FII(SH:601138) Shang Hai Zheng Quan Bao·2025-11-24 07:36Core Viewpoint - Industrial Fulian's stock price has experienced a significant decline, reaching a low of 54.6 CNY per share, with a total market value of 1.1 trillion CNY, amid rumors regarding its AI server cabinet shipments and profit margins [2][6]. Group 1: Stock Performance - As of November 24, Industrial Fulian's stock closed at 55.94 CNY per share, down 7.80%, with a trading volume of 18.724 billion CNY, marking a cumulative decline of over 15% in the past two trading days [2]. - The stock price has hit a new low in nearly two months, reflecting investor concerns [2]. Group 2: Market Rumors and Company Response - Recent rumors suggest a downward revision in the shipment volume of AI server cabinets to 80,000 units and a decline in profit per cabinet due to cloud service providers and Nvidia reclaiming more profitable segments of the server supply chain [6]. - Industrial Fulian has not officially responded to these rumors, maintaining that project progress and delivery schedules are normal [6][7]. Group 3: Business Performance and Outlook - In the third quarter, Industrial Fulian reported record-high revenue of 243.172 billion CNY, a year-on-year increase of 42.81%, and a net profit of 10.373 billion CNY, up 62.04% [7]. - For the first three quarters of 2025, the company achieved revenue of 603.931 billion CNY, a 38.4% increase, and a net profit of 22.487 billion CNY, up 48.52%, nearing last year's total [9]. - The company anticipates continued growth in AI server shipments due to increased capital expenditures from major cloud service providers, with expectations for improved gross margins in the fourth quarter driven by cost reductions and yield improvements [9][10]. Group 4: Product Development and Future Projections - Industrial Fulian is advancing multiple new products that enhance computing density, power efficiency, and system reliability, which are expected to drive growth in high-end AI server deliveries [7]. - The company expects the 800G product line to be a key driver of revenue in 2026, with significant growth anticipated in the switch business, which saw a 100% year-on-year increase in the third quarter [9][10].