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 ...

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 ...

证券研究报告 | 2025年07月08日 工业富联（601138.SH） 优于大市 预告上半年利润增长 36.8%-39.1%，云计算业务营收持续高增 风险提示：新产品拓展不及预期，下游需求不及预期，客户导入不及预期等。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 476,340 | 609,135 | 840,374 | 1,130,377 | 1,429,678 | | (+/-%) | -6.9% | 27.9% | 38.0% | 34.5% | 26.5% | | 净利润(百万元) | 21040 | 23216 | 30510 | 39169 | 50120 | | (+/-%) | 4.8% | 10.3% | 31.4% | 28.4% | 28.0% | | 每股收益（元） | 1.06 | 1.17 | 1.54 | 1.97 | 2.52 | | EBIT Margin | 4.6% | 4.4% | 4.1% | 4.1% ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.93 CNY based on a 19x PE valuation for 2025 [2][10][5]. Core Insights - The company is expected to accelerate shipments of its GB200 series, benefiting from strong demand in the AI and cloud computing sectors [1][9]. - Revenue projections for 2025-2027 are set at 761.524 billion CNY, 935.725 billion CNY, and 1.113631 trillion CNY respectively, reflecting growth rates of 25%, 23%, and 19% [4][10]. - The net profit attributable to the parent company is forecasted to reach 29.163 billion CNY, 35.503 billion CNY, and 41.784 billion CNY for the years 2025-2027, with growth rates of 26%, 22%, and 18% respectively [4][10]. Financial Summary - The company's revenue for 2023 is reported at 476.34 billion CNY, with a projected increase to 609.135 billion CNY in 2024, marking a 28% year-on-year growth [4]. - Operating profit is expected to grow from 23.067 billion CNY in 2023 to 49.157 billion CNY by 2027, with a compound annual growth rate of approximately 20% [4]. - The earnings per share (EPS) are projected to increase from 1.06 CNY in 2023 to 2.10 CNY in 2027 [4][10]. Market Performance - The company's stock price as of May 28, 2025, is 18.58 CNY, with a 52-week high of 28.67 CNY and a low of 14.58 CNY [5]. - The company has a market capitalization of approximately 368.978 billion CNY [5]. Business Segments - The AI server and general server segments are both experiencing significant growth, with cloud computing revenue increasing by over 50% year-on-year [9]. - The company is focusing on high-speed switch technology innovation, with notable growth in 400G and 800G switches [9]. Strategic Initiatives - The company plans to utilize 5-10 billion CNY of its own funds for share buybacks, with a maximum repurchase price set at 20.00 CNY per share [9]. - The company emphasizes a diversified supply chain strategy and has established a presence in over ten countries to enhance delivery capabilities [9].