工业富联（601138.SH）2025 年半年报点评 2Q25 业绩高增，AI 产品快速放量 2025 年 08 月 12 日 ➢ 事件：8 月 11 日，工业富联发布 2025 年半年度业绩报告，2Q25 公司实现 营业收入 2003 亿元，yoy+35.9%，qoq+24.9%；归母净利润 68.8 亿元,略超 预告中值（68.3 亿元），yoy+51.1%，qoq+31.5%。半年度经营情况良好，AI 业务带动公司业务高速增长。 ➢ 业绩快速增长，盈利能力稳健。工业富联 1H25 实现营业收入 3607 亿元， 同比增长 35.58%；归母净利润 121.13 亿元，同比增长 38.61%。2Q25 公司归 母净利润 68.8 亿元，同比增幅达到约 51.1%；扣非归母净利润为 67.65 亿元， 同比增幅 58.8%。公司盈利能力稳健，业绩弹性初步体现，2Q25 实现毛利率 6.50%，qoq-0.23pct，净利率 3.43%，qoq+0.16pct。 ➢ AI 与云计算业务成业绩主引擎，结构优化释放长期潜力。2Q25 公司整体服 务器营收增长超 50%，云服务商服务器营收同比增长超 150%，AI ...

Core Insights - Nvidia reported better-than-expected revenue and profit, driven by strong growth in its data center business, which increased by 73% year-over-year [1][2] - The company’s adjusted earnings per share were $0.96, exceeding the expected $0.93, while revenue reached $44.06 billion, surpassing the forecast of $43.31 billion [1] - Nvidia's net profit grew by 26% year-over-year, rising from $14.9 billion ($0.60 per share) to $18.8 billion ($0.76 per share) [1] Financial Performance - Q1 revenue increased by 69% year-over-year, from $26 billion to $44.06 billion [1] - The data center segment accounted for 88% of total revenue, with sales reaching $39.1 billion [1] - The company spent $14.1 billion on stock buybacks and distributed $244 million in dividends during the quarter [1] Market Response - Following the earnings report, Nvidia's stock price rose approximately 6% in after-hours trading, nearing its historical high set in January [1] Future Guidance - Nvidia expects revenue for the upcoming quarter to be around $45 billion, slightly below the LSEG forecast of $45.9 billion [1] - The company indicated that without recent export restrictions on its H20 chip, guidance could have been higher by approximately $8 billion [1][2] Export Restrictions Impact - The U.S. government informed Nvidia that it now requires export licenses for the previously approved H20 processors to China, leading to a $4.5 billion charge due to excess inventory [2] - If not for the export restrictions, Nvidia could have achieved an additional $2.5 billion in sales [2] Profitability Metrics - The gross margin for the quarter was 61%, which would have been 71.3% without the costs associated with the China-related issues [2] AI Demand and Business Segments - Nvidia's CEO highlighted strong global demand for AI infrastructure, driven by applications like OpenAI's ChatGPT [3] - Major cloud service providers contributed nearly half of the data center revenue, with network product sales reaching $5 billion [3] - The gaming segment saw a 42% year-over-year revenue increase, totaling $3.8 billion, while the automotive and robotics segment grew by 72% to $567 million [4]

2025.05. 29 英伟达还称，微软已经"部署了数万颗Blackwell GPU，且预计将把GB200产品的数量"增加到数十 万块"。 英伟达同时预计，近期美国对中国H20芯片出口限制造成的销售损失达约80亿美元。 此前美国政府通知英伟达，先前获准销售的H20处理器需要获得出口许可证。英伟达在财报中表示， 公司因该芯片库存过剩产生了45亿美元的费用。 英伟达还表示，若不计入与中国市场相关的费用，其本季度毛利率将高于目前的61%，达到约 71.3%。 英伟达首席财务官科莱特· 克雷斯（Colette Kress）在财报电话会议上告诉分析师，短期内，因为 美国相关管制，英伟达在中国市场面临限制，数据中心收入有所下降。 作者 | 第一财经 钱童心 当地时间5月28日，英伟达公布财报显示，其盈利和收入均好于预期，数据中心业务同比增长超过 70%。财报推动公司盘后股价上涨约4%，市值逼近3.3万亿美元，有望再次冲击冠军。 英伟达最新财报显示，该公司在截至4月27日的最新季度整体收入增长69%，达到441亿美元；净利 润增长26%，达到188亿美元。包括AI芯片和相关部件在内的数据中心部门销售额增长73%，达到 39 ...