半导体行业跟踪报告之二十五：AI服务器驱动铜缆市场持续高景气，建议关注远东股份

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending attention to Far East Holdings [1]. Core Insights - The AI server market is driving sustained high demand for copper cables, with innovations led by Nvidia's GB200 NVL [1][38]. - Far East Holdings is deeply engaged in the smart cable network sector, providing intelligent cables for leading global AI clients [26][38]. Summary by Sections Section 1: Copper Cable Market - Direct Attach Cables (DAC) are identified as the best solution for short-distance connections, with passive DACs being cost-effective for distances under 5 meters and active DACs for longer distances [2]. - DAC cables are favored in data center networks due to their lower cost and power consumption compared to optical modules [2]. Section 2: Far East Holdings Overview - Far East Holdings, established in 1985, has diversified into smart cable networks, smart batteries, and smart airport projects, aiming to become a leading provider in smart energy and smart city services [26]. - The company's smart cable network segment achieved revenue of 10.287 billion yuan in the first half of 2024, a year-on-year increase of 5.98% [27]. - The smart battery segment saw a significant revenue increase of 116.30% year-on-year, reaching 0.491 billion yuan [28]. Section 3: AI Cable Solutions - The company is focusing on developing intelligent cables for AI applications, maintaining a leading position in the cable industry for 26 consecutive years [32]. - The growth in smart cable revenue is driven by applications in smart manufacturing, green buildings, smart grids, and clean energy [32]. - Far East Holdings is actively responding to raw material price fluctuations and expanding its contract ratio to stabilize profitability [32]. Section 4: Financial Performance - The company reported a revenue of 24.465 billion yuan in 2023, a year-on-year increase of 12.85%, with a projected revenue of 18.222 billion yuan for the first three quarters of 2024, reflecting a 4.78% growth [31]. - The net profit for 2023 was 0.320 billion yuan, a decrease of 42.09% year-on-year, with a projected net loss of 0.099 billion yuan for the first three quarters of 2024 [31].