【私募调研记录】瞰道资产调研工业富联、闻泰科技

Group 1: Industrial Fulian - Industrial Fulian anticipates continued investment in data centers and computing power by cloud service providers over the next 3-5 years, with capital expenditures from Chinese and American cloud vendors expected to grow [1] - The company is confident in securing more orders due to its advantages in R&D, manufacturing, and vertical integration, with a positive outlook for Q2 server revenue and significant growth in annual cloud server revenue [1] - The production bottleneck has been resolved, leading to a stable order for GB200 and continuous growth in shipment volume, while GB300 features enhancements in modular architecture and liquid cooling capabilities [1] - The company maintains a global presence in over ten countries, with mainland China as the primary investment area, and plans to uphold high dividend levels while enhancing market value management [1] Group 2: Wentai Technology - Wentai Technology announced a major asset restructuring on January 24, 2025, involving the transfer of subsidiary equity and business assets for a total transaction price of approximately 4.389 billion yuan, with about 3.7 billion yuan already paid by the counterparty [2] - The company reported a year-on-year increase in industrial revenue across global regions in Q1, with healthy inventory levels and a sustained recovery trend [2] - Automotive sector revenue accounts for over 60% of total revenue, with rapid growth in the Chinese market, and healthy consumer inventory levels, expecting a peak season in Q2 and Q3 [2] - The company has launched multiple third-generation semiconductor and analog products, with GaN and SiC products already in mass production across various fields, and plans to exceed 200 part numbers for analog chips [2] - The order situation for Q2 is favorable, with growth drivers for the second half of the year including product structure optimization, positive industry trends, inventory cycle recovery, and domestic substitution processes [2]