601138.SH · A-shares
601138.SH FII: AI server EMS and cloud infra beta
Foxconn Industrial Internet 2025 revenue ~¥902.9B (+48%); AI server EMS drives re-rating—thin manufacturing GM, beta to compute CapEx and share.
Cite a section with a deep link, e.g. /en/r/foxconn-601138-research#thesis
Snapshot
- Price
- CNY 35
- Mkt cap
- CNY 1300.0B
- Revenue
- CNY 902.9B
- AI server momentum
- 1.4
Thesis
Foxconn Industrial Internet 2025 revenue ~¥902.9B (+48%); AI server EMS drives re-rating—thin manufacturing GM, beta to compute CapEx and share.
Business
Model: cloud equipment / networking / industrial IoT EMS. Flagships: AI servers/racks; cloud hardware. Edge: Foxconn capacity + hyperscaler ties. Strategy: ride AI CapEx, lift value-add mix.
Value chain
EMS midstream; upstream GPU/CPU/PCB/power; downstream hyperscalers. Risks: customer concentration; export controls; CapEx swings.
Valuation
Cyclical growth; PE/PS swing with AI order expectations.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: server units; price: config ASP; cost: utilization and materials.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 2025 营收 | 约 9029 亿 | +48% | A 股年报榜单转述 |
| 主业 | 云/通信设备制造 | AI 驱动 | 高增年 |
| 毛利率 | 个位数–低十（示意） | 制造属性 | 看稼动率 |
| 客户 | 北美云巨头等 | 集中度高 | 订单能见度关键 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 工业富联 | AI 服务器 EMS | 低 | 产能与客户 | 利润率薄 |
| 浪潮等 | 服务器品牌/ODM | 中 | 国内份额 | 海外弱 |
| 光模块链 | 互联 | 高 | 速率升级 | 非整机 |
| 超微等 | 海外组装 | 中 | 品牌溢价 | 竞争加剧 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长/总经理 | 核心管理层 | 体系内 | 战略对齐集团 |
| CFO | 财务负责人 | 在任 | 披露连续 |
| 云业务 | 事业群负责人 | 扩张 | AI 订单执行 |
Stability: Foxconn-group affiliate; stable governance and customer ties.
Outlook
Track hyperscaler CapEx, AI server guidance, GM and inventory turns.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.fiil.com.cn/
- https://finance.sina.com.cn/wm/2026-05-06/doc-inhwwmhz3859061.shtml {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.