Investment Rating - The report maintains a "Buy" rating for the company, with a 6-month target price of 24.84 yuan [6] Core Views - The company's Q3 2024 revenue reached 1702.82 billion yuan, a year-on-year increase of 39.53%, while net profit attributable to the parent company was 6.4 billion yuan, up 1.24% year-on-year [1] - AI-driven growth continues to be a key driver, with AI server revenue increasing by 228% year-on-year, accounting for 45% of total server revenue in Q1-Q3 2024 [2] - The company is well-positioned to benefit from the strong demand for GB200 servers, with shipments expected to begin in late Q4 2024 [3] - Cloud computing revenue grew by 71% year-on-year in Q1-Q3 2024, driven by AI-related capital expenditures from major cloud service providers [4] Financial Performance - The company's Q3 2024 gross margin was 7%, impacted by product mix changes, while operating expenses decreased slightly [2] - Excluding the impact of exchange rate fluctuations, net profit attributable to the parent company would have increased by 11% year-on-year [2] - The report revised the 2024 net profit forecast downward to 23.5 billion yuan due to exchange rate impacts but raised the 2025 and 2026 forecasts to 33 billion yuan and 39.2 billion yuan, respectively, reflecting the expected growth from GB200 server shipments [5] Industry Outlook - Global cloud service providers are expected to increase capital expenditures significantly in 2024, with AI-related spending projected to grow nearly 100% year-on-year [4] - The company holds a leading position in the cloud computing server market, with its products accounting for nearly 50% of cloud service provider revenue in 2023 [4] - The network communication business is benefiting from increased demand for high-bandwidth equipment, with 400/800G switch revenue growing by 128% year-on-year in Q3 2024 [2] Competitive Advantages - The company has a strong vertical integration capability, providing key components, servers, and AI data center solutions, which enhances its competitiveness in the AI server market [3] - It has established long-term partnerships with leading cloud service providers, securing a dominant position in AI server and memory supply [4] - The company is expanding its global footprint, with a major GB200 server production base under construction in Mexico [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company has experienced strong growth, with a revenue of 436.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 32.7%. The net profit attributable to shareholders reached 15.1 billion yuan, up 12.3% year-on-year [1] - The AI server business has seen explosive growth, significantly driving overall performance. Revenue from cloud computing increased by 71% year-on-year, with AI server revenue soaring by 228% [1] - The company has successfully captured opportunities in the AI wave, increasing the proportion of AI servers in its revenue to 48% [1] - The demand for AI servers is robust, with predictions indicating that the AI server market will dominate, reaching an estimated value of 187 billion USD in 2024, a 69% increase year-on-year [1] - The company has made breakthroughs in AI inference technology, with NVIDIA's chips expected to contribute over 10 billion USD in revenue due to strong demand [1] - The company has also seen significant growth in its data center 400/800G switch revenue, with a year-on-year increase of 128% [1] - The company is expected to benefit from the growing demand for computing power and network upgrades, with projected revenues of 558.6 billion, 652.2 billion, and 736.1 billion yuan for 2024, 2025, and 2026 respectively [1][2] Financial Summary - For 2023, the company reported total revenue of 476.34 billion yuan, with a projected increase to 558.57 billion yuan in 2024, reflecting a growth rate of 17.3% [2][5] - The net profit attributable to shareholders is expected to rise from 21.04 billion yuan in 2023 to 26.02 billion yuan in 2024, marking a growth rate of 23.7% [2][5] - The earnings per share (EPS) is projected to increase from 1.06 yuan in 2023 to 1.31 yuan in 2024 [2][6] - The company's price-to-earnings (P/E) ratio is expected to decrease from 23 in 2023 to 19 in 2024, indicating improved valuation [2][6]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月31日 电子 工业富联(601138.SH) AI服务器需求强劲，公司单季营收创历史新高 推荐 ( 维持) 股价:24.84元 主要数据 | --- | --- | |------------------------|-----------------------------| | 行业 | 电子 | | 公司网址 | www.fii-foxconn.com | | 大股东 / 持股 | China Galaxy Enterprise | | | Limited/36.71% | | 实际控制人 | | | 总股本 ( 百万股 ) | 19,868 | | 流通 A 股 ( 百万股 ) | 19,864 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 4,935 | | 流通 A 股市值 ( 亿元 ) | 4,934 | | 每股净资产 ( 元 ) | 7.23 | | 资产负债率 (%) | 53.3 | | 行情走势图 | | 证券分析师 | --- | --- | |--------|---- ...

来源：公司年报、国金证券研究所 买入(维持评级) 公司点评 证券研究报告 事件简评 2024 年 10 月 30 日，公司发布 2024 年三季报，2024 年前三季度 公司实现营业收入 4363.73 亿元，同比增长 32.71%；实现归母净 利润 151.41 亿元，同比增长 12.28%。其中 Q3 单季度实现营业收 入 1702.82 亿元，同比增长 39.53%；实现归母净利润 64.02 亿元， 同比增长 1.24%。 经营分析 AI 发展带动公司业绩快速增长：2024 年前三季度，受益于北美厂 商 AI 相关投入与服务器购买力度不断提升，公司业绩取得快速增 长。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 服务器营业收入较上年增长 228%，占整体服务器营收比重 提升至 45%，Q3 单季度提升至 48%。针对客户新一代 AI 服务器， 公司产能已充足到位，下游订单能见度高。旺盛的市场需有望带动 公司业绩持续提升。 服务器业务具备技术、客户、产能优势：公司是行业内少有的可以 提供完整解决方案的厂商，同时拥有全球多元产能布局，未来在 AI 供应链中的优势有望进一步加强。自 2 ...

富士康工业互联网股份有限公司 投资决策委员会组织规章及议事规则 第一章 总则 第二章 投资决策委员会的构成 第五条 投资决策委员会主席由公司董事长担任，投资决策委员会采取委 员制。 第六条 投资决策委员会委员分为内部委员及外部委员。内部委员由投资 决策委员会主席从公司董事（独立董事除外）、高管、事业群主要负责人中选任； 投资决策委员会主席可聘请熟悉公司财务、投资、商务及法律等事务的相关人员 为外部财务委员，并聘请熟悉公司业务的相关人员为外部业务委员。 1 第七条 投资决策委员会主席根据需要可聘请公司内外部专业人员担任 投资决策委员会专家顾问。投资决策委员会专家顾问没有投票权。 第八条 投资决策委员会下设秘书组处理委员会日常事务，负责投资项目 数据整理与提交、会议日程安排、准备会议文件、组织会议召开、负责会议记录 及起草会议纪要和会议决议、协助委员会执行决议。 第三章 投资决策委员会的职权 第一条 为建立完善的投资决策机制，规范富士康工业互联网股份有限公 司（以下简称"公司"）的投资决策行为，保障投资决策合法化、科学化、专业 化、高效化，根据《富士康工业互联网股份有限公司章程》（以下简称"《公司章 程》"）及《 ...

Revenue and Profit Performance - Revenue for the third quarter of 2024 reached a record high of 170,282,096 thousand yuan, a year-on-year increase of 39.53%[2][4] - Net profit attributable to shareholders of the listed company for the third quarter was 6,401,934 thousand yuan, a year-on-year increase of 1.24%[2][4] - Total revenue for the first three quarters of 2024 reached 436.37 billion yuan, a significant increase from 328.82 billion yuan in the same period of 2023[19][20] - Operating profit for the first three quarters of 2024 was 16.66 billion yuan, up from 14.59 billion yuan in the same period of 2023[20] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 15.14 billion yuan, compared to 13.48 billion yuan in the same period of 2023[21] - Basic earnings per share (EPS) for the first three quarters of 2024 were 0.76 yuan, up from 0.68 yuan in the same period of 2023[21][23] - Total comprehensive income for the first three quarters of 2024 was 14.17 billion yuan, slightly higher than 14.09 billion yuan in the same period of 2023[21] Cloud Computing and AI Business - Cloud computing business revenue increased by 71% year-on-year in the first three quarters of 2024, with AI server revenue growing by 228% and accounting for 45% of total server revenue[5] - AI server revenue accounted for 48% of total server revenue in the third quarter of 2024, showing a continuous quarter-over-quarter increase[5] Data Center and Networking Products - Data center 400/800G high-speed switch revenue in the third quarter of 2024 increased by 128% year-on-year and 27% quarter-on-quarter[6] - SmartNIC/DPU card revenue in the first three quarters of 2024 increased by 200% year-on-year[6] Financial Position and Assets - Total assets as of the end of the third quarter of 2024 were 308,443,216 thousand yuan, a 7.21% increase compared to the end of the previous year[4] - The company's total assets as of September 30, 2024, amounted to RMB 308,443,216, compared to RMB 287,705,301 as of December 31, 2023[16] - The company's total liabilities as of September 30, 2024, were RMB 156,888,986, compared to RMB 138,044,524 as of December 31, 2023[17] - Total liabilities as of the end of Q3 2024 were 164.47 billion yuan, an increase from 147.11 billion yuan at the end of Q3 2023[18] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 143.55 billion yuan, up from 140.19 billion yuan at the end of Q3 2023[18] Cash Flow and Liquidity - Operating cash flow for the first three quarters of 2024 was 4,151,615 thousand yuan, a decrease of 87.08% year-on-year[4][10] - Foxconn Industrial Internet Co., Ltd. held RMB 56,624,904 in cash and cash equivalents as of September 30, 2024, down from RMB 83,462,320 as of December 31, 2023[16] - Sales of goods and services received cash of RMB 416,005,100 in the first three quarters of 2024, compared to RMB 359,677,169 in the same period of 2023, representing a 15.7% increase[24] - Net cash flow from operating activities was RMB 4,151,615 in the first three quarters of 2024, a significant decrease from RMB 32,122,160 in the same period of 2023[24] - Cash paid for goods and services was RMB 387,046,216 in the first three quarters of 2024, up from RMB 306,100,399 in the same period of 2023, a 26.4% increase[24] - Net cash flow from investing activities was negative RMB 6,194,489 in the first three quarters of 2024, compared to negative RMB 1,161,869 in the same period of 2023[25] - Cash received from investments was RMB 1,050,000 in the first three quarters of 2024, down from RMB 5,380,000 in the same period of 2023[25] - Net cash flow from financing activities was negative RMB 24,739,427 in the first three quarters of 2024, compared to negative RMB 21,224,259 in the same period of 2023[25] - Cash and cash equivalents at the end of the period were RMB 56,309,715 in the first three quarters of 2024, down from RMB 79,698,490 in the same period of 2023[25] Share Repurchase Plan - Foxconn Industrial Internet Co., Ltd. plans to repurchase shares using its own funds, with a minimum of RMB 200 million and a maximum of RMB 300 million, at a price not exceeding RMB 40.33 per share, within 12 months from the approval date of the share repurchase plan[14] - As of September 30, 2024, the company has not yet implemented the share repurchase plan[15] Accounts Receivable and Inventory - The company's accounts receivable increased to RMB 117,766,835 as of September 30, 2024, from RMB 88,466,866 as of December 31, 2023[16] - Inventory levels rose to RMB 90,334,675 as of September 30, 2024, compared to RMB 76,683,349 as of December 31, 2023[16] Fixed Assets and Borrowings - Fixed assets increased to RMB 18,421,726 as of September 30, 2024, from RMB 17,711,566 as of December 31, 2023[17] - The company's short-term borrowings decreased to RMB 34,736,865 as of September 30, 2024, from RMB 41,090,899 as of December 31, 2023[17] - Long-term borrowings as of the end of Q3 2024 were 3.50 billion yuan, a decrease from 7.10 billion yuan at the end of Q3 2023[18] Accounts Payable - Accounts payable increased to RMB 103,821,155 as of September 30, 2024, compared to RMB 75,028,335 as of December 31, 2023[17] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter of 2024 were 0.32 yuan, with diluted earnings per share also at 0.32 yuan[4] - Weighted average return on equity for the third quarter of 2024 was 4.02%, a decrease of 0.87 percentage points year-on-year[4] R&D Expenses - R&D expenses for the first three quarters of 2024 were 7.13 billion yuan, a decrease from 7.82 billion yuan in the same period of 2023[20]

具体内容详见公司于同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 2024 年第三季度报告》。 二、关于修订《富士康工业互联网股份有限公司投资决策委员会组织规章及议事 规则》的议案 证券代码：601138 证券简称：工业富联 公告编号：临 2024-077 号 富士康工业互联网股份有限公司 第三届董事会第十八次会议决议公告 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。 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 10 月 25 日以书面形式发出会议通知，于 2024 年 10 月 30 日在深圳市富士康龙华园区会议室 以现场结合通讯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。会议由郑弘孟董事长主持召开，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《富士康工业互联网股份有限公司 2024 年第三季度 ...

会议审议通过了下列议案： 一、关于《富士康工业互联网股份有限公司 2024 年第三季度报告》的议案 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。 证券代码：601138 证券简称：工业富联 公告编号：临 2024-078 号 富士康工业互联网股份有限公司 第三届监事会第十四次会议决议公告 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。 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 10 月 25 日以书面形式发出会议通知，于 2024 年 10 月 30 日在深圳市富士康龙华园区会议室 以现场结合通讯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。会议由监事会主席张占武主持召开，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。 具体内容详见公司于同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 2024 年第三季度 ...

证券代码：601138 证券简称：工业富联 公告编号：临 2024-076 号 公司于2024年10月25日召开第三届董事会独立董事专门会议第二次会议、第 三届董事会审计委员会第八次会议，审议通过了《富士康工业互联网股份有限公 司关于购买资产暨关联交易的议案》，全体独立董事、全体审计委员会委员一致 同意将该议案提交董事会审议。 富士康工业互联网股份有限公司 关于购买资产暨关联交易的公告 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： 公司于2024年10月25日召开第三届董事会第十七次会议审议通过《富士康工 业互联网股份有限公司关于购买资产暨关联交易的议案》，全体董事一致同意该 议案。 公司与PCEP MX同受鸿海精密控制，根据《上海证券交易所股票上市规则》 第6.3.3条第二款第（二）项的规定，本次资产收购事项构成关联交易，但不构成 《上市公司重大资产重组管理办法》规定的重大资产重组。截至本次关联交易为 止，过去12个月内，公司与上述同一关联人之间的非日常关联交易累计金额未达 到上市公司最近一期经审计净资产绝 ...

证券代码：601138 证券简称：工业富联 公告编号：临 2024-075 号 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 第三届董事会第十七次会议决议公告 具体内容详见公司于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购买资产暨关联交易的公告》（公告编号：2024- 临 076 号）。 特此公告。 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 10 月 18 日以书面形式发出会议通知，于 2024 年 10 月 25 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、关于富士康工业互联网股份有限公司购买资产暨关联交易的议案 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。 本议案已经公司董事 ...