Ge Long Hui·2025-08-01 01:07Core Viewpoint - The AI industry chain is becoming a significant profit generator, with major tech companies competing fiercely in this space, leading to a surge in stock prices, particularly in the A-share market. Group 1: Stock Performance - Industrial Fulian, a leading AI server manufacturer, saw its stock price hit a historical high, with a market capitalization exceeding 700 billion yuan [2] - The company's market value recently crossed 600 billion yuan just two days prior, and it was around 200 billion yuan at the beginning of 2023 [3] - The stock has experienced a remarkable increase of over 117% in the last three months and nearly 70% year-to-date [5] Group 2: Financial Performance - Industrial Fulian is expected to report a net profit of 11.96 billion to 12.16 billion yuan for the first half of the year, representing a year-on-year increase of 36.84% to 39.12% [8] - For the second quarter, the anticipated net profit is between 6.73 billion and 6.93 billion yuan, reflecting a year-on-year growth of 47.72% to 52.11%, marking a historical high for the period [9] - The significant growth in earnings is primarily driven by the explosion of AI-related business [10] Group 3: Business Segments - The cloud computing segment is expected to see revenue growth of over 50% year-on-year, with AI server revenue increasing by over 60% and revenue from cloud service provider servers growing by more than 150% [11] - In the high-speed switch segment, revenue from 800G switches in the second quarter reached three times the total for the entire year of 2024, driven by rising AI demand [12] Group 4: Market Dynamics - Global cloud giants are continuously investing in AI infrastructure, with Industrial Fulian serving major clients like Microsoft, Amazon, and Google, and being a core foundry for NVIDIA's AI servers [15] - Following a security risk issue with NVIDIA's H20 chip, there was a temporary decline in Industrial Fulian's stock price [17] - The market is seeing increased expectations for domestic chip replacements, positively impacting semiconductor stocks [19] Group 5: Industry Outlook - Analysts suggest that the domestic advanced process technology is evolving, and AI chips are likely to shift towards domestic wafer foundries, creating significant opportunities for core assets in the AI era [20] - The A-share computing power industry chain is viewed as a rare growth sector, with expectations that the ongoing commercialization of AI will enhance its valuation framework [20]