研報掘金丨光大證券:維持工業富聯“買入”評級,持續看好AI算力發展及大客戶AI端側落地進程
光大證券研報指出,工業富聯(601138.SH)24年實現歸母淨利潤232.16億元,同比+10.34%。全球AI算力基建需求呈持續增長態勢,AI正加速步入規模化應用階段。公司依託AI全產業鏈垂直整合及智能製造等優勢,主營業務實現突破性進步。公司作爲果鏈龍頭企業,消費電子業務有望隨大客戶出貨量增長及新品推出提升,且AIGC發展將大幅拉動AI服務器需求,公司作爲AI服務器龍頭企業率先受益。考慮到下遊需求弱復甦,下調25年歸母淨利潤預測爲306.77億元,下調幅度爲4.42%,新增2026年預測爲354.10億元,當前市值對應24-26PE分別爲18X、13X、12X,持續看好AI算力發展及大客戶AI端側落地進程,維持“買入”評級。
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