国海证券研报指出，工业富联2027年订单能见度提高，业绩有望持续。订单排产节奏紧凑，持续加码产 能扩张。工业富联在Q3业绩会表示，公司对2026年AI服务器机柜需求保持持续乐观展望。公司不断有 新客户导入，整体订单排产节奏十分紧凑。相关项目推进顺利，预计会为全年业务成长提供有力保障。 公司核心业务订单规模与价值量同步跃升，GB系列产品实现量产爬坡，出货量逐季攀升。基于产能扩 张表现、公司市占率持续提升的乐观预期，叠加行业整体订单能见度普遍延伸至2027年的高景气背景， 认为公司2027年业绩增长确定性进一步增强。维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Insights - The company reported strong financial performance in FY26Q2, with revenue of $46.743 billion, a year-over-year increase of 56% and a quarter-over-quarter increase of 6%, exceeding the previous guidance of $45 billion [1][12] - The data center revenue reached $41.1 billion, up 56% year-over-year and 5% quarter-over-quarter, driven by significant growth in network connectivity revenue [1][13] - The company has raised its revenue expectations for FY26-28, projecting revenues of $205.6 billion, $271.4 billion, and $306.6 billion respectively, along with net profits of $102.7 billion, $146.9 billion, and $168.3 billion [3][4] Financial Performance - For FY26Q2, the company achieved a GAAP gross margin of 72.4%, with operating profit increasing by 53% to $28.4 billion and GAAP net profit rising by 59% to $26.4 billion [1][12] - The company expects FY26Q3 revenue to be around $54 billion, with a gross margin target of approximately 75% by year-end [24] Business Segments - Data Center: Revenue of $41.1 billion, with a strong contribution from network connectivity and cabinet sales [13] - Gaming: Revenue of $4.3 billion, benefiting from the continued sales of Blackwell architecture graphics cards [21] - Professional Visualization: Revenue of $601 million, driven by high-end workstation GPUs and AI workloads [21] - Automotive: Revenue of $586 million, primarily from sales growth in autonomous driving platforms [21] Market Trends - The global data center infrastructure investment is expected to reach $600 billion by 2025 and could grow to $3-4 trillion by 2030, driven by the surge in demand for AI [2][11] - The company aims to transition from a "GPU manufacturer" to an "AI infrastructure service provider" [11][12]