FII(SH:601138) 硬AI·2025-09-19 14:51Core Viewpoint - The article highlights that Goldman Sachs is optimistic about Industrial Fulian's (Hon Hai Precision Industry Co., Ltd.) future profitability, driven by multiple factors including AI server market share growth, modular AI data center construction, network equipment upgrades, and a new smartphone product cycle [2][3][4]. Group 1: Key Growth Drivers - AI server market share growth is expected to enhance Industrial Fulian's competitive advantages in the AI infrastructure market, with strong R&D capabilities and early product launches [8][9]. - The partnership between Hon Hai and Eastern Electric will accelerate AI data center deployments, supporting the growth of AI server shipments [12]. - The network equipment business is entering an upgrade cycle, with increased demand for high-speed connections leading to significant growth in shipment volumes [13]. - The smartphone market is entering a strong release season, which will provide additional support for the company's performance, creating synergies with the AI server business [14]. Group 2: Profit Forecast Adjustments - Goldman Sachs has raised its net profit forecasts for Industrial Fulian for 2025-2027 by 3%/3%/4%, reaching RMB 33.632 billion, RMB 52.161 billion, and RMB 66.240 billion respectively, significantly exceeding market expectations [16]. - The operating profit margin is expected to improve from 4.2% in 2025 to 4.3% in 2027, while the operating expense ratio is projected to decrease from 1.9% in 2025 to 1.2% in 2027 [16][17]. - Revenue forecasts for 2025 and 2026 are also raised, with expected revenues of RMB 945.957 billion and RMB 1,432.428 billion, respectively, surpassing Bloomberg consensus estimates by 8% and 17% [17]. Group 3: Valuation Methodology - Goldman Sachs has adjusted the target price for Industrial Fulian to RMB 77.2, reflecting a 13% increase, with a target price-to-earnings ratio raised from 26.9 to 29.4 [20][21]. - This adjustment is based on a re-evaluation of the AI server supply chain and strong fundamentals driven by the anticipated growth in AI server shipments [20].