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全球科技 - 台达电子与维谛技术-数据中心电力和冷却系统对决-Global Technology-Delta Electronics vs. Vertiv – Data Center Power and Cooling Face-Off
2025-09-30 02:22
Summary of Delta Electronics vs. Vertiv – Data Center Power and Cooling Face-Off Industry Overview - The report focuses on the data center power and cooling solutions industry, specifically comparing Delta Electronics (2308.TW) and Vertiv (VRT.N) as leading providers for AI data centers - The total addressable market (TAM) for power and cooling solutions is projected to grow at a 30% compound annual growth rate (CAGR) to reach US$1,729 billion from 2026 to 2030e [1][16][87] Key Insights on Delta Electronics - Delta Electronics is recognized as a leader in power and liquid cooling systems for AI server racks, holding over 50% of the global supply share [10] - The price target for Delta has been raised to NT$1,111, reflecting confidence in its comprehensive solutions portfolio and continuous margin expansion [10] - Delta's revenue is expected to grow at a 40% CAGR from 2024 to 2027e, driven by its focus on margin-accretive business and expansion of production facilities [10][54] - The company aims for a long-term revenue CAGR of at least 10%, with data center exposure projected to account for 40% of total revenue by 2025 [53] Key Insights on Vertiv - Vertiv has a strong focus on data center power, cooling, and IT infrastructure, with 80% of its revenue derived from this sector [11] - The company is expected to achieve a 30% profit CAGR from 2024 to 2027e, supported by its comprehensive service offerings and strong relationships with key industry players [11] - Vertiv's service revenue contributes approximately 23% to its total revenue, enhancing its competitive positioning [103] Market Dynamics - The convergence of white space (IT equipment area) and gray space (supporting infrastructure) is becoming increasingly important as power and cooling demands rise [6][8] - AI-related infrastructure upgrades are expected to drive significant growth in both white space and gray space power and cooling solutions, with white space power and cooling TAM projected to grow at a >40% CAGR through 2030 [30][87] - The transition to 800V high-voltage direct current (HVDC) power systems and liquid-to-liquid cooling solutions is anticipated to enhance the value of offerings from both companies [37][100] Competitive Landscape - Both Delta and Vertiv are positioned to benefit from the growing demand for data center infrastructure, with the report suggesting that this is not a zero-sum game; both companies can thrive [9][16] - Delta's diversified exposure across various markets (40% data center, 29% commercial & industrial, etc.) contrasts with Vertiv's concentrated focus on data centers [42] - Delta's market cap is significantly larger than Vertiv's, providing it with more stability and liquidity [80] Financial Metrics Comparison - Delta Electronics: - 2025e Revenue: US$16,341 million - 2025e Operating Margin: 14% - 2025e Net Profit: US$1,709 million - 2026e P/E: 30x [18] - Vertiv: - 2025e Revenue: US$10,024 million - 2025e Operating Margin: 20% - 2025e Net Profit: US$2,003 million - 2026e P/E: 27x [18] Conclusion - The data center power and cooling solutions market is poised for significant growth, driven by AI demand and infrastructure upgrades - Delta Electronics and Vertiv are well-positioned to capitalize on these trends, with distinct competitive advantages and growth strategies - Investors should consider the evolving landscape and the potential for both companies to achieve substantial revenue and profit growth in the coming years [16][100]
麦格米特:AI 服务器订单得到确认;GB300 中含量价值更高;瑞银将目标价上调至 105 元人民币
瑞银· 2025-09-04 15:08
Investment Rating - The report maintains a "BUY" rating for Shenzhen Megmeet with a price objective (PO) raised to RMB 105 from RMB 60 [3][12][24]. Core Insights - The AI server power supply business is expected to experience significant revenue growth, contributing RMB 0.3 billion, RMB 4.0 billion, and RMB 11.6 billion in 2025, 2026, and 2027 respectively, which will account for 3%, 26%, and 48% of total revenue [3][14][22]. - The report highlights the increasing content value of power supplies in the GB300 AI server, which is projected to enhance Megmeet's market size and revenue potential [2][12][22]. - Adjustments to earnings estimates reflect a decrease of 32% for 2025, an increase of 14% for 2026, and an increase of 46% for 2027, indicating a stronger growth outlook in the latter years [3][19][22]. Revenue and Earnings Forecast - Revenue projections for Megmeet are set at RMB 9.892 billion for 2025, RMB 15.228 billion for 2026, and RMB 24.219 billion for 2027, with a notable increase in the AI server power supply segment [3][19][22]. - The expected earnings per share (EPS) for 2025 is revised to RMB 0.78, with significant growth anticipated in subsequent years, reaching RMB 3.96 by 2027 [3][19][22]. Market Position and Growth Drivers - Megmeet is positioned as a leading player in the power supply market, ranking No. 3 globally in sales value as of 2024, with a diverse portfolio across various industries [11][12]. - The report emphasizes the strong growth potential in the AI server power supply sector, driven by rising AI capital expenditures and the company's expanding customer base [12][22][24]. Valuation Methodology - The price objective of RMB 105 is derived using a sum-of-the-parts (SOTP) valuation method, reflecting the stable growth of the legacy business and the robust potential of the AI server power supply segment [3][24][25].
大中华科技硬件 - 第二季度财报后如何布局-Greater China Technology Hardware-Tuesday TMT Webcast How to position post-2Q earnings
2025-08-05 08:17
Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Technology Hardware and Semiconductor Production Equipment in Japan - **Industry View**: - Greater China Technology Hardware: In-Line [1] - Semiconductor Production Equipment: Attractive [1] Core Insights and Arguments - **Delta Electronics (2308.TW)**: - **Bull Case**: The bull case has now become the base case for Delta, indicating strong confidence in future performance [11] - **AI Server Power Supply**: - Projected revenue from AI server power supply is expected to grow significantly, with a YoY increase of 188% in 2024 and continuing growth through 2027 [11] - Contribution to total revenue is projected to rise from 2.3% in 2023 to 12.6% by 2027 [11] - **Cooling Revenue**: - AI server cooling revenue is expected to see substantial growth, with a YoY increase of 233% in 2024 and 865% in 2025 [12] - Cooling fans and liquid cooling systems are key components driving this revenue [12] - **AVC (3017.TW)**: - **AI Server Cooling Contribution**: - Significant growth in AI server-related revenue, projected to increase from US$25 million in 2023 to US$1.293 billion by 2027 [15] - Gross margin for AI server-related revenue is expected to remain stable at around 35% [15] - **Market Position**: AVC is positioned to capture a significant share of the AI server market, with a projected 40% supply share for cold plates [15] Additional Important Insights - **Semiconductor Equipment Market**: - **Lasertec**: Downgraded to Underweight due to a plateau in the mask SPE market, with indications of capex cuts from advanced logic makers [19] - **SCREEN Holdings**: Forecasts flat WFE market at ~$110 billion for 2025, with stronger sales to foundries and memory makers [20] - **Advantest**: Reported a 90.1% YoY increase in sales for 1Q, raising guidance for the fiscal year [21] - **Tokyo Electron**: Cut guidance for fiscal year 2026 due to capex plan revisions and changes in NAND investment plans [22] Conclusion - The conference call highlighted a positive outlook for AI server-related products in the Greater China Technology Hardware sector, with significant growth expected in both power supply and cooling solutions. The Semiconductor Production Equipment market is facing challenges, particularly in advanced lithography, but certain companies are still showing strong performance and growth potential.