证券代码：601138 证券简称：工业富联 公告编号：2024-080 购股份的回购报告书》（公告编号：2024-069）等相关公告。 二、 回购股份的进展情况 富士康工业互联网股份有限公司 关于以集中竞价交易方式回购股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/7/31 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2024 9 日~2025 9 | 月 | 22 | 日 | | 月 | 23 | 年 | | 预计回购金额 | 20,000 万元~30,000 万元 | | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 万股 | | | | 0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Insights - The company reported a significant increase in revenue and profit for the third quarter of 2024, with total revenue reaching 436.373 billion yuan, a year-on-year growth of 32.71%, and a net profit attributable to shareholders of 15.141 billion yuan, up 12.28% year-on-year [4][5]. - The third quarter alone saw revenue of 170.282 billion yuan, representing a 39.53% increase year-on-year, while net profit was 6.402 billion yuan, a growth of 1.24% year-on-year [4][5]. - Excluding foreign exchange impacts, the net profit growth for the third quarter would have been 11% [4]. - The company is experiencing robust growth in its cloud computing segment, with a 71% year-on-year increase in revenue, and AI server revenue soaring by 228%, accounting for 45% of total server revenue [4][5]. - The company is expected to participate in the GB200 module and complete machine manufacturing for major clients starting in the fourth quarter, which could lead to a significant increase in market share and performance in 2025 [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 436.373 billion yuan, a 32.71% increase year-on-year, and a net profit of 151.41 billion yuan, up 12.28% year-on-year [4][5]. - The third quarter's revenue was 170.282 billion yuan, with a net profit of 64.02 billion yuan, reflecting a 39.53% and 1.24% year-on-year growth, respectively [4][5]. Business Segments - The cloud computing revenue grew by 71% year-on-year, with AI server revenue increasing by 228%, indicating a strong demand for AI-related services [4][5]. - The company’s general server revenue also saw a 22% increase, driven by a 76% growth in revenue from CSP manufacturers [4][5]. - The network communication business experienced significant growth, particularly in 400/800G high-speed switches and SmartNIC/DPU board cards, with a 128% increase in revenue for the third quarter [4][5]. Future Outlook - The company is positioned to gain a larger market share in the GB200 supply chain due to its long-term partnerships with major players like Nvidia and overseas cloud vendors [5]. - The strategic focus on high-end intelligent manufacturing and industrial internet, along with new ventures in big data and robotics, is expected to create a second growth curve for the company [5]. - Projected net profits for 2024, 2025, and 2026 are estimated at 23.675 billion yuan, 30.983 billion yuan, and 33.761 billion yuan, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.80 CNY, based on a 29x PE ratio for 2024 [2][4]. Core Insights - The company reported a 40% year-on-year increase in revenue and a 1% increase in net profit attributable to shareholders for Q3. Excluding foreign exchange impacts, net profit grew by 11%. The company has a dividend payout ratio of nearly 55% for 2023, with total cash dividends amounting to 11.52 billion CNY, leading the electronics industry [1][2]. - The cloud computing business is experiencing strong growth, particularly in AI servers, which saw a 228% year-on-year revenue increase. AI servers accounted for 45% of total server revenue in Q1-Q3 2023, with expectations to reach 40% of cloud computing revenue in 2024 [1][2]. - The networking communications segment is focusing on 400/800G switches and SmartNIC/DPU cards, with Q3 revenue for 400/800G switches increasing by 128% year-on-year. The company anticipates significant revenue contributions from these products in the latter half of 2024 [1][2]. - Concerns regarding the mobile structural components business are deemed excessive, as the company expects double-digit growth in this segment in H1 2024, driven by AI and smartphone demand [1]. Financial Summary - The company’s revenue for 2023 is projected at 476.34 billion CNY, with a 7% decline from 2022. However, revenue is expected to rebound with a 27% growth in 2024, reaching 606.34 billion CNY [3][8]. - Net profit attributable to shareholders is forecasted to grow from 21.04 billion CNY in 2023 to 23.75 billion CNY in 2024, reflecting a 13% increase [3][8]. - Earnings per share (EPS) are expected to rise from 1.06 CNY in 2023 to 1.20 CNY in 2024, with further increases projected in subsequent years [3][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a strong revenue growth of 40% year-on-year in Q3 2024, driven by robust performance in AI server sales [2][3]. - For the first three quarters of 2024, the company achieved a revenue of 436.37 billion yuan, representing a year-on-year increase of 32.71%, and a net profit attributable to shareholders of 15.14 billion yuan, up 12.28% year-on-year [2][3]. - The AI server segment saw a remarkable revenue growth of 228% year-on-year, contributing to 48% of the total server revenue in Q3 2024 [3][4]. Financial Performance Summary - In Q3 2024, the company reported a revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52% [2]. - The net profit attributable to shareholders for Q3 2024 was 6.40 billion yuan, showing a year-on-year growth of 1.24% and a quarter-on-quarter increase of 40.58% [2]. - The gross margin for the first three quarters of 2024 was 6.82%, a decrease of 1.14 percentage points year-on-year, while the net margin was 3.47%, down 0.63 percentage points year-on-year [3]. Market Data - As of November 1, 2024, the current stock price is 23.68 yuan, with a 52-week price range of 12.63 to 29.47 yuan [3]. - The total market capitalization is approximately 470.47 billion yuan [3]. Business Segment Performance - The AI server segment accounted for 48% of server revenue in Q3 2024, with a year-on-year growth of 128% for 400/800G switches [4][6]. - The company's cloud computing business experienced a revenue growth of 71% year-on-year in the first three quarters of 2024 [3]. - The network communication business, focusing on 400/800G switches and SmartNIC/DPU cards, also showed significant growth, with a 200% year-on-year increase in revenue for SmartNIC/DPU cards [6][4]. Future Outlook - The company is expected to benefit from the increasing demand for AI computing power globally, with projected revenues of 553.95 billion yuan, 677.21 billion yuan, and 782.95 billion yuan for 2024, 2025, and 2026 respectively [8][9]. - The earnings per share (EPS) are forecasted to be 1.23 yuan, 1.53 yuan, and 1.78 yuan for the years 2024, 2025, and 2026 respectively [9][8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 436.37 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 32.71%. The net profit attributable to shareholders was 15.14 billion yuan, up 12.28% year-over-year. In the third quarter alone, revenue reached 170.28 billion yuan, a 39.53% increase year-over-year, with net profit at 6.40 billion yuan, a 1.24% increase year-over-year [1][2] - The company's cloud computing business saw significant growth, with overall revenue increasing by 71% year-over-year. AI server revenue surged by 228%, accounting for 45% of total server revenue. The data center's 400G/800G high-speed switches also experienced a year-over-year growth of 128% in the third quarter [2] - The company is positioned as a leading player in the AI server and switch ODM market, poised to benefit from the growth of cloud computing. The upcoming mass production of the GB200 is expected to enhance its market share in AI servers and switches [2][3] Financial Summary - For 2024E, the company is projected to achieve a net profit of 23.71 billion yuan, reflecting a year-over-year growth of 12.7%. The expected revenues for 2024E, 2025E, and 2026E are 616.70 billion yuan, 813.65 billion yuan, and 980.35 billion yuan, respectively, with growth rates of 29.5%, 31.9%, and 20.5% [3][4] - The gross profit margin is expected to be 7.4% in 2024E, with a return on equity (ROE) of 15.6% [4] - The earnings per share (EPS) is projected to be 1.19 yuan for 2024E, with a price-to-earnings (P/E) ratio of 19.85 [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [10][11]. Core Insights - The company reported a record high revenue of 1,702.82 billion yuan in Q3 2024, with a year-over-year growth of 39.53% and a quarter-over-quarter growth of 15.52% [1][2]. - For the first three quarters of 2024, the company achieved a total revenue of 4,363.73 billion yuan, representing a year-over-year increase of 32.71% [1][2]. - The AI server segment has shown remarkable growth, with revenue increasing by 228% year-over-year, contributing to 45% of total server revenue [2]. - The company is positioned to benefit from the growing demand for AI infrastructure, with expectations that AI will contribute 40% of total cloud computing revenue in 2024 [2]. Financial Performance Summary - The company’s total revenue for 2023 is projected at 476,340 million yuan, with an expected growth rate of 14.3% in 2024 [3]. - The net profit attributable to the parent company is forecasted to be 25,239 million yuan in 2024, reflecting a year-over-year growth of 20% [3]. - Earnings per share (EPS) is expected to rise from 1.06 yuan in 2023 to 1.27 yuan in 2024 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 22 in 2023 to 19 in 2024, indicating a more attractive valuation [3]. Market Position and Growth Drivers - The company is a leading player in the global server manufacturing market, collaborating with major clients such as Microsoft, AWS, and NVIDIA [2]. - The demand for high-performance computing and AI servers is driving a new growth cycle in the server market, with IDC estimating the global AI server market to reach 24.8 billion USD in 2023, growing at 27% year-over-year [2]. - The networking and industrial internet sectors are also expected to benefit from the digital infrastructure development, with significant growth in the sales of 400/800G switches and SmartNIC/DPU cards [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company achieved record high quarterly revenue and profit, driven primarily by AI demand [1] - The company is expected to benefit significantly from the ongoing digital transformation and increasing demand for computing power hardware [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 436.37 billion yuan, a year-on-year increase of 32.71%, and a net profit attributable to shareholders of 15.14 billion yuan, up 12.28% year-on-year [1] - In Q3 2024, the company achieved revenue of 170.28 billion yuan, a year-on-year increase of 39.53% and a quarter-on-quarter increase of 15.52% [1] - The net profit for Q3 2024 was 6.40 billion yuan, reflecting a year-on-year growth of 1.24% and a quarter-on-quarter growth of 40.57% [1] Revenue Drivers - The growth in revenue is attributed to the rapid increase in demand for AI servers and high-speed switches, with AI server revenue growing by 228% year-on-year [1] - The cloud computing business benefited from the expanding demand for AI hardware, with a 71% year-on-year revenue increase [1] - The communication and mobile network equipment business also saw significant growth, with data center 400/800G high-speed switches achieving a revenue increase of 128% year-on-year in Q3 2024 [1] Profitability - The overall gross margin showed a slight recovery in Q3 2024, increasing by 0.96 percentage points to 6.97% [1] - The company maintained a low expense ratio of approximately 2.66% for the first three quarters of 2024, down 0.58 percentage points year-on-year [1] Future Outlook - The company is projected to achieve revenues of 555.93 billion yuan, 629.15 billion yuan, and 707.88 billion yuan for the years 2024, 2025, and 2026, respectively [2] - The net profit attributable to shareholders is expected to reach 23.78 billion yuan, 27.73 billion yuan, and 31.32 billion yuan for the same years [2] - Corresponding PE ratios are forecasted to be 20, 17, and 15 times for the years 2024, 2025, and 2026, respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved record-high revenue in Q3 2024, driven by strong demand for AI servers and a recovery in general server shipments [2] - The financial performance was impacted by foreign exchange losses due to the depreciation of the US dollar, which increased financial expenses [2] - The company is expected to see significant profit growth in the coming years, with projected net profits of 25 billion, 30 billion, and 33 billion yuan for 2024, 2025, and 2026 respectively [3] Revenue and Profit Forecast - Revenue for 2024 is projected to be 561.6 billion yuan, with a year-on-year growth rate of 18% [1] - The net profit for 2024 is estimated at 25 billion yuan, reflecting a year-on-year growth of 19% [1] - Earnings per share (EPS) is expected to increase to 1.26 yuan in 2024, up from 1.06 yuan in 2023 [1] Business Segments Performance - The cloud computing business saw a year-on-year revenue increase of 71%, with AI server revenue growing by 228% [2] - The network communication business, focusing on 400/800G switches, reported a revenue increase of 60% in Q1-Q3 2024, with 400/800G switch revenue up by 128% year-on-year in Q3 [3] Valuation Metrics - The company’s P/E ratio is projected to decrease from 22.9 in 2023 to 19.3 in 2024, indicating a more attractive valuation [1] - The P/B ratio is expected to decline from 3.4 in 2023 to 3.0 in 2024 [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 24.84 yuan [6] Core Views - The company's Q3 2024 revenue reached 1702.82 billion yuan, a year-on-year increase of 39.53%, while net profit attributable to the parent company was 6.4 billion yuan, up 1.24% year-on-year [1] - AI-driven growth continues to be a key driver, with AI server revenue increasing by 228% year-on-year, accounting for 45% of total server revenue in Q1-Q3 2024 [2] - The company is well-positioned to benefit from the strong demand for GB200 servers, with shipments expected to begin in late Q4 2024 [3] - Cloud computing revenue grew by 71% year-on-year in Q1-Q3 2024, driven by AI-related capital expenditures from major cloud service providers [4] Financial Performance - The company's Q3 2024 gross margin was 7%, impacted by product mix changes, while operating expenses decreased slightly [2] - Excluding the impact of exchange rate fluctuations, net profit attributable to the parent company would have increased by 11% year-on-year [2] - The report revised the 2024 net profit forecast downward to 23.5 billion yuan due to exchange rate impacts but raised the 2025 and 2026 forecasts to 33 billion yuan and 39.2 billion yuan, respectively, reflecting the expected growth from GB200 server shipments [5] Industry Outlook - Global cloud service providers are expected to increase capital expenditures significantly in 2024, with AI-related spending projected to grow nearly 100% year-on-year [4] - The company holds a leading position in the cloud computing server market, with its products accounting for nearly 50% of cloud service provider revenue in 2023 [4] - The network communication business is benefiting from increased demand for high-bandwidth equipment, with 400/800G switch revenue growing by 128% year-on-year in Q3 2024 [2] Competitive Advantages - The company has a strong vertical integration capability, providing key components, servers, and AI data center solutions, which enhances its competitiveness in the AI server market [3] - It has established long-term partnerships with leading cloud service providers, securing a dominant position in AI server and memory supply [4] - The company is expanding its global footprint, with a major GB200 server production base under construction in Mexico [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company has experienced strong growth, with a revenue of 436.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.7%. The net profit attributable to shareholders reached 15.1 billion yuan, up 12.3% year-on-year [1] - The AI server business has seen explosive growth, significantly driving overall performance. Revenue from cloud computing increased by 71% year-on-year, with AI server revenue soaring by 228% [1] - The company has successfully captured opportunities in the AI wave, increasing the proportion of AI servers in its revenue to 48% [1] - The demand for AI servers is robust, with predictions indicating that the AI server market will dominate, reaching an estimated value of 187 billion USD in 2024, a 69% increase year-on-year [1] - The company has made breakthroughs in AI inference technology, with NVIDIA's chips expected to contribute over 10 billion USD in revenue due to strong demand [1] - The company has also seen significant growth in its data center 400/800G switch revenue, with a year-on-year increase of 128% [1] - The company is expected to benefit from the growing demand for computing power and network upgrades, with projected revenues of 558.6 billion, 652.2 billion, and 736.1 billion yuan for 2024, 2025, and 2026 respectively [1][2] Financial Summary - For 2023, the company reported total revenue of 476.34 billion yuan, with a projected increase to 558.57 billion yuan in 2024, reflecting a growth rate of 17.3% [2][5] - The net profit attributable to shareholders is expected to rise from 21.04 billion yuan in 2023 to 26.02 billion yuan in 2024, marking a growth rate of 23.7% [2][5] - The earnings per share (EPS) is projected to increase from 1.06 yuan in 2023 to 1.31 yuan in 2024 [2][6] - The company's price-to-earnings (P/E) ratio is expected to decrease from 23 in 2023 to 19 in 2024, indicating improved valuation [2][6]