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 [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 联系电话：13437172818 邮箱：mowenyu@cindasc.com 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] 工业富联业绩快报点评：AI 浪潮核心卡位， Q2 收入利润创下新高 [Table_ReportDate] 2024 年 8 月 4 日 [Table_S 事件： ummary] 8 月 4 日，公司发布业绩快报，2024H1 公司预计实现营业收入 2660.9 亿元，yoy+28.7%；实现归母净利润 87.4 亿元，yoy+22.0%。其中， Q2 单季实现营收 1474.0 亿元，yoy+46.1%；归母净利润 45.5 亿元， yoy+12.9%。 点评： ➢ 受益 AI 显著成长，Q2 ...

证券代码：601138 证券简称：工业富联 公告编号：临 2024-053 号 富士康工业互联网股份有限公司 2024 年半年度业绩快报公告 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。 本公告所载2024年半年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以富士康工业互联网股份有限公司（以下简称"公司"）2024年半年度 报告中披露的数据为准，敬请广大投资者注意投资风险。 一、2024年半年度主要财务数据和指标 单位： 人民币千元 | --- | --- | --- | --- | |----------------------------------------------|-------------|-------------|--------------------| | 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | 营业总收入 | 266,091,235 | 206,776,498 | 28.69 | | 营业利润 | 9,604,017 | 7,681,086 | 25.03 ...

证券代码：601138 证券简称：工业富联 公告编号：临 2024-052 号 富士康工业互联网股份有限公司 关于使用募集资金向募投项目实施主体增资 实施募投项目的公告 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： 增资标的子公司的名称及增资额： 单位：万元 人民币 | 序号 | 子公司 | 增资金额 | | --- | --- | --- | | 1 | 深圳富联富桂精密工业有限公司（以下简称"深圳富联富桂"） | 21,354 | 本次增资事项已经公司第三届董事会第十四次会议和第三届监事会第十一 次会议分别审议通过。 富士康工业互联网股份有限公司（以下简称"公司"）于 2024 年 7 月 29 日召开 了第三届董事会第十四次会议和第三届监事会第十一次会议，审议通过《关于使用募 集资金向募投项目实施主体增资实施募投项目的议案》。根据《上海证券交易所股票 上市规则》《富士康工业互联网股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，上述议案无需提交公司股东大会审议。现将有关情况披露如下： 一、募集 ...

证券代码：601138 证券简称：工业富联 公告编号：2024-051 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公司股份的预案 ● 回购股份金额：不低于人民币 2 亿元（含），不超过人民币 3 亿元（含）； ● 回购股份资金来源：富士康工业互联网股份有限公司（以下简称"公司"或"本 公司"）自有资金； ● 回购股份用途：注销以减少公司注册资本； ● 回购股份方式：集中竞价交易方式； ● 回购股份期限：自公司股东大会审议通过回购股份方案之日起不超过 12 个月； ● 回购股份的种类：公司发行的人民币普通股（A 股）股票； 1、公司股票价格若持续超出回购方案披露的价格区间，导致回购方案无法实施的 风险； 2、因公司生产经营、财务状况、外部客观情况发生重大变化等原因，可能根据规 则变更或终止回购方案的风险； 3、本次回购股份方案尚需提交股东大会以特别决议审议通过，因此存在公司股东 大会审议未通过回购股份方案的风险； 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份价格：本次回购股份的价 ...

中国国际金融股份有限公司 关于富士康工业互联网股份有限公司 使用募集资金向募投项目实施主体增资实施募投项目的核查意见 单位：万元 | 项目分类 | 序号 | 项目名称 | 募集资金 | 实施主体 | | --- | --- | --- | --- | --- | | | | | 投资总额 | | | 工业互联网平 | 1 | 工业互联网平台建置项目 | 26,500 | 深圳富联富桂 | | 台构建 | 2 | 工业互联网平台建置项目 | 13,000 | 南宁富桂 | | | 3 | 工业互联网平台建置项目 | 67,900 | 天津鸿富锦 | | 云计算及高效 | 4 | 新世代高效能运算平台研发 | 419 | 深圳富联富桂 | | 能运算平台 | | 中心项目 | | | | 高效运算数据 | 5 | 高效运算数据中心建置项目 | 89,500 | 深圳富联富桂 | | 中心 | | 网络通讯设备产业化技改项 | | | | | 6 | 目 | 184,900 | 深圳富联富桂 | | | 7 | 网络通讯设备产业化设备更 新项目 | 53,100 | 南宁富桂 | | 通信网络及云 | | 网络通讯 ...

富士康工业互联网股份有限公司（以下简称"公司"）监事会于 2024 年 7 月 22 日 以书面形式发出会议通知，于 2024 年 7 月 29 日以书面传签的方式召开会议并作出本 监事会决议。会议应出席监事 3 名，实际出席监事 3 名。会议召开符合法律法规、《富 士康工业互联网股份有限公司章程》及《富士康工业互联网股份有限公司监事会议事 规则》的规定。 会议审议通过了下列议案： 一、关于以集中竞价交易方式回购公司股份的议案 证券代码：601138 证券简称：工业富联 公告编号：临 2024-050 号 议案表决情况：有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 富士康工业互联网股份有限公司 第三届监事会第十一次会议决议公告 本公司监事会及全体监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。 特此公告。 公司拟使用不低于人民币 2 亿元（含）且不超过人民币 3 亿元（含）的自有资金， 以集中竞价交易方式回购公司发行的人民币普通股股份。回购的股份将用于注销以减 少注册资本。回购股份的价格不超过人民币 40.33 元/股，回购期限 ...

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。 富士康工业互联网股份有限公司（以下简称"公司"）董事会于 2024 年 7 月 22 日 以书面形式发出会议通知，于 2024 年 7 月 29 日以书面传签的方式召开会议并作出本 董事会决议。会议应出席董事 7 名，实际出席董事 7 名。会议召开符合法律法规、《富 士康工业互联网股份有限公司章程》及《富士康工业互联网股份有限公司董事会议事 规则》的规定。 会议审议通过了下列议案： 一、关于以集中竞价交易方式回购公司股份的议案 证券代码：601138 证券简称：工业富联 公告编号：临 2024-049 号 富士康工业互联网股份有限公司 第三届董事会第十四次会议决议公告 议案表决情况：有效表决票 7 票，同意 7 票，反对 0 票，弃权 0 票。 同意公司使用募集资金向深圳富联富桂精密工业有限公司实施增资，用于募集资 金投资项目建设，本次拟增资金额合计 2.1354 亿元。保荐机构中国国际金融股份有限 公司就此出具核查意见。 具体内容详见公司于同日在上海证券交易所网站（www.ss ...

公 司 报 告 电子 2024 年 07 月 25 日 工业富联(601138.SH) AI为"云网端"注入新动力，智能制造龙头引领产业变革 推荐（首次） 股价：24.30 元 平安观点： 主要数据 行业 电子 公司网址 www.f ii-foxconn.com 大股东/持股 China Galaxy Enterprise Limited/36.72% 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） 4,828 流通 A 股市值(亿元) 4,826 每股净资产(元) 7.32 资产负债率(%) 47.3 行情走势图 证券分析师 持续强化高端智能制造，前瞻性布局迎来 AI 风口：工业富联是全球领先 的高端智能制造及工业互联网解决方案服务商，主要从事各类电子设备产 品的设计、研发、制造与销售。公司采取直销模式为全球知名客户提供智 能制造和科技服务解决方案，主要业务包含云计算、通信网络及移动网络 设备、工业互联网等。公司最终控制方为鸿海精密，子公司遍布中国大陆、 中国港台及海外。自 2018 年 6 月在上交所上市以来，公司持续强化"高端 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 24.66 RMB as of July 19, 2024 [2][57] Core Views - The company is a global leader in high-end intelligent manufacturing and technology service integration solutions, with core businesses in communication and mobile network equipment, cloud computing, and industrial internet [1][6] - The company has been actively transforming towards intelligent manufacturing and industrial internet since 2013, leveraging opportunities from the digital economy and new infrastructure development [6] - The company's cloud computing business is the fastest-growing segment, with AI server demand expected to drive significant growth in the coming years [8][22] - The company is a leading supplier of AI servers, with a 40% market share expected in 2024, and is well-positioned to benefit from the rapid growth in AI-related demand [1][22] - The company's industrial internet business, with a high gross margin, has helped establish 9 world-class lighthouse factories, contributing to its profitability [8][13] Business Segments Communication and Mobile Network Equipment - This segment is the company's largest revenue contributor, with products including high-speed switches, routers, and terminal precision structural components [7] - The segment saw a 5.81% decline in revenue in 2023 but achieved a gross margin of 9.80%, up 0.55 percentage points year-over-year [13][14] - The company is a major supplier to global clients such as Cisco, HPE, Huawei, and Apple, with a market share exceeding 75% in high-speed switches [50] Cloud Computing - The cloud computing segment is the company's fastest-growing business, with AI servers contributing 30% of the segment's revenue in 2023, up from 20% in 2022 [8][37] - The company is a leading ODM supplier for AI servers, with a 40%-50% share in NVIDIA's AI server assembly, and is expected to benefit from the rapid growth in AI server demand [1][22] - The segment's gross margin reached 5.08% in 2023, the first time it surpassed 5% since the company's IPO, driven by the increasing share of high-margin AI server business [13][14] Industrial Internet - The industrial internet segment is the company's highest-margin business, with a gross margin of 49.81% in 2023 [13][14] - The company has helped establish 9 world-class lighthouse factories and provides digital transformation services for large enterprises, SMEs, and industrial clusters [8] - The segment's revenue declined by 13.89% in 2023, but the company expects growth in the coming years due to increased demand for industrial equipment upgrades [50][51] Financial Performance - The company reported revenue of 476.34 billion RMB in 2023, a 6.94% year-over-year decline, with a gross margin of 8.06% and a net margin of 4.41% [1][13] - The company's net profit in 2023 was 21.04 billion RMB, a 4.82% year-over-year increase, with a gross profit of 38.38 billion RMB, up 3.26% year-over-year [13][16] - The company's operating cash flow in 2023 increased by 180.39% year-over-year, reaching 20.84 billion RMB in Q1 2023 [20] Future Outlook - The company is expected to achieve revenue of 558.6 billion RMB, 652.2 billion RMB, and 736.1 billion RMB in 2024, 2025, and 2026, respectively, with net profits of 26.0 billion RMB, 36.4 billion RMB, and 41.8 billion RMB [1][57] - The company's AI-related business is expected to contribute 40% of its cloud computing revenue in 2024, with AI servers accounting for 40% of the global market share [37] - The company is well-positioned to benefit from the growing demand for AI servers, liquid cooling solutions, and high-speed switches, driven by the rapid development of AI and cloud computing [22][33][50]

Summary of Industrial Fulian's Conference Call Company Overview - **Company**: Industrial Fulian, a key subsidiary of Hon Hai Group, is a significant player in the AI computing industry, primarily engaged in AI server production, network equipment, and precision components. [1][2] Core Business Segments - **Revenue Breakdown**: In 2023, Industrial Fulian's total revenue was approximately 470 billion yuan, with cloud computing contributing about 190 billion yuan (40%) and network equipment accounting for around 270 billion yuan (60%). Industrial Internet revenue was relatively minor at 1.65 billion yuan. [2][4] - **AI Server Contribution**: AI-related revenue from the server business is expected to rise from over 30% in 2023 to more than 40% in 2024. [1][5] Importance within Hon Hai Group - **Revenue Contribution**: Industrial Fulian contributes over one-third of Hon Hai Group's total revenue and two-thirds of its profits, highlighting its critical role within the group. [3] Profitability Factors - **Profit Margin Influences**: The profit margins of Industrial Fulian are affected by various factors, including pricing models, customer types, and product profitability. The gross margin for mobile and network communication devices is higher due to the precision components business, while cloud computing and server products have lower margins. [6][8] Global Supply Chain Impact - **Supply Chain Dynamics**: The global supply chain is crucial for Industrial Fulian's future market share in AI servers. The company has demonstrated strong performance in global supply chain management, enabling it to meet diverse and complex demands. [7][8] Collaboration with NVIDIA - **Strategic Partnership**: Industrial Fulian has a deep collaboration with NVIDIA, participating in multiple areas such as servers, modules, and switches. The anticipated increase in NVIDIA's new product shipments is expected to positively impact Industrial Fulian's projections. [1][12] Market Trends and Future Outlook - **AI Industry Demand**: The demand for AI is a significant driver of market performance. In Q1, the capital expenditure of the four major cloud providers in North America grew by 30%, exceeding previous forecasts. This trend indicates a strong commitment to AI investments. [10] - **Concerns and Opportunities**: While there are concerns about the lack of widely adopted applications for AI models, the substantial investments by cloud providers have already yielded returns, suggesting that current worries may be temporary. [10][11] Product and Technology Developments - **New Server Models**: NVIDIA's new GB200 product has transformed traditional server configurations, increasing complexity and requiring advanced supply chain capabilities. Industrial Fulian is well-positioned to benefit from this shift due to its robust supply chain. [13] - **High-Speed Switches**: Industrial Fulian has seen significant growth in the high-speed switch market, with expectations for continued expansion as AI and cloud computing demand increases. [14] Conclusion - **Investment Potential**: Industrial Fulian's strong market position, strategic partnerships, and robust supply chain capabilities position it well for future growth in the AI computing sector, making it a noteworthy investment opportunity. [1][12][14]