电子：AI驱动安费诺24Q3超预期，当前时点如何看高速铜缆市场机遇

Investment Rating - The industry rating is "Outperform the Market" [3] Core Insights - Amphenol's Q3 2024 sales reached $4.04 billion, exceeding guidance and showing a 26% year-over-year growth, with organic growth of 15%. AI-related products contributed significantly, accounting for over 50% of the overall growth [2] - The order amount for Q3 2024 reached $4 billion, a 39% year-over-year increase, driven by strong growth in the IT data communication market [2] - The GB200 high-speed copper cable market is projected to reach $6-7 billion, with domestic suppliers expected to benefit significantly from this opportunity [3] Summary by Sections Sales Performance - Amphenol's Q3 2024 sales were $4.04 billion, surpassing the previous guidance of $3.7-3.8 billion, and showing a 26% year-over-year increase. Adjusted diluted EPS was $0.50, exceeding guidance of $0.43-0.45, and reflecting a 28% year-over-year growth [2] - For Q4 2024, Amphenol expects sales between $3.95-4.05 billion, representing a year-over-year growth of 19%-22% [2] Market Opportunities - The GB200 high-speed copper cable market is estimated to reach $6-7 billion, with significant demand driven by AI server shipments [3] - Domestic suppliers like Wolong and Shenyu are well-prepared to meet the demand, with substantial production capacity already in place [3] Future Outlook - Amphenol's full-year sales are projected to be between $14.85-14.95 billion, with an 18%-19% year-over-year growth, and adjusted EPS expected to be $1.82-1.84, reflecting a 21%-22% increase [2] - The report suggests a strong market penetration for GB200 products in data center interconnect applications, benefiting domestic suppliers [3]