FII(SH:601138) Cai Fu Zai Xian·2025-06-18 01:57Group 1 - The AI server industry is entering a high prosperity period, with a projected global shipment growth of 24.5% this year [1] - Industrial Fulian is becoming a core beneficiary of this high prosperity due to its technological accumulation and customer advantages [1] - Nvidia dominates the global AI server chip market, expected to hold about 70% market share this year [1] Group 2 - Industrial Fulian is a key partner in Nvidia's AI industry chain and serves as a core supplier for cloud vendors [1] - The company has established a central position in AI server supply, covering various forms such as GPU modules, boards, and servers [1] - The GB200 cabinet-level product series is currently in mass production, with Industrial Fulian involved in the entire manufacturing process from boards to complete machines [1] Group 3 - In Q1, Industrial Fulian achieved revenue of 160.415 billion yuan, a year-on-year increase of 35.16%, and a net profit of 5.231 billion yuan, up 24.99% year-on-year [1] - Revenue from AI servers and general servers both grew over 50% year-on-year, indicating strong demand for AI [1] - The acceleration of GB200 and other AI server products is expected to sustain high growth in cloud computing business revenue and overall performance [1] Group 4 - Industrial Fulian has a solid performance foundation, strong technical capabilities, and a keen grasp of market opportunities, indicating a broad development prospect [2] - The company is likely to stand out in future market competition and achieve sustained and stable performance growth [2]