On February 26, 2026, NVIDIA, the global leader in AI computing power, reported its fourth-quarter fiscal 2026 earnings, delivering a massively above-consensus performance. Quarterly revenue reached $68.1 billion, up 73% year-on-year and 20% quarter-on-quarter. Data center revenue hit $62.3 billion, surging 75% YoY and 22% QoQ, contributing over 90% of growth. NVIDIA also issued fiscal 2027 Q1 guidance of $78 billion, smashing market expectations, with orders booked through 2027, officially confirming a long-term AI computing super cycle.

一、财报三大核心信号，直接利好工业富联

数据中心需求爆发，高端 AI 服务器持续紧缺英伟达数据中心业务占比超 91%，增长由 Blackwell 架构、GB300 整机、NVLink 高速互联共同驱动。云厂商微软、谷歌、亚马逊、Meta 大幅上调资本开支，高端 AI 服务器供不应求，订单排期持续拉长。工业富联作为全球 AI 服务器 ODM 龙头，全球份额约 40%，GB300 代工份额超 50%，是产能最确定的承接方。

1. Three Key Signals Directly Benefit FII

Data center demand surges; high-end AI servers remain in severe shortageNVIDIA’s data center segment accounts for over 91% of revenue, driven by Blackwell architecture, GB300 systems, and NVLink interconnects. Hyperscalers including Microsoft, Google, Amazon, and Meta have sharply raised capital expenditure. High-end AI servers are undersupplied with extended lead times. FII, as the world’s leading AI server ODM, holds~40% global share and over 50% of GB300 production, making it the most reliable capacity partner.

下一代产品放量，JDM 深度合作强化壁垒英伟达已进入 Blackwell+Rubin 双架构迭代周期，液冷、高速互联、CPO 共封装光学成为标配。工业富联与英伟达从 ODM 升级为JDM 联合设计制造，共同参与平台研发，独享核心机型量产资格，技术壁垒与利润水平同步提升。

Next-gen products ramp up; JDM cooperation deepens moats NVIDIA is transitioning to Blackwell and Rubin dual architectures, with liquid cooling, high-speed interconnect, and CPO becoming standard. FII has upgraded its cooperation from ODM to JDM (Joint Design and Manufacturing), co-developing platforms and securing exclusive mass-production rights, lifting both technical barriers and profit margins.

指引超预期，订单能见度拉长至 2027 年英伟达明确未来数个季度产能锁定，需求端持续旺盛。工业富联相关订单已排至 2026 年下半年甚至 2027 年，业绩增长具备高度确定性，不再受短期波动干扰。

Guidance beats; order visibility extends to 2027 NVIDIA confirmed locked capacity for multiple quarters ahead with sustained strong demand. FII’s relevant orders are scheduled through late 2026 and into 2027, providing high certainty for growth amid short-term volatility.

二、深度绑定：工业富联是英伟达最不可替代的制造底座

独家 / 主力代工英伟达 DGX、HGX、GB200、GB300 全系列高端 AI 服务器；

高端 AI 服务器基板、模组供应占比超 50%；

液冷方案、NVLink 高速互连、800G/1.6T 交换机同步配套交付；

全球化产能布局，满足北美云厂商就近交付与合规需求。

2. Deep Integration: FII Is NVIDIA’s Most Irreplaceable Manufacturing Backbone

Exclusive/main manufacturer for NVIDIA’s full high-end AI server lineup: DGX, HGX, GB200, GB300;

Supplies over 50% of critical substrates and modules for AI servers;

Delivers liquid cooling, NVLink, 800G/1.6T switches in full ecosystem synergy;

Global production footprint supports onshore delivery and compliance for North American cloud customers.

三、财报对工业富联的三重直接影响

业绩端：高增长确认，利润率持续改善英伟达 Q4 高增对应工业富联 AI 服务器业务同比增长 3 倍以上，2025 年 Q4 单季同比增长超 5.5 倍，800G 交换机同比增长 13 倍。随着高毛利机型占比提升，公司整体毛利率与净利率进入上行通道，2025 年全年净利润同比增长超 50%，单季利润突破百亿关口。

订单端：量价齐升，长单锁定现金流英伟达财报确认需求持续超预期，工业富联 GB300、H200 等机型大规模交付，叠加液冷、高速网络等增值业务，实现量价齐升。大额订单锁定未来两年营收，现金流与抗风险能力显著增强。

估值端：从制造标签转向 AI 核心资产市场将重新定价工业富联：从传统代工厂升级为AI 算力基建核心标的。当前估值仍低于全球同业，伴随业绩持续兑现，估值修复空间打开。

3. Three Direct Impacts on FII

Performance: Confirmed high growth, expanding profit margins NVIDIA’s Q4 surge corresponds to FII’s AI server revenue growth of over 300% YoY, with Q4 2025 alone surging ~550% YoY. 800G switch revenue jumped 13x YoY. Rising mix of high-margin models lifted overall gross and net margins. FII’s 2025 full-year net profit rose over 50%, with quarterly profit exceeding RMB 10 billion.

Orders: Volume and price up; long-term contracts secure cash flow NVIDIA’s earnings confirm persistent above-trend demand. FII’s mass delivery of GB300, H200, plus liquid cooling and high-speed networking, drives both volume and price expansion. Large orders secure revenue for the next two years, strengthening cash flow and risk resistance.

Valuation: Rebranding from manufacturing to AI core assetThe market will re-rate FII from a traditional contract manufacturer to acore AI computing infrastructure player. Its current valuation remains below global peers, leaving ample room for re-rating as fundamentals deliver.

四、长期逻辑：AI 算力周期刚启动，富联是最稳 “卖水人”

4. Long-Term Thesis: AI Computing Cycle Just Started; FII Is the Steady “Water Seller”

Near term: Earnings upside directly drives stock price and results.

Medium term: Blackwell ramp in 2026–2027 supports sustained high growth.

Long term: FII evolves from hardware maker to computing system solution provider, unlocking massive upside.

结语

Conclusion

This article is based on public cooperation information and industry data, does not constitute investment advice; data subject to official announcements.