鸿海25年12月业绩点评：单月和季度营收创历史新高，AI机柜出货持续放量

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that Hon Hai achieved record monthly and quarterly revenues, with December 2025 revenue reaching 862.9 billion New Taiwan Dollars (NTD), a year-over-year increase of 31.77% and a month-over-month increase of 2.20% (in USD, YoY +36.4%, MoM +1.1%) [2] - For Q4 2025, Hon Hai reported revenue of 2.6 trillion NTD, marking a year-over-year increase of 22.07% and a quarter-over-quarter increase of 26.51% (in USD, YoY +26.4%, QoQ +23.6%) [2] - The total revenue for 2025 reached 8.1 trillion NTD, representing an 18.07% year-over-year growth (in USD, YoY +20.8%) [2] - The growth in AI cloud products is driving overall business growth, with strong performance across cloud network products, computer terminal products, and components in Q4 2025, particularly benefiting from robust demand for AI servers [2] - AI cabinet shipments are expected to continue increasing in Q1 2026, despite the traditional off-season for ICT products, with expectations of high revenue levels due to the high base from Q4 2025 [2] - The investment suggestion emphasizes the significant growth of the subsidiary, Industrial Fulian, in the AI server business, which is becoming a major growth driver for the group [2] Summary by Sections Revenue Performance - December 2025 revenue reached 862.9 billion NTD, marking a historical high [2] - Q4 2025 revenue was 2.6 trillion NTD, also a historical high [2] - Full-year revenue for 2025 was 8.1 trillion NTD, the highest in history [2] AI Product Growth - AI cloud products are experiencing strong growth, significantly contributing to overall business performance [2] - AI cabinet shipments increased by 300% quarter-over-quarter in Q3 2025, with expectations for continued high double-digit growth in Q4 [2] Future Outlook - Q1 2026 is expected to see continued growth in AI cabinet shipments, with revenue anticipated to be at the upper end of the past five years' range [2] - Industrial Fulian's cloud computing business saw over 75% year-over-year growth in Q3 2025, driven by AI cabinet product deliveries and sustained demand for AI computing power [2]