研报掘金丨国海证券：维持工业富联“买入”评级，行业高景气度持续

Core Viewpoint - The report from Guohai Securities indicates that Industrial Fulian's Q4 2025 performance meets expectations, with sustained high industry prosperity [1] Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 12.6-13.2 billion yuan in Q4 2025, representing a year-on-year increase of 56%-63% and a quarter-on-quarter increase of 21%-27% [1] - For the entire year of 2025, the projected net profit attributable to shareholders is 35.1-35.7 billion yuan, reflecting a year-on-year growth of 51%-54% [1] Business Growth - The core business's order scale and value are both experiencing significant growth, with the GB series products entering mass production and shipment volumes increasing quarterly [1] - Optimistic expectations are based on capacity expansion performance and the company's continuous market share growth, alongside leading CSPs increasing capital expenditures [1] Future Outlook - The certainty of performance growth for 2026-2027 is further enhanced due to the aforementioned factors [1] - The company maintains a "Buy" rating based on these positive indicators [1]