东方证券：维持工业富联“买入”评级，目标价82.94元

Core Viewpoint - Industrial Fulian's net profit attributable to shareholders for the first three quarters of 2025 reached 22.49 billion yuan, representing a year-on-year increase of 49% [1] - In Q3 2025, the net profit attributable to shareholders was 10.37 billion yuan, showing a year-on-year growth of 62% and a quarter-on-quarter increase of 51%, with both revenue and profit hitting a historical high for the company in a single quarter [1] Financial Performance - The company's AI server business has shown significant growth, driven by the demand for enhanced performance in AI servers [1] - The demand for communication and mobile network equipment has been boosted by AI, with strong growth observed in 800G switches [1] Market Outlook - Some investors have shown insufficient attention to the company's communication and mobile network equipment business, which is expected to continue benefiting from AI demand [1] - The company is valued using a comparable company PE of 29 times for 2026, leading to a target price of 82.94 yuan, with a maintained "buy" rating [1]