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]

工业富联20240715_导读 2024年07月16日 00:25 关键词 工业互联 中信建投 通信行业 AI算力 云计算 网络设备 工业互联网 红海 利润释放 消费电子产品 服务器 代工厂商 收入增长 AI服务器 英伟达 供应链 毛利率 资本开支 算力基础设施 AI 全文摘要 本次会议由中信建投举办，着重探讨了通信行业内具有代表性的公司，特别是那些在行业中处于领先地 位的企业。会议重点关注了工业互联企业在AI算力领域的发展，包括其业务范围、技术布局和财务表 现。工业互联作为红海集团的核心子公司，在网络设备、云计算及AI服务器等多个领域展现了其领军地 位，同时也推动了集团的整体技术创新与市场扩张。会议指出，尽管传统通信网络设备和精密结构件仍 占据收入的主要部分，AI服务器市场增长显著，预计未来将占据更大份额。讨论还涉及了收入增长的重 要性、盈利模式的多样性、全球供应链系统的完善对于企业成功的关键作用，以及不同业务之间的毛利 率差异。此外，资本开支的快速增长，尤其是AI领域的资本投入，显示了该行业持续发展的动力。尽管 存在对AI应用可持续性的担忧，云厂商的大规模投资表明了对AI及云计算发展前景的信心。最后，会议 ...

根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指南第 2 号——业务办理》（第八号—股权激励计划股票期权自主行权）《富士康工业互联 网股份有限公司 2019 年股票期权与限制性股票激励计划（草案修订稿）》及中国证 券登记结算有限责任公司上海分公司关于股票期权自主行权的相关规定，结合富士康 工业互联网股份有限公司（以下简称"公司"）2023 年度利润分配事项和 2024 年半 年度报告披露计划，现对 2019 年股票期权与限制性股票激励计划处于自主行权期间 的股票期权进行行权限制，具体情况公告如下： | 股票期权计划 | 行权期 | 期权代码 | 行权起止日期 | | | | | --- | --- | --- | --- | --- | --- | --- | | 年股票期 2019 | 首次授予第五个行权期 | 0000000290 | 2024年5月28日至2025 年 4 | 月 | 30 | 日 | | 权与限制性股 票激励计划 | 部分预留授予第四个行权期 | 0000000363 | 2023年12月5日至2024 | | | 日 | | | | | 年 9 | 月 | 11 | ...

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the AI server market, focusing on NVIDIA's AI servers and the GB200 product line, which is expected to see significant demand growth, particularly in North America [2][3][10]. Key Points and Arguments AI Server Market Demand - The AI server market is projected to grow at an annual rate of 20%-30%, driven by strong demand from CSP customers like Amazon [2][3]. - NVIDIA's AI server offerings include a range of products from mid-range to high-end, catering to diverse applications [2][3]. GB200 Product Insights - The GB200 product has a positive order outlook, indicating optimistic expectations for future data center construction [2][3]. - The estimated market demand for GB200 cabinets is around 56,000 units, with varying requirements from different customers [8][10]. Liquid Cooling Systems - There is a diverse demand for liquid cooling systems, which need to be customized based on client data center conditions [4][10]. - Cost management strategies involve optimizing the supply chain and selecting appropriate suppliers to reduce costs while maintaining performance [4][11]. Competitive Landscape for Domestic Manufacturers - Domestic manufacturers are seen to have competitive advantages in cost-effectiveness and technical service, with potential to enter high-end supply chains [5][15]. - Challenges include improving technological innovation and meeting specific regional demands [5][15]. Market Dynamics and Future Projections - The AI server market is expected to experience large-scale expansion by 2025, driven by technological advancements and increasing market demand [10][12]. - Companies like Foxconn and Quanta are positioned to benefit from market growth due to their partnerships with major clients like Microsoft and AWS [9][10]. Cost Control and Pricing Strategies - High gross margins are reserved in the GB200 project to prepare for potential price competition, with strategies to lower production and supply chain costs [11][19]. - The GB200 server's material cost is approximately $3.15 million, with a selling price around $3.6 million, allowing for a profit margin primarily from non-GPU components [19]. Additional Important Insights - The demand for AI servers is expected to reach approximately 1.6 million units this year, with a growth rate exceeding 30% compared to the previous year [12]. - Major clients like Amazon are projected to require around 170,000 AI servers this year, with NVIDIA supplying about 25% of that demand [12][13]. - The competitive landscape is intensifying, with new entrants aiming to capture market share, particularly in high-performance computing and intelligent computing capabilities [10][12]. Conclusion - The AI server market is on a growth trajectory, with significant opportunities for both established players and new entrants. The focus on cost management, customization, and technological innovation will be crucial for companies to maintain competitiveness and meet the evolving demands of the market.

Financial Data and Key Metrics Changes - The AI server market demand has significantly increased, with global GPU server shipments expected to reach 1.6 million units in 2023, representing a year-on-year growth of approximately 33% [1][2] - Major North American clients, including Amazon, Google, and Microsoft, are projected to have demand growth rates between 20% and 30% [1][2] Business Line Data and Key Metrics Changes - The GB200 orders are primarily scheduled for delivery in September and the fourth quarter, involving several sample cabinets [3][4] - The pricing for the 36-card configuration of the GB200 is approximately $3.6 million, while the 72-card configuration is around $1.7 million [3][4] Market Data and Key Metrics Changes - The demand for data center cabinets globally is expected to reach between 50,000 and 60,000 units in 2024, with Foxconn anticipated to capture a significant share [1][10] - Foxconn plans to deliver 12,000 cabinets next year, totaling approximately 14,400 cabinets [10] Company Strategy and Development Direction - The demand for high-performance computing resources is expected to continue growing due to advancements in large models and multimodal technologies, with emerging market demands from national supercomputing centers and military defense [1][16] - ODM manufacturers are likely to see growth as they adapt to the increasing demand for AI servers and related technologies [16] Management's Comments on Operating Environment and Future Outlook - Management noted that the AI server market is experiencing robust growth, with significant contributions from major clients like Amazon and ByteDance [2][3] - There is a potential risk of price wars in the GB200 server market as demand increases, which could lead to reduced profit margins [18] Other Important Information - The liquid cooling systems require customization based on the data center environment and CTO standards, with ByteDance collaborating with Midea for specific adjustments [1][4] - The competitive landscape is shifting, with companies like Quanta and Foxconn gaining market share while others like Wistron are seeing declines [16] Q&A Session Summary Question: What is the current demand situation for AI servers? - The AI server market demand has significantly increased, with an expected growth of 33% this year [2] Question: Can you elaborate on Amazon and other major clients' demand for AI servers? - Amazon's overall demand is projected at 170,000 units, with NVIDIA supplying about 25% of that [2] Question: What specific information is available regarding GB200 orders? - GB200 orders are mainly for delivery in September and the fourth quarter, involving several sample cabinets [3] Question: How is the construction of high-density data centers in the U.S.? - The U.S. has built several high-density data centers capable of supporting significant power loads, indicating readiness for large-scale deployments [4] Question: What are the customization requirements for liquid cooling systems? - Liquid cooling systems require various customizations based on the data center environment and CTO standards [4] Question: What is the market share outlook for major ODM manufacturers? - Foxconn is expected to maintain a market share of around 25% to 30%, while Quanta is actively increasing its share [16]

证券代码：601138 证券简称：工业富联 公告编号：临 2024-047 号 富士康工业互联网股份有限公司 关于 2019 年股票期权与限制性股票激励计划 2024 年第二季度自主行权结果暨股份变动的公告 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： 1 富士康工业互联网股份有限公司（以下简称"公司"）2019 年股票期权与限 制性股票激励计划首次授予股票期权第四个行权期可行权股票期权数量为 3,748,901 份，行权有效期为 2023 年 5 月 30 日起至 2024 年 4 月 30 日，行权 方式为自主行权。2024 年第二季度股票期权激励对象行权且完成股份过户登 记的数量为 200 股，占该期可行权股票期权总量的 0.01%。截至 2024 年 4 月 30 日该期行权有效期届满，累计已行权股份数量为 3,336,824 股，占该期可 行权总量的 89.01%，未行权股票期权失效，后续将进行注销。 公司2019年股票期权与限制性股票激励计划首次授予股票期权第五个行权期 可行权股票期权数量为 3, ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating [3] Core Views - The company is a leader in intelligent manufacturing and industrial internet solutions, with a global presence across 12 countries and regions [3] - The company is well-positioned to benefit from the AI development wave, particularly through its deep collaboration with North American clients [3] - The industrial internet sector is expected to continue growing, driven by policy support and the company's differentiated service strategies [3] - The communication market is under short-term pressure, but the company has made significant progress in high-speed switch production, with 100G, 200G, and 400G switches already in mass production and 800G switches entering the NPI phase [3] Business Overview Intelligent Manufacturing and Industrial Internet - The company is a global leader in intelligent manufacturing and industrial internet solutions, with a "2+2" strategy focusing on intelligent manufacturing, industrial internet, big data, and robotics [8] - The company has a cross-regional production layout and serves over 50 major clients with industrial internet and smart production solutions [9] - The company's revenue has grown from CNY 272.8 billion in 2015 to CNY 476.34 billion in 2023, with a CAGR of 7.22% [12] - The company's industrial internet business, although small in revenue share (0.35% in 2023), has the highest gross margin, close to 50% [14] Cloud Computing - The company's cloud computing business is expected to be a key driver of growth, with revenue projected to grow from CNY 264.26 billion in 2024 to CNY 416.34 billion in 2026 [41] - The company has a strong partnership with NVIDIA, being the exclusive supplier for A100 and H100 boards and the latest GPU HPC platform [19] - The company's modular server development capabilities are highlighted, with the launch of the world's first modular server in 2022 [18] Communication and Mobile Network Equipment - The communication and mobile network equipment business is expected to stabilize, with revenue projected to remain flat at CNY 298.5 billion from 2024 to 2026 [41] - The company has achieved mass production of 100G, 200G, and 400G high-speed switches, with 800G switches entering the NPI phase [39] Financial Projections - Revenue is projected to grow from CNY 565.82 billion in 2024 to CNY 717.95 billion in 2026, with net profit attributable to shareholders expected to increase from CNY 27.42 billion in 2024 to CNY 35.67 billion in 2026 [3] - The company's EPS is expected to grow from CNY 1.38 in 2024 to CNY 1.80 in 2026 [3] - The company's P/E ratio is expected to decrease from 19.85x in 2024 to 15.26x in 2026, below the industry average [45] Valuation - The company's valuation is considered attractive, with a P/E ratio lower than the industry average for 2025 and 2026 [45] - The company's P/B ratio is expected to decrease from 3.53x in 2024 to 2.94x in 2026 [3]

目 录 | 前言 | | 1 | | --- | --- | --- | | 关于本报告 | 01 | 清洁技术机遇 | | 关于工业富联 | 04 | 绿色生态产品 | | 可持续发展管理 | 11 | 产品质量与安全 | | 利益相关方沟通与实质性议题 | 17 | 创新管理 | | | | 客户关系管理 | | 可持续商业之法 | | | --- | --- | | 清洁技术机遇 | 23 | | 绿色生态产品 | 26 | | 产品质量与安全 | 27 | | | 28 | | 客户关系管理 | 30 | | 坚守绿色创新 可持续商业之法 | | 贯彻绿色低碳 2 循环经济之理 | 3 | | --- | --- | --- | --- | | | 23 | 环境管理体系 | 33 | | | 26 | 应对气候变化 | 34 | | | 27 | 能源管理 | 40 | | | 28 | 水资源管理 | 43 | | | 30 | 污染物排放管理 | 46 | | | | 化学品管理 | 48 | | | | 生物多样性保护 | 50 | | 肩负人本为本 职业健康之责 | | --- | | 劳工 ...

气候相关财务信息 披露报告 致辞 关于本报告 引言 治理 风险和机遇管理 战略 指标与目标 附录 | | 目 录 | | | | | | --- | --- | --- | --- | --- | --- | | | 董事长、CEO 暨可持续发展委员会主席致辞 | 02 | | | | | | 关于本报告 | 03 | | | | | | 引言 | 04 | | | | | 1 | 治理 高效有序的气候治理 | | 2 | 风险和机遇管理 | | | | | | | 综合融入的风险管理 | | | | 治理架构 | 08 | | 气候风险与机遇管理流程 | 13 | | | 治理职责 | 09 | | | | | 3 | 战略 强韧稳健的气候行动 | | 4 | 指标与目标 绿色转型先行者 | | | | 气候风险与机遇评估结果 | 16 | | 气候指标 | 42 | | | 情景分析与财务影响分析 | 21 | | 气候目标与进展 | 45 | | | 把握绿色转型机遇 | 27 | | | | | | 增强气候韧性 | 34 | | 附录一：组织温室气体核查声明 | 48 | | | 践行净零目标 | ...