研報掘金丨天風證券:工業富聯24年營收淨利均創新高,維持“買入”評級
天風證券日前研報指出,工業富聯(601138.SH)24年營收淨利均創新高,AI服務器收入增超150%。2024年雲計算業務板塊營收同比增幅顯著,較上年同期實現超50%成長,佔公司整體營業收入首度超過五成。AI服務器營收較上年同期成長遠超1.5倍,佔整體服務器營收比例由三成提升至超四成。通用服務器營收較上年同期成長20%,優於整體市場趨勢。以客戶類別來看,雲服務商服務器營收較上年同期成長超80%,佔整體服務器營業收入首次過半;品牌商服務器營收也在北美Tier-1品牌客戶加大AI服務器採購的情形下,較上年同期成長超過70%。給予25年25X PE,目標市值8250億,維持“買入”評級。
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