Core Viewpoint - The company reported a significant revenue growth in June, achieving 2.89 billion yuan, a year-on-year increase of 36.4% and a month-on-month increase of 11.2% [1] Group 1: Revenue Performance - The company’s Q2 revenue reached 8.29 billion yuan, reflecting a year-on-year growth of 28.7% and a month-on-month growth of 2.5%, slightly exceeding market expectations due to new product launches and preemptive inventory buildup by major clients in response to tariff uncertainties [1] - The rapid growth in revenue is attributed to the release of new products and the proactive inventory strategies of large clients, which have positively impacted the company's production capacity utilization [1] Group 2: AI Strategy and Investment - The company plans to increase its capital expenditure in AI, focusing on expanding its capabilities in the overseas computing power sector, with significant investments in both domestic and international production bases [2] - The company is accelerating the certification and prototyping processes for mainstream AI server terminal manufacturers, anticipating a continuous release of AI-PCB production capacity in the second half of the year [2] - The company has a strong technological foundation in the AI-PCB sector, with advancements in high-speed mixed-layer thick boards and power chip embedding, among others, to meet the demand for high-performance GPUs, CPUs, and NPUs [2] Group 3: Long-term Growth Outlook - The company believes that the hardware innovation from Client A, combined with the AI cloud management and terminal integration, will drive a three-year upward cycle from 2025 to 2027 [3] - Innovations in wearable products such as AI-iPhones, foldable devices, robots, and AI glasses are expected to lead to advancements in design concepts and technologies, further enhancing the demand for AI-driven terminals [3] - The company’s traditional business is anticipated to experience new growth driven by the AI transformation of major clients, with expansions in AI servers, automotive applications, and low-orbit satellites providing long-term growth momentum [3]

Core Viewpoint - The company is expected to achieve significant growth in net profit for the first half of 2025, driven by strong performance in AI server sales and cloud computing services [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders of 11.958 to 12.158 billion yuan for H1 2025, representing a year-on-year increase of 36.84% to 39.12%, with a median estimate of 12.058 billion yuan [1]. - For Q2 2025, the expected net profit is between 6.727 to 6.927 billion yuan, reflecting a year-on-year growth of 47.72% to 52.11%, with a median of 6.827 billion yuan [1]. Business Growth Drivers - The AI server segment is a key growth driver, with revenue from AI servers increasing by over 60% year-on-year, and revenue from cloud service provider servers growing by more than 150% [2]. - The company maintains a leading market share in core products for major clients, with significant growth in shipments of advanced AI computing products [2][3]. Market Trends - The global AI server market is projected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, indicating a robust demand for AI computing infrastructure [3]. - The company has established partnerships with major players like Microsoft, AWS, and NVIDIA, enhancing its competitive position in the AI server market [3]. Investment Outlook - The company is well-positioned to benefit from the ongoing digital infrastructure development, with revised net profit forecasts for 2025-2027 increased to 30.035 billion, 36.082 billion, and 42.961 billion yuan respectively [4]. - The company maintains a "strong buy" rating, reflecting confidence in its growth prospects amid the AI wave [4].

Core Viewpoint - FII, a subsidiary of Hon Hai Group, anticipates a significant increase in net profit for the second quarter and the first half of 2025, driven by strong demand for AI servers and a surge in shipments [1][2] Group 1: Financial Performance - FII projects a net profit of RMB 119.58 billion to RMB 121.58 billion (approximately NT$ 487.64 billion to NT$ 495.80 billion) for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [1] - The estimated net profit for the second quarter is expected to reach RMB 67.27 billion to RMB 69.27 billion (approximately NT$ 274.32 billion to NT$ 282.48 billion), marking a year-on-year growth of 47.72% to 52.11% [1] Group 2: Business Drivers - The substantial growth in performance is primarily attributed to the explosion of AI-related business, with cloud computing revenue increasing by over 50% year-on-year in the second quarter [2] - AI server revenue has surged by over 60% year-on-year, while revenue from cloud service provider (CSP) servers has more than doubled [2] - FII maintains a leading market share in core products among major clients, with significant growth in shipments of advanced AI computing GPU modules and GPU computing boards [2] Group 3: Strategic Focus - The company is focusing on the integration of smart manufacturing and AI, increasing investment in core product R&D to drive steady growth in its communications and mobile network equipment business [2]

Summary of Conference Call on Hong Kong Consumer Electronics Sector Companies and Industry Involved - **Companies**: Sunny Optical Technology, AAC Technologies, GoerTek, Q Technology, BYD Electronics - **Industry**: Hong Kong Consumer Electronics Sector Key Points and Arguments Market Sentiment and Tariff Impact - The potential re-imposition of tariffs by the U.S. on China could negatively affect market sentiment and valuations of consumer electronics companies [2][4] - Southeast Asian countries must meet a local value-added requirement of over 30% to enjoy lower tariffs, which may lead to increased costs for upstream supply chain companies [2] Sunny Optical Technology - Expected net profit for 2025 is projected at 3.8 billion RMB, with a year-on-year growth of over 30%, corresponding to an 18x P/E ratio [1][4] - Anticipated average selling price (ASP) for camera modules and lenses to increase by over 20% in the first half of the year, with a gross margin expected to reach 9% [5] - The company is optimistic about the demand for high optical specifications in domestic Android smartphones, with no immediate signs of weak demand for high-end models [6][10] AAC Technologies - Projected net profit for the first half of 2025 is 830 million RMB, with a year-on-year growth of over 50% [11] - Full-year net profit is expected to be between 2.4 billion to 2.5 billion RMB, with a growth rate of over 30% [11] GoerTek - The stock price has risen significantly due to easing tariff pressures and a rebound in Apple’s stock price [15] - Expected revenue for 2025 is 3.5 billion USD, with a net profit of approximately 170 million USD, corresponding to an 18x P/E ratio [15] Q Technology - Anticipated net profit growth of over 150% in 2025, with full-year profits expected to exceed 700 million RMB [17] - The company is benefiting from optical specification upgrades and improvements in fingerprint recognition module profitability [18] BYD Electronics - Expected net profit for 2025 is projected at 5 billion RMB, with a year-on-year growth of about 19% [20] - The automotive business is expected to contribute significantly, with stable growth and a good performance from the metal casing business post-acquisition of Jabil [20][22] Overall Industry Outlook - The consumer electronics sector in Hong Kong has shown slight recovery, with expectations of further valuation improvements as tariff issues evolve [2][32] - Companies with strong performance and high earnings elasticity, such as Sunny Optical and AAC Technologies, are recommended for investment focus [32] Additional Insights - The automotive lens market is expected to grow significantly, with Sunny Optical aiming for a 20-25% increase in shipments [9] - The AI and AR glasses market is seen as a potential growth area for Sunny Optical, although short-term contributions may be limited [30][31] Valuation Context - Current valuations for Hong Kong consumer electronics companies range from 10x to 20x P/E, with potential for further recovery depending on actual performance and market conditions [32]

证券代码：002475 证券简称：立讯精密 公告编号：2025-088 债券代码：128136 债券简称：立讯转债 立讯精密工业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 立讯精密工业股份有限公司（以下简称"公司"）2024年度利润分配方案（以下 简称"分配方案"）已获公司于2025年5月22日召开的2024年年度股东会审议通过， 现将权益分派事宜公告如下： 一、股东会审议通过利润分配方案情况 基数，向全体股东每10股派发现金股利人民币2元（含税），共计派发现金股利人民币 如在本公告披露之日起至实施权益分派股权登记日期间，因回购股份、股权激励 对象行权、重大资产重组股份回购注销等致使公司总股本发生变动的，公司将按照分 配总额不变的原则，相应调整每股分配比例。 划自主行权、可转换公司债券转股，共新增股本4,619,962股，公司总股本由预案披 露时的7,247,395,805股增至7,252,015,767股。按照分配总额不变的原则，公司2024 年度利润分配方案调整为：以公司现有股本7,252,015,767股为基数，向全体股东每 剩余未分配 ...

Core Viewpoint - The company, Foxconn Industrial Internet Co., Ltd., anticipates significant growth in net profit for the second quarter and first half of 2025, driven by strong performance in its cloud computing and AI-related businesses [1][2]. Financial Performance Forecast - For Q2 2025, the company expects net profit attributable to shareholders to be between 6,727,420 thousand yuan and 6,927,420 thousand yuan, representing a year-on-year increase of 47.72% to 52.11% [1]. - For the first half of 2025, the expected net profit is between 11,958,195 thousand yuan and 12,158,195 thousand yuan, an increase of 36.84% to 39.12% compared to the same period last year [1]. - The forecasted net profit excluding non-recurring gains and losses for Q2 2025 is between 6,694,420 thousand yuan and 6,894,420 thousand yuan, reflecting a year-on-year increase of 57.10% to 61.80% [2]. - For the first half of 2025, the expected net profit excluding non-recurring gains and losses is between 11,597,239 thousand yuan and 11,797,239 thousand yuan, an increase of 35.91% to 38.25% compared to the previous year [2]. Previous Year Performance - In the same period last year, the total profit was 9,659,140 thousand yuan, with a net profit attributable to shareholders of 8,739,098 thousand yuan [2]. - The net profit excluding non-recurring gains and losses for the previous year was 8,533,233 thousand yuan, with earnings per share of 0.44 yuan [2]. Reasons for Profit Increase - The company's cloud computing business experienced rapid growth in Q2, with overall revenue from this segment increasing by over 50% year-on-year [2]. - Demand for AI data center Hyper-scale AI cabinet products has surged, with AI server revenue growing by over 60% compared to the previous year [2]. - Revenue from servers for cloud service providers increased by more than 1.5 times year-on-year [2]. - The company maintains a leading market share in core products among major clients, with significant growth in shipments of advanced AI computing GPU modules and boards [2]. - The company benefits from a well-established production capacity and strong supply chain advantages, leading to increased market share and deepening customer relationships [2]. Business Segment Performance - In the communications and mobile network equipment sector, the company is focusing on the integration of smart manufacturing and AI, investing in core product R&D to achieve steady growth [3]. - The precision components business has also seen stable growth due to strong sales of high-end and affordable AI models from major clients [3]. - In the high-speed switch segment, driven by increasing AI demand, the revenue from 800G switches in Q2 reached three times the total revenue for the entire year of 2024 [3].

近期，A股进入半年报预告披露窗口期，市场对英伟达产业链的关注度明显提升。 今日，工业富联微涨0.71%，最新报23.98元/股，总市值为4762亿元。 上周四，工业富联股价当日涨停，成交额明显放大，随后周五继续放量大涨2.28%，盘中最高报24.35元/股，创下年内新高。 自4月9日以来，工业富联股价累计反弹超55%，年内累计涨幅仅超11%。 Q2净利预增约50% 今日盘后，工业富联发布公告，预计今年二季度实现归母净利润67.27亿元-69.27亿元，同比增长47.72%-52.11%；扣非净利润为66.94亿元-68.94亿元，同比 增长57.1%-61.8%。 今年上半年预计实现归母净利润为119.58亿元-121.58亿元，同比增长36.84%-39.12%；扣非净利润为115.97亿元-117.97亿元，同比增长35.91%-38.25%。 工业富联的这份业绩预告非常亮眼，二季度净利润的增速创下2021年二季度以来新高。 此外，工业富联还透露，公司云计算业务在二季度实现高速增长，整体板块营收同比增长超过50%。 工业富联的AI产品量产加速爬坡，客户对AI数据中心Hyper-scale AI机柜产品需求 ...

Core Insights - The company reported a significant growth in its cloud computing business, with overall segment revenue increasing by over 50% year-on-year in Q2 [1] - The company expects a net profit attributable to shareholders of 11.958 billion to 12.158 billion yuan for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [1] - In Q2, the net profit attributable to shareholders is projected to be between 6.727 billion and 6.927 billion yuan, marking a year-on-year increase of 47.72% to 52.11%, setting a historical high for the same period [1] Cloud Computing Business - The cloud computing segment experienced rapid growth, with AI server revenue increasing by over 60% year-on-year [1] - Revenue from servers for cloud service providers surged by more than 1.5 times compared to the same period last year [1] - The company maintained a leading market share in core products for major clients, with significant growth in shipments of advanced AI computing GPU modules and GPU computing boards in Q2 [1] Telecommunications and Mobile Network Equipment - The company is focusing on the integration of smart manufacturing and AI, leveraging cutting-edge technology research and development to drive steady growth in this business segment [1] - The precision components business also saw stable growth due to strong sales of high-end and affordable AI models from major clients [2] High-Speed Switches - Driven by the increasing demand for AI, the product structure of high-speed switches has continuously improved, with Q2 revenue from 800G switches reaching three times the total revenue for the entire year of 2024 [2] Stock Performance - As of the latest closing, the company's stock rose by 0.71% to 23.98 yuan, with a cumulative increase of over 12% for the month [3]

通讯及移动网络设备业务方面，公司锚定智能制造与AI融合的发展机遇，依托前沿技术研发实力，持 续加码核心产品的技术研发投入，推动该业务实现稳健增长。精密机构件业务方面，得益于大客户高阶 及平价AI机种的热销，公司相关业务实现稳健增长。高速交换机方面，在AI需求持续提升的驱动下， 公司产品结构持续改善，二季度800G交换机的营业收入达2024全年的3倍。 公司云计算业务在二季度实现高速增长，整体板块营业收入较去年同期增长超过50%。产品结构持续优 化，产品量产加速爬坡，客户对AI数据中心Hyper-scaleAI机柜产品需求不断增加。其中，AI服务器营业 收入较去年同期增长超过60%，云服务商服务器的营业收入较去年同期增长超过1.5倍。公司在大客户 的核心产品份额继续保持领先优势，先进AI算力的GPU模块及GPU算力板等产品的出货，在第二季实 现显著增长。凭借在全球多地完善的产能布局以及较为显著的产业链优势，公司在主要客户中的市场份 额持续提升，客户关系不断深化。 格隆汇7月7日丨工业富联(601138.SH)公布，经财务部门初步测算，预计公司2025年第二季度实现归属 于母公司所有者的净利润6,727,420千 ...

Market Overview - The A-share market experienced a decline today, with all three major indices falling, particularly the ChiNext index which dropped over 1% [1] - At the close, the Shanghai Composite Index rose slightly by 0.02% to 3473 points, while the Shenzhen Component Index fell by 0.7% and the ChiNext index decreased by 1.21% [2][3] - The total trading volume for the day was 1.23 trillion yuan, a decrease of 227.4 billion yuan compared to the previous trading day, with over 3200 stocks rising [3] Sector Performance Power Sector - The power sector saw a surge, with multiple stocks hitting the daily limit, including Huayin Power and Shenzhen Nanshan Electric, among others [4] - Notable performers included Disen Co., which rose over 18%, and Nanshan Technology, which increased by over 14% [6][7] - The maximum power load in China reached 1.465 billion kilowatts last Friday, an increase of approximately 200 million kilowatts since the end of June, and nearly 150 million kilowatts higher than the same period last year [6] Cross-Border Payment Sector - The cross-border payment sector also performed well, with stocks like Zhongyi Technology and Huafeng Super Fiber hitting the daily limit [8][9] - The upcoming implementation of the stablecoin regulations in Hong Kong is expected to boost this sector [9] Real Estate Sector - Real estate stocks experienced significant gains, with companies like Yudai Development and Shahe Shares hitting the daily limit [10][11] Biopharmaceutical Sector - The biopharmaceutical sector faced a downturn, with stocks like Kexing Pharmaceutical dropping over 14% [15][16] Apple Concept Stocks - Apple-related stocks continued to decline, with East Mountain Precision and GoerTek both falling over 5% [17] Gaming Sector - The gaming sector also saw declines, with companies like Gigabit and Giant Network dropping over 3% [18] Investment Recommendations - Companies in upstream resource sectors (copper, aluminum, oil) and capital goods (engineering machinery, heavy trucks) are recommended due to rising overseas demand and domestic policy shifts [19] - Consumer sectors such as hospitality, tourism, and branded apparel are also highlighted for potential investment opportunities [19]