FII(SH:601138) Cai Fu Zai Xian·2025-08-29 04:50Core Viewpoint - Industrial Fulian has rapidly entered the "trillion club" within four months, becoming a leading player in the AI sector, showcasing a significant transformation from a low-profile company to a market leader driven by AI demand [1]. Phase Summaries Phase 1: Dormant Period - The Low-Key Progress of "Electronic King" - Since its listing in 2018, Industrial Fulian has maintained a stable performance but was undervalued with a price-to-earnings ratio around 10 times, reflecting its status as a mature manufacturing entity [2]. - By early 2023, the company held a 40% share of the global server ODM market, which went largely unnoticed by the market [2]. Phase 2: Explosive Period - AI Catalyzing Value Reassessment - The AI wave initiated by ChatGPT in early 2023 led to unprecedented global attention on computing power, positioning Industrial Fulian as a key partner of Nvidia [3]. - The revenue share from the cloud computing segment increased from 40% to 50% between 2022 and 2024, pushing overall revenue past 600 billion, marking a critical step in valuation reformation [3]. Phase 3: Ascension Period - The Graceful Dance of the Giant - From April 2025 onwards, Industrial Fulian experienced a "highlight moment" with significant improvements in product delivery and performance metrics for its GB200 product line [4]. - The compound annual growth rate (CAGR) for revenue from H1 2023 to H1 2025 is projected at 32%, while net profit CAGR is expected to reach 31%, demonstrating the company's strong profitability amid its AI transition [4]. - The synergy between product delivery and mid-year performance has propelled the company's market value towards the trillion mark, solidifying its status as a leader in the AI sector [4].