Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is expected to achieve steady growth in revenue and net profit, with a projected revenue of RMB 609.14 billion in 2024, representing a year-on-year increase of 27.88%, and a net profit of RMB 23.22 billion, up 10.34% year-on-year [8] - The cloud computing segment is anticipated to show strong growth, with revenue expected to exceed RMB 3.19 trillion in 2024, a year-on-year increase of 64.37%, marking a significant contribution to overall revenue [8] - The company is focusing on advanced product development and has a diversified performance elasticity that is expected to accelerate [5] Financial Summary - The company’s projected revenue for 2025 is RMB 756.42 billion, with a growth rate of 24.2% [7] - The expected net profit for 2025 is RMB 29.37 billion, reflecting a growth rate of 26.5% [7] - The company’s EBITDA for 2025 is projected to be RMB 39.10 billion, with a corresponding PE ratio of 13.0 times [5][7] - The company’s gross margin for 2024 is expected to be 7.28%, a decrease of 0.78 percentage points year-on-year [8] - The company’s total market capitalization is approximately RMB 382.68 billion [3]

Core Viewpoint - Industrial Fulian (601138) has been rated as a "Buy" by Zhongyin International Securities, highlighting its robust growth in cloud computing and diversified business layout [1][5]. Financial Performance - In 2024, Industrial Fulian achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [2]. - For Q1 2025, the company reported a revenue of 160.415 billion yuan, reflecting a year-on-year growth of 35.16% [2]. Business Segments - Cloud Computing: In 2024, the cloud computing segment generated revenue of 319.377 billion yuan, a significant year-on-year increase of 64.37%, accounting for over 50% of total revenue. AI server revenue surged over 150% [3]. - Communication and Mobile Network Equipment: This segment achieved revenue of 287.898 billion yuan in 2024, showing stable growth. The shipment of 5G terminal precision components increased by 10% year-on-year [3]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 756.419 billion yuan, 912.678 billion yuan, and 1,055.289 billion yuan for 2025, 2026, and 2027, respectively [5]. - The net profit forecasts for the same years are 29.366 billion yuan, 35.390 billion yuan, and 40.221 billion yuan, with corresponding P/E ratios of 13.0, 10.8, and 9.5 [5]. Market Sentiment - Over the past 90 days, 12 institutions have rated the stock, with 9 "Buy" ratings and 3 "Hold" ratings, indicating positive market sentiment [10].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady growth with a focus on optimizing its product structure and enhancing operational efficiency, supported by strong performance in its cloud computing and telecommunications segments [3][8] - Revenue and net profit for 2024 are projected to be RMB 609.14 billion and RMB 23.22 billion, respectively, reflecting year-on-year growth rates of 27.88% and 10.34% [8] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of RMB 7,564.19 billion, RMB 9,126.78 billion, and RMB 10,552.89 billion for 2025, 2026, and 2027, respectively [5][7] Financial Summary - The company’s main revenue for 2023 is RMB 476.34 billion, with a projected growth rate of 27.9% for 2024 [7][25] - The EBITDA for 2024 is expected to be RMB 32.23 billion, with a net profit of RMB 23.22 billion [7][25] - The projected earnings per share (EPS) for 2025 is RMB 1.48, with a corresponding price-to-earnings (P/E) ratio of 13.0 [5][25] - The company’s gross margin for 2024 is expected to be 7.28%, with a net profit margin of 3.81% [8][25] Business Segments - The cloud computing segment is anticipated to show robust growth, with revenues expected to exceed RMB 3,193.77 billion in 2024, marking a year-on-year increase of 64.37% [8] - The telecommunications and mobile network equipment segment is also projected to grow steadily, with revenues of RMB 2,878.98 billion in 2024 [8] - The company is focusing on AI server products, which have seen revenue growth exceeding 150%, becoming a core growth driver [8]

工业富联年报新鲜出炉，2024年营收首破6000亿，公司拟现金分红超百亿。 4月29日晚，工业富联发布2024年业绩报告，全年营收首次突破6000亿元，达6091.35亿元，同比增长27.88%， 净利润232.16亿元，同比增长10.34%，营收净利均创公司历史新高。公司拟每10股派发现金红利6.4元（含 税），分红总额127.1亿元创新高，分红率54.74%，连续三年分红金额超百亿元。 | | | | | 单位:十元 市神:人民市 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 | 2022年 | | | | | 同期增减(%) | | | 带业收入 | 600 135 428 | 476 340 107 | 77 88 | 511 849 579 | | 归属于上市公司股东的净利润 | 23,216,469 | 21,040,193 | 10.34 | 20,073,072 | | 归属于上市公可胶尔的扣除非经 常性损益的净利润 | 23,413,856 | 20,208,906 | 15.86 | 18.410.39 ...

Core Insights - Industrial Fulian's 2024 revenue surpassed 600 billion yuan for the first time, reaching 609.13 billion yuan, a year-on-year increase of 27.88%, with net profit of 23.22 billion yuan, up 10.34% [1][2] - The company plans to distribute a cash dividend of 6.4 yuan per 10 shares, totaling 12.71 billion yuan, marking a record high dividend payout and a dividend rate of 54.74% [1][4] Financial Performance - Total revenue for 2024 was 609.13 billion yuan, compared to 476.34 billion yuan in 2023, reflecting a growth of 27.88% [2] - Net profit attributable to shareholders was 23.22 billion yuan, up from 21.04 billion yuan in 2023, a growth of 10.34% [2] - The net cash flow from operating activities was 23.82 billion yuan, down 44.71% from the previous year [2] - Total assets increased to 317.52 billion yuan, a 10.36% rise from 287.71 billion yuan in 2023 [2] Business Segments - The cloud computing segment generated revenue of 319.38 billion yuan, a year-on-year increase of 64.37%, accounting for over 50% of total revenue [3] - AI server revenue grew over 150%, becoming a core growth driver within the cloud computing business [3] - The telecommunications and mobile network equipment segment achieved stable growth with revenue of 287.90 billion yuan [3] Dividend and Shareholder Returns - The proposed cash dividend of 6.4 yuan per 10 shares represents a total of 12.71 billion yuan, the highest in the company's history [4] - Industrial Fulian has consistently increased its annual dividend total since its listing in 2018, with cumulative dividends reaching 56.55 billion yuan [4] - The company has also engaged in share buybacks, spending nearly 1.7 billion yuan over the past three years, with a new buyback plan of 500 million to 1 billion yuan announced [4] Research and Development - In 2024, the company invested 10.63 billion yuan in R&D, maintaining over 10 billion yuan in R&D expenses for five consecutive years [5] Q1 2025 Performance - For Q1 2025, revenue reached 160.42 billion yuan, a year-on-year increase of 35.16%, with net profit of 5.23 billion yuan, up 24.99% [6] - The cloud computing segment continued strong growth, with revenue from AI servers and general servers both increasing by over 50% [6]