个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -6% 11% 28% 45% 62% 79% 96% 113% 130% 147% 工业富联 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 48.00 | | --- | --- | | 总股本/流通股本（亿股）198.59 | / 198.58 | | 总市值/流通市值（亿元）9,533 | / 9,532 | | 52 周内最高/最低价 | 48.91 / 15.44 | | 资产负债率(%) | 51.8% | | 市盈率 | 41.03 | | 第一大股东 | 富泰华工业(深圳)有限 | | 公司 | | 证券研究报告：电子 | 公司点评报告 发布时间：2025-08-26 股票投资评级 买入 |维持 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 工业富联(601138) AI 服务器需求强劲，GB200 系列良率持续改善 l 事件 公司发布 2025 年半年报，上半年实现营业收入 360 ...

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].

Group 1: Company Insights - Nord Fund recently conducted research on five listed companies, including Taicheng Light, Shengyi Electronics, G-bits, Desay SV, and Longxin Group [1] - Taicheng Light's main business is passive optical devices, with over 90% revenue share and a gross margin of around 30%. The company is expanding MT connector capacity and has established a close supply relationship with its largest customer [1] - Shengyi Electronics reported a 91% increase in revenue and a 452% increase in net profit for the first half of 2025, driven by optimizing product structure and increasing high-value product share [2] - G-bits is focusing on user-driven innovation in game development, with successful titles like "Zhang Jian Chuan Shuo" and "Dao You Lai Wa Bao" showing promising early performance [3] - Desay SV achieved a revenue of 14.644 billion yuan, a 25.25% year-on-year increase, with a net profit of 1.223 billion yuan, up 45.82%. The company is expanding its overseas operations and focusing on smart driving and cockpit businesses [4] - Longxin Group's energy digitalization business generated approximately 470 million yuan in revenue, with a 10% year-on-year growth in energy internet business. The company is actively developing its charging platform and virtual power plant projects [5] Group 2: Market Trends - The telecommunications sector is seeing growth in high-speed switching markets, with Shengyi Electronics advancing in 800G and 224G product development [2] - The gaming industry is experiencing diverse demands, with G-bits adapting its strategies to focus on user needs and optimizing its product offerings [3] - The smart driving and cockpit sectors are expanding, with Desay SV leading in market share for domestic auxiliary driving domain controllers [4] - The energy sector is witnessing accelerated investment in new power systems, with Longxin Group's initiatives in distributed photovoltaic and energy trading showing significant growth [5]

Core Insights - As of August 20, 2025, 623 private listed companies in A-shares have disclosed their semi-annual performance, with 528 achieving profitability, representing over 80% [1][2] - Among the profitable companies, 318 reported year-on-year net profit growth, with 46 successfully turning losses into profits [1][2] - The strong performance is attributed to companies seizing opportunities in sectors such as commercial aviation, robotics, and AI computing power, alongside increased R&D investments [1] Group 1: Performance Overview - 318 companies achieved positive net profit growth, with 59 of them reporting growth exceeding 100% [3] - Notably, 17 companies with a market capitalization of less than 5 billion yuan experienced profit growth exceeding 2000% [3] - Leading companies like CATL, Industrial Fulian, WuXi AppTec, and Great Wall Motors reported net profits exceeding 5 billion yuan [2] Group 2: R&D Investment and Innovation - 125 of the 318 companies had R&D expenditures accounting for more than 5% of their revenue, indicating a strong focus on innovation [5] - Companies like Guangli Microelectronics reported a staggering 518.42% increase in net profit, supported by a high R&D expenditure ratio of 58.57% [5] - The emphasis on R&D and innovation is seen as a critical driver for long-term growth, with many companies capitalizing on emerging industries and market opportunities [5] Group 3: Sector Performance - The electronics, basic chemicals, and machinery equipment sectors led the profitability rankings, with 67, 66, and 62 companies respectively achieving profits [2] - AIoT market continued to grow, with companies like Rockchip reporting a 191.61% increase in net profit, driven by expansion in automotive electronics and industrial applications [6] - Companies such as Weicai Technology benefited from trends in smart driving and AI computing, achieving a net profit increase of 831.03% [5]

Group 1 - The global AI boom continues to drive rapid growth in the telecommunications and communication equipment industry, with AI server revenue growing over 60% year-on-year [1] - The GB200 series products have achieved mass production, and revenue from 800G high-speed switches is expected to increase nearly threefold compared to 2024, confirming the high demand for computing infrastructure [1] - The optical communication sector is performing well, with 400G and 800G optical modules achieving large-scale delivery, and the 1.6T product layout leading the market, while CPO solutions are driving the demand for liquid cooling [1] Group 2 - Domestic optical communication companies have seen rapid growth in performance, with Huagong Technology's connection business revenue increasing by 124% year-on-year, and Taicheng Light's dual layout in MPO and CPO fields [1] - The three major telecom operators are expected to see stable performance in the first half of 2025, with capital expenditure as a percentage of revenue continuing to decline and dividend ratios increasing [1] - The telecommunications industry overall is exhibiting a high prosperity trend, with outstanding performance in optical modules, IDC, and equipment manufacturers [1] Group 3 - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can have a daily fluctuation of up to 20% [1] - This index selects listed companies involved in artificial intelligence technologies such as machine learning and natural language processing from the ChiNext market to reflect the overall performance of AI-related enterprises and highlight technological innovation and growth characteristics [1]

Core Viewpoint - The report highlights the explosive growth of Shengyi Electronics, a leading global high-end PCB manufacturer, with significant increases in revenue and profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.769 billion yuan, a year-on-year increase of 91.00% [1] - The net profit attributable to shareholders reached 531 million yuan, reflecting a year-on-year growth of 452.11% [1] - The non-recurring net profit was 528 million yuan, up 483.25% year-on-year, indicating a significant improvement in profit quality [1] - For the second quarter alone, revenue was 2.19 billion yuan, with a year-on-year growth of 101.1%, and net profit was 330 million yuan, up 374.3% [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 247 million yuan [1]. Strategic Focus and Market Expansion - The company is strengthening its core business areas and actively exploring new frontiers, particularly in the network communication sector, focusing on the 800G high-speed switch market [1] - Collaboration with key customers is accelerating the development of next-generation 224G products, which are currently in the sampling stage [1] - In the automotive electronics sector, strategic partnerships with global leaders in automotive electronics and electric vehicles have led to successful mass production of products in key areas such as intelligent driving assistance and energy management [1] - The company is also proactively entering the low-altitude economy sector, with several collaborative R&D projects in the validation stage, aiming to foster new growth momentum for future production [1]. Capacity and R&D Investment - The company is focusing on capacity construction and R&D innovation to support future growth, achieving large-scale production of high-end products such as HDI and optical modules [2] - The smart computing center project, currently in trial production, is expected to significantly enhance the company's capacity supply in the high-end PCB market upon full operation [2] - R&D expenses for the first half of 2025 amounted to 195 million yuan, a year-on-year increase of 67.51%, with resources concentrated on new products, processes, and materials [2] - The company has accumulated 369 intellectual property rights, including 282 invention patents, indicating a strong focus on innovation [2]. Market Outlook - Despite uncertainties in the global economic environment, the rapid development of emerging technologies like AI presents vast growth opportunities for the PCB industry, particularly in high-end products [2] - The company plans to deepen market positioning, accelerate high-end capacity construction, and enhance technological innovation and digital transformation to improve core competitiveness and seize market opportunities for sustainable high-quality development [2].

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company focuses on AI development, showcasing its technological and production advantages [1] - In the first half of 2025, the company achieved operating revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.61% year-on-year [5][9] - The demand for high-end AI servers is expected to surge due to the continuous growth in capital expenditure by North American cloud service providers [9] - The company is strengthening its strategic collaboration with top technology firms in North America and Asia-Pacific [9] - The overall gross margin and net margin for the first half of 2025 were 6.60% and 3.36%, respectively [9] Financial Summary - The company’s projected operating revenues for 2025-2027 are 826.59 billion yuan, 1,044.55 billion yuan, and 1,286.02 billion yuan, respectively, with year-on-year growth rates of 35.7%, 26.4%, and 23.1% [7][12] - The net profit attributable to shareholders is expected to reach 31.73 billion yuan in 2025, 42.12 billion yuan in 2026, and 52.26 billion yuan in 2027, with corresponding year-on-year growth rates of 36.7%, 32.8%, and 24.1% [7][12] - The company’s earnings per share (EPS) are projected to be 1.60 yuan in 2025, 2.12 yuan in 2026, and 2.63 yuan in 2027 [7][12] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 27.1x, 20.4x, and 16.4x, respectively [10][12] Business Performance - The company’s AI server revenue grew over 60% year-on-year, with the GB200 series product shipments increasing quarter by quarter [9][10] - The overall server revenue increased by over 50%, and the revenue from cloud service provider servers surged by over 150% [9] - The company’s precision components business saw a 17% year-on-year increase in shipment volume due to the popularity of certain client models [9]

[Table_Title] 研究报告 Research Report 15 Aug 2025 中国电子 China (Overseas) Technology 全球科技业绩快报：工业富联 2Q25 Global Tech Earnings Snapshot : FII 2Q25 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 2025 年上半年，工业富联营收与净利润增速显著高于市场一致预期。公司实现营业收入 3,607.6 亿元，同比增长 35.58%（vs consensus 31.5%）；归母净利润 121.13 亿元，同比增长 38.61%（vs consensus 32.2%），均创同期历史新 高。其中，第二季度单季营收首次突破 2,000 亿元大关，达 2,003.45 亿元，同比增长 35.92%；净利润 68.83 亿元，同 比激增 51.13%，显著超出市场预期。尽管毛 ...

Group 1: Macro Strategy and Market Trends - The report indicates a rebound in social financing, with July's social financing scale increasing by 1.16 trillion yuan, which is 389.3 billion yuan more than the same period last year [21] - The report highlights that the M1 and M2 monetary aggregates have shown a year-on-year increase, indicating a recovery in excess liquidity [21] - The report emphasizes the importance of monitoring the progress of US-China trade agreements and the performance of mid-year earnings reports [21] Group 2: Fixed Income and City Investment Bonds - As of August 12, 2025, the scale of city investment bonds planned for early redemption since 2025 is 55.8 billion yuan, showing a slowdown in the redemption pace compared to previous peaks [22] - The report notes that private placement bonds have a higher proportion of planned face value redemptions (61.23%) compared to public bonds (45.24%) [22][23] - The trend of redeeming bonds at face value has shifted, with issuers now more likely to offer fairer prices such as face value plus compensation [22] Group 3: Yellow Wine Industry - The report suggests that the yellow wine industry is poised for revival, driven by leading brands adopting high-end, national, and youth-oriented strategies [6] - It highlights that the market share of ancient yellow wine brands outside Jiangsu and Zhejiang has increased from 27% in 2018 to 43% in 2024, indicating successful national expansion [6] - The report recommends focusing on two leading yellow wine brands, Kuaijishan and Guyuelongshan, which have made significant progress in high-end and national strategies [6] Group 4: Company-Specific Insights - Industrial Fulian reported a sales revenue of 360.76 billion yuan in the first half of 2025, a year-on-year increase of 35.58% [9] - The company anticipates a net profit of 121.13 billion yuan for the first half of 2025, with a forecasted increase to 500 billion yuan in 2026 [9] - Weixing New Materials reported a revenue of 2.078 billion yuan in the first half of 2025, a year-on-year decline of 11.33%, but maintained a significant cash dividend of 157 million yuan [28][29]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by the growth in AI server sales and market share [4][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit attributable to shareholders of 12.11 billion yuan, up 38.61% year-on-year [5]. - For the second quarter of 2025, the company recorded operating revenue of 200.35 billion yuan, representing a year-on-year growth of 35.92% and a quarter-on-quarter increase of 24.89%. The net profit attributable to shareholders reached 6.88 billion yuan, marking a year-on-year increase of 51.13% and a quarter-on-quarter increase of 31.58% [6]. Business Segments - The AI server revenue experienced rapid growth, with overall server revenue increasing by over 50% in the second quarter. Revenue from cloud service provider servers surged by over 150%, and AI server revenue grew by over 60% [7]. - The precision components business showed stable growth, with a 17% year-on-year increase in shipment volume. The revenue from 800G high-speed switches increased nearly threefold compared to the entire year of 2024, indicating a strong market position [8]. Market Trends - Major overseas tech companies are significantly increasing their capital expenditures, indicating robust demand for AI hardware. Microsoft reported a capital expenditure of $24.2 billion for FY4Q25, a 27% year-on-year increase, while Meta and Google also raised their capital expenditure forecasts for the year [9].