Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown rapid growth, with a focus on two main themes: cloud computing and network communication [1] - In Q3 2024, the company achieved operating 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% [1] - The company's revenue and net profit for Q3 increased by 39.53% and 1.24% respectively, indicating strong growth driven by cloud computing and network communication businesses [1] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 170.28 billion yuan, a year-on-year increase of 39.53%, and a net profit of 6.40 billion yuan, reflecting a growth of 1.24% [1] - The company’s cloud computing revenue grew by 71% year-on-year, with AI server revenue increasing by 228% [1] - The company’s operating revenue for the first three quarters of 2024 is projected to be 598.85 billion yuan, with a year-on-year growth of 21.35% [2] Future Outlook - The company is expected to benefit from the acceleration of AI infrastructure development and the ongoing prosperity of AI applications [1] - Revenue projections for 2024-2026 are 598.85 billion yuan, 723.81 billion yuan, and 787.08 billion yuan respectively, with corresponding year-on-year growth rates of 21.35%, 24.42%, and 8.74% [2] - The net profit for the same period is projected to be 25.53 billion yuan, 31.77 billion yuan, and 36.40 billion yuan, with growth rates of 21.3%, 24.4%, and 14.6% respectively [2]

Investment Rating - The report maintains an "Outperform" rating for the company [1][3][14] Core Views - The company reported a 33% year-on-year revenue growth in the first three quarters, with a significant increase in AI server revenue contributing to this growth [1] - The third quarter saw a record high in revenue, with a 39.53% year-on-year increase, although net profit was impacted by foreign exchange effects [1] - The cloud computing business is expected to benefit from the rapid development of AI and the large-scale construction of computing infrastructure globally [1] Revenue and Profit Summary - For the first three quarters of 2024, the company achieved a revenue of 436.37 billion yuan, a year-on-year increase of 32.71%, and a net profit of 15.14 billion yuan, up 12.28% year-on-year [1][2] - The third quarter revenue reached 170.28 billion yuan, marking a 39.53% increase year-on-year and a 15.52% increase quarter-on-quarter [1] - AI server revenue grew by 228% year-on-year, accounting for 45% of total server revenue in the first three quarters [1] Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 581.09 billion yuan, 680.14 billion yuan, and 765.78 billion yuan respectively, with corresponding net profits of 24.75 billion yuan, 29.03 billion yuan, and 33.87 billion yuan [1][2] - The company's price-to-earnings (P/E) ratios for the next three years are projected to be 16.6, 14.1, and 12.1 respectively [1][2] Business Segment Performance - The cloud computing segment's revenue grew by 71% year-on-year, with AI server revenue significantly driving this growth [1] - The telecommunications and mobile network equipment segment also saw steady growth, particularly in high-speed switches and Smart NIC/DPU boards, with a 128% year-on-year increase in 400/800G switch revenue in the third quarter [1]

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]

证 券 研 究 报 告 工业富联（601138）2024 年三季报点评 强推（维持） AI 服务器高增驱动 24Q3 营收增长，24Q3 营 收创历史新高 事项： 2024 年 10 月 30 日公司发布 2024 年第三季度报告：2024 年前三季度公司实 现营收4363.73亿元（YOY +32.71%），归母净利润151.41亿元（YOY +12.28%）， 扣非净利润 147.34 亿元（YOY +8.87%）。 单 Q3 实现营收 1702.82 亿元（YOY +39.53%，QOQ +15.52%），归母净利润 64.02 亿元（YOY +1.24%，QOQ +40.57%），扣非净利润 62.00 亿元（YOY +3.40%，QOQ +45.51%）。 评论： AI 服务器高增驱动 24 年前三季度营收高增，扣除汇兑影响利润稳健增长。 2024 年前三季度，公司云计算业务整体营业收入较上年增长 71%，其中 AI 服务器营收较上年增长 228%，占整体服务器营收比重提升至 45%，2024Q3 单 季度 AI 服务器占整体服务器营业收入比重提升至 48%，占比持续逐季提升。 通用服务器出货亦持续 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 工业富联(601138)公司点评报告 2024 年 11 月 1 日 [Table_Title] 单季度收入利润新高，AI 需求为核心驱动 ——工业富联（601138）2024 年三季报点评 [Table_Summary] 事件： 10 月 30 日晚，工业富联发布 2024 年三季度报告。2024 年前三季度，公 司实现营业收入 4363.73 亿元，同比增长 32.71%；归母净利润 151.41 亿 元，同比增长 12.28%。其中，2024Q3，公司实现营业收入 1702.82 亿元， 同比增长 39.53%，环比增长 15.52%；归母净利润 64.02 亿元，同比增长 1.24%，环比增长 40.57%，若扣除汇兑影响，归母净利润同比增长 11%。 点评： AI 服务器、高速率交换机收入增长，毛利率季度环比回暖 收入端，受 AI 的推动，AI 服务器、高速率交换机等硬件需求快速增长：1） 云计算业务受益于 AI 硬件需求的持续扩大，通用服务器市场需求亦有回暖。 2024 年前三季度收入同比增长 71%，其中 AI 服务器收 ...

工业富联（601138.SH） 消费电子 证券研究报告/公司点评报告 2024 年 10 月 31 日 AI 服务器需求强劲，Q3 营收续创新高 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------|---------------------------|-------------|---------|------------------------------------------|---------|---------| | 评级： 买入（维持） | | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：王芳 | | 营业收入（百万元） | 511,850 | 476,340 | 561,553 | 652,212 | 736,658 | | | | 增长率 yoy% | 16% | -7% | 18% | 16% | 13% | | 执业证书编号： S0740521120002 | | 归 ...