摩根士丹利：鸿海精密_科技日2024_AI+3智慧平台

Investment Rating - The report assigns an "Overweight" rating to Hon Hai Precision, indicating a positive outlook for the stock [5]. Core Insights - Hon Hai is focusing on AI infrastructure hardware and AI-enabled smart platforms, including smart manufacturing, smart cities, and smart EVs, showcasing its commitment to technological advancements and total solution offerings [2][3]. - The company is expected to be the first ODM to ship NVDA GB200 server rack systems by year-end, with anticipated growth in demand for the Blackwell platform into 2025 [2]. - Collaborations with key partners like NVDA, Siemens, and Intrinsic are enhancing Hon Hai's capabilities in industrial AI simulation, digitalization, and automation [3]. Summary by Sections Smart Manufacturing - Hon Hai leads in industrial AI simulation and digitalization, achieving design lead-time and cycle time reductions of up to 25%, along with a 20% increase in throughput [3]. Smart City - The initial focus is on establishing ubiquitous connectivity, with partnerships aimed at developing communication equipment, including low-earth orbit satellites [3]. Smart EV - Collaborations with GE Vernova and Our Next Energy (ONE) are aimed at sustainable energy solutions and battery innovations for next-generation data centers [4]. - Two new EV prototypes, Model U and Model D, were introduced, with Model U featuring a cargo volume of 11.6m³ and a range of up to 250 km, while Model D is set for mass production by Q4 2024 [4]. Financial Metrics - The report projects revenue growth from NT$6,162.2 billion in FY23 to NT$8,323.0 billion by FY26, with EPS expected to rise from NT$10.25 to NT$16.97 over the same period [5]. - The company’s market capitalization is currently NT$2,689,420 million, with an average daily trading value of NT$11,490 million [5].