高盛：鸿海科技：2024年mputex gsys展位访问架级服务器展示；整体解决方案支持盈利能力

Investment Rating - The report maintains a "Buy" rating for Hon Hai, with a 12-month price target of NT$227, indicating an upside potential of 32.7% from the current price of NT$171 [10]. Core Insights - Hon Hai's subsidiary, Ingrasys, showcased a comprehensive rack-level AI server solution at Computex 2024, highlighting its capabilities in providing total solutions that include computing trays, switch trays, liquid cooling, and networking [2][6]. - The company is well-positioned to benefit from the growing demand for AI servers, with projected revenue contributions from AI servers expected to reach 10% in 2024 and 24% in 2025 [2][6]. - Ingrasys offers advanced liquid cooling solutions with capacities up to 1300kW, catering to diverse client needs while being energy-efficient [6]. - Hon Hai plans to establish an advanced computing center in Taiwan by 2026, focusing on smart manufacturing, smart EV, and smart city applications [6]. Summary by Sections Company Overview - Ingrasys, a subsidiary of Hon Hai, specializes in AI and cloud computing, providing server, storage, and high-performance computing solutions with a modular block design and advanced cooling technology [7]. Financial Projections - The report estimates that Hon Hai's AI server revenues will significantly increase, contributing 10% and 24% to total revenues in 2024 and 2025, respectively [2][6]. Strategic Initiatives - The establishment of an advanced computing center in Taiwan is a strategic move aimed at enhancing capabilities in smart technologies, with completion targeted for 2026 [6].