Nvidia(US:NVDA) Guohai Securities·2025-07-21 14:06Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The AI computing power market is experiencing exponential growth driven by the demand for large model training and inference, with a positive outlook for AI processors, computing leasing, servers, liquid cooling, PCB, optical modules, and AIDC sectors [14] - The GB300 architecture is set to ramp up production smoothly, with the first batch already shipped and expected to significantly benefit the supply chain in the second half of the year [6][24][30] Summary by Sections 1. Servers - The NVIDIA Blackwell platform is the main driver for the AI server market, with GB200 shipments increasing and GB300 expected to start shipping in Q3 [6][24] - AI server revenue is showing strong growth, with companies like Quanta and Wistron expecting AI server revenue to exceed 50% of their total revenue by 2025 [7][9] - The AI server market is projected to maintain a strong growth trend, with companies like Quanta and Wistron forecasting triple-digit growth for AI servers in 2025 [9] 2. Core Components - The GB300 liquid cooling system requires more components than the GB200, enhancing the value of each tray by over 50% [11] - Companies like Qisda and DoubleWin are positioned well in the liquid cooling supply chain, with expectations of significant revenue contributions from liquid cooling products [11][63] - PCB manufacturers like Gigabyte and MSI are expanding their AI server offerings and overseas operations [68][72] 3. Upstream Supply Chain - CoWoS capacity is expected to double by Q4 2025, indicating a significant increase in advanced packaging capabilities [13] - TSMC's advanced packaging facilities in the U.S. are set to begin construction in 2028, marking a shift in the supply chain dynamics [13] 4. Company Performance - Quanta's AI server revenue is projected to exceed 70% of total server revenue by the end of 2025, with significant year-over-year growth [35] - Wistron's AI server revenue is expected to grow over 100% year-over-year, with a strong focus on expanding production capacity in Texas [39][44] - Hon Hai's cloud network products are experiencing robust growth, with expectations for continued strong performance in the second half of the year [53]