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研報掘金丨首創證券:工業富聯業績快速增長,首予“買入”評級
格隆匯 07-17 14:43
首創證券研報指出,工業富聯深耕高端智能製造,雲服務設備營收佔比超過50%。2024年公司雲服務設備實現收入3193.77億元,佔總收入52.43%;通信網絡設備收入2878.98億元,佔總收入47.26%;工業互聯網收入9.40億元,佔總收入0.15%。受益於AI產業趨勢,公司2025H1業績實現快速增長。AI對算力基礎設施需求拉動顯著,Q2雲計算業務實現高速增長。公司在大客户的核心產品份額保持穩健,2025Q2公司的先進AI 算力的GPU模塊及GPU算力板等產品的出貨實現顯著增長。高速交換機方面,受益於AI 需求的持續提升,800G交換機在二季度實現快速增長,營收已達2024年全年的3倍,推動公司交換機產品結構持續改善。首次覆蓋,給予“買入”評級。
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