FII(SH:601138) Feng Huang Wang·2025-11-14 12:20Core Viewpoint - Industrial Fulian has addressed rumors regarding a reduction in cabinet shipments and performance expectations, stating that current customer project progress and delivery schedules are normal, with no official announcements made regarding order adjustments [1] Group 1: Financial Performance - In Q3 2025, Industrial Fulian reported revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.37 billion yuan, marking a 62.04% increase, both achieving historical highs for a single quarter [2] - For the first three quarters of 2025, the company achieved revenue of 603.93 billion yuan, a year-on-year growth of 38.4%, and a net profit of 22.49 billion yuan, up 48.52%, nearing last year's total [2] Group 2: Business Growth Drivers - The growth in performance is attributed to the expanding AI server market, 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 business saw revenue growth exceeding 65% year-on-year in the first three quarters of 2025, with Q3 alone showing over 75% growth [3] Group 3: AI Demand and Market Outlook - Industrial Fulian noted strong customer demand for AI computing power, with global capital expenditure from major cloud service providers expected to grow by 65% in 2025, reaching over 600 billion USD in 2026, indicating long-term growth potential for AI infrastructure [4] - The company has successfully covered major cloud service providers, with overall order demand continuing to rise [4] Group 4: Product Development and Efficiency - The GB200 product is being shipped smoothly, and the GB300 achieved mass production in Q3, with rising yield and testing efficiency [4] - The company anticipates that decreasing unit costs and improving yield will positively support gross margins in Q4, maintaining confidence in delivery efficiency [4] Group 5: Stock Performance - As of November 14, Industrial Fulian's stock price has increased by 204.79% year-to-date, although it experienced a decline of 5.47% to 64.27 yuan per share, with a total market capitalization of 1.28 trillion yuan [3][5]