Guohai Securities: Industrial Fulian GB200 mass production climbing, shipments increasing quarterly, maintains "buy" rating.

Guohai Securities research report pointed out that the interim results of Industrial Fulian exceeded the median forecast, and GB200 mass production is progressing smoothly. The company expects that the total capital expenditure of the four major cloud service providers in North America will achieve high-speed growth in 2025 compared to the previous year, with a significant increase in the proportion of investment in AI cloud infrastructure, driving a surge in demand for high-end AI servers. The company is strengthening the resilience of its industrial chain synergy and further deepening its strategic cooperation with top technology companies in North America and the Asia-Pacific region. Looking ahead, the company will continue to focus on the main line of AI development, continuously expand its cooperation base with various categories of customers such as sovereign, cloud service providers, and enterprises, actively seize opportunities in emerging fields such as AI + robotics, continuously strengthen its product innovation capabilities, and continue to lead the industry in the evolution of AI infrastructure technology. The company is a leading global provider of cloud computing and communication network products and services and will benefit from the growing demand for global AI computing power. The company's core business order volume and value have surged simultaneously, the GB200 series products have achieved mass production, yield continues to improve, and shipments are increasing season by season. Maintains a "buy" rating.