从最新业绩数据来看，工业富联的经营基本面表现强劲。2025年第三季度，公司营收2431.72亿元，同 比增长42.81%；归属于上市公司股东的净利润103.73亿元，同比增长62.04%，均创单季度历史新高。前 三季度营收6039.31亿元、归属于上市公司股东的净利润224.87亿元，均已接近去年全年水平。 工业富联方面表示，增长动力主要来自AI服务器市场扩张、超大规模数据中心AI机柜产品规模化交付 以及云服务商业务的爆发式增长，其中云服务商GPU AI服务器前三季度营收同比增长超300%。 在产品布局方面，工业富联管理层此前在业绩说明会上表示，当前，公司的GB200出货非常顺利， GB300也在第三季度实现量产，良率与测试效率持续上行。公司预计，单位成本的下降以及良率的提 升，会对四季度毛利率形成正面支撑。随着规模爬坡与制造工艺的优化，公司对交付效率的持续性保持 信心。 中国电子商务专家服务中心副主任郭涛在接受《证券日报》记者采访时表示，短期股价波动未改变工业 富联基本面，投资者应理性看待市场传闻。 （文章来源：证券日报） 近日，关于AI服务器龙头富士康工业互联网股份有限公司（以下简称"工业富联"）的一则传 ...

军工板块盘中大幅走高，卫星导航、商业航天概念等表现亮眼。截至收盘，招标股份、久之洋、航天环宇、江龙船艇等20%涨停，北方长龙涨超12%，中天火箭、 长城军工亦涨停。 | 代码 | 名称 | � | 涨幅% | 现价 | 张跌 | 买价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 301136 招标股份 | | | R 20.00 | 16.32 | 2.72 | 16.32 | - | 197684 | | 300516 | 久之洋 | . | 20.00 | 58.32 | 9.72 | 58.32 | - | 282430 | | 688523 | | K | 19.99 | 29.77 | 4.96 | 29.77 | l | 170884 | | 300589 江龙船艇 | | R | 19.98 | 26.90 | 4.48 | 26.90 | - | 127.97 | | 688195 | 腾景科技 | K | 18.42 | 180.00 | 28.00 | 179.99 | 180.00 | 201 ...

Core Viewpoint - Industrial Fulian's stock price has experienced a significant decline, reaching a low of 54.6 CNY per share, with a closing price of 55.94 CNY, down 7.80% on November 24, 2023, and a total market value of 1.1 trillion CNY [2][6]. Group 1: Stock Performance - The stock has seen a cumulative decline of over 15% in the last two trading days, marking a new low in nearly two months [2]. - The trading volume on November 24 reached 18.724 billion CNY [2]. Group 2: Market Rumors and Company Response - The unusual stock price fluctuation may be linked to rumors regarding a downward revision of AI server cabinet shipments and profits, with cabinet numbers adjusted to 80,000 and profit per cabinet declining due to competition from cloud service providers and Nvidia [6]. - Industrial Fulian has not officially responded to these rumors, but previously stated that there were no adjustments to orders or outlooks, and that project progress and delivery schedules remain normal [6][7]. Group 3: Financial Performance - In Q3, Industrial Fulian reported record-high revenue of 243.17 billion CNY, a year-on-year increase of 42.81%, and a net profit attributable to shareholders of 10.37 billion CNY, up 62.04% [7][8]. - For the first three quarters of 2025, the company achieved revenue of 603.93 billion CNY, a 38.4% increase year-on-year, and a net profit of 22.49 billion CNY, up 48.52% [8]. Group 4: Industry Outlook - According to TrendForce, global capital expenditure by major cloud service providers is expected to grow by 65% in 2025, with a forecast of exceeding 600 billion USD in 2026, indicating strong long-term growth potential for AI infrastructure [9]. - Industrial Fulian anticipates that the overall shipment of AI servers will exceed previous expectations due to increased capital expenditure from cloud service providers [9]. - The company expects positive support for its gross margin in Q4 due to declining unit costs and improved yield rates, with significant growth in its switch business driven by AI demand [9].

Core Viewpoint - Industrial Fulian's stock price has experienced a significant decline, reaching a low of 54.6 CNY per share, with a total market value of 1.1 trillion CNY, amid rumors regarding its AI server cabinet shipments and profit margins [2][6]. Group 1: Stock Performance - As of November 24, Industrial Fulian's stock closed at 55.94 CNY per share, down 7.80%, with a trading volume of 18.724 billion CNY, marking a cumulative decline of over 15% in the past two trading days [2]. - The stock price has hit a new low in nearly two months, reflecting investor concerns [2]. Group 2: Market Rumors and Company Response - Recent rumors suggest a downward revision in the shipment volume of AI server cabinets to 80,000 units and a decline in profit per cabinet due to cloud service providers and Nvidia reclaiming more profitable segments of the server supply chain [6]. - Industrial Fulian has not officially responded to these rumors, maintaining that project progress and delivery schedules are normal [6][7]. Group 3: Business Performance and Outlook - In the third quarter, Industrial Fulian reported record-high revenue of 243.172 billion CNY, a year-on-year increase of 42.81%, and a net profit of 10.373 billion CNY, up 62.04% [7]. - For the first three quarters of 2025, the company achieved revenue of 603.931 billion CNY, a 38.4% increase, and a net profit of 22.487 billion CNY, up 48.52%, nearing last year's total [9]. - The company anticipates continued growth in AI server shipments due to increased capital expenditures from major cloud service providers, with expectations for improved gross margins in the fourth quarter driven by cost reductions and yield improvements [9][10]. Group 4: Product Development and Future Projections - Industrial Fulian is advancing multiple new products that enhance computing density, power efficiency, and system reliability, which are expected to drive growth in high-end AI server deliveries [7]. - The company expects the 800G product line to be a key driver of revenue in 2026, with significant growth anticipated in the switch business, which saw a 100% year-on-year increase in the third quarter [9][10].