研報掘金丨國海證券:維持工業富聯“買入”評級,Q2雲計算業務實現高速增長
國海證券研報指出,2025H1,工業富聯預計實現歸母淨利潤119.58-121.58億元,同比+36.84%-39.12%。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50%。產品結構持續優化,產品量產加速爬坡,客户對AI數據中心Hyper-scaleAI機櫃產品需求不斷增加。其中,AI服務器營收同比增長超60%。根據芯智訊公眾號預計,公司今年雲端網絡業績將逐季增長,AI服務器將佔整體服務器營收超50%。憑藉在全球多地完善的產能佈局以及較為顯著的產業鏈優勢,公司在主要客户中的市場份額持續提升,客户關係不斷深化。此外,鴻海預計獲得GB300最大訂單份額,海外雲廠商資本開支保持樂觀。公司是全球領先的雲計算和通信網絡產品和服務提供商,將受益於全球AI算力的需求增長。維持“買入”評級。
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