工业富联：第一季度净利润预计52亿元—53亿元，同比增长24%—27% 工业富联公告称，2025年第一季度预计营业收入1590亿元-1610亿元，同比增长34.0%-35.6%；预计归属 于上市公司股东的净利润为52亿元-53亿元，同比增长24.4%-26.8%。云计算业务方面，板块营业收入同 比增长超过50%，AI服务器、通用服务器营业收入同比皆超过50%。通讯及移动网络设备方面，公司积 极推进战略布局，有效实现对客户的稳健出货。公司将继续聚焦主营业务，推动AI+技术创新和经营提 质增效。 中国联通：为进一步回报股东，3月公司将此前回购的5.13亿股全部注销 中国联通公告称，公司将深入实施融合创新战略，推进"网络向新、技术向新、服务向新"，2025年将着 力实现创新动力更足、能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。同时，公司坚持 战略引领与价值导向，持续推动提升上市公司投资价值，过去几年每股分红保持双位数增长。为进一步 回报股东，2025年3月公司将此前回购的5.13亿股全部注销。此外，公司将持续完善股东沟通渠道，积 极倾听中小股东声音，与投资者高频次交流。 海油工程：控股股东中国海油集团拟 ...

每经记者 王晶 每经编辑 马子卿 4月8日下午，工业富联（SH601138，股价15.44元，市值3066亿元）发布2025年第一季度业绩快报，公 司预计实现营收1590亿元～1610亿元，同比增长34.0%～35.6%；归母净利润为52亿元～53亿元，同比 增长24.4%～26.8%。 具体到业务板块方面，工业富联的主要业务涵盖通信及移动网络设备、云计算、工业互联网等。 云计算业务方面，工业富联称，今年一季度实现营收同比增长超过50%。以产品类别来看，AI服务器、 通用服务器营业收入同比均超过50%。过去数年来，公司业绩占比较大的板块主要是传统业务中的通信 及移动网络设备业务，但2024年公司云计算业务板块占公司整体营业收入首度超过五成。 客户方面，工业富联曾表示，拿下英伟达的HGX（高性能计算和人工智能加速器平台，主要用于数据 中心）AI服务器芯片基板的订单、DGX（大内存AI超级计算机）AI服务器芯片基板订单以及开发并量 产英伟达的H100及H800等高性能AI服务器等。 通讯及移动网络设备方面，工业富联介绍称，公司紧密贴合数字经济与AI发展趋势，实现了对客户的 稳健出货。 此外，工业富联还在公告中披露 ...

2025 年第一季度，公司预计营业收入人民币 1,590 亿元—1,610 亿元（未经审计）， 同比增长 34.0%—35.6%；预计 2025 年一季度归属于上市公司股东的净利润人民币 52 亿元—53 亿元（未经审计），同比增长 24.4%—26.8%。 云计算业务方面，公司产品结构进一步优化，经营成效稳步提升。2025 年第一季 度，板块营业收入同比增长超过 50%。以产品类别来看，AI 服务器、通用服务器营业 收入同比皆超过 50%。以客户类别来看，云服务商服务器营业收入同比增长超过 60%， 品牌客户服务器营业收入同比增长超过 30%。 通讯及移动网络设备方面，公司紧密贴合数字经济与 AI 发展趋势，依托前沿技术 和研发实力，积极推进战略布局，有效实现对客户的稳健出货。 当前，全球贸易局势复杂多变，产业格局正经历深度调整。公司已积累多年全球 化运营经验，并在全球各地构建完备的产能布局，产能已涵盖中国大陆，美国、墨西 哥及亚洲其他地区和欧洲等地，可根据客户需求灵活调度产能布局，以应对市场及关 税政策变化，并具备区域化在地生产 AI 相关产品的能力。此外，为更好应对相关客户 的需求，公司将持续加大在中国 ...

公司报告 | 公司点评 工业富联（601138） 证券研究报告 全球化布局全面，贸易摩擦背景下竞争优势持续强化 对等关税政策落地，硬件环节服务器受关税冲击相对较小； 风险提示：AI 服务器需求不及预期、AI 盈利能力不及预期、智能手机销量 不及预期、地缘政治风险、宏观经济衰退风险 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 511,849.58 | 476,340.11 | 609,135.00 | 822,332.25 | 986,798.70 | | 增长率(%) | 16.45 | (6.94) | 27.88 | 35.00 | 20.00 | | EBITDA(百万元) | 36,048.51 | 37,334.93 | 32,930.94 | 45,146.22 | 52,619.74 | | 归属母公司净利润(百万元) | 20,073.07 | 21,040.19 | 23,216.26 | 33,020.79 | 39,206.88 ...

公司报告 | 公司点评 我们认为在贸易摩擦升级背景下，工业富联全球化产能布局全面，竞争优 势有望持续强化。 投资建议：维持 24/25/26 年 232/330/392 亿归母净利润预期，维持"买入" 评级。 风险提示：AI 服务器需求不及预期、AI 盈利能力不及预期、智能手机销量 不及预期、地缘政治风险、宏观经济衰退风险 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 511,849.58 | 476,340.11 | 609,135.00 | 822,332.25 | 986,798.70 | | 增长率(%) | 16.45 | (6.94) | 27.88 | 35.00 | 20.00 | | EBITDA(百万元) | 36,048.51 | 37,334.93 | 32,930.94 | 45,146.22 | 52,619.74 | | 归属母公司净利润(百万元) | 20,073.07 | 21,040.19 | 23,216.26 | ...

证券代码：601138 证券简称：工业富联 公告编号：临 2025-016 号 富士康工业互联网股份有限公司 关于 2019 年股票期权与限制性股票激励计划 2025 年第一季度自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次股票期权行权的决策程序及相关信息披露 1 富士康工业互联网股份有限公司（以下简称"公司"）2019 年股票期权与限 制性股票激励计划首次授予股票期权第五个行权期可行权股票期权数量为 3,431,276 份，行权有效期为 2024 年 5 月 28 日起至 2025 年 4 月 30 日，行权 方式为自主行权。2025 年第一季度股票期权激励对象行权且完成股份过户登 记的数量为 95,747 股，占该期可行权股票期权总量的 2.79%。 公司2019年股票期权与限制性股票激励计划部分预留授予股票期权第五个行 权期可行权股票期权数量为 46,960 份，行权有效期为 2024 年 11 月 18 日起 至 2025 年 9 月 11 日，行权方式为自主行权 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指南第 2 号—业务办理》（第八号—股权激励计划股票期权自主行权）《富士康工业互联网 股份有限公司 2019 年股票期权与限制性股票激励计划（草案修订稿）》及中国证券 登记结算有限责任公司上海分公司关于股票期权自主行权的相关规定，结合富士康工 业互联网股份有限公司（以下简称"公司"）2024 年年度报告及 2025 年第一季度报 告披露计划，现对 2019 年股票期权与限制性股票激励计划处于自主行权期间的股票 期权进行行权限制，具体情况公告如下： | 股票期权计划 | 行权期 | 期权代码 | | | | 行权起止日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2019 年股票 | 首次授予第五个行权期 | 0000000290 | 年 4 | 月 | 日 30 | 2024年5月28日至2025 | | | | 期权与限制性 股票 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company achieved a revenue of 609.1 billion yuan in 2024, representing a year-on-year growth of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1][3] - The cloud computing business continues to grow rapidly, with revenue exceeding 50% of total revenue for the first time, driven by a significant increase in AI server sales [1][2] - The acquisition of Guangzhou Tianying aims to accelerate the company's layout in the high-end medical device sector, enhancing its capabilities in intelligent manufacturing [2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 609.1 billion yuan and a net profit of 23.216 billion yuan, with a projected net profit of 30.677 billion yuan for 2025 [3][4] - The revenue growth rate for 2024 is 27.88%, with forecasts of 17.41% and 12.63% for 2025 and 2026, respectively [4][10] Business Segments - The cloud computing segment saw over 50% revenue growth year-on-year, with AI server revenue increasing by more than 150% [1][2] - Revenue from cloud service providers grew over 80%, while brand server revenue increased by more than 70% due to heightened AI server procurement [2] Valuation and Forecast - The report projects a net profit of 30.677 billion yuan for 2025 and 35.410 billion yuan for 2026, with corresponding P/E ratios of 13X and 12X [3][4] - The company is positioned to benefit significantly from the growth in AI server demand driven by AIGC developments [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [3][5]. Core Insights - The company achieved a revenue of 609.1 billion yuan in 2024, representing a year-on-year growth of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year [1][3]. - The cloud computing business continues to grow rapidly, with revenue growth exceeding 50% year-on-year, marking its first time accounting for over 50% of total revenue [1][2]. - The demand for AI server infrastructure is on the rise, with AI server revenue increasing by more than 1.5 times compared to the previous year, now constituting over 40% of total server revenue [1][2]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 609.1 billion yuan and a net profit of 23.216 billion yuan, with a projected net profit of 30.677 billion yuan for 2025 [3][4]. - The company’s revenue growth rate is expected to be 17.41% in 2025 and 12.63% in 2026 [4]. Business Segments - The cloud service segment saw server revenue from cloud service providers grow over 80% year-on-year, while brand server revenue increased by more than 70% due to heightened AI server procurement from Tier-1 clients in North America [2]. - The company is expanding its presence in the high-end medical device sector through the acquisition of Guangzhou Tianying Precision Tools Co., Ltd. for up to 439 million HKD [2]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 18X for 2024, 13X for 2025, and 12X for 2026 [3][4]. - The report anticipates a return on equity (ROE) of 15.29% in 2024, increasing to 18.60% by 2026 [10].

Market Overview - The Shanghai Composite Index rose by 0.23% on February 27, with 18 out of the 28 sectors experiencing gains, led by retail and food & beverage sectors, which increased by 2.28% and 2.24% respectively [1] - The sectors that saw the largest declines were telecommunications and computers, with decreases of 2.77% and 1.88% respectively [1] - The electronics sector fell by 0.88% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 76.648 billion yuan across the two markets, with 9 sectors experiencing net inflows [1] - The food & beverage sector had the highest net inflow of capital, totaling 2.286 billion yuan, while the retail sector followed with a net inflow of 1.664 billion yuan [1] - A total of 22 sectors experienced net capital outflows, with the computer sector leading with an outflow of 18.624 billion yuan, followed closely by the electronics sector with an outflow of 18.521 billion yuan [1] Electronics Sector Details - The electronics sector saw a decline of 0.88% with a total net outflow of 18.521 billion yuan [2] - Out of 458 stocks in the electronics sector, 104 stocks rose, including 6 that hit the daily limit, while 351 stocks fell [2] - Notably, 90 stocks in the electronics sector experienced net inflows, with 6 stocks receiving over 100 million yuan in net inflows, led by Zhuoyue Technology with 329 million yuan [2] - Conversely, 52 stocks faced net outflows exceeding 100 million yuan, with the largest outflows from Industrial Fulian, SMIC, and Changying Precision, amounting to 658 million yuan, 608 million yuan, and 599 million yuan respectively [2]