AI算力月度跟踪（202410）：英伟达将推出B300，Q3服务器行业景气持续向上

Investment Rating - The report maintains a "Recommended" rating for the computer industry [5][12]. Core Insights - The demand for AI computing power is driven by large model training, benefiting various segments of the computing power supply chain, including AI chips, server systems, components, optical modules, and IDC [5][12]. - NVIDIA's Blackwell series has begun shipping, with expectations for the B300 GPU to be launched in 2025. The Q3 2024 server industry shows continued growth, with a significant increase in revenue for Taiwanese server manufacturers [9][12]. Summary by Sections AI Chips - NVIDIA's B300 is expected to launch in 2025, while AMD is releasing new CPU/GPU/DPU products. The demand for NVIDIA's Hopper and Blackwell series is strong, with a projected 65% year-on-year increase in H100/H200 GPU orders for Q4 2024 [9][23][29]. - Domestic AI chip company Haiguang reported a revenue of 6.137 billion yuan for the first three quarters of 2024, a year-on-year increase of 55.64% [29]. Server Systems - Taiwanese server manufacturers experienced an average revenue growth of 24.34% year-on-year in Q3 2024, with Quanta, Wistron, Inventec, and Hon Hai showing significant increases [45][49]. - In mainland China, Inspur Information is actively improving its product line and expanding its customer base to capitalize on the recovering server market [51][56]. Components - The demand for liquid cooling solutions is increasing, with companies like Qihong and Shuanghong reporting revenue growth of 22% and 21% year-on-year, respectively, in Q3 2024 [62][64]. - The BMC segment is also seeing growth, with Xinxing reporting a 149.5% year-on-year increase in revenue for Q3 2024, driven by strong demand for AI servers [74][79]. Industry Chain - The CoWoS capacity is expected to reach 70,000 pieces per month by the end of 2025, driven by the growing demand for AI servers [36][37]. - NVIDIA is the largest buyer in the HBM market, with expectations that its procurement share will exceed 70% by 2025, significantly increasing the overall consumption of HBM3e [40][43].