高盛：富士康：2024年mputex董事长会议要点服务器强劲增长，非业务也表现良好

Investment Rating - The report maintains a "Buy" rating for Foxconn Industrial Internet (FII) with a 12-month price target of Rmb36.54, indicating an upside potential of 53.6% from the current price of Rmb23.79 [9][10]. Core Insights - FII is optimistic about the demand for AI servers, expecting them to contribute 40% of the company's cloud computing revenues and achieve a 40% global market share in 2024. Revenue growth is anticipated to be driven by the ramp-up of AI servers, improved GPU supply, and the introduction of new liquid cooling AI server solutions [7][9]. - The company is also focusing on networking and general servers, with strong growth expected in 2024 due to increased demand from generative AI applications. FII's 200G and 400G switch shipments are projected to continue strong growth, supported by significant capital expenditure from leading US cloud service providers, which increased by 42% year-over-year [7][9]. - FII is developing platform solutions to enhance generative AI adoption, including initiatives in smart manufacturing, smart cities, and smart cars, with specific projects like CityGPT for Kaohsiung city [7][9]. Summary by Sections AI Servers Outlook - FII expects AI products to contribute 26%, 50%, and 58% to revenues in 2024, 2025, and 2026 respectively, with a strong market demand for AI servers [7][9]. Networking and General Servers - The demand for networking products, particularly 200G and 400G switches, is expected to grow significantly, with new product introductions contributing to revenue in 2024 [7][9]. Generative AI Applications - FII is working on three AI platforms aimed at driving generative AI adoption, including smart manufacturing and smart cities, with specific projects like the CityGPT solution [7][9].