摩根士丹利：Investor Presentation_ 科技硬件的关键更新

Investment Rating - Industry View: In-Line [2] Core Insights - The report highlights the adoption of liquid cooling in AI server racks, which is expected to benefit mechanical component offerings significantly [5][8] - Fositek is projected to achieve a 39% revenue CAGR, driven by the growth in server demand [8] - The earnings impact from TWD strength in Q2 2025 shows significant changes in gross and net margins across various companies in the technology hardware sector [11] Summary by Relevant Sections - Liquid Cooling Adoption: The report discusses the increasing penetration of liquid cooling in servers and data centers, which is anticipated to enhance the performance and efficiency of AI server racks [5][8] - Fositek's Growth Projections: Fositek's revenue is expected to grow at a compound annual growth rate of 39%, with a focus on their new liquid-cooled Trainium 3 server rack [8] - Earnings Impact Analysis: The analysis of earnings impact due to currency fluctuations indicates varying effects on gross and net margins for companies like AUO, Innolux, and Hon Hai, with some experiencing significant declines [11] - Power Architecture Roadmap: The transition to 800V HVDC power solutions is outlined, with Delta Electronics providing a detailed breakdown of the value per power rack [19]