2024 is projected to be 1.31 yuan, with corresponding price-to-earnings (P/E) ratios of 15.56, 12.70, and 11.12 for the years 2024, 2025, and 2026 respectively [1][6]. Market Performance - The company's stock closed at 20.40 yuan, with a year-to-date high of 29.47 yuan and a low of 12.63 yuan [1]. - The circulating A-shares market capitalization is approximately 405.19 billion yuan, with a total market capitalization of about 405.31 billion yuan [1]. Future Projections - The company is expected to see continued growth in EPS, with forecasts of 1.61 yuan for 2025 and 1.83 yuan for 2026 [1][6]. - Revenue projections for the upcoming years are 564.01 billion yuan for 2024, 679.82 billion yuan for 2025, and 767.29 billion yuan for 2026, indicating a strong growth trajectory [6].

Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of CNY 25.73 [6][8] Core Viewpoints - The company's revenue and net profit for the first half of 2024 increased by 28.69% and 22.04% YoY, respectively, driven by strong demand for AI servers [2][3] - AI server revenue grew at an accelerated pace, contributing significantly to overall revenue and profitability [3] - The company's global layout and high-quality customer resources have strengthened its leading position in the industry [4] - The company has increased R&D investment and is scaling up its "Lighthouse Factory" model, focusing on upstream AI industry value chain components [5] Financial Performance - H1 2024 revenue reached CNY 266.091 billion, a 28.69% YoY increase, with net profit attributable to shareholders of CNY 8.739 billion, up 22.04% YoY [2] - The company's gross margin improved to 8.1% in 2023, with a net profit margin of 4.4% [9] - ROE stood at 15.0% in 2023, with an expected increase to 18.0% by 2026 [9] Industry and Market Position - Global AI server shipments exceeded 1.25 million units in 2023, a 47% YoY increase, with expectations to reach 1.94 million units in 2024 [3] - The company's AI server factory was recognized as a "Lighthouse Factory" by the World Economic Forum, the first of its kind globally [4] - The company has deepened collaborations with major global server brands and cloud service providers, enhancing its industry position [4] Future Outlook - Revenue is projected to grow from CNY 556.365 billion in 2024 to CNY 796.499 billion in 2026, with net profit expected to increase from CNY 25.603 billion to CNY 38.25 billion over the same period [8] - The company is expected to maintain a PE ratio of 16.0x in 2024, decreasing to 10.7x by 2026 [9] - The company's digital transformation and AI server production capabilities are expected to drive future growth [5]

证券研究报告·A 股公司简评 通信 AI 服务器需求强劲增长，驱 动上半年业绩释放 核心观点 report@sh-knight.comreport@sh-knight.com 2024 年上半年，公司实现营收 2660.9 亿元，同比+28.69%，归母 净利润 87.4 亿元，同比+22.04%。主要是受益于 AI 服务器强劲 需求增长，云计算业务营收增长强劲，其中 AI 服务器产品营收 倍比增长，呈现加速增长趋势，云服务商营收占比持续提升，带 动公司营收及获利能力增长。公司是全球领先的高端智能制造及 工业互联网解决方案服务商，在 AI 蓬勃发展的趋势中，公司携 手全球顶尖客户共同推动 AI 技术进步，不断提升自身经营绩效 和行业地位。算力作为 AI 发展的基石，对 AI 的发展起到至关重 要的作用，AI 服务器及高速交换机有望在 AI 发展的大趋势中收 入占比不断提升，公司在 AI 服务器领域处世界领先地位，出货 量领先，高速交换机技术深厚，未来公司有望在行业快速增长的 背景下充分受益。 事件 report@sh-knight.comreport@sh-knight.com 公司发布 2024 年半年度业 ...

证券所充报告 工业董瑛 (601138 CH) 88 at 开球 ( 2 at ) : 县 宗作 (人民民) : 味 文 SAC No. S0570521050001 SFC No. AUZ066 食系不，PhD leping.huang@htsc.com +(852) 3658 6000 35 V 30.00 1H24: 愛益子 AI 順多喜富永强劲增长，收入与冷利润均创历史新高 工业富联发布业绩快报，初步核算 1H24 营收为 2,660.91 亿，同增 28.7%: 归득净利润 87.39 亿，阿塔 22.0%；标非 85.33 亿，阿塔 13.2%。对应 2Q24 单季度密妆 1,474.03 亿（YoY:+46.1%，QoQ:+24.2%），归苹净利润 45.54 亿（YoY:+12.9%，QoQ:+8.8%）。2024 上半年，受益于 AI 服务器器劲禽术 增长，公司收入与净利润均创下历史新高，其中 AI 服务器产品营收在上半 年实现成倍增长。公司紫振数字经济与 AI 发展机遇，通过先进技术研发及 产能布局，使得云计算、网络通讯等板块在业内取得显著领先优势。我们维 持 24-26 辛归草净利润预测 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][3] Core Views - The company's performance in H1 2024 met expectations, with revenue reaching 266.1 billion, a year-on-year increase of 28.69%, and a net profit attributable to shareholders of 8.74 billion, up 22.04% year-on-year [1][3] - The AI server product revenue is experiencing accelerated growth, benefiting from strong demand in the AI sector [1][2] - The cloud computing business is seeing robust growth, with a significant increase in revenue from AI servers, which now account for nearly 30% of the company's cloud computing products [2][1] Financial Performance - In Q2 2024, the company achieved revenue of 147.4 billion, a year-on-year increase of 46% and a quarter-on-quarter increase of 24% [1] - The net profit for Q2 2024 was 4.55 billion, reflecting a year-on-year increase of 13% and a quarter-on-quarter increase of 9% [1] - The sales net profit margin for Q2 2024 was 3.1%, showing a decline compared to the previous year [1] Industry Outlook - North American cloud service providers continue to invest heavily in AI, with expectations for significant long-term returns [2] - The global cloud service market is projected to see a substantial increase in capital expenditure, particularly in AI, which is expected to rise from 25% to 39% of total capital expenditures [2] - The company is well-positioned in the cloud computing sector, maintaining a leading market share in server shipments and benefiting from a comprehensive service offering [2]

工业富联（601138.SH）2024 半年度业绩快报点评 ➢ 工业富联发布 1H24 业绩快报。2024 年 8 月 4 日，工业富联发布 2024 半 年度业绩快报，上半年实现收入 2661 亿元，同比增长 28.7%；归母净利润 87 亿元，同比增长 22.0%；扣非净利润 85 亿元，同比增长 13.2%。单季度看，2Q24 实现收入 1474 亿元，同比增长 46.1%，环比增长 24.2%；归母净利润 46 亿元， 同比增长 12.9%，环比增长 8.8%。 ➢ 受益 AI 服务器需求强劲增长，云计算业务增长强劲。根据台积电在 FY1Q24 业绩说明会的观点，对 AI 需求将以 50%的复合增率持续至 2028 年后。工业富 联作为 ODM 模式的龙头企业，2024 年 AI 服务器市场份额有望达到 40%。公 司 1H24 AI 服务器产品营收倍比增长，呈现加速增长趋势，云服务商营收占比持 续提升，带动公司营收及获利能力增长。公司将紧抓数字经济与 AI 发展机遇， 通过先进技术研发及产能布局，使得云计算、网络通讯等板块在业内取得显著领 先优势。 ➢ 交换机需求快速增长，运营商资本开支上行。AI ...

证 券 研 究 报 告 工业富联（601138）2024 年半年度业绩快报点评 强推（维持） AI 服务器高增驱动公司 24H1 业绩增长 当前价：22.33 元 事项： ❖ 2024 年 8 月 4 日公司发布 2024 年半年度业绩快报：2024H1 实现营收 2660.91 亿元（YOY 28.69%），归母净利润 87.39 亿元（YOY 22.04%），扣非净利润 85.33 亿元（YOY 13.23%）。 ❖ 单 Q2 实现营收 1474.03 亿元（YOY 46.11%，QOQ 24.19%），归母净利润 45.54 亿元（YOY 12.93%，QOQ 8.83%），扣非净利润 42.61 亿元（YOY -1.58%， QOQ -0.26%）。 评论： ❖ AI服务器高增驱动24H1业绩增长。收入端看2024年H1公司实现营收 2660.9 亿元，同比增长 28.69%，其中单 Q2 实现营收 1474.03 亿元（YOY 46.11%， QOQ 24.19%），Q2 营收创 2017 年以来 Q2 记录，主要系公司受益于 AI 服务 器强劲需求增长，公司凭借覆盖 AI 全产业链垂直整合能力，云 ...

平安山券 电子 2024年08月05日 工业富联(601138.SH) AI服务器产品营收倍比增长，带动云计算营收增长强劲 淮荐 (维持) 事项： 股价:22.33元 主要故据 | --- | |-------------| | 行业 | | 公司网讯 | | 大股东/持股 | | | 实际控制人 总股本(百万股)19,868 流通A股(百万股)19,862 流通B/H股(百万股) 总市值(亿元)4,436 流通A股市值(亿元)4,435 每股净资产(元)7.32 资产负债率(%)47.3 行情走势图 ■ 沪深300指数 10% 2023-12-16 2024-04-28 证券分析师 徐碧云 付强 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 投资咨询资格编号 S1060520070001 FUQIANG021@pingan.com.cn 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 闫磊 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 8月4日晚，公司发 ...

证券研究报告 | 2024年08月04日 核心观点 公司研究·财报点评 证券分析师：胡剑 证券分析师：胡慧 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn S0980521080001 S0980521080002 证券分析师：叶子 证券分析师：詹浏洋 0755-81982153 010-88005307 yezi3@guosen.com.cn zhanliuyang@guosen.com.cn S0980522100003 S0980524060001 联系人：李书颖 联系人：连欣然 0755-81982362 010-88005482 lishuying@guosen.com.cn lianxinran@guosen.com.cn 基础数据 收盘价 22.33 元 总市值/流通市值 443650/443527 百万元 52 周最高价/最低价 29.47/12.63 元 近 3 个月日均成交额 3518.41 百万元 | --- | --- | |----------|----------------| | 投资评级 ...