证券研究报告 工业富联 (601138 CH) 3Q25：AI 服务器放量带动毛利率超预期 2025 年 10 月 30 日│中国内地 消费电子 10 月 29 日，工业富联发布 3Q25 业绩，单季度实现营收 2,431.7 亿元， +42.8%yoy，符合华泰预期；3Q 归母净利润 103.7 亿元，+62.0%yoy，超 华泰/彭博一致预期 19.6%/7.4%；3Q 的主要亮点是，AI 伺服器盈利能力显 著改善，带动毛利率环比提升 0.5pct 到 7.0%，超彭博一致预期 1.0pct。同 日，英伟达 CEO 黄仁勋在 GTC 演讲上指出，预计 CY25+CY26， Blackwell/Rubin 平台 GPU 总出货量或达到 2000 万颗，对应 NVL72 机柜 约 13 万台，和我们之前（《oracle 打破算力天花板，上调目标价到 76 人 民币》，09/14）给出的 13.9 万台的预测基本一致。我们维持公司 2025-2027 收入预测不变，反映 AI 服务器盈利能力提升，上调 2025-2027 毛利率 0.55pct-1.85pct，上调 2025-2027 年归母净利润预测 11. ...

Group 1 - As of July 7, 2025, 78 listed companies in A-shares have released their half-year performance forecasts, with approximately 70% of these companies expecting positive results, including profit increases and turnarounds [1] - 25 companies are projected to have a year-on-year increase in net profit attributable to shareholders exceeding 100%, with companies like Hanyu Pharmaceutical expecting to turn losses into profits [1] Group 2 - Industrial Fulian forecasts a net profit attributable to shareholders of 11.96 billion to 12.16 billion yuan for the first half of the year, representing a year-on-year increase of 36.84% to 39.12%, driven by rapid growth in its cloud computing business and significant revenue growth in AI servers [3] - China Power anticipates a net profit of 800 million to 1.15 billion yuan, reflecting a year-on-year increase of 68.28% to 141.9%, attributed to growth in the shipbuilding industry and expanded sales in the diesel engine sector [3] - Guokui Co. expects a net profit of 34 million to 38 million yuan, with a year-on-year increase of 130.91% to 158.08%, benefiting from market expansion and cost reduction efforts [3] Group 3 - The semiconductor, basic chemicals, pharmaceutical biology, and automotive industries are the core sectors reporting positive performance [4] - In the semiconductor sector, companies like Tai Lingwei and Ruixinwei expect net profit growth exceeding 100% year-on-year, with Ruixinwei citing growth in the AIoT market as a key driver [4] - In the basic chemicals sector, Lier Chemical and New Hecheng report strong performance, with Lier Chemical expecting a net profit increase of 185.24% to 196.00% due to rising sales and prices [4] - The pharmaceutical biology sector sees significant growth driven by innovation and overseas business, with Shengnuo Bio expecting a net profit increase of 253.54% to 332.10% [4] - In the automotive sector, companies like Jingu Co. and Taotao Automotive expect year-on-year profit growth of 44.06% to 116.08% and 70.34% to 97.81%, respectively [4]