高盛：近期人工智能服务器机架出货前景趋缓；下调估值预期和目标股价

Investment Rating - The report maintains a Buy rating on Delta, EMC, and TUC, while maintaining a Neutral rating on Lotes and a Sell rating on ITEQ [3][20][31][36]. Core Insights - The global AI server rack shipment estimate has been cut by 35% for 2025 and 10% for 2026, primarily due to slower demand from AI server customers and supply constraints in production [1][2]. - Earnings estimates for key Taiwan technology component suppliers have been revised down by 1%-9% for 2025-2026, leading to an average target price decline of 12.5% [3][20][28][34]. Summary by Company Delta - Delta's target price has been cut from NT$580 to NT$550, with a 40% upside potential [3][11]. - Earnings estimates for 2025/26/27 have been reduced by 9%/6%/4% due to slower AI server shipments [12][14]. - The company is expected to benefit from new power rack solutions, although overall gross margins may be lower than traditional PSU solutions [10][14]. EMC - EMC's target price has been revised down from NT$865 to NT$760, implying a 30% upside [3][20]. - Earnings estimates for 2025 have been slightly reduced by less than 1%, while 2026/27 estimates have been cut by 2% [21][24]. - The company maintains a strong market share in M8 grade CCL but faces risks from high-end glass fiber supply constraints [19]. TUC - TUC's target price has been cut from NT$330 to NT$290, with a 65% upside potential [3][20]. - Earnings estimates for 2025/26/27 have been reduced by 2% across the board, reflecting less favorable AI server shipment revenue [28][30]. - The company is expected to remain resilient due to its focus on 800G switch projects and ASIC AI servers [19]. ITEQ - ITEQ's target price has been revised down from NT$65 to NT$58, indicating a 21% downside [3][36]. - Earnings estimates for 2025/26/27 have been cut by 2%/4%/3% due to less favorable AI server revenue contributions [34][36]. - The company is expected to face challenges due to a less favorable product mix impacting gross margins [34].