摩根大通亚太地区科技-博通 台积电 鸿海 纬创

Investment Ratings - Broadcom: Overweight (O/W) with a price target (PT) of $250 [4] - TSMC: Overweight (O/W) with a price target (PT) of $1275 [6] - Hon Hai: Overweight (O/W) with a price target (PT) of $210 [7] - Wistron: Neutral (N) with a price target (PT) of $118 [9] - Ciena: Overweight (O/W) with a price target (PT) of $86 [10] - Lumentum: Overweight (O/W) with a price target (PT) of $87 [11] - TIS: Neutral (N) with a price target (PT) of Y4,700 [12] - SCSK: Neutral (N) with a price target (PT) of Y4,400 [13] Core Insights - Broadcom is expected to see significant AI XPU growth, with AI revenues projected to rise from $12.2 billion in 2024 to $31.2 billion by 2026, surpassing street consensus [5] - TSMC maintains strong gross margins (GMs) and anticipates a revenue compound annual growth rate (CAGR) of approximately 20% through 2029, supported by price increases and a faster ramp of N2 technology [6][8] - Hon Hai's sales in May were impacted by TWD appreciation, but AI demand remains strong, with expectations of reaching 2,000 rack shipments in Q2 [7][9] - Wistron is focusing on GDR issuance to support AI system growth, with expectations of sustained revenue driven by robust demand for Dell's GB200 systems [9][15] - Ciena's revenue and order strength indicate robust growth in the optical market, driven by cloud and service provider investments [10] - Lumentum is updating its revenue expectations due to strong demand in optics, forecasting a quarterly revenue target of $500 million ahead of schedule [11] Detailed Highlights - Broadcom's AI revenue growth is expected to significantly exceed consensus estimates, with a bullish outlook for the AI sector overall [5] - TSMC's pricing strategy includes anticipated price hikes for leading-edge nodes, with a focus on maintaining high gross margins [6][8] - Hon Hai's revenue growth is expected to continue, driven by AI server demand, despite short-term currency impacts [7][9] - Wistron's capital raise is aimed at supporting AI system growth, with expectations of increased shipments in the coming months [9][15] - Ciena's strong sales trends are attributed to increased cloud investments, indicating a positive outlook for the optical market [10] - Lumentum's demand strength is leading to an upward revision in revenue forecasts, reflecting robust drivers in the optics sector [11]