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, and a total net profit of 35.1-35.7 billion yuan for the entire year of 2025 [1] Business Growth - The core business's order scale and value are both increasing, with the GB series products entering mass production and shipment volumes rising quarter by quarter [1] - Optimistic expectations are based on capacity expansion performance and 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 these factors [1] - The company maintains a "buy" rating based on these positive indicators [1]