摩根士丹利：四月GB200 NVL72 机架产出增加

Investment Rating - The industry investment rating is "In-Line" [5] Core Insights - The industry-wide GB200 rack output reached approximately 1,500 units in April, compared to around 1,000 units in the first quarter [4][8] - Quanta's April revenue was approximately NT$154 billion, reflecting a month-over-month decline of 20$134 billion, showing a month-over-month decline of 13% and a year-over-year increase of 84% [2] - Hon Hai's GB200 rack shipments in April were significant, likely close to 1,000 units, with expectations for continued growth in the second quarter [3] Company Summaries - Quanta: Estimated to ship around 12,000 HGX servers in the second quarter, with GB200 rack shipments increasing from approximately 150 in March to 300-400 in April [1] - Wistron: Estimated to have shipped between 1,800 to 2,700 compute trays, equivalent to 100-150 GB200 NVL72 racks in April [2] - Hon Hai: Expected to see continued growth in GB200 rack shipments in the second quarter, with significant growth noted in April [3]