FII(SH:601138) Quan Jing Wang·2025-10-30 02:29Core Insights - The article highlights the significant growth of Industrial Fulian, particularly in the AI sector, positioning the company as a "pick-and-shovel" provider in the booming AI industry [1][2]. Group 1: Financial Performance - In Q3, Industrial Fulian reported a revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit of 10.37 billion yuan, marking a 62.04% increase, both achieving historical highs for the company [1]. - For the first three quarters of 2025, the company achieved a revenue of 603.93 billion yuan and a net profit of 22.49 billion yuan, nearing the total figures for the previous year, indicating robust and explosive business growth [1]. Group 2: Industry Support and Growth Drivers - NVIDIA's GTC conference revealed that NVIDIA expects to ship 20 million Blackwell chips, five times the previous generation's output, and anticipates combined sales of $500 billion from Blackwell and the upcoming Rubin chips over five quarters, indicating a sustained growth trajectory for the AI computing industry [1]. - Morgan Stanley's report suggests that global cloud capital expenditures are projected to reach $445 billion in 2025, a 56% year-on-year increase, providing a solid foundation for the growth of Industrial Fulian's AI server business [2]. Group 3: Strategic Positioning and Valuation - Industrial Fulian is enhancing its global capacity to meet the increasing AI orders while focusing on local operations and talent development, which supports its strategy of deepening its presence in mainland China and expanding globally [2]. - The company's valuation logic is undergoing a transformation, shifting from a traditional consumer electronics manufacturer to a core supplier of global AI computing infrastructure, with AI server revenue surpassing 40% of total revenue, indicating a significant revaluation potential in the market [3].