2025-07-14 00:36Summary of Key Points from the Conference Call Industry Overview - The AI server market is expected to maintain strong growth in Q3 2025, with companies like Quanta, Wistron, and Hon Hai projecting triple-digit revenue growth for the year. [1][4] - The overall performance of the AI computing industry in Taiwan's stock market for the first half of 2025 was robust, with significant revenue increases for AI server manufacturers. [2] Company-Specific Insights - Quanta's AI server revenue share is projected to rise from 60% in Q1 to 70% in Q2, while Wistron's share is expected to increase to 50%-60%, and Inventec's to 30%-40%. [1][2] - Hon Hai's cloud network business showed strong growth compared to the same period last year. [1][2] Market Trends and Projections - The lithium battery business is expected to see a slowdown in demand in the second half of the year due to earlier-than-expected orders and currency impacts, with overall performance anticipated to remain flat or show slight growth. [5] - NVIDIA's GPU series is fully transitioning to liquid cooling, with significant market share in liquid cooling components for large cloud providers. [6] Component and Supply Chain Developments - The PCB industry is experiencing growth driven by smooth GPU supply, particularly from NVIDIA's new GPU shipments and traditional PC business. [7] - BMC shipments in the first half of the year were primarily driven by AI servers, with general servers also benefiting from AI applications. [8] Advanced Technology and Future Plans - TSMC is expected to see a transformation in its advanced packaging technology, with new facilities in the U.S. projected to begin construction in 2028. [3][9] - TSMC's AI chip business revenue is forecasted to double by 2025, with a compound annual growth rate of approximately 45% over the next five years. [3][9] Investment Recommendations - Recommended companies across various segments include: - AI Processors: Haiguang Information, Cambricon - Computing Rental: Xiechuang Data, Hongjing Technology, Youfang Technology, Yingfeng Environment - Server Systems: Industrial Fulian, Zhongke Shuguang, Inspur Information, Huqin Technology - Core Components: - PCB: Shenghong Technology, Hude Electronics - Optical Modules: Jinyisheng, Tianfu Communication, Zhongji Xuchuang - Cooling: Shuguang Shuchuang, Feirongda - Copper Connections: Huafeng Technology - CPU: Haiguang Information, Longxin Zhongke [10][11]