研報掘金丨中信建投:維持工業富聯“增持”評級,AI服務器領域處世界領先地位
中信建投證券研報指出,工業富聯(601138.SH)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,成為公司業務版圖中的核心增長極。公司預計在未來3-5年內雲廠商CAPEX強度不會減弱,從客户訂單能見度及需求來看,公司2025年訂單增長強勁。大模型迭代與生成式AI場景的爆發式增長,驅動算力需求呈現指數級上升,高階AI服務器以及完整的網絡與存儲架構將繼續扮演不可或缺的角色。公司在AI服務器領域處世界領先地位,出貨量領先,有望在行業快速增長的背景下充分受益。維持“增持”評級。
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