Soochow Securities·2025-06-08 03:47Investment Rating - The report maintains an "Overweight" investment rating for the electronic industry [1] Core Insights - Overseas major companies continue to release better-than-expected performance, while domestic traditional industries are beginning to transform with AI, leading to a turning point in computing power consumption [1] - The performance of the computing power sector has been outstanding, with significant gains in various segments, including PCB/CCL, copper cable, optical chips, and server manufacturing [1] - The report suggests that the computing power-related companies in the A-share market are entering a performance release period after overcoming capacity bottlenecks, and it is recommended to continue monitoring these developments [1] Summary by Sections ASIC and GPU Demand - Credo reported FY25Q4 revenue of $170 million, a year-on-year increase of 180% and a quarter-on-quarter increase of 26%, with a gross margin of 67.4% [2] - Broadcom's FY25Q2 revenue reached $15.004 billion, a historical high with a year-on-year increase of 20% and a gross margin of 79.4% [4] - ASIC demand is expected to remain strong until 2026, with Broadcom anticipating significant deployments of AI accelerators by major clients [8] Optical Modules and Retimer Performance - Credo won a significant DSP order for an 800G transceiver, expected to be deployed in U.S. hyperscale data centers in FY26 [3] - The Retimer segment showed strong performance, driven by high-speed Ethernet solutions [3] Domestic GPU Procurement - The Chinese Agricultural Development Bank initiated a procurement process for domestic GPU servers, with major suppliers like Huawei and Inspur being recognized for their capabilities [11] - The Shanghai Pudong Development Bank also announced a procurement project for Kunpeng chip servers, indicating a growing demand for domestic computing power solutions [12] Industry Performance - Companies like Wistron and Inventec reported significant revenue growth in May, driven by strong demand for AI servers [9][10] - The report highlights the competitive landscape and the technological advancements of domestic GPU server companies [11]