Workflow
工业富联(601138):25Q1业绩符合预期,全球各地构建完善产能布局应对市场变化

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [20]. Core Insights - The company reported Q1 2025 revenue of 160.415 billion yuan, a year-over-year increase of 35.16%, and a net profit attributable to shareholders of 5.231 billion yuan, up 24.99% year-over-year, aligning with performance forecasts [1]. - The AI server market is projected to grow significantly, with global market size expected to reach 158.7 billion USD in 2025, benefiting the company as a leading server manufacturer [5]. - The company has established a comprehensive global production capacity, allowing for flexible adjustments to meet market demands and tariff policy changes [5]. Financial Performance - For 2025E, total revenue is projected at 767.554 billion yuan, with a year-over-year growth rate of 26.0% [6]. - The net profit attributable to shareholders is expected to reach 28.234 billion yuan in 2025E, reflecting a growth rate of 21.6% [6]. - The earnings per share (EPS) is forecasted to be 1.42 yuan for 2025E, with a price-to-earnings (P/E) ratio of 13 [6]. Market Position and Strategy - The company is positioned as a leader in the server manufacturing sector, with strong partnerships with major clients like Microsoft, AWS, and NVIDIA, enhancing its competitive edge [5]. - The focus on AI and digital economy trends is driving the company's strategic investments in automation and high-precision manufacturing in various locations across China [5]. - The report emphasizes the importance of the company's new product launches, particularly in the AI server segment, to capitalize on the growing demand for high-performance computing [5].