Oriental Securities: Maintains a "buy" rating on Industrial Wealth Alliance, with a target price of 82.94 yuan.

Oriental Securities research report pointed out that by the first three quarters of 2025, the net profit attributable to the mother of Industrial Fulian was 22.49 billion yuan, a year-on-year increase of 49%; the net profit attributable to the mother in 25Q3 was 10.37 billion yuan, a year-on-year increase of 62% and a month-on-month increase of 51%. Both revenue and profit reached the highest single-quarter historical record. The system assembly has become a new driving force for improving the performance of AI servers, and the company's AI server business has grown significantly. AI boosts demand for communication and mobile network equipment, and 800G switches are growing strongly. Some investors lack attention to the company's communication and mobile network equipment business, and the bank believes that the related business is expected to continue to benefit from AI demand. Using a PE valuation of 29 times for comparable companies in 2026, the corresponding target price is 82.94 yuan, maintaining a "buy" rating.