FII(SH:601138) Quan Jing Wang·2025-11-10 05:34Core Insights - Industrial Fulian's performance and valuation have significantly increased, marking its emergence as a key player in global AI infrastructure, moving beyond its previous identity as an "OEM" [1] Revenue Structure Transformation - The revenue structure of Industrial Fulian has shifted from traditional OEM services to cloud computing, with cloud computing revenue expected to surge by 64.4% in 2024, surpassing 50% of total revenue for the first time [2] - The explosive growth of AI server business has been a driving force behind this transformation, with major clients including Nvidia, Microsoft, and Google [2] - In the first three quarters of 2025, cloud computing revenue grew over 65% year-on-year, with a quarterly growth exceeding 75% [2] Competitive Advantages - Industrial Fulian's competitive edge lies in its global production capacity and technological capabilities, which are difficult for competitors to replicate [3] - The company has established a comprehensive global production network to meet localized demands, ensuring timely order fulfillment [3] - As of mid-2025, the company invested 5.095 billion yuan in R&D, with a patent portfolio of 7,362, including essential liquid cooling technology for AI servers [3] Future Growth Drivers - Industrial Fulian's long-term growth is supported by demand, technology, and policy factors [4] - The global race for AI infrastructure is just beginning, with major cloud providers expected to increase capital expenditures by 40% in 2025, primarily directed towards AI infrastructure [4] - The company is transitioning from selling hardware to providing comprehensive computing solutions, enhancing its profit margins [4] - Global trends in AI development and local government support for AI infrastructure are creating new market opportunities for Industrial Fulian [4] Industry Positioning - Industrial Fulian represents a significant shift in Chinese manufacturing, positioning itself as a foundational player in the AI era, effectively bridging the gap between chip manufacturers and cloud service providers [6] - The company's role as an "invisible infrastructure king" may define its value in the AI landscape more than its market capitalization [6]