Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Core Viewpoint - The company has not yet completed its performance forecast for the year 2026, focusing on enhancing its profitability through various operational efforts [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - The company emphasizes its commitment to improving its operational performance [1]

证券代码：002036 证券简称：联创电子 公告编号：2025—075 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 关于公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 特别提示： 联创电子科技股份有限公司（以下简称"公司"）及控股子公司对外担保总额超过最 近一期经审计净资产的 100%。公司存在向合并报表范围内资产负债率超过 70%的控股子公 司提供担保的情形，请投资者充分关注担保风险。 一、担保情况概述 公司于 2025 年 4 月 24 日召开第九届董事会第五次会议审议通过了《关于公 司及下属公司 2025 年度预计担保额度的议案》，并于 2025 年 5 月 16 日经公司 2024 年年度股东会审议通过，为提高公司决策效率，满足公司及下属公司业务 发展、生产经营及实际资金需求，公司及下属公司 2025 年度向银行等金融机构 及其他非金融机构预计发生担保额度不超过人民币 1,118,000.00 万元，其中对 资产负债率低于 70%的公司及下属公司提供的担保额度不超过 644,000.00 万元， 对资 ...

Core Viewpoint - The company reported a total operating revenue of 6.489 billion yuan for Q3 2025, with the optical industry contributing 3.304 billion yuan, accounting for 50.91% of total revenue [2] Group 1: Financial Performance - The company's total operating revenue for Q3 2025 reached 6.489 billion yuan [2] - Revenue from the optical industry was 3.304 billion yuan, representing 50.91% of the total operating revenue [2] - The automotive optical business continued to grow, achieving revenue of 2.363 billion yuan, a year-on-year increase of 46.75% [2] Group 2: Segment Performance - Revenue from automotive lenses reached 1.381 billion yuan, showing a significant year-on-year growth of 88.82% [2] - There was a quarter-on-quarter decline in automotive optical revenue, attributed to increased competition within the industry [2]

Core Viewpoint - The company reported a total operating revenue of 6.489 billion yuan for Q3 2025, with the optical industry contributing 3.304 billion yuan, accounting for 50.91% of total revenue [1] Group 1: Financial Performance - Total operating revenue for Q3 2025 reached 6.489 billion yuan [1] - Revenue from the optical industry was 3.304 billion yuan, representing 50.91% of total revenue [1] - The automotive optical business generated 2.363 billion yuan, showing a year-on-year growth of 46.75% [1] Group 2: Segment Performance - Revenue from automotive lenses was 1.381 billion yuan, with a significant year-on-year increase of 88.82% [1] - Despite the growth, automotive optical revenue experienced a quarter-on-quarter decline due to intensified competition within the industry [1]

Core Viewpoint - The company, Lianchuang Electronics, indicated that its gross margin is expected to decline in Q3 2025 due to intensified competition in the optical industry [1] Company Summary - Lianchuang Electronics responded to investor inquiries on November 6, highlighting a projected decrease in gross margin for Q3 2025 [1] - The decline in gross margin is attributed to factors such as increased competition within the optical sector [1]

Core Viewpoint - Company has begun shipping optical products related to humanoid robots, but the industry is still in its nurturing phase with very small sales volume [1] Company Summary - Company confirmed that it has shipped optical products related to humanoid robots [1] - Company indicated that the sales volume in this sector remains low due to the industry's early development stage [1] Industry Summary - The humanoid robot industry is currently in a nurturing phase, suggesting potential for future growth but limited current market activity [1]

Group 1 - The core issue raised by investors is the decline in Q3 revenue and overall gross profit margin for the company [2] - The company attributes the decrease in gross margin for Q3 2025 to intensified competition within the optical industry [2]

Group 1 - The company has indicated that it has optical products that have already been shipped, but the humanoid robot industry is still in its cultivation phase with very small sales volume [2] - The company responded to an investor inquiry regarding the availability of humanoid robot-related products for sampling or mass production [2] Group 2 - The industry is currently characterized as being in a developmental stage, suggesting potential for future growth but limited current market activity [2]

Group 1 - The company has begun shipping related optical products, indicating initial market activity [1] - The optical products industry is still in a cultivation phase, suggesting that it is not yet fully developed [1] - Sales volume for these products remains small, reflecting the nascent stage of the industry [1]