GOLDEN SUN SECURITIES·2025-04-27 10:23Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The overseas AI computing power market remains robust, with significant growth in companies like Vertiv and Amphenol, driven by strong demand in the AI sector [1][2] - Google's capital expenditure remains at $75 billion for the year, with advancements in AI providing growth opportunities [3][48] - The Shanghai Auto Show highlights the acceleration of domestic chip innovation in the automotive sector, indicating a growing focus on local manufacturers [3] Summary by Sections Vertiv & Amphenol Performance - Vertiv reported Q1 2025 revenue of $2.036 billion, a year-over-year increase of 24.2%, exceeding guidance by $111 million. The company raised its full-year revenue guidance by $250 million, expecting a midpoint of $9.45 billion, a year-over-year increase of 17.9% [12][19] - Amphenol achieved Q1 2025 revenue of $4.811 billion, surpassing the previous guidance of $4.1 billion, with a year-over-year growth of 48%. The order amount reached a record high of $5.292 billion, a year-over-year increase of 58% [25][34] Google Performance - Google reported Q1 2025 revenue of $90.234 billion, a year-over-year increase of 12%, with net profit rising 46% to $34.540 billion. The company maintains a gross margin of 59.7% [38][39] - The AI model Gemini 2.5 has significantly improved user engagement and business growth, contributing to the overall performance [41] Industry Trends - The automotive sector is increasingly focusing on domestic chip innovation, with companies like Hezhima Intelligent launching new products aimed at enhancing safety and efficiency in driving [3] - The demand for AI-related products is driving growth in various sectors, including IT data communication, which is expected to see high single-digit growth due to accelerated investments in AI data centers [34][65]