FII(SH:601138) Zheng Quan Ri Bao Wang·2025-10-29 12:39Core Insights - Industrial Fulian (601138) reported a strong Q3 2025 performance, with revenue reaching 243.17 billion yuan, a year-on-year increase of 42.81%, and net profit surpassing 10 billion yuan for the first time, reaching 10.37 billion yuan, up 62.04% year-on-year [1] - The company's revenue for the first three quarters of 2025 was 603.93 billion yuan, a 38.4% increase year-on-year, with net profit at 22.49 billion yuan, up 48.52% year-on-year, nearing last year's total figures [1] - Following the earnings report, Industrial Fulian's stock price hit a historical high of 81.39 yuan per share during intraday trading, closing at 80.80 yuan, a 9.20% increase [1] Revenue Growth Drivers - The growth in revenue is attributed to the expansion of the AI server market, the large-scale delivery of AI cabinet products for next-generation data centers, and strong demand for AI computing power, leading to an increase in market share among major clients [2] - The cloud computing segment saw significant growth, with revenue increasing over 65% year-on-year in the first three quarters and over 75% year-on-year in Q3 alone [2] - The AI-related business also experienced remarkable growth, with GPU AI server revenue increasing over 300% year-on-year in the first three quarters and over 90% quarter-on-quarter in Q3 [2] Business Segment Performance - In the communication and mobile network equipment sector, the introduction of new AI smart terminal products has driven demand, resulting in a 100% year-on-year increase in switch revenue for Q3, with 800G switches seeing a revenue increase of over 27 times [3] - Industrial Fulian is enhancing its smart manufacturing and digital capabilities, having successfully enabled three clients to be listed as "lighthouse factories" by the World Economic Forum, demonstrating the maturity and feasibility of its solutions [3] Shareholder Returns - Industrial Fulian has introduced a semi-annual dividend plan, proposing a cash dividend of 6.551 billion yuan, which accounts for 54.08% of the company's net profit for the first half of 2025 [3] - The increase in dividend payouts reflects the company's stable profitability and ample cash flow, which is expected to enhance shareholder confidence and attract long-term value investors [4]