AI 业务持续高增，业绩同环比大幅增长 工业富联(601138) 证券研究报告 消费电子 / 公司点评 / 2025.10.31 投资评级:增持(维持) | 基本数据 | 2025-10-31 | | --- | --- | | 收盘价(元) | 72.00 | | 流通股本(亿股) | 198.58 | | 每股净资产(元) | 8.13 | | 总股本(亿股) | 198.58 | 最近 12 月市场表现 -36% 19% 74% 129% 185% 240% 工业富联 沪深300 上证指数 消费电子 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 1. 《AI 业务持续强劲，2Q2025 业绩加速 释放》 2025-07-08 2. 《AI 服务器驱动业绩高增，1Q2025 增 长再提速》 2025-04-30 3. 《单季收入再创历史新高，下一代产品已 陆续出货》 2025-02-24 核心观点 盈利预测 | [币种Table_FinchinaS ...

Group 1 - The core objective of the 20th Central Committee's Fourth Plenary Session is to significantly enhance the level of technological self-reliance and self-improvement during the "14th Five-Year Plan" period [1] - The A-share IPO market is experiencing a surge with the emergence of technology unicorns like Moer Technology, Muxi Co., and Yushu Technology, reflecting a transformation in China's economic structure towards hard technology [1][2] - The listing of leading technology companies is expected to not only strengthen their own growth but also boost the entire industry chain, creating a cluster effect [1][3] Group 2 - Muxi Co., established in 2020, focuses on developing and selling full-stack GPU products for AI training and inference, with 255 domestic authorized patents as of March 31, 2025 [2] - Muxi Co. plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan, with funds directed towards R&D and industrialization of high-performance GPUs [2][3] - The GPU industry is characterized by high technical barriers and intensive R&D investment, and Muxi Co. aims to solidify its market position and enhance its R&D capabilities through the IPO [3] Group 3 - The 20th Central Committee emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces, focusing on original innovation and key core technology breakthroughs [4] - Since September 2024, the A-share market has shown a stable upward trend, with government meetings highlighting the need to maintain and enhance the attractiveness of the domestic capital market [5] - The China Securities Regulatory Commission (CSRC) is committed to supporting innovation and facilitating the growth of quality enterprises through reforms in the capital market [5][6] Group 4 - The current IPO wave of technology stocks is supported by favorable policies, enhancing the capital market's inclusivity towards hard technology companies [6] - The transformation of innovation potential into economic momentum is a significant characteristic of the current bull market, with technology innovation companies benefiting from economic transition and policy support [6]

Core Insights - Four companies are set to present their IPO applications, with a focus on various sectors including environmental protection, medical imaging, and artificial intelligence [1] Group 1: Upcoming IPOs - Double Xin Environmental Protection plans to list on the Shenzhen Main Board, aiming to raise 1.865 billion yuan for projects related to PVB resin and functional films, among others [1][2] - Two companies, Jianxin Superconductor and Muxi Co., are targeting the Sci-Tech Innovation Board (STAR Market) with proposed fundraising amounts of 775 million yuan each [1][3] - Aishalen is preparing for an IPO on the Beijing Stock Exchange, with a target of raising 300 million yuan [1][4] Group 2: Company Profiles - Double Xin Environmental Protection specializes in the research, production, and sales of PVA and related products, boasting a full industry chain layout [2] - Jianxin Superconductor focuses on the development and production of core components for medical MRI equipment [3] - Muxi Co. is engaged in the research, design, and sales of full-stack GPU products for AI training and general computing [3] - Aishalen is dedicated to the medical health sector, producing disposable medical supplies for rehabilitation and protection [4]

格隆汇9月24日丨东芯股份(688110.SH)在投资者互动平台表示，砺算科技的GPU产品主要应用于个人电 脑、专业设计、AI PC、云游戏、云渲染、数字孪生等应用场景。研发的产品需经过市场营销、客户开 拓、量产供货等产业化落地环节，目前尚未产生收入。 ...

Core Viewpoint - The company, Jida Zhengyuan, has indicated that its GPU products significantly enhance the capabilities of its virtualization offerings, although it currently has no business collaboration with Moer Thread [1] Group 1 - The company is open to expanding its collaboration with other similar business manufacturers based on future business development [1]

Group 1 - The company currently has no business cooperation with Moore Threads, but it collaborates with similar businesses [2] - The company's GPU products significantly enhance the capabilities of its virtualization products [2] - Future cooperation may expand based on business development [2]

Group 1 - Institutions ranked 37 stocks today, with a net purchase of 21 stocks and a net sale of 16 stocks [1] - The top three stocks with the highest institutional purchases are: Demingli (CNY 362 million), Luxshare Precision (CNY 311 million), and Haibosichuang (CNY 178 million) [1][2] - Demingli's stock increased by 10.00%, with 4 buyers and 3 sellers among institutions [2] Group 2 - Longchuan Technology announced a third-quarter profit forecast of CNY 827 million to CNY 877 million, representing a growth of 131% to 145% [3] - Major storage companies like Micron, SanDisk, and Samsung have recently raised prices for memory and flash products, which are widely used in data centers and smart terminals [3] - The company’s products include solid-state drives, embedded storage, memory bars, and mobile storage [3] Group 3 - Muxi Integrated Circuit (Shanghai) Co., Ltd. has passed the second round of IPO review on the Sci-Tech Innovation Board [4] - Dazhong Public Utilities has a stake in Shenzhen Capital Group, which holds shares in Yushu Technology [4]

Group 1 - Tianhua New Energy plans to acquire 75% equity of Suzhou Tianhua Times for 1.254 billion yuan, aiming to transfer lithium resource investment to the listed company and eliminate potential competition risks [1] - Wan'an Technology intends to invest 20 million yuan in Tongchuan Technology through capital increase, acquiring 2.72% equity, focusing on core components for robotics [2] - Bid Pharma shareholders plan to reduce their holdings by no more than 1% of the company's total shares within three months [3] Group 2 - Borui Data shareholders plan to reduce their holdings by no more than 5.4% of the company's total shares, with specific reductions from key personnel [4] - Tonglian Precision announces that shareholders intend to reduce their holdings by no more than 3% of the company's total shares through various trading methods [5] - Zhongchao Holdings signs a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to collaborate on technology and industrial applications in robotics [6] Group 3 - Guodun Quantum plans to sign sales contracts with China Telecom Quantum Group, with expected amounts of 12.144 million yuan and 63.054 million yuan for different projects [7] - Jingjiawei signs a strategic cooperation agreement with Anchaoyun, ensuring compatibility between its GPU products and Anchaoyun's software, supporting high-performance cloud desktop solutions [8] - *ST Dongtong faces potential forced delisting due to significant violations, with stock risk warnings implemented following regulatory actions [9]

每经头条（nbdtoutiao）——一次自救，"奥特曼"竟埋下百亿元损失的"时间炸弹"，现在被引爆！有人 却在疯狂赚钱⋯⋯ 每经AI快讯，景嘉微（SZ 300474，收盘价：78.35元）9月12日晚间发布公告称，近日，长沙景嘉微电 子股份有限公司与安超云软件有限公司签署了《战略合作协议》，双方将整合各自优势，通过品牌、产 品、技术等全方位合作，共同打造双赢、可持续发展的战略合作伙伴关系，为用户提供安全可靠的产品 及解决方案。公司深耕GPU研发领域，公司GPU产品与安超云研发的操作系统ArcherOS和安超桌面云 软件ArcherDT兼容互换认证，本次战略合作可有效地为信创替代战略规划提供高性能、安全可控的云 桌面算力底座，重点聚焦在党政、央国企、公检法等行业和场景，通过"生态加强、行业深入、产品融 合"三位一体合作，持续为信创和数字经济提供安全、可靠、高性能的"多芯全栈GPU云"。 2024年1至12月份，景嘉微的营业收入构成为：计算机和通信和其他电子设备制造业占比100.0%。 截至发稿，景嘉微市值为409亿元。 （记者 曾健辉） ...

Core Viewpoint - The company Jingjia Micro (300474) has signed a strategic cooperation agreement with Anchaoyun Software Co., Ltd. to enhance its GPU products' compatibility with Anchaoyun's operating system ArcherOS and desktop cloud software ArcherDT, focusing on providing high-performance and secure cloud desktop computing solutions for government and enterprise sectors [1] Group 1 - The strategic cooperation aims to support the "Xinchuang" (信创) replacement strategy, which emphasizes the need for domestic alternatives in technology [1] - The collaboration will particularly target industries such as government, central state-owned enterprises, and public security [1] - The partnership is expected to create a robust computing foundation that is both high-performance and controllable for cloud desktop applications [1]