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研報掘金丨國信證券:維持工業富聯“優於大市”評級 AI服務器帶動雲計算業務高增
格隆匯 05-12 14:36

國信證券研報指出,工業富聯(601138.SH)2024年營收同比增長27.9%,歸母淨利潤同比增長10.3%;2025年一季度收入利潤持續高增,毛利率有所下降。2024年雲計算業務收入3193.77億元(YoY 64.37%),佔比52.5%,佔公司整體營收首度超過五成,毛利率4.99%(YoY -0.09pct)。產品結構方面,2024年AI服務器營收同比增幅超150%,佔雲計算業務營收比例突破四成;通用服務器營收同比增長20%;1Q25AI服務器、通用服務器營收同比增長皆超50%。截至2024年底,公司累計完成對內建設8座燈塔工廠,對外賦能5 座燈塔工廠。其中,2024年新增兩座世界級燈塔工廠,新增對外賦能兩座燈塔工廠,進一步擴大公司在智能製造領域的影響力。看好公司受益於AI基礎設施大規模建設所帶來的AI服務器等雲計算業務快速增長,維持“優於大市”評級。

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