国海证券：工业富联GB200量产爬坡，出货量逐季攀升，维持“买入”评级

Core Viewpoint - The report from Guohai Securities indicates that Industrial Fulian's mid-year performance exceeded the median forecast, with the GB200 series entering mass production. The company anticipates significant growth in capital expenditures from the four major cloud service providers in North America by 2025, with a notable increase in AI cloud infrastructure investments driving demand for high-end AI servers [1]. Group 1: Company Performance - Industrial Fulian's mid-year performance surpassed the median forecast [1] - The GB200 series products are entering mass production, with improving yield rates and increasing shipment volumes [1] Group 2: Market Outlook - The company expects a rapid increase in capital expenditures from North America's four major cloud service providers by 2025 [1] - AI cloud infrastructure investments are projected to significantly increase, leading to a surge in demand for high-end AI servers [1] Group 3: Strategic Focus - The company is enhancing its supply chain resilience and deepening strategic collaborations with top technology firms in North America and Asia-Pacific [1] - Future focus will remain on AI development, expanding cooperation with sovereign entities, cloud service providers, and enterprises [1] - The company aims to seize opportunities in emerging fields such as AI and robotics while continuously strengthening product innovation capabilities [1] Group 4: Industry Position - Industrial Fulian is positioned as a global leader in cloud computing and communication network products and services, benefiting from the growing demand for global AI computing power [1] - The core business order scale and value are both experiencing significant growth [1]