FII(SH:601138) Huan Qiu Lao Hu Cai Jing·2025-08-13 09:51Core Viewpoint - The performance of industrial computing hardware stocks, particularly Industrial Fulian, has been strong, driven by significant growth in AI-related business and a substantial increase in revenue and net profit [1][2] Group 1: Company Performance - Industrial Fulian's stock price reached a historical high of 43.68 yuan, with a market capitalization of 867.5 billion yuan [1] - The company's stock has increased by 182.9% since April 9, when it was at 14.58 yuan [1] - For the first half of the year, Industrial Fulian reported revenue of 360.76 billion yuan, a year-on-year increase of 35.6%, and a net profit of 12.113 billion yuan, up 38.6% [1] - In Q2, the company achieved revenue exceeding 200 billion yuan for the first time, reaching 200.345 billion yuan, with a year-on-year growth of 35.9%, and a net profit of 6.886 billion yuan, up 51.1% [1] Group 2: Business Segments - The cloud computing business experienced rapid growth, with overall server revenue increasing by over 50%, and AI server revenue growing by over 60% [1][2] - The revenue from 800G switches in Q2 was three times that of the entire year of 2024, indicating strong demand [2] - The precision components business saw a 17% year-on-year increase in shipment volume, with future growth expected from high-end smartphones and AI devices [2] Group 3: Market Demand and Contracts - Major cloud service providers like Amazon, Microsoft, Google, and Meta are increasing capital expenditures on AI cloud infrastructure, which will drive demand for high-end AI servers [2] - Industrial Fulian's contract liabilities rose from 350 million yuan at the end of last year to 2.008 billion yuan by the end of June this year, reflecting strong market demand [2] Group 4: Analyst Ratings and Dividends - Multiple brokerages have issued reports rating Industrial Fulian as "buy" or "increase holdings," citing strong performance expectations and its leading position in AI computing [2] - The company plans to increase its dividend for 2024, proposing a cash dividend of 6.4 yuan per 10 shares, totaling 12.704 billion yuan, with a dividend rate of 54.72% [2] - Since its listing in 2018, Industrial Fulian has distributed a total of 56.544 billion yuan in dividends, with over 10 billion yuan in dividends for three consecutive years [2]