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].

Core Viewpoint - The market is increasingly focused on the supply chain of Nvidia as the A-share market enters the half-year report preview period, with Industrial Fulian showing significant stock performance and promising earnings forecasts [1][2]. Financial Performance - Industrial Fulian expects a net profit of 67.27 billion to 69.27 billion yuan for Q2, representing a year-on-year growth of 47.72% to 52.11% [5] - The company anticipates a total net profit of 119.58 billion to 121.58 billion yuan for the first half of the year, reflecting a growth of 36.84% to 39.12% [5] - The Q2 net profit growth rate is the highest since Q2 2021 [5] Business Segments - The cloud computing segment has experienced rapid growth, with overall revenue increasing by over 50% year-on-year [7] - Revenue from AI servers has grown by over 60%, while revenue from cloud service provider servers has increased by more than 150% [7] - Industrial Fulian maintains a leading market share in core products for major clients, with significant growth in shipments of advanced AI computing products [7] Market Trends - The demand for 800G switches is rising, with Industrial Fulian's revenue from this segment in Q2 reaching three times the expected total for 2024 [11] - The transition from 100G/200G to 400G/800G products is driven by increasing data traffic and the expansion of data center businesses [10] - Dell'Oro Group predicts that 800G switch ports will surpass 400G as the mainstream configuration this year [11] Future Outlook - Analysts expect Industrial Fulian's profits to reach 330 billion yuan and 392 billion yuan in 2025 and 2026, respectively, with target market valuations of 825 billion yuan and a stock price target of 41.54 yuan based on a 25x PE ratio [11] - Huatai Securities views Industrial Fulian as a core beneficiary of AI computing infrastructure, assigning a target price of 30 yuan based on a 21x PE ratio [12]

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]

Financial Performance - The company expects to achieve a net profit attributable to shareholders of 6,727,420 thousand to 6,927,420 thousand yuan in Q2 2025, representing an increase of 2,173,206 thousand to 2,373,206 thousand yuan year-on-year, which is a growth of 47.72% to 52.11% [1] - For the first half of 2025, the expected net profit attributable to shareholders is 11,958,195 thousand to 12,158,195 thousand yuan, an increase of 3,219,097 thousand to 3,419,097 thousand yuan year-on-year, reflecting a growth of 36.84% to 39.12% [1] - The company anticipates a net profit excluding non-recurring gains and losses of 6,694,420 thousand to 6,894,420 thousand yuan in Q2 2025, which is an increase of 2,433,253 thousand to 2,633,253 thousand yuan year-on-year, translating to a growth of 57.10% to 61.80% [1] Cloud Computing Business - The cloud computing segment achieved over 50% revenue growth year-on-year in Q2, driven by an increase in demand for AI data center Hyper-scale AI cabinet products [2] - Revenue from AI servers grew by over 60% compared to the same period last year, while revenue from servers for cloud service providers increased by more than 1.5 times [2] - The company maintained a leading market share in core products among major clients, with significant growth in shipments of advanced AI computing GPU modules and related products [2] Telecommunications and Networking Equipment - The company is focusing on the integration of smart manufacturing and AI, increasing investment in core product R&D to drive steady growth in the telecommunications and mobile network equipment business [2] - The precision components business also saw stable growth due to strong sales of high-end and affordable AI models from major clients [2] - In the high-speed switch segment, driven by rising AI demand, the company’s product structure improved significantly, with Q2 revenue from 800G switches reaching three times the total revenue for the entire year of 2024 [2]

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]

收评：创业板指低开低走跌1.21% 两市成交额缩量超2000亿 智通财经7月7日电，市场全天震荡调整，沪指尾盘翻红，创业板指领跌。沪深两市全天成交额1.21万亿，较上个交易日缩量2199亿。盘面上，市场热点较为 杂乱，个股涨多跌少，全市场超3200只个股上涨。从板块来看，电力、电网股逆势爆发，华银电力等10余股涨停。稳定币概念股再度活跃，青岛金王等涨 停。地产股展开反弹，渝开发涨停。下跌方面，PCB概念股展开调整，逸豪新材跌超5%。板块方面，电力、电网设备、稳定币、房地产等板块涨幅居前， 生物制品、PCB、CPO、创新药等板块跌幅居前。截至收盘，沪指涨0.02%，深成指跌0.7%，创业板指跌1.21%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | -3473.13 | ·10435.51 | -2130.18 | | +0.81 +0.02% | -73.25 -0.70% of an experience and anywood and any and | -26.05 -1.216 I | 昨涨停今表现 3.48% 高开率 61% 获利率 61% 洲宁衣现 封 ...