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endpoint: analytics
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status: done
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citations: 5
created: 2026-05-31 18:37:28Z
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# Who are the key customers and suppliers of FII?

# Foxconn Industrial Internet (FII, 601138 CH) — Key Customers & Suppliers

FII is the Shanghai-listed Hon Hai/Foxconn subsidiary that ODMs AI servers, network equipment, and high-precision components. Below is a synthesis from CLSA's most recent FII initiation/update notes (May 2025 & Oct 2024) and FII's own earnings-call disclosures + DART/annual-report filings.

> **Corpus note**: CLSA coverage on FII comes via the parent CLSA tag (analyst: Sam Wang in HK). Latest CLSA note in the workspace is dated **2-May-2025** ("FII – O-PF, On track delivery", TP Rmb20.3).

---

## 1. Key Customers — by business segment

### A. Cloud / AI Server (54% of 9M24 revenue; 25% of 2024 revenue is AI server)

| Tier | Customer | Relationship / Disclosed Share |
|---|---|---|
| **Hyperscaler (ODM)** | **Amazon (AWS)** | "Major AI-server supplier... **40%+ share**" of AWS AI servers [1] |
| **Hyperscaler (ODM)** | **Microsoft (Azure)** | Major AI-server supplier [1] |
| **Hyperscaler (ODM)** | **Oracle** | Major AI-server supplier [1] |
| **Hyperscaler (ODM)** | **Google, Meta, ByteDance, Alibaba, Tencent** | Management explicitly named these in Q2-24 call: the ODM AI-server business "mainly involves cloud service providers, including **Microsoft, AWS, Google, Oracle, Meta, ByteDance, Alibaba, and Tencent**" [6] |
| **Silicon brand (board-level)** | **NVIDIA** | Dual-role customer. FII is the **dominant supplier of NVIDIA GPU baseboards (>80% share)**, also supplies NVIDIA HGX/UBB GPU modules, and is the "first supplier to ship GB200 cabinets in the world" [1][3] |
| **Silicon brand** | **Intel, Broadcom, Marvell** | Named on the Q2-24 call as DPU/SmartNIC drivers — "main drivers include brands like **NVIDIA, Intel, Broadcom, Marvell, Microsoft, and Amazon**" [4] |

FII is set to remain the **key supplier for GB200/GB300 racks and HGX Blackwell servers** in 2025; CLSA models 4.5mn Blackwell GPUs globally, including 20k GB racks and ~350–400k HGX servers [3].

### B. Communication / Networking Equipment (46% of 9M24 revenue)

Management disclosed on the Q3-24 call that FII's **customer coverage reaches 75% of the global switch market**, including the leading branded vendors [5]:

- **Cisco** (~35.4% global switch share in 2024)
- **Arista Networks** (~13.5%)
- **Huawei** (~9.3%)
- **HPE** (~6.1%)
- **H3C**
- **NVIDIA** (rising as a switch vendor) [5]

### C. Consumer Electronics — Precision Casing

- **Apple** — FII holds **60–70% market share of iPhone metal casing**; 5G handset metal casing shipment grew 10% YoY in 2024 with stable share at its "US major client" (Apple) [1][2]. CLSA flags Apple-business tariff uncertainty as a key risk.

### D. Full Customer Roster (per FII annual reports)

Per FII's official annual-report disclosure, the **alphabetical list of named core brand customers** spans smart-phone/wearable, cloud server, telecom/networking, and smart-home end-markets [7]:

> Alibaba, Amazon, Apple, AWS, Cisco, CommScope, Dell, Ericsson, Google, H3C, HPE, Huawei, Lenovo, Microsoft, NetApp, Nokia, NVIDIA, Oracle, Roku, Seagate, Tencent, ByteDance [7].

(Earlier 2019 filings additionally named **ARRIS, iQiyi, Xiaomi, and China Mobile** [7].)

---

## 2. Key Suppliers — upstream of FII

FII is primarily an ODM/EMS assembler, so its upstream is concentrated in **silicon, optics, and HPC sub-components**. The most explicit disclosure is from the Q2-24 call describing the NVIDIA GB200 supply chain:

| Supplier | Role |
|---|---|
| **NVIDIA** | Silicon supplier AND customer. ODMs assembling NVIDIA reference GB200 platforms "have to buy" key parts directly from NVIDIA: **2 GPU compute boards, 4× 800G SmartNICs, 1× BlueField-3 DPU, and 9× NVLink switches per cabinet** [8]. FII has been driving in-house substitution by co-developing 800G NICs and BlueField DPUs to reduce NVIDIA bill-of-materials exposure [8]. |
| **In-house / Hon Hai Group ecosystem** | FII produces "GPU modules, baseboards, computer boards, NVLink switches, SmartLink, and DPUs," covering "basically all key links in the AI industry chain" — explicitly cited by management as a competitive moat (the only ODM with full-stack capability) [4]. |
| **Global manufacturing footprint** | Production bases in Mainland China, Taiwan, Hungary, Czech Republic, Vietnam, Mexico, India, Japan, and the US support a one-stop supply chain that **CLSA cites as the tariff hedge** (Mexico for AI servers) [3]. |
| **Industrial-internet ecosystem partners** | ~400+ co-development partners disclosed historically, including China Unicom, National Instruments (NI), OPC Foundation, and Tencent Cloud [7]. |

> **Negative space**: FII does NOT disclose individual upstream component vendor names (HBM, advanced substrates, CCL, connectors, liquid-cooling modules, optics) in either the CLSA notes or the indexed annual reports — only the supply-chain framework. Standard read-throughs from industry would point to **TSMC (foundry)**, **SK hynix/Samsung/Micron (HBM)**, **Amphenol/Lotes (connectors)**, **Innolight/Eoptolink (optics)**, but these are NOT explicitly named in FII's filings — flagging the asymmetry vs. customer-side transparency.

---

## 3. Concentration & Implications

- **Customer concentration is high but diversified across the AI value chain**: FII is simultaneously NVIDIA's largest GPU-board ODM AND a top-tier ODM for the hyperscalers that buy from NVIDIA — i.e., it earns dollars on both the silicon BOM and the system assembly.
- **AWS at 40%+ AI-server share** is the single most concentrated relationship in the cloud segment [1].
- **Apple at 60–70% iPhone-casing share** is the single biggest legacy/consumer relationship and the primary tariff-policy risk surfaced by CLSA [1][2].
- **Supplier risk is mainly NVIDIA reliance** on accelerators / NVLink / BlueField — management is publicly working to internalize what it can (DPUs, SmartNICs, switching) [8].

---

**Sources**
[1] FII – O-PF (On track delivery) — CLSA, 2 May 2025 — Investment thesis chunk
[2] FII – O-PF (On track delivery) — CLSA, 2 May 2025 — AI networking growth chunk
[3] FII – O-PF (On track delivery) — CLSA, 2 May 2025 — AI server growth chunk
[4] Q2 2024 Foxconn Industrial Internet Earnings Call — main drivers (NVIDIA/Intel/Broadcom/Marvell/Microsoft/Amazon)
[5] Q3 2024 Foxconn Industrial Internet Earnings Call — switch-market customer coverage (Cisco/Arista/Huawei/HPE/H3C/NVIDIA)
[6] Q2 2024 Foxconn Industrial Internet Earnings Call — CSP ODM list (MSFT/AWS/GOOG/ORCL/META/ByteDance/BABA/Tencent)
[7] Foxconn Industrial Internet Annual Reports (2020 / 2021 filings) — alphabetical customer roster
[8] Q2 2024 Foxconn Industrial Internet Earnings Call — GB200 component sourcing from NVIDIA

## Citations

- [4] **Q2 2024 Foxconn Industrial Internet Co., Ltd.** · external
- [5] **Q3 2024 Foxconn Industrial Internet Co., Ltd.** · external
- [6] **Q2 2024 Foxconn Industrial Internet Co., Ltd.** · external
- [7] **Foxconn Industrial Internet Co Ltd - H2 2021 - Report** · external
- [8] **Q2 2024 Foxconn Industrial Internet Co., Ltd.** · external

