国海证券研报指出， 工业富联2025Q4业绩符合预期，行业高景气度持续。公司预计2025Q4实现归母净 利润126-132亿元，2025年全年实现归母净利润351-357亿元。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，叠加头部CSP持续加大资本开支，认为，公司2026-207年业绩增长确定性进一步增强。维持"买 入"评级。 ...

国海证券研报指出，工业富联2025Q4业绩符合预期，行业高景气度持续。公司预计2025Q4实现归母净 利润126-132亿元，同比+56%-63%，环比+21%-27%；2025年全年实现归母净利润351-357亿元，同比 +51%-54%。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，叠加头部CSP持续加大资本开支，认为，公司 2026-207年业绩增长确定性进一步增强。维持"买入"评级。 ...

Core Viewpoint - Industrial Fulian's order visibility for 2027 has improved, indicating a potential for sustained performance growth [1] Group 1: Orders and Production - The company has a tight order production schedule and is continuously expanding its capacity [1] - Industrial Fulian maintains an optimistic outlook for AI server cabinet demand in 2026, with new customers being onboarded [1] - The overall order production rhythm is very tight, and project advancements are progressing smoothly, which is expected to provide strong support for annual business growth [1] Group 2: Business Performance - The core business's order scale and value are both increasing significantly, with the GB series products achieving production ramp-up and shipment volumes rising quarter by quarter [1] - Based on the performance of capacity expansion and the optimistic expectation of continued market share growth, along with the industry's overall order visibility extending to 2027, the certainty of the company's performance growth for 2027 is further enhanced [1] - The recommendation to maintain a "buy" rating reflects confidence in the company's future performance [1]

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]