工业富联-董事长调研：AI 服务器的利润率与竞争优势；网络业务扩张；给予 “买入” 评级

21 October 2025 | 1:43AM HKT Equity Research Key takeaways 1. Profitability matters: Management maintained that margins matter to the company, and that there are several ways for them to at least hold steady, GM under the strong ramp up of rack-level AI servers: (1) enlarging scale: FII will continue to add new customers and increase allocation in existing customers to drive up scale, enhancing production efficiency, (2) focusing on better margin projects: similar to their strategy in general servers, FII w ...