工业富联声明称，网络流传相关言论不属实。当前，公司第四季度整体经营，包括GB200、GB300等相关产品出货均按既定计划推进，客户需求持续畅 旺，生产及出货一切正常，且目前未收到任何主要客户关于调整业务模式、下修份额或价格的要求。 工业富联表示，公司未向市场下调第四季度利润目标，不存在应披露未披露的信息。同时，与客户合作开发的下一代产品，也正在按前期的计划如期顺利 推进当中。 11月24日晚间，工业富联发布澄清公告称，24日网络上流传关于工业富联"下调第四季度业绩目标""大客户在L10/L11商业模式上会有调整"等不实言论， 引发部分关注。 图片来源：公司公告 图片来源：Wind 工业富联近日发布的2025年第三季度报告显示，受益于AI业务的强劲增长，工业富联第三季度营收达2431.72亿元，同比增长42.81%；净利润单季度首次 突破100亿元，达103.73亿元，同比增长62.04%。 今年前三季度，工业富联实现营收6039.31亿元，同比增长38.4%；净利润达224.87亿元，同比增长48.52%。公司今年前三季度营收和净利润均接近去年全 年水平，创同期历史新高。 三季报显示，工业富联前三季度AI服务 ...

公开信息显示，工业富联主营业务是设计、研发、制造和销售通信及移动网络设备、云计算、工业互联 网及机器人等电子设备产品。 在AI产业蓬勃发展、"AI算力基建"被外界高度关注的当下，站在时代的风口上的工业富联业绩亮眼，也 一度受到资本市场追捧。 业绩上，三季报显示工业富联今年前三季度营收6039.31亿元，同比增长38.40%，归母净利润224.87亿 元，同比增长48.52%。 三季报称，云计算业务方面，受益于超大规模数据中心用AI机柜产品的规模交付及AI算力需求的持续 旺盛，2025年前三季度，公司云计算业务营业收入较上年同期增长超过65%，第三季度单季同比增长超 过75%。 11月24日，受部分网络传言影响，工业富联开盘后一路走低，盘中一度跌停，最终收于55.94元，跌 7.80%。当晚，工业富联正式对相关言论作出回应，称网络流传相关言论不属实。 工业富联在发布的澄清公告中称，网络上流传关于富士康工业互联网股份有限公司"下调第四季度业绩 目标""大客户在L10/L11商业模式上会有调整"等不实言论，引发部分关注。对此，公司澄清并郑重声 明。 经核实，公司针对网络平台流传事项声明如下：1、网络流传相关言论不属 ...

Core Viewpoint - Zhongke Shuguang's stock price has shown volatility, with a recent decline of 2.02% and a year-to-date increase of 44.16%, indicating potential market fluctuations and investor sentiment [1][2]. Financial Performance - For the period from January to September 2025, Zhongke Shuguang achieved a revenue of 8.82 billion yuan, representing a year-on-year growth of 9.68%, while the net profit attributable to shareholders was 966 million yuan, reflecting a growth of 25.55% [2]. - The company has distributed a total of 1.92 billion yuan in dividends since its A-share listing, with 1.08 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 12, Zhongke Shuguang's stock was trading at 103.87 yuan per share, with a market capitalization of 151.97 billion yuan and a trading volume of 1.68 billion yuan [1]. - The stock has experienced a net outflow of 201 million yuan from major funds, with significant buying and selling activity noted [1]. Shareholder Information - As of October 10, the number of shareholders for Zhongke Shuguang was 323,500, a decrease of 1.70% from the previous period, with an average of 4,521 circulating shares per shareholder, an increase of 1.73% [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3].

Core Insights - The company reported strong financial performance for the first three quarters of 2025, with revenue reaching 128.88 billion yuan, a year-on-year increase of 69.56%, and a net profit attributable to shareholders of 3.099 billion yuan, up 51.17% [1] Group 1: Business Performance - All four major business segments experienced significant growth, with the smart terminal business revenue increasing by 84.4% to 45 billion yuan, benefiting from the rising ODM penetration in the smartphone industry [2] - The high-performance computing business saw a revenue growth of 70%, while AIoT and other businesses grew by 72.9%, and the automotive and industrial products business increased by 77.1% [2] - The gross margin for Q3 2025 was 8.17%, up 0.54 percentage points year-on-year, and the net profit margin was 2.73%, an increase of 0.66 percentage points [2] Group 2: AI and Data Center Growth - The demand for AI computing power is strong, with the high-performance computing business revenue growing by 70% in the first three quarters of 2025, and laptop revenue increasing by over 30% [3] - The company expects laptop revenue to exceed 30 billion yuan for the full year of 2025, while the data center business revenue is projected to reach over 40 billion yuan, driven by significant growth in AI server sales [3] Group 3: Investment Outlook - The company is positioned as a leading global ODM manufacturer for smart hardware and is actively expanding in the high-growth AI data center sector [4] - Revenue projections for 2025 to 2027 are 159.32 billion yuan, 191.19 billion yuan, and 214.13 billion yuan, respectively, with net profits of 4.12 billion yuan, 4.95 billion yuan, and 5.55 billion yuan [4] - The investment rating is maintained at "Buy-A" with a target price of 114.18 yuan, equivalent to a dynamic P/E ratio of 23 times for 2026 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company reported a revenue growth of 69.6% year-on-year for the first three quarters, with a net profit growth of 51.2% [1] - The diversified platform strategy has shown significant effectiveness, with strong performance across various business segments [2] - The company is expected to benefit from the growth opportunities presented by the AI era, particularly in AI servers, smartphones, PCs, and AIoT [3] Financial Performance Summary - For the first three quarters, the company achieved a revenue of 128.88 billion yuan and a net profit of 3.10 billion yuan, with a gross margin of 7.84% [1] - In Q3 2025, the revenue was 44.94 billion yuan, showing a year-on-year increase of 22.8%, while the net profit increased by 59.5% [1] - The company anticipates a revenue of over 400 billion yuan from its data center business for the year [2] Business Segment Performance - The high-performance computing segment accounted for 58.6% of total revenue, growing by 70.0% year-on-year, while the smart terminal segment grew by 84.4% [2] - The AIoT and other businesses contributed 4.4% of revenue with a growth of 72.9%, and the automotive and industrial products segment grew by 77.1% [2] - The customer structure has improved, with a decreasing concentration among the top five clients, enhancing the company's resilience [2] Future Projections - Revenue projections for 2025-2027 are set at 160.90 billion yuan, 197.96 billion yuan, and 237.38 billion yuan respectively, with net profits expected to reach 4.16 billion yuan, 5.17 billion yuan, and 6.47 billion yuan [3][4] - The expected price-to-earnings ratios for the upcoming years are 24.5, 19.7, and 15.8 [3][4]

Core Insights - Company reported impressive financial results for the first three quarters of 2025, with revenue reaching approximately 1289 billion and net profit attributable to shareholders around 31 billion, marking year-on-year growth of nearly 70% and over 50% respectively [1][2] - The revenue and net profit figures not only set historical records for the same period but also exceeded the total figures for the entire year of 2024 [1] - Despite being behind competitors in terms of revenue and net profit, the company ranks third among 88 peers in the industry [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1288.82 billion, a year-on-year increase of 69.56%, and a net profit of 30.99 billion, up 51.17% [2] - The revenue figures for the first three quarters of 2023 and 2024 were 648.85 billion and 760.10 billion respectively, showing changes of -8.92% and 17.15% year-on-year [2] Quarterly Growth - The company experienced accelerated growth in both revenue and net profit in the first three quarters of 2025, with quarterly revenues of 349.98 billion, 489.42 billion, and 449.43 billion, reflecting year-on-year growth rates of 115.65%, 111.24%, and 22.75% respectively [3] - The net profit for the same quarters was 8.42 billion, 10.47 billion, and 12.10 billion, with year-on-year growth rates of 39.05%, 52.70%, and 59.46% [3] Business Segments - All four business segments of the company reported high growth, with revenue increases of 70% or more across the board [3] - The smart terminal business saw a revenue increase of 84.4%, high-performance computing grew by 70%, AIoT and other businesses rose by 72.9%, and automotive and industrial products increased by 77.1% [3] R&D Investment - The company invested over 46 billion in R&D in the first three quarters of 2025, a year-on-year increase of 23.66%, supporting innovation and process improvement [1][6] - The R&D investment figures for 2023 and 2024 were 45.48 billion and 51.72 billion respectively [6] Strategic Initiatives - The company is advancing its plan for a Hong Kong listing, which is part of a long-term strategic decision rather than a short-term funding need [7] - The listing is expected to enhance shareholder structure, financing channels, and business expansion opportunities [7]

Core Insights - BYD Electronics (00285) is recognized as a leading platform-based manufacturing enterprise, benefiting from the expansion of product categories within its major client ecosystem and upgrades in AI terminals [1] - The company reported a revenue of 123.285 billion yuan for the first three quarters of 2025, reflecting a year-over-year increase of 0.95%, and a net profit attributable to shareholders of 3.137 billion yuan, up 2.4% year-over-year [1] - In Q3 2025, the company achieved a revenue of 42.679 billion yuan, down 1.99% year-over-year, with a net profit of 1.407 billion yuan, a decrease of 8.99% year-over-year, attributed to the release schedule of major client Air models [1] Business Segments - **Consumer Electronics**: In H1 2025, the consumer electronics segment (including assembly and components) generated revenue of 60.946 billion yuan, a decline of 3.73% year-over-year. The launch of the Air model in 2025 was delayed compared to the previous year, leading to slight pressure on Q3 revenue and profit [1] - **Automotive Electronics**: The automotive electronics segment is expected to continue growing, supported by the parent company's expanding product categories. The company is increasing the shipment of products such as smart cockpits, thermal management, and intelligent driving assistance, with smart suspension products being integrated into more vehicle models [1] - **AI Business**: The company has established a comprehensive layout for AI services, including general servers, storage servers, AI servers, and immersion liquid cooling solutions. It has become a partner of NVIDIA in the data center sector, enhancing its AI service capabilities [1] - **Strategic Acquisitions**: The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major clients. Jabil is a key supplier for the titanium alloy frame of the iPhone 15 Pro, and the integration of the mid-frame business marks a significant breakthrough in the company's largest product category for major clients [1]

Core Viewpoint - Huachuang Securities reports that BYD Electronics (00285) is a leading platform manufacturing enterprise globally, benefiting from the expansion of product categories within its major customer system and AI terminal upgrades, while automotive electronics continue to accelerate product development [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of 123.285 billion yuan (YoY +0.95%) and a net profit attributable to shareholders of 3.137 billion yuan (YoY +2.4%) [1] - For the third quarter of 2025, the company reported revenue of 42.679 billion yuan (YoY -1.99%) and a net profit of 1.407 billion yuan (YoY -8.99%) [1] Group 2: Business Segments - The company operates three main business lines: consumer electronics, automotive electronics, and new intelligent products. In H1 2025, the consumer electronics (assembly + components) segment generated revenue of 60.946 billion yuan (YoY -3.73%), while the new energy vehicle segment saw revenue of 12.454 billion yuan (YoY +60.57%), and the new intelligent products segment achieved revenue of 7.206 billion yuan (YoY -4.18%) [2] - The launch of the iPhone Air on October 22, 2025, has delayed the revenue and profit performance in Q3 compared to the previous year [2] Group 3: Future Growth Potential - The automotive electronics segment is expected to grow as BYD Electronics continues to expand its product categories, including smart cockpits, thermal management, and intelligent driving assistance, with smart suspension products being integrated into more vehicle models [3] - In the AI business, the company has established a comprehensive layout covering general servers, storage servers, AI servers, and immersion liquid cooling solutions, becoming a partner of NVIDIA in the data center field, leading to strong growth in AI server shipments [3] - The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major customers, with the integration of Jabil's business marking a breakthrough in the largest product category for major customers, particularly in the iPhone 15 Pro titanium frame [3]

Core Viewpoint - BYD Electronics is recognized as a leading platform manufacturing enterprise globally, benefiting from the expansion of product categories within its major customer system and upgrades in AI terminals, while its automotive electronics continue to accelerate product development [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 123.285 billion yuan (YoY +0.95%) and a net profit attributable to shareholders of 3.137 billion yuan (YoY +2.4%) [1]. - For the third quarter of 2025, the company reported revenue of 42.679 billion yuan (YoY -1.99%) and a net profit of 1.407 billion yuan (YoY -8.99%) [1]. Business Segments - The company operates in three main business lines: consumer electronics, automotive electronics, and new intelligent products. In H1 2025, the consumer electronics segment (assembly + components) generated revenue of 60.946 billion yuan (YoY -3.73%), while the new energy vehicle segment saw revenue of 12.454 billion yuan (YoY +60.57%), and the new intelligent products segment reported revenue of 7.206 billion yuan (YoY -4.18%) [2]. - The launch of the iPhone Air in October 2025 has delayed the revenue and profit performance in Q3 compared to the previous year [2]. Future Growth Potential - The automotive electronics segment is expected to maintain growth in product shipments, supported by the parent company's continuous expansion of product categories, including smart cockpits and intelligent driving assistance [3]. - In the AI business, the company has established a comprehensive layout covering general servers, storage servers, AI servers, and immersion cooling solutions, becoming a partner of NVIDIA in the data center field, which has led to strong growth in AI server shipments [3]. - The acquisition of Jabil's mobile manufacturing business is expected to deepen the company's engagement with major customers, with the integration of Jabil's operations marking a significant breakthrough in the largest product category for major clients [3].

Core Viewpoint - The company, Foxconn Industrial Internet Co., Ltd., reported significant growth in its cloud computing and communication equipment businesses, driven by strong demand for AI-related products and services in the third quarter of 2025 [4][5]. Financial Performance - The company's cloud computing business revenue increased by over 65% year-on-year for the first three quarters of 2025, with a more than 75% increase in the third quarter alone [4]. - Revenue from cloud service providers accounted for 70% of the cloud computing business, growing over 150% year-on-year, with a more than 210% increase in the third quarter [4]. - The GPU AI server revenue surged over 300% year-on-year in the first three quarters, with a more than 90% quarter-on-quarter increase in the third quarter [4]. Business Segments - In the cloud computing segment, the demand for AI server products has significantly increased, particularly for large-scale data centers [4]. - The communication and mobile network equipment business also showed strong growth, with a 100% year-on-year increase in the third quarter, driven by AI demand [5]. - The 800G switch business experienced a remarkable growth of over 27 times year-on-year in the third quarter [5]. Corporate Governance Changes - The company announced the cancellation of its supervisory board and the revision of its articles of association to enhance corporate governance [24][25]. - The responsibilities previously held by the supervisory board will be transferred to the audit committee of the board of directors [25]. - The company plans to hold a special shareholders' meeting on November 24, 2025, to discuss these governance changes [20].