证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 工业富联(601138) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 相关研究 [Table_OtherReport] 工业富联 2024 年报及 2025 年第一季 度报告点评：全面受益 AI 浪潮推进， 多元引擎共促成长 工业富联：AI 相关收入成长显著，公 司正处发展黄金期 工业富联三季报点评：AI 产业链核心 卡位，静待 GB200 花开 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 工业富联 25H1 业绩预告点评：Q2 归母净利 润同比增长约 50%，AI 业务持续释放业绩 [Table_ReportDate] 2025 年 07 月 08 日 [Table_S 事件： 7um ...

Core Viewpoint - The article highlights significant positive developments in the semiconductor sector, particularly focusing on companies like 瑞芯微 (Rockchip), 工业富联 (Industrial Fulian), and 长鑫存储 (Changxin Storage), indicating strong growth potential and upcoming IPOs that could enhance market sentiment and investment opportunities in the tech industry [2][16]. Group 1: Company Performance - 瑞芯微 (Rockchip) expects a net profit increase of 185-195%, with a median net profit of 530 million, reflecting a market capitalization of 641 billion [2][4]. - 乐鑫科技 (Espressif) anticipates a net profit growth of 65.0%-78.0%, with a projected net profit of 260 million, corresponding to a market cap of 214 billion [3][4]. - 工业富联 (Industrial Fulian) forecasts a net profit increase of 36.84-39.12%, estimating around 12 billion in net profit, driven by a 60% year-on-year growth in AI server demand [8][9]. Group 2: Market Trends and Expectations - The semiconductor sector is experiencing a robust growth phase, particularly in the端侧 SoC (System on Chip) market, driven by the increasing demand for AI applications [6][16]. - The overall market sentiment is expected to improve, with a potential upward adjustment in valuations across the semiconductor supply chain due to strong performance indicators from key players [10][11][16]. Group 3: IPO Developments - 长鑫存储 (Changxin Storage) has initiated IPO counseling, with expectations to complete the IPO within a year, potentially raising around 26 billion, which could significantly impact the semiconductor equipment and materials sectors [12][14]. - The anticipated production of HBM (High Bandwidth Memory) by mid-next year is expected to create substantial market excitement and growth opportunities [14][15].

一、停复牌 2、航天工程：预中标23.92亿元项目，主要建设560万吨/年煤制甲醇、148万吨/年甲醇制烯烃及下游深 加工装置，生产聚乙烯、聚丙烯、EVA、SAP等8类产品合计277万吨/年。 1、长鸿高科：拟购买广西长科100%股权，股票停牌。广西长科是一家专注于特种合成树脂高分子材料 研发、生产和销售的高新技术企业，产品包括透明ABS等特种树脂产品。 2、蓝黛科技：公司实控权可能发生变更，股票停牌。 二、并购重组 杭叉集团：子公司拟以增资扩股方式收购国自机器人99.23%股份。 三、投资合作、经营状况 1、华电科工：签约约55.67亿元印尼项目。 9、川金诺：预计2025年上半年净利润为1.68亿元至1.88亿元，同比增长152.25%至182.28%。业绩变动 主要由于公司把握市场机遇，优化生产计划和产品结构，提升高毛利产品占比。 10、利尔化学：预计上半年净利润净利润为2.65亿元-2.75亿元，同比增长185.24%-196.00%。受益于公 司部分产品销量和价格同比上涨以及降本增效取得成效所致，公司业绩出现同比上涨。 4、乐鑫科技：预计上半年净利润为2.5亿元到2.7亿元，同比增加65%到78%； ...

★ 宏观动态 ★ 据南方+，近日，天河区在环五山创新策源区项目中，在天河区委、区政府和广州市规划和自然资源局的指导 下，市规划和自然资源局天河区分局（天河区土地开发中心）成功开出面额高达1亿元的房票。这不仅是天河 区自主实施储备项目发出的首宗房票，而且刷新了广州市单张房票面额的最高纪录，标志着天河区落实市委、 市政府"拼经济"核心工作部署取得重要进展。目前，被收储方已成功运用亿元房票，签订物业购买合同。 深交所：定于7月21日发布深证专精特新指数、创业板专精特新指数 7月7日，深交所发布深证专精特新等2条指数的公告。深圳证券交易所和深圳证券信息有限公司定于2025年7月 21日发布深证专精特新指数（简称深小巨人，代码399268）、创业板专精特新指数（简称专精特新，代码 399267）。上述2条指数均采用自由流通市值加权，于每年6月、12月的第二个星期五的下一个交易日进行样本 股定期调整，并通过深交所行情系统计算发布。 中证专精特新100指数将于7月21日正式发布 国家外汇管理局：受汇率折算和资产价格变化等因素综合作用，6月外汇储备规模上升 国家外汇管理局统计数据显示，截至2025年6月末，我国外汇储备规模为 ...

据公告，公司云计算业务在二季度实现高速增长，整体板块营业收入较去年同期增长超过50%。产品结 构持续优化，产品量产加速爬坡，客户对AI数据中心Hyper-scale AI机柜产品需求不断增加。其中，AI 服务器营业收入较去年同期增长超过60%，云服务商服务器的营业收入较去年同期增长超过1.5倍。公 司在大客户的核心产品份额继续保持领先优势，先进AI算力的GPU模块及GPU算力板等产品的出货， 在第二季实现显著增长。 通讯及移动网络设备业务方面，公司锚定智能制造与AI融合的发展机遇，依托前沿技术研发实力，持 续加码核心产品的技术研发投入，推动该业务实现稳健增长。 公告称，公司云计算业务在二季度实现高速增长，整体板块营业收入较去年同期增长超过50%。 7月7日，工业富联发布2025年半年度业绩预告，预计上半年实现归母净利润119.58亿元—121.58亿元， 同比上升36.84%到39.12%；预计第二季度实现归母净利润67.27亿元到69.27亿元，同比上升47.72%— 52.11%，均创下同期历史新高。 高速交换机方面，在AI需求持续提升的驱动下，公司产品结构持续改善，二季度800G交换机的营业收 入达20 ...

Needham upgraded Meta Platforms, Inc. META from Underperform to Hold on Thursday, but the analyst maintained a cautious stance on the stock as it trades near all-time highs. What To Know: Needham analyst Laura Martin said the upgrade was based on the firm's improved expectations for revenue and margins in 2025, driven by Meta's exceptional labor productivity. Read Next: Elon Musk’s ‘Stupid’ Actions Will Be Tesla’s ‘Nail In The Coffin,’ Ross Gerber WarnsWhat’s Driving Meta’s Growth?In fact, Meta ranked first ...

Core Insights - Intel is attempting to penetrate the AI accelerator market with its Gaudi chip line, which was bolstered by a $2 billion acquisition of Habana [1] - Despite securing some notable clients like IBM, Gaudi 3 has not performed well in the market, with Intel setting a $500 million sales target for 2024 that it failed to meet [2] - Intel has abandoned its Falcon Shores project, opting instead to focus on Jaguar Shores for future rack-scale AI solutions, which are expected to integrate various hardware components [4] Group 1: Intel's AI Strategy - Intel's Gaudi architecture is designed for specific workloads but has not matched the performance of Nvidia's leading AI accelerators [1] - The company faces challenges due to an immature software ecosystem and a complicated product roadmap, which have deterred potential customers [2] - The new leadership under CEO Lip-Bu Tan and the appointment of a new CTO and AI chief indicate a potential shift in Intel's AI strategy [5] Group 2: Competitive Landscape - AMD is advancing rapidly with its Helios rack-scale AI solution set for a 2026 launch, which will combine multiple GPUs and CPUs for enhanced performance [7] - AMD has already secured Oracle as a customer for its current AI solutions and is gaining traction with companies like OpenAI [8] - By the time Intel launches its own solutions, AMD may have established a significant market presence, complicating Intel's competitive position [9] Group 3: Foundry Business Potential - Despite struggles in the AI chip market, Intel's foundry business could benefit from the growing demand for AI chips, with its 18A process entering volume production soon [10] - The company's advanced packaging technology is attracting interest from potential customers, indicating a possible resurgence in its manufacturing capabilities [10] - If demand for AI chips continues to rise, major tech companies may consider Intel for manufacturing, allowing it to participate in the AI boom despite its current market challenges [11]

在国产化适配方面，JDStack实现多云、多芯、多活的统一管理，支持超千万核资源的秒级调度，兼容 X86、鲲鹏、飞腾等主流芯片，并适配麒麟、统信等操作系统，支持在自身同一朵云内，混合部署多种 芯片、多种计算架构的服务器，提供一致的产品服务体验。 在安全稳定性方面，JDStack具备高等级的安全稳定保障能力，通过云安全 CSA C-STAR 认证、可信云 认证、等保三级、ISO27001等安全认证。京东云多年稳定支撑京东618、11.11、春晚红包等高并发的复 杂场景，并基于为政府、金融等多个行业搭建全栈云平台的丰富实践，有效保障政企数智化转型和创新 需求。 京东云JDStack专有云，是针对政府数字政务需求打造的专有云平台，具备灵活的异构算力管理、全面 国产化适配、大规模场景验证更加安全稳定等核心能力，致力于为政府用户提供安全、稳定、高可用的 基础设施，以及完善、可靠的政务云服务。 在异构算力管理方面，京东云专有云所搭载的 JoyScale AI 算力平台，具备大模型算力管理能力，支持 万卡级 AI 算力集群的精细化管理，实现异构算力的智能调度，助力政务云实现 DeepSeek 的本地化快 速部署使用。 近日 ...

5月20日，京东云在上海发布JoyScale AI算力平台、JoyBuild大模型开发计算平台、JoyAgent智能体2等 九大产品，以及医疗、工业、金融三大垂直行业一体机，助力企业全面重构AI基础设施，生成企业专 属数字员工，加速迈向深度应用。京东云表示，随着深度应用加速来临，数字员工的上岗率将成为衡量 一个企业先进性的标准。有多少工作是AI完成的，决定了企业未来能跑多快。新一代Agent成为深度应 用的代表，京东云JoyAgent2.0正在帮助企业生成专业数字员工。同时，大规模应用爆发，也将推动AI 基础设施迈向标准化，AI Infra1.0已经具备。 ...

Semiconductor giant AMD followed through with its plan to spin out ZT Systems’ server-manufacturing business.AMD announced on Monday that it was selling ZT Systems’ server-manufacturing business to electronic manufacturing services company Sanmina. The $3 billion deal is a mix of cash and stock: $2.25 billion in cash, a $300 million premium including 50% cash and 50% equity, and a $450 million contingent payment based on financial performance over the next three years, according to Reuters. The deal is exp ...