Great Wall Securities: Maintains "buy" rating on Industrial Fulian, expected to achieve sustained high growth in performance.

The Great Wall Securities research report pointed out that Industrial Fulian is expected to achieve a net profit attributable to the parent of 11.958 billion to 12.158 billion yuan in the first half of 2025, with a year-on-year growth of 36.84% to 39.12%. With high-speed performance growth, continuous optimization of product structure, and rapid expansion of cloud computing business. The company continues to maintain a leading advantage in the core product market share among major customers, and significant growth was achieved in the shipment of products such as GPU modules and GPU power boards in the second quarter. With a well-established production capacity layout in multiple locations worldwide and significant advantages in the industrial chain, the company's market share among major customers continues to increase, and customer relationships continue to deepen. It is believed that benefiting from the evolution of the AI wave and the upswing of AI infrastructure, mainstream cloud manufacturers are continuously increasing Capex, and the company is expected to achieve a continuous increase in cloud business revenue driven by AI servers, along with the continuous expansion of high-speed rate switches such as 800G. The company is expected to achieve sustained high growth in performance and maintain a "buy" rating.