Core Viewpoint - Industrial Fulian's strong performance in AI server business is expected to continue, leading to sustained revenue growth and profitability [2][5]. Financial Performance - In H1 2025, the company achieved revenue of 360.76 billion yuan, a year-on-year increase of 35.6%, and a net profit of 12.11 billion yuan, up 38.6% year-on-year [2]. - For Q2 2025, revenue reached 200.35 billion yuan, reflecting a 35.9% year-on-year growth and a 24.9% quarter-on-quarter increase; net profit was 6.88 billion yuan, up 51.1% year-on-year and 31.6% quarter-on-quarter [2]. AI Business Growth - The overall server revenue grew over 50% year-on-year in Q2 2025, with CSP server revenue increasing over 150% and AI server revenue up over 60% [3]. - The GB200 product showed significant improvement in assembly yield and capacity utilization, with a clear upward trend in performance [3]. - The GB300 is expected to achieve substantial shipments in H2 2025, with single-unit profits anticipated to exceed those of GB200 [3]. - ASIC collaboration with major North American CSPs is expected to contribute higher revenue and profit increments in 2026 due to its customized nature [3]. Communication Network Business - The 800G high-speed switch has seen substantial shipments, with H1 2025 revenue reaching nearly three times that of the entire year of 2024 [4]. - The precision structural components business benefited from the popularity of specific AI mobile phones and high-end models, with a 17% year-on-year increase in shipment volume [4]. Investment Recommendations - Revenue projections for 2025-2027 are set at 922.4 billion, 1,405.6 billion, and 1,701.1 billion yuan respectively, with net profits of 33.6 billion, 49.4 billion, and 58.1 billion yuan [5]. - Corresponding EPS estimates are 1.69, 2.49, and 2.93, with PE ratios of 27.1, 18.4, and 15.7 [5].

证券研究报告·北交所公司点评报告·电池 远航精密（833914） 2025 中报点评：镍带、箔持续稳健增长，精 密结构件放量高增，固态有望贡献新增量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 809.67 | 852.18 | 1,131.69 | 1,435.84 | 1,899.73 | | 同比 | (10.59) | 5.25 | 32.80 | 26.88 | 32.31 | | 归母净利润（百万元） | 31.61 | 67.44 | 80.68 | 104.60 | 132.89 | | 同比 | (40.87) | 113.37 | 19.62 | 29.65 | 27.05 | | EPS-最新摊薄（元/股） | 0.32 | 0.67 | 0.81 | 1.05 | 1.33 | | P/E（现价&最新摊薄） | 116.11 | 54.42 | 45.49 | 35.09 | 27.6 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 08 22 年 月 日 工业富联（601138.SH） 盈利预测与投资建议：公司为 AI 服务器、高速交换机、精密结构件领军企业，充 分受益于 AI 推动下云+端的高速发展。我们预计公司 2025/2026/2027 年分别实 现营业收入 9,718/16,537/22,059 亿元，同比增长 59.5%/70.2%/33.4%，实现归 母净利润 341/524/652 亿元，同比增长 47.1%/53.5%/24.3%，当前股价对应 2025/2026/2027 年 PE 分别为 26/17/14X。公司正处于高速发展阶段，良率、效 率持续提升，份额不断扩大，充分受益于 AI 浪潮，公司明后年估值相较于可比公 司有一定的估值优势，首次覆盖给予公司"买入"评级。 风险提示：成本管控风险、客户支出放缓风险、行业波动与技术迭代风险、数据相 关风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | ...

Group 1 - The company reported a revenue of RMB 13.32 billion for the first half of the year, representing a year-on-year growth of 18.4% [1] - The group's gross profit margin was 20.7%, showing a slight decrease of 0.8 percentage points year-on-year [1] - Shareholders' profit attributable to the company increased by 63.1% to RMB 876 million, primarily due to the continuous improvement in the profitability of the optical business and rapid growth in the precision components business [1]

报告期内，集团经营性现金流入为人民币28.9亿元，同比增长9.1%。瑞声科技表示将持续提升运营效 率，并维持稳健的资本开支，以强劲的现金流支持长期发展和创新。 （文章来源：证券时报网） 瑞声科技公布2025年上半年业绩。集团实现收入人民币133.2亿元，同比增长18.4%，主要得益于产品市 场份额的提升。毛利率为20.7%，同比微降0.8个百分点。股东应占溢利为人民币8.76亿元，大幅增长 63.1%，主要由光学业务盈利能力改善和精密结构件业务的强劲增长所推动。 ...

截至2025年8月19日15时10分，隆利科技最新股价为23.97元，较前一交易日上涨0.07元。当日开盘价为 23.58元，最高触及24.24元，最低下探23.48元，成交量为140077手，成交金额达3.34亿元。 隆利科技属于光学光电子行业，公司主营业务涵盖背光显示模组、精密结构件等产品的研发、生产和销 售。公司产品应用于消费电子、车载电子等多个领域。 风险提示：股市有风险，投资需谨慎。 公司在投资者互动平台表示，正在研发AR眼镜光学系统Micro-LED+光波导技术、AI眼镜精密结构件等 项目。目前VR背光显示产品已获得Meta、Pico等客户认可并实现量产，精密结构件已应用于智能车载 音响、氛围灯等产品。 2025年8月19日，隆利科技主力资金净流出1306.31万元，占流通市值的0.35%。近五个交易日累计主力 资金净流出13473.43万元，占流通市值的3.57%。 ...

Core Viewpoint - The company has established a "1+2+N" development model, focusing on various R&D projects including AR glasses and AI glasses, currently in the development stage [2] Group 1: Development Model and R&D Projects - The company is developing an optical system for AR glasses using Micro-LED and waveguide technology [2] - R&D projects include precision structural components for AI glasses [2] Group 2: Client Recognition and Product Applications - The company's VR backlight display products have received high recognition from clients such as Meta, Pico, and Vajor, and have achieved mass production [2] - Precision structural components are being applied in smart automotive products like speakers and ambient lights, as well as in consumer products such as electronic cigarettes, action cameras, and computer casings [2]

Core Viewpoint - Industrial Fulian reported a strong performance in Q2 2025, with revenue and net profit reaching historical highs, driven by robust growth in AI server and high-speed switch businesses [1] Financial Performance - In Q2 2025, the company's revenue reached 200.34 billion yuan, a year-on-year increase of 36% [1] - Net profit for the same period was 6.88 billion yuan, up 51% year-on-year [1] Business Segments - The AI server business showed strong competitiveness, with overall server revenue growth exceeding 50% and cloud service server revenue increasing by 150% year-on-year [1] - AI server revenue grew by over 60% year-on-year, indicating a significant demand in this segment [1] - The demand for high-speed switches remains strong, with revenue from 800G high-speed switches nearly tripling compared to the entire year of 2024 [1] - The precision components business benefited from the popularity of certain high-end smartphone models, with shipment volume increasing by 17% year-on-year [1] Future Outlook - The trend of high-end smartphone upgrades driven by AI is expected to sustain terminal demand for the precision components business [1] - Earnings per share forecasts for 2025-2027 are adjusted to 1.59, 2.19, and 2.59 yuan respectively, reflecting an increase in the proportion of high-end products [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][9]. Core Insights - The company reported a record high revenue of 200.34 billion yuan in Q2 2025, representing a 36% year-on-year growth, and a net profit of 6.88 billion yuan, up 51% year-on-year [2]. - The AI server business continues to drive significant growth, with overall server revenue increasing by over 50% in the first half of 2025, and AI server revenue growing by more than 60% [8]. - The company is expected to benefit from the ongoing demand for high-speed switches and AI mobile phones, with the precision component business seeing a 17% increase in shipment volume in the first half of 2025 [8]. Financial Forecasts - The company’s earnings per share (EPS) are projected to be 1.59 yuan, 2.19 yuan, and 2.59 yuan for 2025, 2026, and 2027 respectively, reflecting an upward adjustment due to the increasing proportion of high-end products [3][9]. - Revenue forecasts for 2025 to 2027 are 797.6 billion yuan, 997.1 billion yuan, and 1,188.1 billion yuan, with year-on-year growth rates of 31%, 25%, and 19% respectively [5]. - The gross margin is expected to stabilize at around 7.3% for 2025 and 2026, with a slight increase to 7.7% in 2027 [5]. Market Position and Competitive Advantage - The company has established a strong competitive position in the AI server market, with significant investments in R&D and manufacturing capabilities [8]. - The demand for high-speed switches is expected to grow significantly, with the market for Ethernet switches in generative AI data centers projected to increase from approximately 640 million USD in 2023 to over 9 billion USD by 2028, representing a compound annual growth rate of 70% [8]. - The company is well-positioned to capitalize on the high-end smartphone market, benefiting from a structural recovery in demand driven by AI mobile phones [8].

Group 1 - The core viewpoint highlights the rapid growth of new business segments, while the ICT business faces temporary pressure, with a focus on the long-term potential of AI business for AsiaInfo Technology [3][4] - In the first half of 2025, AsiaInfo Technology reported revenue of approximately 2.598 billion RMB, a year-on-year decrease of 13.2%, primarily due to pressure on the ICT business [3] - The AI delivery business saw a remarkable increase, with revenue of 26 million RMB, a year-on-year growth of 7600%, and orders reaching 70 million RMB, a year-on-year increase of 7800% [3][4] Group 2 - New Yangfeng's half-year performance showed steady growth, with revenue of 9.398 billion RMB, a year-on-year increase of 11.63%, and net profit of 951 million RMB, up 28.98% [7][9] - The sales of new-type fertilizers significantly contributed to the performance, with revenue from phosphate fertilizers reaching 2.311 billion RMB, a year-on-year increase of 39.34% [9][10] - The company is expanding its capital expenditure in various projects, including phosphate mining and new energy initiatives, to enhance its product structure and market presence [13][14] Group 3 - Industrial Fulian's half-year report indicated revenue of 360.76 billion RMB, a year-on-year increase of 35.58%, and net profit of 12.113 billion RMB, up 38.61% [17][18] - The AI server revenue grew over 60%, with the GB200 series achieving production ramp-up, reflecting strong demand in the AI infrastructure market [19][20] - The company is expected to benefit from the increasing capital expenditure of major cloud service providers, particularly in AI cloud infrastructure [18][19] Group 4 - Hua Hong Semiconductor reported Q2 revenue of 566 million USD, a year-on-year increase of 18.3%, with a gross margin of 10.9% [23][24] - The company anticipates Q3 revenue between 620-640 million USD, indicating positive growth prospects despite depreciation pressures from new factory operations [25][26] - The semiconductor market is expected to recover, benefiting from increased wafer shipments and strategic partnerships [26] Group 5 - WanHua Chemical's half-year revenue was 90.9 billion RMB, a year-on-year decrease of 6.4%, with net profit of 6.12 billion RMB, down 25.1% [31][32] - The company is focusing on cost control and efficiency improvements to mitigate the impact of declining product margins [34] - WanHua is expanding its polyurethane production capacity, with several new projects underway to strengthen its market position [36][37]