【私募调研记录】重阳投资调研工业富联

Group 1 - The core viewpoint is that Industrial Fulian anticipates continued growth in capital expenditure from cloud service providers in the next 3-5 years, particularly in data center and computing power construction [1] - The company is confident in securing more orders due to its advantages in R&D, manufacturing, and vertical integration [1] - Q2 server revenue is expected to show positive growth, with significant annual growth in cloud server revenue [1] Group 2 - The GB200 order is stable, production bottlenecks have been resolved, and shipment volumes are expected to continue increasing [1] - The GB300 model features enhanced performance, a reinforced modular architecture, and improved liquid cooling capabilities [1] - The company maintains a global presence in over ten countries, with mainland China as the primary investment area [1] Group 3 - Industrial Fulian plans to continue high-level dividends and strengthen market value management [1]