FII(SH:601138) Shang Hai Zheng Quan Bao·2025-11-14 14:07Core Viewpoint - The company, Industrial Fulian, has responded to market rumors regarding potential downgrades in orders and outlook, asserting that current project progress and delivery schedules are normal, and new product development is proceeding smoothly without the need for excessive interpretation of market speculation [2][3]. Group 1: Order and Project Progress - Industrial Fulian confirmed that there has been no official announcement regarding any downgrades in cabinet shipments or performance expectations, and that existing customer project progress and delivery schedules are on track [2]. - The company is actively advancing multiple new products, which are expected to enhance computing density, power efficiency, and system reliability, particularly in power architecture, heat dissipation efficiency, and integration strength [2][3]. Group 2: AI Server Demand and Capacity Expansion - The demand for AI computing power from cloud service providers is reported to be strong, with overall shipment volumes of AI servers expected to exceed previous forecasts due to increased capital expenditures by cloud service providers [3]. - Industrial Fulian is expanding its production capacity to meet the rising order demand from major cloud service provider clients, with many projects already entering the shipping phase [3]. Group 3: Business Performance and Financial Outlook - In the third quarter of 2025, Industrial Fulian achieved revenue of 603.93 billion yuan, a year-on-year increase of 38.40%, and a net profit attributable to shareholders of 22.49 billion yuan, reflecting a growth of 48.52% [5]. - The company has implemented a mid-term dividend for the first time this year, distributing approximately 6.55 billion yuan, which represents 54.08% of the company's net profit for the first half of 2025, signaling a commitment to enhancing shareholder returns [4]. Group 4: Stock Performance and Market Position - As of November 14, 2025, Industrial Fulian's stock price was 64.27 yuan per share, with a total market capitalization exceeding 1.2 trillion yuan [6]. - The company maintains a positive outlook on its stock price, emphasizing that it will align with the fundamentals of its business, which have shown substantial progress across various product lines [4].