Key Takeaways SMCI's server and storage system revenues hit $4.5B in Q3 FY25, up 19% year over year. Growth is driven by demand for DLC racks, new DCBBS modules and AI-optimized storage systems. Global manufacturing expansion aims to boost deployment and bypass geopolitical trade barriers.Super Micro Computer’s (SMCI) server and storage system segmental revenues grew 19% year over year in the third quarter of fiscal 2025, crossing the $4.5 billion milestone. The server and storage system segment, which ac ...

投 资 策 2025 年 6 月 17 日 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 超配 （维持） 计算机行业 2025 年中期投资策略 AI 赋能，国产崛起 投资要点： 相关报告 投资建议：1）AI应用、AI算力：AI Agent有望迎来爆发元年，看好布局 通用类Agent以及有望率先落地和释放价值的企业服务类厂商（办公 /OA/ERP/CRM等SaaS厂商）。AI算力预计将维持旺盛，芯片端看好华为昇 腾为代表的头部国产芯片厂商，服务器端看好ODM厂商及头部传统服务器 品牌厂商。2）信创：多重因素驱动信创迎来发展新机遇，核心基础软件 国产化率较低，短期有望迎来替换高峰期，重点关注基础硬件（整机、 芯片）、基础软件（数据库、操作系统）、应用软件等领域具有竞争优 势的 ...

Core Insights - Dell Technologies is experiencing strong demand for AI servers, particularly the PowerEdge XE9680L, driven by digital transformation and interest in generative AI applications [2][4] - The company's financial performance reflects this surge in demand, with Infrastructure Solutions Group (ISG) revenues increasing by 12% year over year to $10.31 billion in the first quarter of fiscal 2026 [3][12] - Dell's AI-optimized server orders reached $12.1 billion in the fiscal first quarter, with $1.8 billion shipped and a backlog of $14.4 billion [6][12] Financial Performance - ISG revenues rose 12% year over year to $10.31 billion, supported by strong demand for both AI and traditional servers [3][12] - The revenue from servers and networking was $6.32 billion, marking a 16% year-over-year growth [3] - The consensus estimate for second-quarter fiscal 2026 earnings is $2.26 per share, reflecting an 11.5% increase in the past 30 days and a year-over-year increase of 19.58% [16] Competitive Landscape - Dell faces significant competition from Hewlett Packard (HPE) and Super Micro Computer (SMCI) in the server market [7] - HPE's server business grew 6% year over year to $4.06 billion in the second quarter of fiscal 2025, driven by demand for AI-optimized servers [8] - Super Micro Computer has introduced new GPU solutions optimized for AI and HPC workloads, enhancing competition in the market [9] Product Development - Dell's PowerEdge servers support NVIDIA's Blackwell Ultra platform, including upcoming models designed for AI model training and complex simulations [5] - The new PowerEdge XE8712 server features the GB200 NVL4 platform and supports up to 144 NVIDIA B200 GPUs per rack [5] Valuation Metrics - Dell's shares have underperformed, losing 4.9% year to date compared to the broader Zacks Computer & Technology sector's return of 1.2% [10] - The forward 12-month Price/Sales ratio for Dell is 0.72X, significantly lower than the sector average of 6.33X, indicating a potentially undervalued stock [14]

Group 1: AI Market Growth - The emergence of domestic large models like DeepSeek is accelerating the transition of AI from technology to commercial application, driving growth in the computing infrastructure market [1] - According to IDC, global AI IT investment is projected to reach $315.8 billion in 2024 and grow to $815.9 billion by 2028, with a compound annual growth rate (CAGR) of 32.9% [2] - China is expected to lead the Asia-Pacific AI market, accounting for over 50% of the region's total AI spending, with investments projected to exceed $100 billion by 2028 and a CAGR of 35.2% [3] Group 2: AI Infrastructure and Demand - The rapid performance improvement and significant cost reduction in AI models are creating new market opportunities and lowering barriers for users [5] - The demand for AI computing power is expected to continue rising, with China's intelligent computing scale projected to reach 1,037.3 EFLOPS by 2025 and 2,781.9 EFLOPS by 2028 [5] - The liquid cooling server market in China is anticipated to grow significantly, reaching $2.37 billion in 2024, a 67% increase from 2023, with a CAGR of 46.8% from 2024 to 2029 [6] Group 3: Lenovo's Positioning - Lenovo Group is strategically positioned in the computing infrastructure sector, leveraging its "computing gene" to capitalize on the AI wave [6][9] - The company's server business has seen robust growth, with ISG revenue increasing by 63% and achieving profitability for two consecutive quarters [9] - Lenovo's focus on green computing solutions not only reduces operational costs for clients but also supports AI training and data processing effectively [9]

全球关税战方兴未艾，对生成式AI投资回报过慢的质疑，以及美国持续扩大对中国大陆AI运算力的技 术、产品封锁，皆未影响主要业者继续大举投入建置AI资料中心，大型语言模型(LLM)效能与应用持续 发展，仍吸引业者不断投资并采购AI服务器。DIGITIMES预估，2025年全球AI服务器出货将达181万 台，而搭载高频宽存储器(High Bandwidth Memory；HBM)的高阶AI服务器出货则将突破百万台大关， 较2024年成长4成。 由于GB200/GB300机种出货占比将从2024年接近0%，大幅成长至近4成，与GB200主板、整机、机柜相 关的台系代工厂皆将显著受惠，其中，鸿海（2317）2025年在主机板(L6)产量的排名将由2024年的第四 上升至第一。在整机系统生产(L10)方面，长期与Google合作的Celestica占比仍将维持第一，但广达 （2382）、鸿海、纬创（3231）的占比亦将大幅提升。 DIGITIMES指出，2025年高阶AI服务器采购量成长最快的预估为甲骨文(Oracle)，主因甲骨文为OpenAI 的星际之门计划(Stargate Project)合作业者中最积极者之一； ...

Investment Rating - The report assigns a "Buy" rating to several companies within the Taiwan Technology sector, including Wiwynn, Wistron, Hon Hai, Gigabyte, and various AI server components [25]. Core Insights - The Taiwan Technology sector is experiencing strong growth in ASIC AI servers and related components, with notable revenue increases reported by key players such as Wiwynn (+187% YoY) and Gigabyte (+108% YoY) [1][8]. - The report highlights a transition in server models expected in 3Q25, with a cautious outlook on rack-level AI server shipments due to macro uncertainties [9]. - The demand for components like liquid cooling, silicon photonics, rail kits, and chassis is anticipated to rise, driven by specification upgrades and the increasing adoption of AI technologies [9][10]. Summary by Sections ASIC AI Servers and Components - ASIC AI servers are showing robust growth, with Wiwynn's revenues up 187% YoY, significantly exceeding estimates [1][8]. - Baseboard-based AI servers also demonstrate strong performance, with Gigabyte achieving 108% YoY revenue growth [1][8]. - Liquid cooling solutions are gaining traction, with AVC reporting 87% YoY revenue growth [1][8]. Market Outlook - The report expresses caution regarding rack-level AI server shipments in the second half of 2025, while maintaining a positive outlook for ASIC and baseboard-based AI servers [9]. - The global market for AI servers is projected to reach 19,000 racks by 2025, indicating a significant growth opportunity [9]. Non-AI Sector Insights - The smartphone supply chain is expected to strengthen in 3Q25, with new high-end models being prepared for launch [10]. - AI PCs are anticipated to see continued penetration, with brands like ASUS and Lenovo leading the charge [10]. Investment Opportunities - Recommended investments include AI server ODMs and brands such as Wiwynn, Wistron, Hon Hai, and Gigabyte, as well as components like AVC, Fositek, and LandMark [11].

9 June 2025 | 2:01AM HKT Taiwan Technology: Monthly revenues preview on Chenbro, Auras, E Ink; ASIC AI servers / e-papers to drive growth; FX affects 2Q25 We preview Chenbro, Auras, and E Ink monthly revenues in this report. Chenbro: May revenues miss on FX, while new rack products (noise-cancellation racks) to support 3Q25 revenues. Auras: May revenues declined 20% MoM due to FX impact and production sites diversification, while rising liquid cooling adoption rate and expansion from GPU AI servers to ASIC ...

9 June 2025 | 2:01AM HKT Taiwan Technology: Monthly revenues preview on Chenbro, Auras, E Ink; ASIC AI servers / e-papers to drive growth; FX affects 2Q25 Chenbro May revenues declined by 7% MoM to NT$1.8bn, or 12% behind our estimates. The sequential decline is mainly caused by high base and FX impact, while the rising AI servers (HGX, MGX, and ASIC), and general servers new product cycle continue to support the company's growth. For coming months, we expect June revenues to stay at similar level as May, a ...

工信部：鼓励芯片、服务器、网络和软件等各领域主体推广远程直接内存访问等新型高性能传输协议技 术 智通财经5月30日电，工业和信息化部印发《算力互联互通行动计划》。其中提出，加速节点内互联。 发挥服务器龙头企业牵引作用，联合产业链上下游共同开展新型高速互联总线协议设计开发应用。鼓励 芯片、服务器、网络和软件等各领域主体推广远程直接内存访问等新型高性能传输协议技术，提升传输 层多协议兼容适配能力。 ...

Core Viewpoint - The report highlights the strategic significance of the merger between Haiguang Information and Zhongke Shuguang, emphasizing its potential to reshape the domestic computing power industry amid increasing localization trends in chip production [2][3]. Company Overview - Zhongke Shuguang announced the planned merger with Haiguang Information, which is seen as a pivotal move for the computing power industry, especially in the context of U.S. export controls affecting several companies [2]. - The merger aims to facilitate a complete domestic replacement across the industry chain, enhancing integration and development opportunities [2][3]. Financial Insights - As of May 23, prior to the suspension of trading, Zhongke Shuguang held significant stakes in several listed companies, with a total market value of approximately 948 billion yuan from its holdings in Haiguang Information, Shuguang Shuchuang, and Zhongke Xingtong [3]. - The company has diverse business operations, including server hardware, cloud computing platforms, and big data services, which contribute to its overall market presence [3]. Market Dynamics - The computing power industry is shifting from a globalized model to a polarized one, with domestic companies facing challenges due to international restrictions on chip supplies [2]. - The upcoming launch of new products from Haiguang, including the Haiguang 5 CPU and Shenxuan 3 DCU, is expected to be a critical milestone for the company [4]. Performance Metrics - Despite a projected revenue decline of 8.40% in server-related business for 2024, the gross profit margin is expected to improve by 5.46 percentage points, indicating a focus on enhancing revenue quality [4]. - Comparatively, domestic competitors are experiencing significant margin compression, highlighting Zhongke Shuguang's relative strength in maintaining profitability [4]. Investment Outlook - The investment rating for Zhongke Shuguang remains "buy," with projected earnings per share (EPS) for 2025, 2026, and 2027 estimated at 1.68 yuan, 2.28 yuan, and 3.02 yuan respectively [5]. - The average target price set by institutions over the past 90 days is 78.47 yuan, with 14 out of 16 institutions recommending a buy [5].