服务器行业：通用回暖叠加AI赋能，轻舟已过万重山

Investment Rating - The report maintains a positive investment rating for the server industry, indicating a favorable outlook for the sector [2]. Core Insights - The server industry is experiencing a significant recovery driven by a resurgence in traditional demand and the high growth of AI-related needs. After a downturn in 2023 due to global economic challenges and reduced IT demand, the industry is set for a rebound in 2024 [2][8]. - In Q2 2024, global server shipments reached 3.5837 million units, representing a year-over-year increase of 16.68%. Brand server shipments accounted for 2.2781 million units, up 20.82% year-over-year, while ODM direct server shipments totaled 1.3056 million units, reflecting a 10.10% increase [2][8][9]. - The overall market size for servers in Q2 2024 reached $54.152 billion, marking a 64.06% year-over-year growth, with brand servers contributing $33.649 billion (up 63.46%) and ODM direct servers contributing $20.503 billion (up 65.06%) [2][15][13]. Summary by Sections Market Dynamics - The server market is witnessing a dual growth pattern: a recovery in traditional general-purpose server demand and a surge in AI server demand. The AI segment is particularly influential, with high-performance AI servers expected to see a shipment increase of 172% in 2024 [27][30]. - North American capital expenditures from major cloud service providers (CSPs) reached $51.625 billion in Q2 2024, a 59.05% increase year-over-year, indicating robust demand for AI capabilities [27][28]. Company Performance - Major North American server manufacturers, such as Dell Technologies and HPE, reported significant improvements in their financial performance. Dell's revenue for FY2Q24 was $25.026 billion, up 9.12% year-over-year, while HPE's revenue for FY3Q24 was $7.710 billion, reflecting a 10.11% increase [21][22]. - The report highlights the importance of AI in enhancing existing business operations, such as improving advertising efficiency and search matching capabilities, which further drives demand for server infrastructure [27]. Investment Recommendations - The report suggests focusing on high-quality companies within the server industry, including Industrial Fulian, Huadian Technology, Shenghong Technology, and Shenzhen South Circuit, as they are well-positioned to benefit from the ongoing recovery and growth in server demand [32][33].