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研報掘金丨中銀證券:工業富聯多元業績彈性有望加速釋放,維持“買入”評級

中銀證券研報指出,2024年工業富聯(601138.SH)營收淨利潤穩健增長。2025年一季度,公司產品結構進一步優化,經營成效穩步提升。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皆超過50%。以客戶類別來看,雲服務商服務器營業收入同比增長超過60%,品牌客戶服務器營業收入同比增長超過30%。通訊及移動網絡設備方面,公司緊密貼合數字經濟與AI發展趨勢,依託前沿技術和研發實力,積極推進戰略佈局,有效實現對客戶的穩健出貨。考慮全球AI 基礎設施景氣度有望持續上行,公司不斷推進先進產品研發,且多元業績彈性有望加速釋放,維持“買入”評級。

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