第一财经·2025-10-29 13:01Core Viewpoint - The article highlights the strong demand for AI chips, as indicated by NVIDIA's CEO Jensen Huang, leading to a surge in stock prices of NVIDIA-related companies, particularly Industrial Fulian, which reached a market capitalization of 1.6 trillion yuan, a historical high [3]. Financial Performance - Industrial Fulian reported record-high revenue and net profit for Q3 this year, with revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, and net profit of 10.37 billion yuan, up 62.04% [4][5]. - For the first three quarters of the year, the company achieved revenue of 603.93 billion yuan, a 38.4% increase year-on-year, and net profit of 224.87 billion yuan, growing by 48.52% [4][5]. Business Segments - The cloud computing segment saw significant growth, with revenue increasing over 65% year-on-year in the first three quarters, and over 75% in Q3 alone, driven by the demand for AI cabinet products [6]. - Revenue from cloud service providers accounted for 70% of the cloud computing business, with a year-on-year growth exceeding 150%, and GPU AI server revenue from cloud service providers surged over 300% [6]. Market Position and Partnerships - Industrial Fulian has strengthened its market share among major clients, collaborating closely with NVIDIA and other ODM manufacturers [6]. - Morgan Stanley estimates that by 2024, 28% of NVIDIA's HGX/DGX servers will come from Hon Hai and its subsidiary Industrial Fulian, making it the second-largest supplier [6]. Profitability Metrics - Despite strong revenue growth, Industrial Fulian's gross margin remains low compared to AI chip manufacturers, with projected gross margins of 8.1% and 7.3% for 2023 and 2024, respectively [7]. - The gross margin for Industrial Fulian in the first three quarters of this year was 6.76%, showing improvement from the first half but still below the projected margins for the coming years [8]. Industry Outlook - Significant capital expenditure increases are anticipated from major cloud service providers, with total spending projected to rise from $270 billion in 2024 to $443 billion in 2025, and further growth expected in subsequent years [10]. - The server market is expected to reach $380 billion by 2028 and approach $500 billion by 2030, driven by the next phase of AI infrastructure deployment [10].