Investment Rating - The report initiates coverage with a "Buy" rating for the company, projecting significant growth in revenue and profit over the next few years [4]. Core Insights - The company is positioned to benefit significantly from the AI wave, with a notable increase in AI server revenue, which has nearly doubled year-on-year in Q1 2024 [2]. - The global AI server market is experiencing rapid growth, driven by increasing demand for computing power and substantial capital expenditures from major cloud service providers [2]. - The company has a strong market presence in the AI server segment, with AI servers accounting for nearly 40% of its overall server revenue [2]. - The company plans to launch a new generation of generative AI servers in 2024, further enhancing its product offerings [2]. - The demand for high-bandwidth communication equipment is also rising, leading to rapid growth in the company's high-speed switches and routers business [3]. Financial Performance - In Q1 2024, the company reported revenue of 1186.88 billion yuan, a year-on-year increase of 12.09%, and a net profit of 41.85 billion yuan, up 33.77% year-on-year [1]. - For the full year 2023, the company achieved revenue of 4763.40 billion yuan, a decrease of 6.94% year-on-year, but net profit increased by 4.82% to 210.40 billion yuan [1]. - The company forecasts revenue growth to 5569.37 billion yuan in 2024, with net profit expected to reach 255.98 billion yuan, reflecting a growth rate of 21.66% [5]. Business Segments - The company operates in several key segments, including cloud computing, communication and mobile network equipment, and industrial internet, with respective revenues of 1943.08 billion, 2789.76 billion, and 16.46 billion yuan in 2023 [1]. - The gross margin for the cloud computing segment is 5.08%, while the communication equipment segment has a gross margin of 9.80% [1]. - The company has established itself as a leader in the intelligent terminal market, with a strong position in high-precision components for smartphones and wearable devices [3]. Future Outlook - The company is expected to continue focusing on AI and cloud computing infrastructure, enhancing its global production capacity and increasing R&D investments [2]. - The report anticipates a recovery in the global smartphone market in 2024, driven by the 5G replacement cycle and demand from emerging markets [3].

NVL72项目进度： 现在还处于NPI工程打样阶段，最早期打样DEV1是48小时要提供原型，目的是锁 定生产设计图稿，然后是生产是然后就是接近于量产的成品形态。现在收到 allocation才知道份额，还处在工程打样阶段，所有物料都是通用BOM，会有非常多 的供应商，比如高速连接器，当前供应商有比较多，安费诺、鸿腾、立讯、 molex、TE，都是属于供应链参与的供应商。PCB有沪电 胜宏 奥特斯 臻鼎可选，实 际的进度会向客户建议某些供应商，作为主供二供等，之后客户采不采纳都是后期的 安排。目前到量产还有一点时间，现在属于有供应商进入了，刚进入小规模量产阶段， 客户为了保证信息完整性会对一些工程打样名字做些伪装。 铜缆电源连接器都是tier2层级，从小规模批量生产到客户批量认证，得到客户性能预 期后就等同于MP阶段，微软 谷歌 亚马逊会派人过来我们监督生产。DGX和MGX是 两种形态，短期只开放了rack形态的销售，一定时间只能买到rack。后期等到产业 链产能提升开放单个tray 模组 板卡形态。 阶段上PVT-E是个checkpoint，得到客户的prove就可以转入量产，节点是7.10- 7.15 B1 ...

Financial Data and Key Metrics Changes - The company is currently in the NPI engineering sample stage, with the first prototype expected to be delivered within 48 hours to finalize production design [5] - The company anticipates a total delivery of 55,000 units by mid-2025, with significant orders from major clients such as Microsoft, Google, and Amazon [7][8] Business Line Data and Key Metrics Changes - The company is transitioning from small-scale production to customer batch certification, with a focus on meeting customer performance expectations before moving to mass production [5] - The expected revenue from the MGX product line is projected to be around $283 million, with a significant portion of this coming from the MGX orders [9] Market Data and Key Metrics Changes - The company expects to deliver approximately 40,000 units to major clients by mid-next year, representing an 80% market share for the company in this segment [5][6] - The pricing for the NVL72 cabinet is set at $283,000, while the NVL36 is still awaiting final customer notification [8] Company Strategy and Development Direction - The company is prioritizing the NVL72 supply under current capacity constraints, with plans to adjust production based on customer stability and demand [8] - The strategy includes leveraging local suppliers for U.S. deliveries, aiming to enhance supply chain efficiency [7] Management Comments on Operating Environment and Future Outlook - Management highlighted the importance of customer validation in transitioning to mass production, with key checkpoints established for production readiness [5] - The company is optimistic about future orders, with a rolling release schedule planned for the next year, indicating a steady demand trajectory [9] Other Important Information - The company is working with multiple suppliers for components, including Amphenol and TE, to ensure a robust supply chain [5] - The expected profit margins vary across product lines, with rack margins at approximately 1.8% and board margins at 9.1% [9] Q&A Session Summary Question: What are the high-value BOM components? - The cabinet is valued at $16,000, while a complete set of high-speed connectors is priced at $52,000, including copper cables [6] Question: What is the expected price for NVL72 and NVL36? - The NVL72 is priced at $283,000, while the NVL36's price is still pending customer confirmation [8] Question: What is the expected delivery distribution for the 55,000 units? - Microsoft is expected to receive 35,000 to 38,000 units, Google 11,000 to 20,000 units, and Amazon 1,000 to 1,500 units [7] Question: What is the profit margin for different product lines? - Rack margins are approximately 1.8%, while board margins are around 9.1% [9]

证券代码：601138 证券简称：工业富联 公告编号：2024-040 富士康工业互联网股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2024 年 6 月 24 日 14 点 00 分 召开地点：广东省深圳市南山区高新技术产业园区南区科苑大道与学府路交 汇处高新区联合总部大厦 52 层 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 24 日 至 2024 年 6 月 24 日 (五) 网络投票的系统、起止日期和投票时间 股东大会召开日期：2024年6月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2023 年年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通 ...

AI Business and Strategy - AI-related business reached nearly 60 billion yuan in 2023, accounting for 30% of total cloud computing revenue, up from 20% in 2022 [1] - AI is expected to contribute 40% of total cloud computing revenue in 2024, with AI servers holding a 40% global market share [1] - The company plans to continue developing the AI ecosystem, improving global production capacity, and increasing R&D investment to meet customer needs in new product development, rapid mass production, and global delivery [1] - The company focuses on upstream AI industry value chain businesses such as GPU modules, substrates, and backend AI server design and system integration, leveraging its full industrial chain intelligent manufacturing and R&D advantages [1] - The company is collaborating with customers to launch a new generation of generative servers, with visibility into new product orders [1][2] AI Industry Position and Advantages - The company has a complete AI industry chain design and production capability, being one of the few in the industry to provide full solutions [1] - Its intelligent manufacturing capabilities cover the entire process from front-end to back-end, making it one of the few global companies capable of providing end-to-end solutions [1] - The company has integrated the AI industry chain, including GPU modules, substrates, backend AI server design, and system integration, and is one of the few providers offering full supply chain services from modules to data centers [2] - The company's global production base locations allow it to better meet customer needs and increase customer stickiness, positioning it more dominantly in the AI industry chain [2] ESG and Sustainability - The company achieved a 51% year-on-year reduction in absolute carbon emissions in 2023, a 40% reduction from the baseline year, and reached carbon peak one year ahead of schedule in 2022 [2] - The company has built 12 national/provincial-level "green factories" and 12 subsidiaries have received UL2799 Zero Waste to Landfill Gold or higher certification, with 8 achieving the highest Platinum level [2] - The company has empowered the creation of 9 world-class "Lighthouse Factories" and over 30 "Smart Factories," and its "ESG IoT Digital Platform" has provided digital and green transformation services to over 1,500 enterprises [2] - The company has released its first "Industrial Internet SDGs Strategy White Paper," incorporating the United Nations Sustainable Development Goals (SDGs) into its strategy and outlining 16 action goals [2] Future Plans and Market Expansion - The company plans to leverage its full industrial chain intelligent manufacturing, R&D, and production capabilities to gain more market share and higher profits in the future [1][2] - The company has developed a series of liquid cooling solutions from components to systems, all of which can be independently developed and shipped [1][2] - The company's overall solution capabilities will be further demonstrated in the next-generation products developed in collaboration with customers [3] - The company is confident in gaining more market share and higher profits due to its competitive advantages in intelligent manufacturing, R&D, and production capabilities [3]

证券代码：601138 证券简称：工业富联 公告编号：临 2024-039 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 首次授予第五个行权期符合行权条件的公告 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。 1 本次符合行权条件的激励对象为 636 人，可行权数量为 3,431,276 份； 行权股票来源为：向激励对象定向发行公司 A 股普通股； 行权起始日期：2024 年 5 月 28 日。 2019 年股票期权与限制性股票激励计划有关事宜的议案》，同日公司召开了第一届监 事会第六次会议，审议通过了《关于<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）>及其摘要的议案》《关于<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实施考核管理办法>的议案》。公司独 立董事就此已发表同意的独立意见。监事会对此发表了核查意见。北京市金杜律师事 务所出具了《北京市金杜律师事务所关于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 ...

Financial Performance - In 2023, the company's revenue slightly declined, but net profit reached 21.02 billion, a record high, with earnings per share at 1.06 yuan, and improvements in gross margin, operating profit margin, and net profit margin [1] - For Q1 2024, revenue was 118.69 billion, net profit was 4.19 billion, and earnings per share were 0.21 yuan, all achieving record highs for the same period, with net profit margin increasing to 18.9% [1] Business Development - The demand for AI servers drove record revenue and profit in Q1 2024, with product structure optimization and changes in customer mix contributing to growth [1] - In Q1 2024, the cloud computing business surpassed 50% of total revenue for the first time, growing 41% driven by AI [1] - Despite weak demand in enterprise networks and smart home terminals, revenue from 5G terminal precision components showed a slight decline [1] Market and Competition - The capital expenditure of the four major cloud service providers in North America is expected to increase from 140 billion in 2023 to 200 billion in 2024, indicating a boost in AI computing cloud services [1] - The company's revenue from AI servers grew more than twofold year-on-year, with an expected global market share of 40% in 2024 [1] Technology and Products - The company launched the NEL72 GPU's GP200 platform, covering design, manufacturing, and logistics delivery services for AI servers [1] - The company provides a full industry chain service in the AI server field, including GPU modules, substrates, server design, and system integration, with R&D and manufacturing capabilities in high-speed switches and liquid cooling systems [1] Development Strategy - The 2024 strategy focuses on AI, global layout, digitalization, automation, and being an industry leader in ESC [1] - The company aims to establish local delivery in various regions globally to mitigate transportation costs and market price fluctuations [1] - The company is promoting robotics, intelligence, digitalization, and automation to enhance process flow and testing automation, as well as semiconductor equipment automation [1] Green Manufacturing and Sustainable Development - The company achieved carbon peak ahead of schedule, with a 51% reduction in carbon emissions in 2023, and expects a further 19% reduction in 2024 through equipment upgrades and green electricity [1] - The company has set green manufacturing goals, including national-level green factory certification and re-certification of sustainable lighthouse factories [1] Q&A Session Question: What are the main profit contributors for 2023 and Q1 2024? What are the expectations for profit growth in 2024? - The company achieved steady growth in financial and profit performance in 2023 despite a challenging external environment, driven mainly by the booming AI industry, particularly the significant increase in AI server demand. The cloud computing business accounted for nearly 50% of revenue, reaching a quarterly high, with AI servers contributing close to 40% of overall revenue, nearly doubling year-on-year [2] Question: What level of revenue contribution can be expected from AI-related businesses in 2024, and how will it be achieved? - In 2023, AI server-related business accounted for approximately 60 billion, 30% of total cloud computing revenue, up from 20% in 2022. The company expects overall cloud computing growth to exceed 30% in 2024, with AI contributing 10% of total cloud revenue, aiming for a 40% global market share in AI servers [2] Question: How does the company view its industry position in AI servers and its competitive advantages? - The company has a significant industry position in AI servers, with comprehensive coverage capabilities across the entire industry chain. This includes GPU modules, substrates, AI server design, and system integration, allowing the company to provide complete solutions, which is rare in the industry [3] Question: How will the competitive advantages of the next-generation GB200 product be reflected, and how will profitability and market share be enhanced? - The competitive advantages of the GB200 product lie in the company's complete AI industry chain design and production capabilities, which are unique in the industry. The company expects to receive direct server orders from cloud service providers and partners, with the GB200's business model emphasizing overall solution provision [3] Question: What is the growth outlook for the network communication segment, and what is the progress of the 800G switch product? - The growth outlook for the network communication segment is positive, with demand for high-speed switches and routers increasing due to the AI-driven data center transformation. The company has achieved mass production of 100G, 200G, and 400G switches, with significant growth expected in 2024 [4] Question: What is the outlook for the precision components business, and how will it impact company performance? - Despite weak global smartphone demand, the company's proactive layout in the high-end smartphone market is expected to maintain steady shipments. The company anticipates slight growth in the global smartphone market in 2024, which will drive revenue and profit growth [4]

2024-5-15工业富联业绩说明会 会议要点 1、财务表现 2023年营业收入略有下降，但净利润达到210.2亿，创历年新高，每股收益为1.06元，毛 利率、营业利润率、净利率均有所提升。 2024年第一季度营业收入为1186.9亿，净利润为41.9亿，每股收益为0.21元，均创历年 同期新高，净利润率增长至18.9%。 2、业务发展 AI服务器需求增长带动2024年第一季度营收和获利创新高，产品结构优化和客户组合改变 也促进了增长。 2024年第一季度，云计算业务首次超过总营业额的50%，AI带动下，云计算业务营收成长 41%。 通信移动网络营销方面，尽管企业网络及智能家居终端需求疲弱，5G终端精密结构件营收 支撑，呈现个位数衰退。 3、市场与竞争 北美四大云服务商2024年资本支出预计从2023年的1400亿美金增长至2000亿美金，预 示着AI算力云服务业务的推升。 公司在AI服务器营收同比增长超过2倍，预计2024年AI服务器全球市场份额的40%。 4、技术与产品 公司推出NEL72GPU的GP200平台，涉及AI服务器的设计、制造、物流交货服务。 公司在AI服务器领域提供全产业链服务，包括GPU模 ...

证券代码：601138 证券简称：工业富联 公告编号：临 2024-038 号 富士康工业互联网股份有限公司 关于参加 2023 年报沪市主板高分红重回报 集体业绩说明会的公告 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： 公司已分别于 2024 年 3 月 14 日、2024 年 3 月 28 日在上海证券交易所网站 （www.sse.com.cn）及指定媒体披露《富士康工业互联网股份有限公司 2023 年年度报 告》《富士康工业互联网股份有限公司 2023 年年度报告（修订后）》。为便于广大投资 者更全面深入了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 5 月 24 日 （星期五）参加 2023 年报沪市主板高分红重回报集体业绩说明会，会议时间为下午 13:30-17:00，会上将就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以视频和网络互动方式召开，公司将针对 2023 年度经营成果及 财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资 者普 ...

证券代码：601138 证券简称：工业富联 公告编号：临 2024-037 号 会议召开时间：2024 年 5 月 15 日（星期三）上午 10:00-11:00； 会议召开方式：本次业绩说明会不设现场会议，将通过网络方式召开。投资 者可直接登录深圳市路演中网络科技有限公司网站在线参与本次说明会，网 址为 https://www.roadshowchina.cn/Meet/detail.html?mid=22488； 投资者提问可于 2024 年 5 月 14 日（星期二）上午 10:00 前通过电子邮件的方 式发送至富士康工业互联网股份有限公司（以下简称"公司"）投资者关系邮 箱（ir@fii-foxconn.com），公司将在 2023 年年度暨 2024 年第一季度业绩说明 会上就投资者普遍关注的问题进行统一回答。 三、参加人员 富士康工业互联网股份有限公司 关于召开 2023 年年度暨 2024 年第一季度 网上业绩说明会的公告 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： 一、说明会类型 公司已分别 ...