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研報掘金丨長城證券:維持工業富聯“買入”評級,有望實現業績的持續高增長

長城證券研報指出,工業富聯預計2025年上半年實現歸母淨利潤119.58億元-121.58億元,同比增長36.84%-39.12%。業績高速增長,產品結構持續優化,雲計算業務快速放量。公司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。憑藉在全球多地完善的產能佈局以及較爲顯著的產業鏈優勢,公司在主要客戶中的市場份額持續提升,客戶關係不斷深化。認爲受益於AI浪潮演進AI基建設施景氣上行,主流雲廠商Capex 持續加大,公司有望在AI服務器帶動下實現雲業務收入的持續提升,伴隨800G等高速率交換機持續放量,公司有望實現業績的持續高增長,維持“買入”評級。

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