Q2淨利潤同比預增約50%，4千億AI巨頭業績爆了！
近期，A股進入半年報預告披露窗口期，市場對英偉達產業鏈的關注度明顯提升。
今日，工業富聯微漲0.71%，最新報23.98元/股，總市值爲4762億元。
上週四，工業富聯股價當日漲停，成交額明顯放大，隨後週五繼續放量大漲2.28%，盤中最高報24.35元/股，創下年內新高。
自4月9日以來，工業富聯股價累計反彈超55%，年內累計漲幅僅超11%。
Q2淨利預增約50%
今日盤後，工業富聯發佈公告，預計今年二季度實現歸母淨利潤67.27億元-69.27億元，同比增長47.72%-52.11%；扣非淨利潤爲66.94億元-68.94億元，同比增長57.1%-61.8%。
今年上半年預計實現歸母淨利潤爲119.58億元-121.58億元，同比增長36.84%-39.12%；扣非淨利潤爲115.97億元-117.97億元，同比增長35.91%-38.25%。
工業富聯的這份業績預告非常亮眼，二季度淨利潤的增速創下2021年二季度以來新高。
此外，工業富聯還透露，公司雲計算業務在二季度實現高速增長，整體板塊營收同比增長超過50%。
工業富聯的AI產品量產加速爬坡，客戶對AI數據中心Hyper-scale AI機櫃產品需求不斷增加。
其中，AI服務器營收同比增長超過60%，雲服務商服務器的營收同比增長超過1.5倍。
工業富聯在大客戶的核心產品份額繼續保持領先優勢，先進AI算力的GPU模塊及GPU算力板等產品的出貨，在第二季實現顯著增長。
800G交換機爆量
資料顯示，工業富聯的主要業務包含雲計算、通信網絡及移動網絡設備、工業互聯網，市場目前非常關注其800G交換機的放量情況。
AI大模型訓練規模持續擴大，數據中心業務的快速擴容，市場對算力基礎設施網絡帶寬與傳輸速率的需求快速提升。
數據流量的增長使得交換器市場從100G/200G過渡到400G/800G的產品，並將逐步邁向1.6T。
根據Dell'Oro Group預測，今年800G交換機端口將有望超越400G成爲主流配置。
在此背景下，工業富聯二季度800G交換機實現的營收達2024全年的3倍。
展望未來，信達證券認爲，英偉達GB200/GB300系列產品2025年逐步放量，硬件與軟件共振，推理市場所需算力有望快速增長，各類端側有望百花齊放。工業富聯作爲全球服務器ODM龍頭，與北美CSP廠商合作緊密，還與中國的許多大廠有良好合作，目前正處於高速發展時期，建議持續關注。
天風證券預計，工業富聯2025、2026年利潤有望達330億元、392億元，給予25年25XPE，目標市值8250億（對應股價爲41.54元）。
華泰證券認爲，鑑於工業富聯是AI算力基建的核心受益者，給予25年21x PE，給予目標價30元，維持買入。
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