摩根士丹利：亚洲重要部件有限公司_亚洲重要冷却解决方案供应商；超重Overweight

Investment Rating - The report assigns an "Overweight" rating to Asia Vital Components Co. Ltd. (AVC) with a price target of NT$875.00, indicating a potential upside of 45% from the current price of NT$605.00 [6][18]. Core Insights - AVC is expected to increase its AI infrastructure exposure to 25% of total revenue and 35% of total profit by 2026, driven by a full range of cooling solutions including server chassis and liquid cooling systems [2][3]. - The company has a strong position in the market for 3D vapor chambers and is expected to maintain its dominance in upcoming server platforms, which will enhance its supply relationships with major cloud service providers [3][20]. - Significant revenue growth is anticipated from liquid cooling systems, with a projected increase in AI-related revenue by 42% in 2025 and 47% in 2026 due to higher cold plate module supply share [4][30]. Summary by Sections Revenue and Profit Projections - AVC's revenue is projected to grow from NT$59,194 million in FY23 to NT$104,101 million by FY26, with a corresponding increase in EPS from NT$14.11 to NT$35.03 [6][30]. - AI server-related revenue is expected to rise significantly, reaching NT$26,186 million by 2026, contributing 34.7% to total gross profit [23][30]. Product Offerings and Market Position - AVC provides a comprehensive range of thermal solutions, including passive and active cooling components, which are essential for consumer electronics and industrial applications [19][21]. - The company is a major supplier of cold plates for NVIDIA's GB200 server rack liquid cooling systems, with expectations to capture over 50% of the total cold plate market share by 2025 [24][48]. Capacity and Production - AVC's production capacity for cold plates is currently at 50,000 units per month in China and is expected to expand to 100,000 units in Vietnam by the end of 2024 [26][30]. - The company has initiated production of 3D vapor chambers in Vietnam, with daily production expected to reach 5,000 to 8,000 units [25][30]. Market Trends and Future Outlook - The total addressable market (TAM) for liquid cooling related to the GB200 server rack system is projected to grow significantly, reaching US$2.6 billion in 2025 and continuing to expand in subsequent years [45][46]. - AVC's ongoing operating margin is expected to improve to 18% by 2026, up from 12.5% in 2023, supported by strong demand for AI-related products [30][30].