FII(SH:601138) Quan Jing Wang·2025-09-23 02:38Core Viewpoint - The surge in Industrial Fulian's market value to 1.4 trillion yuan, with a year-to-date increase of over 240%, is driven by three major positive factors: the booming AI wave, strong sales of Apple's new products, and Oracle's upgraded performance forecasts [1] Group 1: Positive Factors - Apple's new iPhone 17 series has seen explosive sales, with standard version sales increasing eightfold and Pro series sales tripling, leading to a significant boost for Industrial Fulian as a key supplier in Apple's supply chain [3] - Oracle's latest financial report shows a revenue of $57.399 billion for fiscal year 2025, a year-on-year increase of 8%, with a notable growth in its software and cloud business, which aligns closely with Industrial Fulian's product offerings [4] - Industrial Fulian has established a strong partnership with NVIDIA, becoming the only manufacturer in China capable of mass-producing a full range of AI servers, capturing over 60% of the server manufacturing market in China [5] Group 2: Company Performance - Industrial Fulian has shown steady growth since its establishment in 2015, achieving a revenue of 360.76 billion yuan and a net profit of 12.113 billion yuan in the first half of 2025, marking a year-on-year increase of 35.58% and 38.61% respectively [7] - The company's business structure is robust, with significant contributions from its cloud computing segment, which is expected to exceed half of its total revenue in 2024, and AI servers showing a growth rate of over 60% [8] - Continuous investment in R&D and a well-structured supply chain are key to maintaining Industrial Fulian's competitive edge, with annual R&D spending exceeding 10 billion yuan from 2020 to 2024 [9] Group 3: Market Outlook - The AI server market is projected to reach $45 billion by 2025, with a year-on-year growth of 42%, indicating that the AI sector is still in a rapid expansion phase, providing ample growth opportunities for Industrial Fulian [5] - The combination of external partnerships with major companies like Apple, Oracle, and NVIDIA, along with internal strategic initiatives, positions Industrial Fulian favorably in the capital market [10]