1 July 2025 | 2:48AM HKT Taiwan ODM/Brands: 3-month Preview: ASIC AI servers rising trend; rack-level model transition in 2H25; tariff pull-in brings high base We preview 3-month revenues for 10 companies in AI servers / AI PCs supply chain and expect the avg. YoY growth of these 10 companies to come in at +37% / +27% / +18% in June / July / Aug 2025, driven by AI servers ramp up, more new product launches in 2H25 for consumer electronics; however, we also note: (1) rack-level AI servers entering model tran ...

11 June 2025 | 9:06AM HKT Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. Xuan Zhang +852-2978-1478 | xuan.zhang@gs.com Goldman Sachs (Asia) L.L.C. Taiwan Technology: May review: ASIC AI servers & Components in strong growth; model transition in 3Q25 ASIC / baseboard-based AI servers, and components stay strong: (1) ASIC AI servers in strong growth: Wiwynn delivered +187% YoY of revenues growth in May, ...

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 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha J P M O R G A N Asia Vital Components Stronger demand from both GB and ASIC AI servers We increase our estimates for AVC, thanks to improved yield rates for the GB series and higher contribution from ASIC servers. We maintain our constructive view on the company, and we think the share price is yet to reflect its solid fundamentals even after the 10% share price outperformance YTD vs the Taiex. Overweight 3017.TW, 3017 TT Price (03 Jun 25):NT$659.00 ▲Price Target (Dec-25):NT$ ...