研報掘金丨信達證券:維持工業富聯“買入”評級,AI業務成長已邁向新的台階
信達證券研報指出,工業富聯(601138.SH)24年歸母淨利潤達232.16億元,yoy+10.34%;25年Q1歸母淨利潤52.31億元,yoy+24.99%。公司在AI服務器領域已形成較強的研發與智能製造優勢,客户粘性不斷增強。2024年公司雲計算業務營業收入達3193.77億元,同比增長64.37%,佔公司整體營業收入首度超過五成。2025年Q1相關業務的增長趨勢延續,雲計算業務方面,板塊營業收入同比增長超過50%。以產品類別來看,AI服務器、通用服務器營業收入同比增長皆超過50%。目前,公司持續推進產品研發及客户合作深化,新品已不斷放量,AI業務成長已邁向新的台階。公司系算力鏈核心個股,看好公司在該領域的發展前景,維持對公司的“買入”評級。
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