工业富联（601138.SH）2025 年半年度业绩预告点评 AI 业务快速放量，带动净利润超预期 2025 年 07 月 11 日 ➢ 事件：7 月 7 日，工业富联发布 2025 年半年度业绩预告，2Q25 公司预计 实现归母净利润 67.27~69.27 亿元，yoy+47.72%~52.11%，预计实现扣非归 母净利润 66.94~68.94 亿元，yoy+57.10%~61.80%，二季度经营情况良好， 业绩超预期。 ➢ AI 带动业绩超预期，回购彰显长期成长信心。工业富联上半年归母净利润 预计中值为 120.58 亿元，较去年同期的 87.39 亿元增长 33.19 亿元，同比增长 约 37.98%；扣非归母净利润预计中值为 116.97 亿元，较上年同期的 85.33 亿 元增加 31.64 亿元，同比增长约 37.08%。2Q25 公司归母净利润预计中值为 68.27 亿元，同比增幅达到约 49.91%；扣非净利润预计中值为 67.94 亿元，同 比增幅 59.45%。公司盈利能力呈现持续改善的趋势，公司业绩弹性初步体现。 此外，2025 年 4 月工业富联公告回购 5-10 亿元公司股票，回 ...

证券研究报告 | 公司动态点评 2025 年 07 月 11 日 工业富联（601138.SH） 归母净利润增速亮眼，AI 服务器云计算持续放量 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 476,340 | 609,135 | 773,193 | 952,747 | 1,155,064 | | 增长率 yoy（%） | -6.9 | 27.9 | 26.9 | 23.2 | 21.2 | | 归母净利润（百万元） | 21,040 | 23,216 | 30,785 | 35,310 | 41,622 | | 增长率 yoy（%） | 4.8 | 10.3 | 32.6 | 14.7 | 17.9 | | ROE（%） | 14.9 | 15.2 | 18.0 | 18.1 | 18.5 | | EPS 最新摊薄（元） | 1.06 | 1.17 | 1.55 | 1.78 | 2.10 | | P/E（倍） | 25.1 | 22.8 | 17.2 ...

【环球网科技综合报道】从2022到2025，新紫光集团重组焕新的这三年恰逢全球智能化热潮奔涌、数字 中国建设加速的关键窗口期。正是在这风云激荡的三年间，在新紫光集团的坚定支持下，新华三集团完 成了一次华丽的智变跃迁—— 从数字化解决方案提供者成长为数字化及 AI 解决方案领导者。 一次品牌焕 新，三年战略深耕，新紫光集团以资源聚合与生态重构为支点，撬动新华三集团在方兴未艾的智能新时 代进一步筑牢数字化及AI解决方案领导者地位。 在智算基础设施领域，新华三持续深化"AI in ALL"技术战略，依托全新一代智算产品，持续塑造智算 领域全产业链布局优势：推出基于DDC架构（Diversified Dynamic-Connectivity，多元动态联接）的新 一代无损网络解决方案及算力集群核心交换机S12500AI系列，可高效支撑千卡至万卡级别的高速无损 算力集群互联，带宽利用率提升107%；加速CPO技术规模商用，800G CPO光电共封装交换机S9827系 列已经成功应用于头部互联网企业的大型数据中心网络场景，为高性能AI计算提供高带宽、低延迟的 网络支撑；实现64卡高速互联超节点算力集群落地部署，相比8台8卡 ...

点击 关注我们 报告发布日期：2025年7月8日 报告名称: 《工业富联（601138.SH）：预告上半年利润增长36.8%-39.1%，云计算业务营收持续高增》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309 联系人：连欣然 完整报告请扫描下方二维码 核心观点 初步核算2025年上半年归母净利润同比增长36.84%至39.12% 公司发布2025年半年度业绩预告，初步核算2025年上半年归母净利润119.58-121.58亿元(YoY 36.84%至 39.12%)，扣非归母净利润115.97-117.97亿元(YoY 35.91%至38.25%)；其中2Q25归母净利润67.27-69.27亿元 (YoY 47.72%至52.11%，QoQ 28.61%至32.44%)，扣非归母净利润66.94-68.94亿元(YoY 57.10%至61.80%，QoQ 36.54%至40.62%)。 GB300服务器全球首批部 ...

Investment Rating - The report maintains a "Buy" rating for Foxconn Industrial Internet (FII) with a revised target price of Rmb31.11, reflecting an upside potential of 17.9% from the current price of Rmb26.38 [16][17]. Core Insights - FII's 2Q25 net income guidance is between Rmb6.7 billion and Rmb6.9 billion, with a midpoint of Rmb6.8 billion, representing a 31% quarter-over-quarter increase and a 50% year-over-year increase [1]. - The company is experiencing significant growth in cloud computing revenues, projected to exceed 50% year-over-year, and AI server revenues are expected to grow over 60% year-over-year [1]. - FII's revenues from cloud service providers (CSPs) increased by over 150% year-over-year in 2Q25, and revenues from 800G switches are projected to be three times higher than in 2024 [1]. - The report anticipates a compound annual growth rate (CAGR) of 29% for net income from 2025 to 2027, with AI server revenues expected to rise from 29% in 2024 to 68% by 2027 [1]. Financial Projections - The report revises net income estimates upward by 3%, 4%, and 6% for 2025, 2026, and 2027 respectively, due to higher revenue expectations [5]. - FII's revenue projections for 2025E, 2026E, and 2027E are Rmb850.1 billion, Rmb1,130.6 billion, and Rmb1,274.5 billion respectively, reflecting increases of 5%, 10%, and 9% from previous estimates [8]. - The gross profit (GP) for 2025E is revised to Rmb49.9 billion, with operating profit (OP) at Rmb31.4 billion and net income at Rmb27.6 billion [8]. Market Position and Competitive Analysis - FII is positioned as a leading supplier in the AI server market, particularly in rack-level AI servers, supported by a comprehensive supply chain and global production capabilities [5][9]. - The target price is based on a price-to-earnings (P/E) multiple of 16x for 2026E, reflecting a market re-rating on AI servers [10][15].

Market Review - The A-share market rose by 1.22% during the week of June 30 to July 4, with strong performance in the glass and innovative drug sectors [2] - The average daily trading volume for the A-share market was 1.4384 trillion yuan, a decrease of 45 billion yuan from the previous week, indicating high market activity [2] - The average number of rising stocks decreased to 2,610, down by 1,012 from the previous week, reflecting a weakening profit effect [2] High Prosperity Sectors Outlook for Q2 2025 - High-growth potential sectors identified for Q2 2025 include optical modules, diesel generators, innovative drugs, and deep-sea technology [2] - The optical module sector is expected to maintain high growth due to increased data transmission rate requirements [29] - The diesel generator market is anticipated to see a rise in both volume and price as AIDC construction accelerates [37] - The innovative drug sector is benefiting from BD transactions and supportive policies, which are expected to enhance growth opportunities [39] - Deep-sea technology is showing high prosperity trends supported by policy initiatives [43] Key Themes - The "anti-involution" policy aims to promote the orderly exit of backward production capacity, facilitating high-quality industry development [3][47] - Deep-sea technology is positioned as a critical pillar of the marine economy, driving economic acceleration [3][54] - The global regulatory framework for stablecoins is rapidly taking shape, providing new opportunities for the internationalization of the renminbi [3][50] Policy Dynamics - The central bank is enhancing financial support for the real economy, with a focus on emerging industries and technology standards [4] - Recent policies emphasize the importance of high-quality development in the marine economy and the establishment of a unified national market [4][59] Industry Trends - The artificial intelligence sector is advancing with initiatives like the global multi-center plan for AI pathology models [5] - The TMT sector is seeing the introduction of the first national 6G industry policy in Beijing [5] - The biopharmaceutical sector is experiencing growth with increased clinical trials and innovations in brain-machine interfaces [5] - The deep-sea economy is being reinforced by the establishment of leadership groups to enhance industry coordination [5] - The high-end manufacturing sector is benefiting from the lifting of EDA export restrictions to China [5]

消息面上，隔夜美股市场大型科技股集体上涨，英伟达收涨1.8%，盘中一度涨超2%至164美元，总市值 一度突破4万亿美元。英伟达股价上涨或受益于其在算力领域的业绩爆发。 过去三年，受数据中心AIGPU需求爆发式增长拉动，英伟达营收激增，已从2024财年的约270亿美元飙 升至2025财年的1305亿美元，预计截至明年1月的2026财年的营收有望接近2000亿美元。 值得关注的是，中国光模块企业占据全球60%以上的市场份额，国内外算力资本高增都有利于A股市场 光通信板块业绩改善。 中原证券表示，光模块的可靠性要求提高、迭代周期缩短，带来行业技术门槛显著提升，光模块头部厂 商产品的优势将进一步凸显。头部云厂商2025年资本开支展望乐观，海外算力高速发展，英伟达GB300 正式出货，AI发展推动大型数据中心的建设，拉动光器件产品需求持续且稳定增长。 通信ETF（515880）跟踪通信设备指数，光模块占比近30%，位于市场同类产品中前列，有望深度受益 于海外映射逻辑。 创业板人工智能ETF国泰（159388）跟踪创业板人工智能指数，一键布局人工智能产业链上下游，把握 人工智能行情发展。另外，该ETF为20cm标的，弹性 ...

长芯博创作为算力硬件领域的重要参与者，其技术实力不断增强。公司在硅光技术、高速光电子集成等 前沿领域持续加大投入。800G硅光模块和共封装光学相关产品开发进度加快，2025年首代CPO产品已 成功推出。 算力硬件板块延续强劲走势，长芯博创股价飙升超过10%，刷新历史最高纪录。铭普光磁封涨停板，新 亚电子、鹏鼎控股涨幅均超过5%。罗博特科、德科立、神宇股份、瑞可达等个股紧随其后。 CPO、铜缆等算力硬件概念股再度展现强势表现。据悉，英伟达股价上涨1.8%，连续刷新历史新高。 该公司总市值在盘中交易时段一度突破4万亿美元关口。这一里程碑式的突破，成为全球首家达到此市 值水平的企业。 与此同时，英伟达的市值规模已超越英国、法国、德国等发达国家的股票市场总值。自今年4月份触及 低点以来，英伟达股价累计涨幅接近90%。投行机构预测，该公司市值有望在未来18个月内攀升至5万 亿美元。 国内算力硬件产业链受到海外龙头企业带动效应明显。光模块、PCB、服务器等相关概念股近期表现突 出。相关ETF产品同样获得资金青睐，5G通信ETF自6月以来涨幅接近20%。 公司通过收购长芯盛股权，实现产业链垂直整合布局。海外生产基地的投产运 ...

Core Viewpoint - Multiple industry leaders have reported positive earnings forecasts for the first half of the year, indicating strong performance across various sectors [1][2]. Group 1: Earnings Forecasts - A total of 107 companies have released their earnings data, with 83 companies showing positive forecasts, including profit increases and turnaround from losses [1]. - Among the companies, 61 are expected to achieve net profits exceeding 100 million yuan, accounting for nearly 60% of the total [2]. - Notable companies with significant profit forecasts include Industrial Fulian, Lixun Precision, and Xinhecheng, all expected to exceed 1 billion yuan in net profits [2][3]. Group 2: Specific Company Performance - Industrial Fulian anticipates a net profit of 67.27 billion to 69.27 billion yuan for Q2 2025, representing a year-on-year growth of 47.72% to 52.11% [2]. - Lixun Precision expects a profit of 64.75 billion to 67.45 billion yuan, reflecting a growth of 20% to 25% [3]. - Xinhecheng forecasts a net profit of 33 billion to 37.5 billion yuan, with a year-on-year increase of 50% to 70% [3]. Group 3: Exceptional Growth - 24 companies are projected to double their net profits, with Huayin Power showing the highest increase, expecting a profit of 1.8 billion to 2.2 billion yuan, a staggering growth of 3600.7% to 4423.07% [4]. - Other companies like Shengnong Development and Whirlpool are also expected to see significant profit increases, with some exceeding 400% growth [4]. Group 4: Market Performance - Companies that have released positive earnings forecasts have seen an average stock price increase of 27.03% this year, outperforming the broader market [5]. - Huayin Power has experienced the highest stock price increase of 160.77%, while other companies like Bangji Technology have also seen substantial gains [5]. Group 5: Financing Trends - Since July, there has been an influx of financing into companies with positive earnings forecasts, with 49 stocks receiving net purchases [6]. - Xiaoshangpin City has received the highest net purchase amount of 373 million yuan, with an expected profit increase of 12.57% to 17.40% [6].

② 创业板领涨， 通达海(+20.00%)/隆扬电子(+12.92%)/中文在线(+10.86%)/ ③科创板领涨， 山大地纬(+4.47%)/当虹科技(+4.25%)/长光华芯 (+4.05%)/ ④活跃子行业， SW大众出版(+3.44%)/SW影视动漫制作(+1.68%)/ 国内新闻 行情速递 ① 主板领涨， 华媒控股(+10.10%)/大智慧(+10.04%)/信雅达(+10.01%)/天融信(+10.00%)/欢 瑞世纪(+10.00%)/ ① 艾邦半导体网，晶能官微消息/公司近日与中车时代半导体正式签署战略 合作协议/双方将围绕Si/SiC/GaN等功率半导体器件的芯片设计/工艺创新/ 模块封装及测试验证等关键领域展开全方位深度合作/共同推动功率半导体技 术的创新突破与产业化落地/ ② 大话芯片，据橙科微创始人/董事长王珲介绍/其50G速率DSP芯片已实现 规模化出货/覆盖国内5G模组厂商及三大电信运营商/并计划于2025年推出 100G系列DSP芯片/同步推进400G/800G PAM4 DSP芯片量产及1.6T PAM4 DSP芯片研发/ ① 半导体产业纵横，全球晶圆代工巨头格芯宣布已达成最终 ...