台达电子- 为 Rubin 升级功耗，暗示电源供应器总可寻址市场（TAM）增长 60% 以上；重申买入并将目标价上调 14%

Summary of Delta Electronics Conference Call Company Overview - Company: Delta Electronics (2308.TW) - Market Cap: NT$1.8 trillion / $60.4 billion [6] - Industry: Power supply components, AI server power, EV and server power industry [39] Key Insights Power Consumption and Market Potential - Rubin GPU Power Consumption: Expected to increase from 1.4kW to 2.3kW for the B300 chip, surpassing consensus estimates of 1.8kW, driven by demand for high-performance AI computing [1] - Total Addressable Market (TAM): Projected TAM for power supply units (PSU) to rise from US$5.7 billion to US$6.1 billion in 2026E and from US$8.0 billion to US$12.8 billion in 2027E, indicating a ~30% increase in PSU TAM from Q2 2026 [1][31] Revenue and Market Share Projections - AI Server PSU Market Share: Expected to maintain high levels of 73% in 2025, 74% in 2026, and 84% in 2027 [3] - Revenue Contribution: AI server power revenue projected to account for 31% in 2026E and 47% in 2027E, up from previous estimates of 26% and 33% [3] - Operating Profit Margin (OPM): Anticipated to increase due to higher PSU demand, with AI PSU expected to contribute 52% of total operating profit in 2026E and 61% in 2027E [3] Financial Performance and Estimates - Earnings Revisions: 2025/26/27E earnings estimates revised up by <1%/10%/48% due to higher-than-expected power consumption for Rubin and future AI GPUs [33] - Revenue Growth: Revenue estimates for 2025E increased by 1% to NT$500.3 billion, for 2026E by 5% to NT$616.6 billion, and for 2027E by 28% to NT$886.5 billion [34] - EPS Growth: Expected EPS to rise to NT$20.67 in 2025E, NT$37.26 in 2026E, and NT$70.00 in 2027E, reflecting significant growth [34] Investment Rating and Price Target - Rating: Maintain Buy rating with a new target price of NT$670, up from NT$586, based on a target P/E multiple of 25x [4][36] - Valuation: The stock is considered undervalued relative to its strong revenue outlook and market leadership [39] Risks and Considerations - Downside Risks: Include slower-than-expected growth in AI server power consumption, potential market share loss in AI server DC-DC power systems, and currency fluctuations (NT$ appreciation against USD) [39][40] Additional Insights - Market Position: Delta Electronics is the largest vendor of power supply components globally and a key supplier in the EV and server power markets, indicating strong long-term growth potential [39] - Product Demand: Increasing demand for AI server power and cooling systems is expected to drive solid growth, necessitating higher power efficiency components [39] This summary encapsulates the critical points from the conference call, highlighting Delta Electronics' strategic positioning, financial outlook, and market dynamics.