8月10日晚，工业富联(601138.SH)发布2025年半年度报告，受益于AI相关业务强势增长，上 半年工业富联实现营收3607.6亿元，同比增长35.6%，实现归母净利润121.1亿元，同比增长 38.6%，均创同期历史新高。 第二季度工业富联单季营收首次超过2000亿元，达2003.4亿元，同比增长35.9%；净利润为 68.8亿元，同比增长51.1%，均创下同期历史新高。 截至8月8日收盘，工业富联市值超7000亿元。 | SSE CNY 15:00:01 闭市 | | | | | | 退 | | --- | --- | --- | --- | --- | --- | --- | | 委比 | 61.02% 委差 | 4621 | | Wind ESG评级 AA | | 详情 | | 卖五 | 36.64 | 304 | 之生 | 73.52% 120日 | | 68.81% | | 交 / 求人 | 36.63 | 290 | 5日 | 10.88% 250日 | | 61.13% | | 卖三 | 36.62 | 380 | 20日 | 43.49% 52周高 | | 37.64 | | 卖二 | ...

Group 1 - The core viewpoint of the report is that Industrial Fulian (601138.SH) is given a "buy" rating due to strong growth prospects driven by AI computing demand and expanding cloud computing business advantages [2] - AI computing demand is expected to drive significant revenue growth for the company [2] - There is an explosive demand for network equipment, particularly for high-speed switches, which is anticipated to accelerate [2] Group 2 - The report highlights the potential risks associated with the investment, including the possibility that AI development may not meet expectations [2] - Macroeconomic fluctuations are also noted as a risk factor that could impact performance [2] - Short-term stock price volatility is mentioned as another risk to consider [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing significant growth driven by AI computing demand and expanding its cloud computing business, with a projected revenue increase of 32% in 2025 [2] - The company has established a solid R&D and manufacturing advantage in the AI server market, with a notable increase in revenue from AI servers and cloud service providers [2] - The company is expected to maintain strong revenue growth in the coming years, with estimated revenues of 804.63 billion, 987.60 billion, and 1,087.14 billion yuan for 2025, 2026, and 2027 respectively [2][3] Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, with a net profit of 12.11 billion yuan, up 38.61% [1] - The second quarter of 2025 saw revenues of 200.35 billion yuan, a 35.92% increase year-on-year, and a net profit of 6.88 billion yuan, reflecting a 51.13% growth [1] - The company's gross margin for the first half of 2025 was 6.60%, a slight decrease of 0.13 percentage points year-on-year [1] Revenue and Profit Forecast - The company is projected to have revenues of 804.63 billion yuan in 2025, with a year-on-year growth of 32.1%, and net profits of 30.39 billion yuan, reflecting a growth of 30.9% [3] - For 2026 and 2027, revenues are expected to reach 987.60 billion yuan and 1,087.14 billion yuan, with net profits of 40.54 billion yuan and 45.09 billion yuan respectively [3]

Group 1 - The core viewpoint of the article highlights the significant impact of the U.S. imposing punitive tariffs on Indian goods, which could severely challenge India's manufacturing sector and economic growth [1][8] - On July 30, Trump declared that the Indian economy was "dead," and on August 6, he signed an executive order imposing an additional 25% tariff on Indian imports to the U.S., raising the total tariff rate on Indian goods to 50% [1][3] - Moody's International Ratings Agency believes that these tariffs will pose a serious challenge to the "Make in India" initiative, which aims to boost manufacturing in the country [1][4] Group 2 - The "Make in India" initiative, launched in 2014, aims to increase the manufacturing sector's contribution to India's GDP to 25% by 2025 and establish India as a global manufacturing hub [3][4] - Despite initial successes, such as becoming the world's second-largest mobile phone manufacturer, the initiative has faced slow progress in sectors other than mobile phones and pharmaceuticals, with subsidy disbursement rates below 8% [4][5] - Following the implementation of the Production-Linked Incentive (PLI) scheme, the share of manufacturing in India's GDP actually decreased from 15.4% to 14.3% [5][7] Group 3 - Structural issues in India, such as inadequate industrial infrastructure, complex regulations, and slow land acquisition processes, are hindering the growth of the manufacturing sector [7][8] - The U.S. is India's largest export market, accounting for approximately 18% of India's exports, and the new tariffs could reduce India's economic growth rate from an expected 7% to nearly 6% between 2025 and 2026 [7][8] - Companies like Apple, which planned to shift 25% of iPhone production to India by 2025, are now accelerating shipments to the U.S. to avoid high tariffs, indicating a potential disruption in the anticipated supply chain benefits [7][8]

Core Viewpoint - Industrial Fulian (601138) reported strong financial performance in the first half of 2025, driven by significant growth in AI-related businesses, achieving a revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit of 12.113 billion yuan, up 38.61%, both reaching historical highs for the same period [1] Business Performance - In the cloud computing sector, major global cloud service providers continued to expand capital expenditure on AI infrastructure, with overall server revenue for Industrial Fulian growing over 50% year-on-year, and AI server revenue increasing over 60% [2] - The GB200 series products have achieved mass production with improving yield rates and increasing shipment volumes, while the company maintains industry-leading positions in delivery capabilities and supply chain collaboration [2] - In the telecommunications and mobile network equipment segment, the deployment of AI accelerators has led to a significant increase in demand for high-speed switches, with revenue from 800G switches nearly tripling compared to the entire year of 2024 [2] Shareholder Returns - The company has implemented a substantial dividend and share buyback strategy, distributing a cash dividend of 6.4 yuan per 10 shares, totaling 12.7 billion yuan, marking a historical high for the company [3] - Industrial Fulian has consistently paid over 10 billion yuan in dividends for three consecutive years, with total dividends since listing reaching 56.54 billion yuan [3] Future Outlook - The company plans to continue focusing on AI development, expanding collaborations with sovereign entities, cloud service providers, and enterprises, while actively pursuing opportunities in emerging fields such as AI and robotics [3] - Industrial Fulian is also strategically positioning itself in high-end intelligent manufacturing and industrial internet, as well as gradually entering the semiconductor and new energy vehicle components sectors [3]

Core Viewpoint - The rapid growth of AI-related business is a significant driver for the company's revenue and market performance, with a notable increase in AI server sales and overall financial results [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 360.76 billion yuan, representing a year-on-year growth of 35.58% [2]. - The net profit attributable to the parent company was 12.113 billion yuan, up 38.61% year-on-year [2]. - The AI server revenue grew over 60% year-on-year in the second quarter, contributing to the overall server revenue growth of more than 50% [2]. Business Segments - The cloud computing segment saw a steady increase in the proportion of AI servers, with cloud service provider server revenue growing over 150% year-on-year [2]. - The GB200 series products have achieved mass production with improving yield rates and increasing shipment volumes [1][2]. - In the communication and mobile network equipment sector, the precision components business experienced a 17% year-on-year increase in shipment volume due to the popularity of certain customer models [2]. Industry Trends - The global AI infrastructure is expanding, with major cloud service providers continuing to increase capital expenditure on AI infrastructure [3]. - The demand for AI servers is expected to grow, with the market value projected to reach 298 billion USD by 2025, accounting for over 70% of the overall server market [3]. - The Ethernet switch market for generative AI data centers is forecasted to grow from approximately 640 million USD in 2023 to over 9 billion USD by 2028, with a compound annual growth rate of 70% [4]. Competitive Position - The company has strengthened its market share in the network communication field through smart manufacturing and rapid response capabilities, with a focus on high-end product development [4]. - The company has successfully shipped a large volume of 800G switches and is collaborating with clients on next-generation products [4]. AI Model Developments - Recent advancements in AI models, such as the release of GPT-5 and other competitive models, are expected to drive further demand for AI computing power [5][6][7]. - The ongoing iteration of AI models is likely to accelerate the deployment of AI applications, enhancing the demand for AI computing hardware [7][8].

工业富联提及，公司与多家全球领先客户深度合作，共同开发新一代AI服务器、液冷机柜等关键技术， 并提供定制化解决方案。产品已广泛应用于高性能AI数据中心，为全球AI算力基础设施提供强有力支 撑。目前，公司正协同客户推进下一代产品的设计研发，在产业链覆盖广度与交付能力方面继续保持行业 领先地位。 工业富联在财报中指出，公司核心业务强势增长，实现订单规模与价值量同步跃升。云计算业务方面，工 业富联产品结构持续优化，AI服务器在云计算业务中的占比稳步扩大。第二季度公司整体服务器营收增 长超50%，云服务商服务器营收同比增长超150%，AI服务器营收同比增长超60%。GB200系列产品实现量 产爬坡，良率持续改善，出货量逐季攀升。目前，公司正协同客户推进下一代产品的设计研发，在产业链 覆盖广度与交付能力方面继续保持行业领先地位。 每经记者｜蔡鼎 每经编辑｜张海妮 工业富联（601138.SH，股价36.59元，市值7266.58亿元）8月10日晚间披露半年报。受益于AI（人工智 能）相关业务的强势增长，公司2025年上半年实现营收3607.6亿元，同比增长35.58%，归母净利润为 121.13亿元，同比增长38.61 ...

| 时间 地区 | | 内容 | 预期 | 前值 | | --- | --- | --- | --- | --- | | 8月11日 周一 | | | | | | 数据 | 国内 | 中国 7月M0货币供应同比 | | 12% | | | | 中国 7月M1货币供应同比 | | 4.6% | | | | 中国 7月M2货币供应同比 | | 8.3% | | | | 中国 1至7月社会融资规模增量(亿人民币) | | 228300 | | | | 中国 1至7月新增人民币贷款(亿人民币) | | 129200 | | 事件 | 海外 | 特朗普称美国半导体和药品关税将在"本周左右" 出台 | | | | 财报 | 国内 | 工业富联 | | | | 8月12日 周二 | | | | | | 数据 | 海外 | 12:30 澳大利亚 政策利率 | 3.6% | 3.85% | | | | 20:30 美国 7月CPI同比 | 2.8% | 2.7% | | 事件 | 海外 | 欧佩克公布月度原油市场报告（月报具体公布时间 | | | | | | 待定,一般于北京时间18-21点左右公布） | | | | 财报 | ...

受益于AI相关业务的强势增长，工业富联上半年营收、利润同比增超30%，且均创历史新高。但经营性 现金流净额同比下滑70.76%。 8月10日周日，工业富联发布半年度业绩，具体来看： 上半年营收3607.6亿元，同比增长35.58%。 | 归属于上市公司股东的净利润 | 12,113,357 | 8,739,098 | 38.61 | | --- | --- | --- | --- | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 11,667,840 | 8,533,233 | 36.73 | | 经营活动产生的现金流量净额 | 1,407,028 | 4,811,444 | -70.76 | | 加权平均净资产收益率(%) | 7.64 | 6.02 | 增加1.62个百分点 | | 基本每股收益(元/股) | 0.61 | 0.44 | 38.64 | | 稀释每股收益(元/股) | 0.61 | 0.44 | 38.64 | 工业富联2025年上半年营业收入达到3607.6亿元，同比大幅增长35.58%，这一增幅在当前制造业整体承 压的环境下显得格外突出。同时，归属于上市公司股东的净利润为12 ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, driven by growth in the AI server market and an increase in market share among major clients [1] Financial Performance - The company achieved operating revenue of 360.76 billion yuan, representing a year-on-year growth of 35.58% [1] - The net profit attributable to the parent company was 12.113 billion yuan, marking a year-on-year increase of 38.61% [1] - Basic earnings per share reached 0.61 yuan, reflecting a growth of 38.64% compared to the previous year [1]