研報掘金丨中郵證券:維持工業富聯“買入”評級,AI服務器增長強勁
中郵證券研報指出,雲廠商CAPEX持續增長,工業富聯全年訂單強勁。AI正處於快速發展、廣泛應用的階段,為了在AI領域佔據領先地位,雲廠商需要不斷投入資本來建設、升級AI算力基礎設施,以滿足算力需求,維持和提升自身在市場中的地位,預計在未來3-5年內強度不會減弱。25Q1公司雲計算業務方面,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%;以客户類別來看,雲服務商服務器營業收入同比增長超過60%,品牌客户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,有效實現對客户的穩健出貨。從客户訂單能見度及需求來看,2025年全年公司訂單增長十分強勁。目前公司高速交換機產品組合涵蓋Ethernet、Infiniband和NVLinkSwitch的多元部署,產品結構逐步向高階邁進,800G交換機陸續出貨,高階產品佔比持續提升。維持“買入”評級。
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