中银证券：给予工业富联买入评级

Core Viewpoint - Industrial Fulian (601138) has been rated as a "Buy" by Zhongyin International Securities, highlighting its robust growth in cloud computing and diversified business layout [1][5]. Financial Performance - In 2024, Industrial Fulian achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [2]. - For Q1 2025, the company reported a revenue of 160.415 billion yuan, reflecting a year-on-year growth of 35.16% [2]. Business Segments - Cloud Computing: In 2024, the cloud computing segment generated revenue of 319.377 billion yuan, a significant year-on-year increase of 64.37%, accounting for over 50% of total revenue. AI server revenue surged over 150% [3]. - Communication and Mobile Network Equipment: This segment achieved revenue of 287.898 billion yuan in 2024, showing stable growth. The shipment of 5G terminal precision components increased by 10% year-on-year [3]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 756.419 billion yuan, 912.678 billion yuan, and 1,055.289 billion yuan for 2025, 2026, and 2027, respectively [5]. - The net profit forecasts for the same years are 29.366 billion yuan, 35.390 billion yuan, and 40.221 billion yuan, with corresponding P/E ratios of 13.0, 10.8, and 9.5 [5]. Market Sentiment - Over the past 90 days, 12 institutions have rated the stock, with 9 "Buy" ratings and 3 "Hold" ratings, indicating positive market sentiment [10].