研報掘金丨海通證券:維持工業富聯“優於大市”評級,需求旺盛、網絡設備加速放量
海通證券研報指出,需求旺盛、網絡設備加速放量,工業富聯(601138.SH)Q3毛利率環比改善推動盈利高增。受益於生成式人工智能等應用對雲基礎設施需求增加,下游AI服務器需求增長強勁。前三季度,公司雲計算業務營收同比+71%,進一步提速增長。其中,AI 服務器營收同比+228%,維持高增。通用服務器出貨亦持續回温,營收同比+22%,Q3同樣加速增長。雲服務商營收同比+76%,佔比46%。高速網絡設備Q3環比大幅增長,進入加速放量期。另外,北美雲廠商資本開支指引樂觀,繼續加大AI投入。參考可比公司估值,給予公司2024年PE為20-25倍,對應合理目標價23.51元-29.39元,維持“優於大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.