北美硬件与存储-花旗全球技术大会：硬件与科技供应链要点-North America Hardware & Storage-Citi’s Global Technology Conference; Day 1 Hardware & Tech Supply Chain Takeaways

Investment Rating - The report assigns a rating of "1" (Buy) to Western Digital Corporation (WDC), Seagate Technology Holdings (STX), and Amphenol Corporation (APH), while CDW Corporation (CDW), HP Inc. (HPQ), and NetApp, Inc. (NTAP) receive a rating of "2" (Neutral) [8]. Core Insights - The hardware and storage industry is experiencing robust demand driven by AI tailwinds, limited production capacity, and stable pricing, with demand consistently exceeding supply [2][4]. - Companies are focusing on enhancing their product offerings and operational efficiencies to capitalize on the growing demand for high-speed connectivity and data storage solutions [3][19][42]. Company Summaries Western Digital Corporation (WDC) - WDC anticipates a 23% CAGR in enterprise business (EB) demand, driven by AI, with a baseline growth of 15% [27]. - The company is focused on delivering scalable and reliable growth, with significant purchase orders from top customers providing visibility into 2027 [27][28]. - WDC is investing in ePMR and HAMR technologies to enhance storage capacity and reliability [27][32]. Seagate Technology Holdings (STX) - STX expects mid-20s% growth in nearline EB, with demand outpacing supply [37]. - The company is qualifying major cloud customers for its HAMR technology, aiming to meet increasing demand for higher density storage solutions [34][37]. - STX maintains a focus on cost efficiency and capital allocation, with a capex of 4-6% of revenues [41]. Amphenol Corporation (APH) - APH is optimistic about demand in the IT datacom segment, driven by data center interconnect needs [51]. - The company is achieving sustainable incremental margins of over 30% through disciplined execution and a diverse product portfolio [51][55]. - APH's recent acquisitions are expected to enhance its capabilities and market position [53][55]. CDW Corporation (CDW) - CDW's performance reflects resilience due to a diverse portfolio and disciplined execution, with expectations for continued growth despite macroeconomic caution [5][13]. - The company is capitalizing on cloud transitions and the complexity of technology to drive demand for its services [13][18]. - CDW is focused on integrating AI into its offerings to enhance operational efficiencies and customer experiences [18]. HP Inc. (HPQ) - HPQ projects unit growth in PCs at a mid-single-digit rate through 2025, driven by a refresh cycle and the transition to AI PCs [22]. - The company is optimizing its supply chain and expects revenue growth to outpace unit growth in premium categories [22]. - HPQ anticipates a slight decline in print revenues due to enterprise prioritization of other investments, though this is expected to be temporary [22][23]. NetApp, Inc. (NTAP) - NTAP is gaining market share with its refreshed portfolio, focusing on data modernization and AI implementation [42]. - The company expects cautious enterprise IT spending but sees potential upsides in a more favorable macro environment [42]. - NTAP is positioned to benefit from the shift towards AI workloads, which are expected to drive significant data growth [47].