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研報掘金丨天風證券:工業富聯業績符合預期,維持“買入”評級

天風證券研報指出,工業富聯(601138.SH)上半年業績符合預期,AI服務器產品營收倍比增長加速成長。23Q2匯兑損益較多導致23Q2 扣非淨利潤基數較高,24Q2同比略有下滑。受益於AI服務器強勁需求增長,公司憑藉覆蓋AI 全產業鏈垂直整合能力,雲計算業務營收增長強勁,其中AI 服務器產品營收倍比增長,呈現加速增長趨勢,雲服務商營收佔比持續提升,帶動公司營收及獲利能力增長。公司持續受益於企業數字化基礎設施建設升級和雲端應用快速增長+企業網絡設備擁有佔全球市場份額超75%以上的領先客户羣體,23年路由器業務同比實現雙位數成長,200G、400G交換機出貨顯著提升,800G交換機也已進入NPI階段,預計24年可貢獻營收。維持公司24/25/26年250/300/352億歸母淨利潤的盈利預測,維持“買入”評級。

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