Summary of Delta Electronics Inc. Conference Call Company Overview - **Company**: Delta Electronics Inc. (2308.TW) - **Industry**: Greater China Technology Hardware - **Location**: Taiwan - **Date of Call**: June 4, 2025 Key Points Industry and Market Dynamics - **800V HVDC Power Solution**: The transition to 800V HVDC power architecture is driven by increasing data center power demands, particularly for AI applications. This upgrade addresses limitations of the current 54V systems, including space constraints and inefficiencies in power conversion [4][13][14]. - **Efficiency Improvements**: The new 800V system is expected to enhance end-to-end power efficiency by up to 5%, reduce copper cable usage by 45%, and lower maintenance costs by up to 70% [4][6]. Financial Projections and Estimates - **Price Target Increase**: The price target for Delta Electronics has been raised from NT$440.00 to NT$485.00, reflecting anticipated growth in AI data center offerings [2][6]. - **Earnings Estimates**: Earnings estimates for 2026 and 2027 have been increased by 5% and 10%, respectively, due to the expected value upgrade potential of AI server power solutions [6][39]. - **Revenue Growth**: Delta is projected to grow its AI data center offerings to 35-40% of total revenue in 2025, increasing to over 40% in 2026-2027, compared to approximately 30% in the previous year [6]. Technological Advancements - **Power Solution Value**: The power solution value per AI server rack is estimated to exceed 10 times that of the current GB200 server rack, with power value per watt expected to more than double by 2027 [11][39]. - **Collaboration with NVIDIA**: Delta has engaged with NVIDIA for the development of new power solutions tailored for future AI factories, which is anticipated to solidify its market leadership [11]. Deployment Timeline - **Phased Implementation**: The deployment of the 800V HVDC power solution will occur in stages, with standalone power racks expected by the end of 2025, followed by 800V DC power racks in 2026, and native 800V DC servers hitting the market in 2027 [5][14]. Valuation Methodology - **Valuation Model**: The price target increase is based on a multistage residual income valuation model, assuming a cost of equity of 8% and a medium-term growth rate of 14% [42][43]. - **Bull and Bear Scenarios**: The bull-case scenario value is NT$593.00, while the bear-case scenario value is NT$271.00, both reflecting higher EPS estimates compared to previous scenarios [44]. Additional Insights - **Power Rack Design**: The design of the 800V HVDC power rack includes features for high efficiency and reliability, such as a power capacitance shelf and e-Fuse for enhanced protection [32][36]. - **Market Positioning**: Delta's technology leadership and integrated power solutions are expected to drive significant project wins and earnings growth in the coming years [2][6]. Conclusion Delta Electronics Inc. is positioned to capitalize on the transition to higher voltage power solutions in AI data centers, with strong financial projections and technological advancements supporting its growth strategy. The company's collaboration with NVIDIA and phased deployment of the 800V HVDC power solution further enhance its competitive edge in the market.

Financial Data and Key Metrics Changes - Vicor recorded total revenue of $90.4 million for Q1 2025, down 2.3% sequentially from Q4 2024's $96.2 million, but up 12% from Q1 2024's $83.9 million [6] - Advanced products revenue increased 2.7% sequentially to $59.9 million, while product revenue decreased 10% sequentially to $34.1 million [6] - Gross profit margin for Q1 was 47.2%, a decrease of 520 basis points from the prior quarter [7] - Net income for Q1 totaled $2.5 million, with GAAP diluted earnings per share at $0.06 based on a fully diluted share count of 45.5 million shares [11] Business Line Data and Key Metrics Changes - Shipments to stocking distributors decreased 16.9% sequentially and 33.8% year over year [7] - Advanced product share of total revenue increased to 63.7% compared to 60.6% in Q4 2024, while Brick product share decreased to 36.3% [7] - Total operating expenses increased 8.2% sequentially to $44.5 million, primarily due to increased research and development expenses [10] Market Data and Key Metrics Changes - Exports as a percentage of total revenue increased to approximately 60.8% from 56.9% in the prior quarter [7] - The one-year backlog increased 10.4% from the prior quarter, closing at $171.7 million [12] Company Strategy and Development Direction - Vicor is focusing on developing complete front-end to point-of-load solutions centered on a 48-volt hub, which is proving effective as evidenced by strong engagements across top customers [20] - The company is navigating a changing tariff landscape and has informed customers of a 10% tariff surcharge for shipments after July [18] - Vicor is positioned to offer high-efficiency, high-density power delivery networks, with a market expected to exceed $5 billion by 2028 [17] Management's Comments on Operating Environment and Future Outlook - Management views 2025 as a year of uncertainty and opportunity, unable to provide quarterly guidance until uncertainties are resolved [13] - The company remains confident in its licensing business as a growth area, despite short-term impacts from a licensee transitioning to unlicensed products [25] - Management expects continued growth in product revenues and licensing income, with a focus on new product introductions [52] Other Important Information - The transition to a new ERP system (SAP) contributed to the decline in gross margin due to increased production and consulting expenses [9] - Capital expenditures for Q1 totaled $4.6 million, with a construction and progress balance of approximately $9.9 million for manufacturing equipment [12] Q&A Session Summary Question: Can you elaborate on the impact of Vicor's licensing business? - Management acknowledged a short-term impact from a licensee transitioning to unlicensed products but remains confident in the growth potential of the licensing business [25] Question: What are the expected impacts of tariffs on supply and demand? - Management assessed the impact of tariffs on the bill of materials and instituted a 10% tariff surcharge, not expecting significant negative impacts on demand [29] Question: What is the timeline for ramping second-generation VPD products? - Management expects to bring development to fruition for lead customers soon, targeting power production in the second half of the year [34] Question: How does the company view the NBM business going forward? - Management expects the NBM business to grow, driven by demand following the ITC win and concerns from OEMs and hyperscalers [67] Question: What is the status of the ITC case? - The ITC case concluded with a final determination, and management is confident in overcoming the commission's position regarding licensing [54] Question: What is the expected pricing after implementing tariff surcharges? - A 10% tariff surcharge will be applied across the board, with expectations to maintain margins despite varying impacts on different products [61]

Core Insights - The automotive industry is transitioning to 800V batteries and 48V zonal architecture, creating a demand for efficient power conversion solutions [1][2] - Vicor's new automotive-grade power modules are designed to address the challenges of high voltage to 48V and 12V conversion, focusing on performance optimization, size reduction, and cost efficiency [1][2] Company Overview - Vicor Corporation specializes in designing, developing, manufacturing, and marketing modular power components and complete power systems, leveraging patented technologies [5] - The company serves various markets, including enterprise computing, industrial automation, telecommunications, and transportation [5][6] Industry Event - Vicor will present at the World Congress Experience (WCX) 2025 in Detroit from April 8-10, showcasing high power density DC-DC converter modules [2][4] - The presentation will focus on optimizing high voltage to point of load conversion in electrified vehicles, addressing current automotive electrification challenges [2][4]

西安爱科赛博电气股份有限公司 首次公开发行股票并在科创板上市招股意向书附录 | 序号 | 文件名称 | 起始页码 | | --- | --- | --- | | 1 | 发行保荐书 | 1 | | 2 | 财务报告及审计报告 | 56 | | 3 | 发行人审计报告基准日至招股说明书签署日之间的相关财务报表 | 226 | | | 及审阅报告 | | | 4 | 内部控制鉴证报告 | 332 | | 5 | 经注册会计师鉴证的非经常性损益明细表 | 352 | | 6 | 法律意见书 | 365 | | 7 | 律师工作报告 | 589 | | 8 | 发行人公司章程（草案） | 866 | | 9 | 关于同意西安爱科赛博电气股份有限公司首次公开发行股票注册 | 915 | | | 的批复 | | 保荐机构（主承销商） 二零二三年六月 1 西安爱科赛博电气股份有限公司 发行保荐书 长江证券承销保荐有限公司 关于西安爱科赛博电气股份有限公司 首次公开发行股票并在科创板上市 之 发行保荐书 保荐机构及保荐代表人声明 长江证券承销保荐有限公司（以下简称"本保荐机构"或"长江保荐"）接 受西安爱科赛博电气股份有限公 ...