Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3][5]. Core Insights - The company achieved a revenue of 609.1 billion yuan in 2024, representing a year-on-year growth of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1][3]. - The cloud computing business continues to grow rapidly, with revenue growth exceeding 50% year-on-year, marking its first time accounting for over 50% of total revenue [1][2]. - The demand for AI server infrastructure is on the rise, with AI server revenue increasing by more than 1.5 times compared to the previous year, now constituting over 40% of total server revenue [1][2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 609.1 billion yuan and a net profit of 23.216 billion yuan, with a projected net profit of 30.677 billion yuan for 2025 [3][4]. - The company’s revenue growth rate is expected to be 17.41% in 2025 and 12.63% in 2026 [4]. Business Segments - The cloud service segment saw server revenue from cloud service providers grow over 80% year-on-year, while brand server revenue increased by more than 70% due to heightened AI server procurement from Tier-1 clients in North America [2]. - The company is expanding its presence in the high-end medical device sector through the acquisition of Guangzhou Tianying Precision Tools Co., Ltd. for up to 439 million HKD [2]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 18X for 2024, 13X for 2025, and 12X for 2026 [3][4]. - The report anticipates a return on equity (ROE) of 15.29% in 2024, increasing to 18.60% by 2026 [10].

Market Overview - The Shanghai Composite Index rose by 0.23% on February 27, with 18 out of the 28 sectors experiencing gains, led by retail and food & beverage sectors, which increased by 2.28% and 2.24% respectively [1] - The sectors that saw the largest declines were telecommunications and computers, with decreases of 2.77% and 1.88% respectively [1] - The electronics sector fell by 0.88% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 76.648 billion yuan across the two markets, with 9 sectors experiencing net inflows [1] - The food & beverage sector had the highest net inflow of capital, totaling 2.286 billion yuan, while the retail sector followed with a net inflow of 1.664 billion yuan [1] - A total of 22 sectors experienced net capital outflows, with the computer sector leading with an outflow of 18.624 billion yuan, followed closely by the electronics sector with an outflow of 18.521 billion yuan [1] Electronics Sector Details - The electronics sector saw a decline of 0.88% with a total net outflow of 18.521 billion yuan [2] - Out of 458 stocks in the electronics sector, 104 stocks rose, including 6 that hit the daily limit, while 351 stocks fell [2] - Notably, 90 stocks in the electronics sector experienced net inflows, with 6 stocks receiving over 100 million yuan in net inflows, led by Zhuoyue Technology with 329 million yuan [2] - Conversely, 52 stocks faced net outflows exceeding 100 million yuan, with the largest outflows from Industrial Fulian, SMIC, and Changying Precision, amounting to 658 million yuan, 608 million yuan, and 599 million yuan respectively [2]

证券代码：601138 证券简称：工业富联 公告编号：临 2025-014 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 剩余预留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。 重要内容提示： 1、2019 年 1 月 11 日，公司召开了第一届董事会第十二次会议，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》《关于提请股东大会授权董事会办理公司 1 本次符合行权条件的激励对象为 10 人，可行权数量为 941,750 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：2025 年 3 月 4 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5]. Core Insights - The company is significantly benefiting from the AI growth trend, with notable revenue increases in its cloud computing segment, which has surpassed 50% of total revenue for the first time [5]. - The company is positioned in a growth phase, with expectations for rapid expansion in the AI server market, driven by partnerships with major clients and the release of new products [5]. - Revenue and profit forecasts for the company are optimistic, with projected revenues of 609.14 billion, 804.10 billion, and 1,040.30 billion for 2024E, 2025E, and 2026E respectively, reflecting year-over-year growth rates of 27.9%, 32.0%, and 29.4% [5]. Financial Summary - Total revenue for 2024 is expected to be 609.14 billion, with a year-over-year growth of 27.9% [4][5]. - Net profit attributable to shareholders is projected to be 232.16 billion for 2024, with a year-over-year growth of 10.3% [4][5]. - The company's gross margin is expected to be around 7.4% in 2024, with a return on equity (ROE) of 15.3% [4][5]. - Earnings per share (EPS) is forecasted to be 1.17 yuan in 2024, with a price-to-earnings (P/E) ratio of 19.85 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 609.135 billion yuan in 2024, representing a year-on-year growth of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1][4]. - The AI server revenue grew over 150% year-on-year, significantly contributing to the overall revenue growth, with cloud computing business revenue exceeding 50% of total revenue for the first time [2][3]. - The company is expected to maintain strong growth in the coming years, with projected net profits of 33.021 billion yuan in 2025 and 39.207 billion yuan in 2026 [4][12]. Financial Performance - In Q4 2024, the company reported a revenue of 1727.62 billion yuan, a year-on-year increase of 17.11%, and a net profit of 80.75 billion yuan, up 6.88% year-on-year [1]. - The cloud service segment saw a revenue growth of over 50% year-on-year, with AI server revenue now accounting for over 40% of total server revenue [2][3]. - The company’s overall revenue is projected to reach 822.332 billion yuan in 2025, with a growth rate of 35% [12]. Industry Insights - The cloud computing industry is experiencing significant investment from major players, with AWS expected to exceed $100 billion in capital expenditures by 2025, and Microsoft planning to invest approximately $80 billion in data center expansions [3]. - The demand for AI servers is driven by the increasing need for computational power and advanced technologies, with the company being a key supplier to top-tier cloud service providers [3][4]. - The network communication sector is also benefiting from the growth in data traffic and high bandwidth services, with a notable increase in revenue from high-speed switches [3].

Financial Performance - In 2024, the company achieved total operating revenue of RMB 609.14 billion, an increase of RMB 13.28 billion or 27.88% compared to the previous year[5] - The net profit attributable to shareholders was RMB 23.22 billion, up RMB 2.17 billion or 10.34% year-on-year[5] - The weighted average return on net assets increased to 15.85%, up 0.22 percentage points from the previous year[3] - The net asset per share attributable to shareholders was RMB 7.69, an increase of 8.92% compared to the previous year[4] - The company reported a basic earnings per share of RMB 1.17, reflecting a growth of 10.38% year-on-year[3] Business Growth - The company's cloud computing business saw significant growth, with revenue increasing by over 50% year-on-year, accounting for more than 50% of total revenue for the first time[6] - AI server revenue grew more than 150% year-on-year, increasing its share of overall server revenue from 30% to over 40%[6] Future Plans - The company plans to continue optimizing its R&D and production layout to maintain its leading position in the market as AI demand grows[6] Cautionary Notes - The company emphasizes that the financial data is preliminary and subject to final audit, urging investors to be aware of investment risks[7]

Core Insights - Industrial Fulian (601138) reported a total revenue of 609.135 billion yuan for the fiscal year 2024, representing a year-on-year growth of 27.88% [1] - The net profit attributable to shareholders reached 23.216 billion yuan, marking a year-on-year increase of 10.34%, with both revenue and profit hitting record highs [1] AI Business Performance - The cloud computing segment's revenue surpassed 50% of the company's total revenue for the first time [1] - Revenue from AI servers grew by over 150% year-on-year, while revenue from cloud service provider servers increased by over 80% [1] - The proportion of AI servers in the overall server revenue also exceeded 50% for the first time [1] Product Development - The company has begun shipping next-generation products developed in collaboration with clients [1]

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。 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"）2024 年度业绩快报披露计划，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 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2019 年股票 | 首次授予第五个行权期 | 0000000290 | 2024年5月28日至2025 | | | | | | | 期权与限制性 | | | 年 4 30 日 | 月 | | | | ...

证券代码：601138 证券简称：工业富联 公告编号：2025-011 富士康工业互联网股份有限公司 关于股份回购实施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： | 回购方案首次披露日 | 2024/7/31 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 | 23 | 日~2025 | 年 | 9 月 | 22 | 日 | | 预计回购金额 | 20,000 万元~30,000 | | 万元 | | | | | | 回购价格上限 | 40.33 元/股 | | | | | | | | 回购用途 | √减少注册资本 | □为维护公司价值及股东权益 | | | | | | | 实际回购股数 | 946.26 万股 | | | | | | | | 实际回购股数占总股本比例 | 0.05% | | | | | | | | 实际回购金额 | 20,300.74 万元 ...

证券代码：601138 证券简称：工业富联 公告编号：2025-010 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 上述回购股份情况符合法律法规的规定及公司回购股份方案。 三、 其他事项 一、 回购股份的基本情况 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 开第三届董事会第十四次会议、第三届监事会第十一次会议，审议通过了《关于以 集中竞价交易方式回购公司股份的议案》，并于 2024 年 9 月 23 日召开 2024 年第 一次临时股东大会审议通过上述议案。公司拟使用自有资金不低于人民币 2 亿元 （含）且不超过人民币 3 亿元（含），以集中竞价交易方式进行股份回购，回购股 份的价格不超过人民币 40.33 元/股，回购股份实施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。具体内容详见公司分别于 2024 年 7 月 31 日、 2024 年 9 月 24 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《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》（公 告编号：2024 ...