Core Insights - The report by Global Info Research focuses on the global NVMe-oF storage area network systems market, providing comprehensive analysis and insights into market size, key regions, major manufacturers, and industry trends [1][4] - The global NVMe-oF storage area network systems revenue is projected to reach approximately $9,775 million by 2025 and is expected to grow to $54,273 million by 2032, with a compound annual growth rate (CAGR) of 27.6% from 2026 to 2032 [1][3] Market Size and Growth Potential - The report aims to determine the total market size of NVMe-oF storage area network systems globally and in key countries/regions [3] - It assesses the growth potential of the NVMe-oF storage area network systems market and forecasts future growth for various products and end markets [3] Competitive Landscape - The report analyzes major participants in the NVMe-oF storage area network systems market based on parameters such as company profile, sales volume, revenue, pricing, gross margin, product portfolio, geographic distribution, and key developments [3] - Key companies covered in the report include Dell Technologies, Hewlett Packard Enterprise, Netapp, IBM, Huawei, Hitachi Vantara, Pure Storage, Inspur, Lenovo, Fujitsu, Oracle, Broadcom, Marvell, Micron Technology, Samsung Electronics, Western Digital, Kioxia, Vast Data, Weka, and Lightbits Labs [3][4] Market Drivers and Challenges - The report provides insights into the driving factors, constraints, opportunities, and key developments such as new product launches or approvals affecting the NVMe-oF storage area network systems market [4]

Summary of T&W (603118.SS) Conference Call Company Overview - T&W (603118.SS) specializes in manufacturing networking and telecom equipment, initially focusing on the telecom market and expanding into the data center market. [3][4] - Key clients in the data center sector include Ruijie, H3C, and Inspur. [3] - The company offers ODM (Original Design Manufacturer) and EMS (Electronics Manufacturing Services) solutions, with revenue contributions of 74% and 12% respectively in 2024. [3] Industry Insights - The switch market in China is experiencing a specification upgrade trend, particularly towards 400G and 800G switches, driven by the demand for high-speed transmission due to generative AI adoption. [2][7] - The value of 800G switches is projected to grow significantly, with year-over-year increases of 159% in 2025 and 92% in 2026. [2] - There is a rising demand for customized switch solutions tailored to various AI application scenarios. [2] Key Management Insights 1. **Transition to ODM**: T&W is transitioning from primarily providing EMS solutions for lower-speed switches to ODM solutions for high-speed switches, including the mass production of 800G data center switches. [4][9] 2. **Comprehensive Product Offerings**: The company is flexible in providing various solutions based on client needs, including one-stop ODM solutions and white-box solutions for CSP clients. The dollar content of server business is noted to be higher than that of switches due to higher BOM costs. [8][9] 3. **Business Outlook**: T&W anticipates rapid revenue growth in the server/switch business, particularly in high-end products like AI servers and 400G/800G switches. The company aims to expand its overseas market presence, especially in Europe, as domestic markets become saturated. [9] Financial Projections - Management expects strong revenue growth in the server/switch business by 2025/26, with a focus on high-end products. [1][9] - The company is currently using a net method for revenue recognition, which may affect the perceived revenue contribution from the server/switch business in the short term. [9] Additional Considerations - The company has established overseas production sites in Vietnam and the US, with branches in multiple countries, indicating a strategic approach to global market penetration. [3] - The increasing demand for 400G and 800G switches is expected to benefit T&W as more brand clients outsource manufacturing to third-party suppliers. [7]

Investment Rating - The industry investment rating is "In-Line" [8] Core Insights - Total server shipments grew by 22% year-over-year (y/y) in 1Q25, primarily driven by cloud demand for both AI and general servers [1][2] - AI server shipments are expected to continue growing sequentially throughout 2025 [1][15] - High-end server shipments saw significant growth, increasing by 491% y/y in 1Q25, indicating strong demand for AI servers [12][13] Summary by Sections Overall Market Performance - Global server shipments totaled 3.9 million units in 1Q25, reflecting a slight decrease of 1% quarter-over-quarter (q/q) but a robust increase of 22% y/y [2] - The US market outperformed other regions with a 43% y/y growth in shipments, while Western Europe experienced a decline of 7% y/y [11] Segment Analysis - High-end servers outperformed with a 491% y/y growth, followed by mid-range servers at 143% y/y and entry-level servers at 12% y/y [12] - In terms of value, high-end servers rose by 679% y/y, while mid-range and entry-level servers increased by 179% y/y and 12% y/y, respectively [13] Vendor Performance - ODM direct shipments increased by 50% y/y in 1Q25, with a market share of 47.4%, up 10 percentage points from the previous quarter [14][15] - Major vendors like Dell, HP, and Lenovo saw declines in market share, with Dell at 9.1% and Lenovo at 4.9% [15] Stock Implications - Preference for ODMs/OEMs over components, with specific companies highlighted for investment potential including Giga-Byte, Hon Hai, and Quanta [7]

Summary of Datacenter Market Insights Industry Overview - The report focuses on the **Datacenter Market**, specifically the **server segment** within the **Asia Pacific** region, highlighting trends and insights for 2024 and 2025 [1][8]. Key Insights 1. **Server Shipment Growth**: - Total server shipments increased by **17%** in 2024, primarily driven by cloud demand. For 2025, cloud demand is expected to grow by an additional **5-10%**, while enterprise demand is projected to rise by **0-5%** [1][6]. 2. **Quarterly Performance**: - In **4Q24**, global server shipments reached **4.0 million units**, reflecting an **8%** quarter-over-quarter (q/q) increase and a **25%** year-over-year (y/y) increase. The growth was mainly attributed to cloud demand, with a notable acceleration from **1%** q/q in **3Q24** to **8%** q/q in **4Q24** [2][12]. 3. **AI Server Shipments**: - AI server shipments continued to rise in **4Q24**, but at a slower pace compared to **3Q24** due to a transition in GPU platforms. Notably, Super Micro reported a **3%** decline in shipments q/q, while Huawei's shipments surged by **93%** q/q [3][4]. 4. **ODM Direct Shipments**: - Aggregate ODM direct shipments totaled **1,474k units** in **4Q24**, marking an **11%** q/q increase and a **45%** y/y increase. ODMs regained market share in general server markets from OEMs, with ODM direct server average selling price (ASP) rising by **15%** q/q to **US$24.9k** [4][15]. 5. **Regional Performance**: - The **USA** outperformed other regions in **4Q24**, with shipments up **42%** y/y, followed by **APxJ** at **21%** y/y, **Japan** at **7%**, **Western Europe** at **2%**, and **Rest of World (RoW)** at **1%** [12][27]. 6. **Segment Performance**: - High-end server shipments grew by **310%** y/y in **4Q24**, mid-range servers increased by **109%** y/y, and entry-level servers saw a **17%** y/y growth. This trend aligns with the ongoing ramp of AI servers and general compute server demand [13][14]. 7. **Vendor Market Share**: - ODMs captured **37.3%** of the market share in **4Q24**, up **90 basis points** q/q. Dell's market share decreased to **9.6%**, while HP's share fell to **7.8%**. Huawei's market share increased to **2.3%**, reflecting a **100 basis point** increase q/q [16][12]. Stock Implications - The report suggests a preference for **component suppliers** with content share gains over ODMs/OEMs. Notable companies mentioned include **Delta**, **AVC**, **GCE**, and **Wistron**, among others [7][8]. Additional Insights - The **GB200 server racks** began ramping production in late February 2025, with expectations to deliver **2k racks** in **1Q25** and **5-8k racks** in **2Q25**. However, significant volumes for B300/GB300 will not be delivered until September at the earliest [5][6]. This summary encapsulates the critical insights and trends from the datacenter market, providing a comprehensive overview of the current state and future expectations within the server segment.