花旗：连接器及其他组件、硬件与存储-Computex 2025回顾要点 - 对连接器前景乐观，GB200 和 NVL72 逐步量产情况改善

Investment Ratings - The report rates Amphenol shares as Buy, indicating a positive outlook based on its leading position in the connector market and expected growth in AI infrastructure spending [16][10] - Dell Technologies shares are also rated as Buy, supported by anticipated growth in AI server revenues and a cyclical recovery in tech hardware [23][11] Core Insights - The improving demand outlook for AI, coupled with the expansion of NVIDIA's NVLink technology, is expected to benefit connector manufacturers, particularly Amphenol, which holds a significant market share in high-speed, low-latency connectors [5][10] - Dell is projected to achieve at least 50% year-over-year growth in AI server revenues for CY25, driven by improvements in GB200 NVL72 ramp noted by Wistron, a key ODM supplier [5][11] - The report highlights advancements in Direct Liquid Cooling (DLC) solutions as critical for AI hardware integration, indicating a positive trend for AI infrastructure providers [7] Company Summaries Amphenol Corp - Amphenol is the second-largest global connector manufacturer, with approximately 14% of worldwide connector shipments in 2023, and operates across various end markets including industrial, automotive, and IT data communications [15] - The company is expected to resume above-market sales and earnings as technology hardware spending increases, particularly in AI infrastructure [16] - The target price for Amphenol is set at $100, based on a 33x PE multiple applied to FY26E EPS, reflecting its growth potential [17] Dell Technologies - Dell is a leading provider of technology hardware, operating through segments including Infrastructure Solutions Group and Client Solutions Group [22] - The company is expected to benefit from a cyclical recovery in tech hardware and its strong position in commercial PCs and AI offerings [23] - The target price for Dell is set at $128, based on a 12.5x P/E multiple applied to N24M EPS estimates [24] Super Micro Computer, Inc. - Supermicro designs and manufactures high-performance server and storage systems, with a focus on AI-driven infrastructure [28] - The company is rated Neutral/High Risk due to competitive pressures in the AI server landscape, despite its significant market share [30] - The target price for Supermicro is set at $37, based on a 9-9.5x P/E multiple applied to FY27 estimates [32]